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Ensuring your long-term financial health and independence is a central theme of your financial planning. Asset preservation should be a component of this. In other words, you should be planning based on strategies that will preserve your wealth against possible losses.
One way you can lose wealth is due to owing creditors more than you are able to pay. This may enable them to come after your assets in order to settle the debt. Several asset preservation planning strategies help to keep your assets safe in such a case.
Another way to lose wealth is to simply experience a downturn in the market. While it may seem great to take riskier strategies when they pay off, ensuring at least some assets are put into capital guarantees can help ensure your lasting financial health.
There are numerous vehicles for preserving your wealth. Investing some of your assets into safe products such as lifetime income guarantees can be helpful, especially as your draw near to retirement.
Additionally, you likely want to find ways to ensure your wealth passes to your family members. Legacy guarantees and joint survivor guarantees can help preserve your wealth for the benefit of your children and spouse.
Learn more about these ideas and others by contacting Affinity Advantage Financial Solutions. We can help you with asset preservation and other forms of financial planning.