Wealth Preservation and Distribution
As you accumulate your wealth, you’ll need to take steps to preserve it as well. After all, when the time comes, you’ll want to enjoy your retirement. Not only that, you’ll want to make sure that in the event of your death, the assets you’ve worked so hard for are properly distributed among the people and the causes that matter most to you.
To conserve and preserve – that is the GE Lifesavers way of making sure that your plans continue working for you when you no longer can.
Let’s take a look at some of the ways you can ensure that your hard-earned assets last for a good long while:
Making your money as well as your assets last for as long as possible is extremely important, particularly when you’re no longer working. Wealth preservation strategies, if implemented early and well, also allow you to enjoy your retirement when you finally get there. Here are some steps you can take to ensure that regardless of what happens, your income and other assets continue to be available to you and your loved ones:
- Create a portfolio shield.
A portfolio shield really is about converting your investments from equity funds into fixed income funds. The whole point of a portfolio shield is to ensure that your exposure to loss is significantly reduced or eliminated completely when nearing investment maturity.
- Ensure that you can afford long-term medical care.
Make sure that your medical insurance plan has sufficient coverage to absorb the impact of rising medical costs. Getting an insurance plan with high annual limits and an unlimited lifetime limit as soon as possible is a good idea, especially since upgrading coverage later could prove difficult due to age and declining health.
- Ensure that in the event of a critical illness, your current lifestyle, as well as your loved ones’, are not affected.
The scary thing about a critical illness is that it causes not only expensive medical bills but can also create a need for other large expenses such as long-term care at home or payment for alternative or rehabilitative treatment. This can be done via medical insurance, endowments, and life insurance plans.
Most Malaysians do not have a will. Upon their death, their families will not only grieve for them but will most probably have to struggle with the unpleasant task of deciding what to do with the assets left behind. To avoid your loved ones having to go through this, it’s always best to have a proper distribution plan in place. This way, you’re ensuring that the people you love suffer a little less from your loss.
Here are some steps which you can take to make things easier for the people that you leave behind:
- Create a legacy plan.
A legacy is the amount of property or money that you bequeath to a person or organization or party in a will. By having a legacy plan, you’re making sure that what matters the most to you – be it your loved ones or a cause you strongly believe in – continues to get supported even after you leave.
- Put in place a debt cancellation plan.
An untimely death can put overwhelming financial strain on the ones who get left behind. By insuring your debts, you’re ensuring that your family will not have to make difficult choices and face the loss of their inheritance – your assets that have been left behind.
- Put in place a business continuity plan.
If you have a business, your death or the death of a business partner will most probably have significant impact on the business itself. In order to make sure your business runs as usual, it’s best to have a business continuity plan in place.
While we don’t like to think about what happens after our death or how we will deal with our old age, we don’t really have a choice. Instead, choosing to do so early on ensures that we get a better deal. At Ge Lifesavers, we’ll make it as easy as possible to get fully prepared for old age as well as for what happens after you leave. All you need to do to start is contact us; we’re waiting to hear from you!