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5 Simple Secrets to Worry Free Wealth Planning
Armed with the knowledge of the best offshore opportunities, you have vastly increased your ability to grow and protect your wealth. The challenge now is to figure out how to get started. And, time is not on your side. The longer you wait to make vital wealth decisions, the less chance you have of ever making them.
Take a few minutes to consider these five simple steps that can dramatically increase your financial success and help you act on your new-found knowledge.
Secret #1: Don't Over Structure. Over-structuring your assets is one of the easiest mistakes to make. You start with the assumption that all you need is an offshore bank account to access the world markets and diversify outside of the U.S. dollar. But, then the more you hear, the more you start to think that your offshore bank account should be held by an IBC. Soon, your original bank account has progressed to a much more elaborate plan in which an offshore trust now holds title to the IBC which in turn owns your bank account. This leaves you with several thousands of dollars in set up fees and on-going administrative costs.
While this plan could make sense for some, all of those layers may not be necessary. You can avoid over-structuring by clearly defining your objectives prior to working with any professional. It's important to determine if one structure can meet all of your needs or if two structures, properly combined, offers a better solution.
Keep in mind that more does not always mean better. In many cases, you can achieve peace of mind without using multiple solutions.
Secret #2: Do Your Due Diligence. Choosing the right professional to help you manage your wealth should not be left up to chance. It's important that you feel comfortable about the level of experience, education, professional credentials and reputation of any advisor. Consider asking for references - either professional or personal - and ask about the history of their organization.
Secret #3: Don't Move a Penny Until You Are Comfortable. Before transferring any amount of money, make sure you are comfortable with the advisor and their company policies. Make sure that you have carefully reviewed any forms or contracts they have provided. Also, ask as many questions as possible until you feel that you have the answers you need. There isn't a quality advisor out there who wants a client to feel rushed or pressured into moving forward.
It's also a good idea to ask about fees up front before any documents are signed. Some solutions may have a one-time, up front fee and while others have a set up fee plus on-going annual fees. In the case of investments, some may have annual fees only. Regardless of your particular situation, you should always request the fee schedule in writing. This is especially true for those structures that have on-going fee arrangements such as trusts, family foundations, IBCs, etc.
Secret #4: Communicate Regularly with All of Your Advisors. Be diligent about communicating with your entire team of advisors. This is a critical step that many people overlook all together. When developing an offshore wealth strategy, you should always keep your U.S. based advisors, especially your CPA or attorney, up to speed. Many of the most common offshore solutions involve some simple, yet very important, U.S. reporting requirements. Unless you keep your domestic advisors apprised of your offshore assets, they may overlook these reporting requirements all together.
Often, there is a common misconception that the U.S. reporting requirements will automatically be handled by the offshore provider. Don't rely on this. Most offshore providers cannot handle all the different reporting requirements for their global client base. Always be sure that you have a domestic advisor to help you take care of any reporting requirements.
Secret #5: Consider a Wealth Quarterback. One of the easiest solutions to reduce the complexity of wealth management is to work with a wealth quarterback. A wealth quarterback can advise you on the details of various solutions and they can help you select the best team of professional advisors to get the job done right and quickly.
True wealth protection usually takes a global team of specialists. Managing a CPA in Boston, a money manager in Singapore and an insurance company in Zurich can be a time consuming and difficult process. By working with a trusted wealth consultant you have one point of contact for all of your needs, plus your wealth consultant can handle the critical role of ongoing communication between your various advisors.
Plus, an objective, independent wealth consultant can ensure that all parties are focused on your goals - not theirs.
Whether you want to pursue other opportunities and adventures or simply enjoying your wealth, a trusted wealth consultant like N&C can take the complexity out of managing your wealth so you can spend your time doing the things you want to do without worrying over your financial affairs.
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