One of the primary goals of estate planning is keeping your wealth intact so that it passes to your loved ones after your death in an unaltered state. Wealth preservation and asset protection have a few similarities, but they are not the same thing. Asset protection is part of an overall wealth management strategy. Asset protection strategies are meant to keep assets from becoming subject to creditors, litigants, and heirs not named as beneficiaries, whereas wealth preservation as a whole is largely centered around growing wealth at a sustainable rate and making use of available tax strategies to lower the tax obligations on the deceased’s estate and his or her beneficiaries.
Talk to your estate planning lawyer about the wealth preservation methods you can use to keep as much of your estate available to your loved ones as possible after your death. The types of assets in your estate will determine which methods are right for you.