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The next level of estate planning: Two tips to preserve wealth.

Building wealth is a lifelong endeavor. You can increase the likelihood that these assets not only survive a transfer, but continue to grow. One proactive measure to help better ensure continued growth is to put together an estate plan.

When putting together your estate plan, two specific steps that focus on preserving wealth are the use of trusts and proper communication with your intended beneficiaries.

Use legal tools to help shift your estate plan into a wealth plan

An estate plan can be more than just a plan that says what assets go where. It can be a plan designed to help better ensure the preservation of wealth.

One of the easiest ways to make this transition is to use trusts. Trusts are legal tools that allow the creator to have a greater level of control over the assets than an inheritance given as an outright gift.

These legal tools can be structured to meet a number of goals, including sheltering assets from creditors and reducing tax obligations. These goals are achieved through the language used to create the trust. As a result, it is important to craft the documents that create the trust wisely.

Do not underestimate the power of communication

In addition to utilizing legal tools to increase the odds of wealth preservation, it is also wise to communicate your goals with your beneficiaries. The old saying about teaching a man to fish holds true with money matters. Teaching your beneficiaries how to make the most of their inheritance can help to ensure the wealth they receive not only goes further than it would if given as an outright gift; it can better ensure the wealth continues to grow.

A recent publication by Forbes discussed this issue, noting that in addition to communicating your goals and teaching your beneficiaries how to invest wisely, it is also important to introduce your beneficiaries to the professionals that play an important role in the growth of your wealth.

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