During the course of your adult life, you will encounter a few different phases. As you shift into each of these phases, your overall focus will change and you’ll need to adapt your expectations in line with those concerns present at each stage.
The three various phases of your financial life are, accumulation, preservation and distribution. Each of these comes with unique goals that you might set for yourself, as well as concerns that you’ll need to address before moving on to the next phase.
Regardless of whether or not you are prepared to advance into the next phase, you must be looking towards the future to accomplish your long-term goals.
The preservation phase of your financial life is when you begin to prepare for preserving the wealth you have accumulated, while also possibly sending children to college for their educational goals, paying off the mortgage, and beginning to save for retirement.
A financial future that looks several years down the road often relies on the ability to protect your assets. This is why you need an experienced and knowledgeable California asset protection planning attorney.
Numerous different strategies and tools can be used to accomplish this goal of preserving your wealth, such as disability insurance, using plans to pay for the high cost of college such as 529 plans, continuing to work on tax deferred retirement planning and using permanent life insurance, such as universal whole or variable universal life.
Permanent life insurance gives you the possibility to build cash value inside the policy that can be accessed through a policy loan.
This could be essential for meeting your financial needs down the road. Some of these critical choices may not be familiar to you and this is why you need to schedule a consultation with a knowledgeable attorney.