Get the most out of your wealth with this checklist.

Many individuals work hard on their wealth management plan, working hand-in-hand with a professional advisor. While creating the perfect plan requires hours of planning, investing, and more, once the plan is in place, it’s vital to maintain that plan.

Asking yourself certain questions will ensure there are no holes in your wealth plan. In this two-part series, we will cover what you can ask yourself about your plan. Contact Alpenrose today to unlock how you can get more from your wealth today!

1. What are my goals?

This first step is probably the exact same question that helped you begin your wealth planning. Just because you asked yourself then, does not mean you should not ask yourself consistently. This is an important part of staying on track.

When you re-evaluate your goals, you can determine if your financial and personal goals and values have changed or if your portfolio, plans for the future, and current situation align with the goals that you identified for yourself.

Remaining aware of your goals will keep you on track for future success. A yearly financial checkup encourages you to take a look at your current and future plans to ensure your goals will be met.

2. Are my assets protected?
Many individuals do significant work to grow their wealth, contribute to a good cause, and plan properly for their future but neglect to protect their hard-earned wealth from creditors. When creating an asset protection plan, individuals take assets and put them out of reach of creditors, changing nonexempt assets into exempt assets.
Critics of asset protection believe that it is immoral to take wealth outside of the reach of creditors but with the guidance of a skilled professional, asset protection can take place completely ethically. Asset protection is not about avoiding taxes, keeping secrets, or defrauding creditors. Advisors must be knowledgeable about debtor and creditor law, fraudulent transfers, tax planning, civil litigation, property laws, bankruptcy, and other related areas of law. Needless to say, a proper asset protection plan should not be done alone.
Many protection plans include taking assets offshore in trusts. Offshore asset protection plans offer some of the best laws in the world, in terms of privacy and security. Creditors will inevitably run into numerous roadblocks. By going offshore you can also use the foreign jurisdiction statutes that get you strong protection.

3. Do I have a plan for the future of my wealth?
Many spend years growing and maintaining their wealth but what happens when they are no longer around? It is important to make a plan for the future of your wealth. A lot of this can be taken care of in an estate plan. In an estate plan, individuals will determine where assets will be allocated and even arrangements to be made when they pass away.

It can be an uncomfortable act to think about one’s own mortality but estate planning is important when preparing for the inevitable. You don’t want these major decisions to be made by lawyers or family members who may not have your best interest in mind. Additionally, this will make life easier for the ones you love when it comes time. Making an estate plan, you can guarantee that all of your belongings and wealth are allocated correctly.
Many believe that creating a will is all it takes to plan for their passing but it’s much more than that. Estate planning includes, making an inventory, property management, creating a will and trust, and more.
Some individuals choose to leave parts of their wealth to making an impact on a charitable cause that aligns with their values. There are several different ways to arrange this.
Our family office services, with a hands on approach that takes our clients values at the heart of our process, can assist you in the process of planning your estate. It’s no easy task, especially for an individual with many expensive assets.
Once your heirs and family members are in ownership of your wealth, will they know what to do with it? Have you passed down the proper knowledge to your family to ensure your wealth will continue to grow and make an impact?
Ensuring your future family has the education they need to succeed is one of the many privileges of being financially savvy.
A next generation education plan creates a healthy relationship with money with the future generation in your family. Advisors can prepare a full, hands-on plan for you and your family to ensure future success and growth. No two families are alike., with their own goals, values, assets, and unique situations. There’s not one plan that can be used across the playing field. Having a one-of-a-kind approach to wealth is key.

4. What about the future of myself and my family?
While the future of your wealth is important, don’t forget to plan for what the future holds for you and your family. Working hard for your wealth means nothing if you don’t get to enjoy it. A retirement plan and family governance will ensure that your plans for the future are met.

It is never too early to plan for retirement since the amount of planning that goes into it is significant. If you want to have a worry free retirement, you are going to want to save not matter how you want to retire. You can have a quiet retirement at home amongst friends and family or exploring cultures offshore, each requiring a thorough plan.

A family governance is the processes and structures that a wealthy family uses to organize themselves and guide the relationship with their company. A family governance plan sets clear boundaries that will create harmony between family members, a focused business, and easy transition from one generation to the next.
The answer to these questions can easily be answered by a thorough family governance. It also opens up a forum to prepare for the future, keep open communication, and recognize and resolve family conflict.

5. Am I getting the most from my wealth?
Domestic markets are a great way to create a base for your fruitful portfolio but are you holding yourself back by staying where you are comfortable? Taking your wealth offshore can open doors for you and your family, whether it’s to benefit that thorough asset protection plan we mentioned before or seeking a better life in a new country.

Favorable banking regulations make it very attractive to open an account in a different country. These banks are often more secure, private, and allow anyone from around the world to easily open an account. Further, investing offshore can allow investors to tap into markets that are not available in their home country, diversify their portfolio, and, in some cases, expedite the process of gaining a new residency.