Whatever shape retirement takes for you and your loved ones, savings and smart investing are essential to make them a reality. Often overlooked but just as important is the need to protect your assets. Even if the worst were to happen, savvy asset protection ensures you’d still be able to accomplish your goals for retirement and pass on wealth to the next generation. When you work with a financial planning firm, they’ll discuss these top asset protection strategies for wealth management and retirement.
An asset protection trust offers total peace of mind for the most secure protection of your wealth against creditors. These trusts allow the grantor to access funds occasionally. They can be held domestically and off-shore, but keep in mind that they’re not allowed in Kansas. So, many individuals will establish a self-settled trust in a state where they are allowed to enjoy the benefits.
When you place assets in an irrevocable trust, they become the trust’s property and are safe from bankruptcy or lawsuits. It’s impossible to access the holdings except through distribution to a beneficiary. Those passing on generational wealth can use this trust to guarantee that assets go directly to designated beneficiaries.
Plus, wealth remains safe throughout retirement, no matter what happens, including bankruptcy and lawsuits.
OWLFI brings a unique approach to customizing asset protection strategies, using life insurance products to access many otherwise impossible solutions for our clients. You can minimize your tax obligation during retirement while passing wealth directly to beneficiaries following your death using life insurance products.
Other insurance products are vital for protecting your assets during retirement if the worst happens. When you work with a holistic wealth management team, they build a personalized package of insurance products, including liability and property. It’s just one method of safeguarding your wealth for retirement and future generations.
Kansas protects retirement accounts from seizure in case of bankruptcy or lawsuits, meaning it’s one of the best places to store your wealth for your later years. Combined with the tax benefits available from many retirement accounts, they’re a central component of any Kansas asset protection strategy.
By maximizing your contributions to a retirement account, you safeguard your wealth for when you leave the workforce, regardless of any incidents that may arise in the future.
In addition to retirement accounts and your home, every state designates exempted assets exempt from seizure, liens, or garnishment by creditors or in case of a legal judgment. A local wealth management and retirement planning team knows state regulations and will optimize your asset protection strategy for Kansas.
Alongside building wealth, many families use investment properties to generate passive income for retirement. However, it’s important to consider how you structure your rental properties to ensure you’re not leaving yourself vulnerable to nefarious or disgruntled tenants. Properly structuring your ownership of investment properties through LLCs keeps personal assets will always be separate from rental issues. For individuals with multiple real estate investments, a unique LLC for every rental property ensures if a tenant sues, only that building is at risk in the lawsuit.
Too often, there’s a disconnect between financial advisors, CPAs, and estate planning attorneys, causing distress for clients in their retirement planning. OWLFI is an innovative approach to wealth management and retirement planning. Our team comes from diverse backgrounds, so we can provide holistic advisory services that consider every aspect of our client’s financial health. The result is thousands of dollars in savings and a complete transformation of what’s possible for your retirement.
Schedule a consultation with our team to adopt a new asset protection strategy for your Kansas retirement.