PHOENIX – Foreign wars and domestic inflation are among the factors causing market volatility, but these stressors on retirement planning can actually help you straighten out your portfolio.
If you can accept weaknesses such as taking too much investment risk or having poorly diversified assets, you can stand firm against market fluctuations.
Asset Preservation Wealth & Tax believes retirement no longer looks the same as it did a generation ago, and company president Stewart Willis says estate planning is an aspect that often takes a back seat and shouldn’t be.
“It’s really important to make sure your beneficiaries are accurate,” Willis said on The Asset Preservation Hour radio show. “Let’s say (the list of beneficiaries) is wrong. That’s a good way to find mistakes.”
“If you’ve taken the extra step of setting up an estate plan, well, a living trust, that’s really important. Make sure that the person you’re leaving in charge, after you’re gone, your successor trustee, is still the person you want in charge.”
Has taken charge of asset protection wealth and tax living trust for over 25 years, and Willis recommends it as a sensible supplement to a will.
“It’s a very simple step,” Willis said of investing in a trust, which they sell for less than $1,000. “Our commitment to our clients is that we will be there for you. … But you need to get your affairs in order. And typically, a living trust makes it easy to avoid the process of probate.”
Estate planning is an important part of an overall tax strategy, Willis said, because portfolio growth is about more than just investment opportunities.
Why a diversified portfolio can be a lifesaver in retirement?
Many investors believe that big-name companies are less volatile based on past performance, but Willis cautioned that no single methodology can produce consistent results.
This is why it cannot be overstated that spreading your investments will act as a safety measure.
“When the market does well, (people) are doing well. But when the market is bad, they get completely discouraged,” Willis said.
“You’re willing to bet your entire life’s work on one human being, right? We think that’s a tremendous concentration risk, which is why we use multiple money managers who come from multiple perspectives.”
Like the de novo approach, asset protection is based on wealth and tax integration, as taxes, investments, income and estate planning are not classified into separate categories.
Claim a free portfolio review by Asset Preservation Wealth & Tax Online Or call 877-573-8473 for more information.
The Asset Preservation Hour podcast airs Sundays from 2pm to 3pm on 92.3 FM.