Having the right insurance is an important part of preserving the wealth you’ve accumulated. While Laurel Wealth Planning doesn’t sell insurance – because they don’t accept commissions – they do consult about insurance options and refer clients to an independent agent. In addition, Laura Kuntz CPA/PFS, MBT, talks about choosing the right business entity for reduced liability and other strategies to protect your wealth.
Transcript:
Another important wealth preservation strategy is having the right insurances in place and we don’t sell insurance here at Laurel Wealth Planning because we never accept commissions, but we do consult on it and then we do refer our client back to their own insurance agent or to an independent agent who does a good job of shopping the market for our client.
There are also wealth preservation strategies that help protect our clients that are not insurance related. One might be for a person who’s in a profession where they might get sued, such as a wealth manager or a physician or other types of professions like that to perhaps retain their investments in a work plan and not roll into an IRA. Another strategy might be for someone who has a business to have the right sort of business entity so they have less liability.
There are many, many ways to help protect wealth through these kinds of strategies and I highly recommend that you work with a financial advisor who can help you in all of these areas.
Laura, the founder of LWP, is a Senior Wealth Manager, Chief Investment Officer and Shareholder. She has a master’s degree in tax and is an excellent listener. While she is a sophisticated financial planner with experience in complex issues, her priority is ensuring a financial plan works for people.
