There are numerous ways you can lose your wealth and inheritance. You may need to pay your debts, close your properties, or lose from legal claims. Thus, you should always protect your family’s ultra high net worth through effective wealth management. Here are some known approaches that you can explore to secure your assets:
1. Retitle your assets
One of the most effective ways to manage your high net worth is by retitling your assets. It may sound impractical to some, but this will help you protect your assets from legal dispute claims and seizures. You can begin with your rental and home properties. Make sure to remove any of your information from public records to successfully retitle your assets.
2. Manage irrevocable trusts
You can also transfer your wealth to irrevocable trusts. However, you should also be prepared to grant them full control and access of your assets to the trust itself. You won’t be given any right of wealth management and distribution in this system. But you are still amenable for any claim once the trusts are distributed.
3. Invest in insurances
Another way to effectively manage your wealth is through insurances. These include life, liability, and property insurance programs that will transfer a huge net worth to your beneficiaries when you die. They are also secured from huge income and estate taxes. You can also ensure your protection from legal lawsuits and claims using these insurance policies.
4. Separate your assets
You should also separate your wealth from your other assets by imposing limited liability entities. These will protect your non-personal net worth from being seized by creditors from legal disputes.
5. Structured legacy planning
Lastly, you can also ask assistance from reputable family office companies that offer assets planning services in Singapore like Golden Equator Wealth. They can guide you on your effective wealth management journey with their structured legacy planning framework. Visit their website today to know more of this approach.
