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Knowing how to build a high-income career is important.
But financially savvy people also know that its equally important to understand how to safeguard their money.
Its a simple concept with powerful protective benefits.
A key part of this structure is having the right life insurance in place.
That includeslife insurance, disability insurance, and, in some cases, umbrella liability coverage.
Tax-Efficient Investing
Another priority Luongo stresses with his high net worth clients?
Remember, its not just about your returns its what you actually get to keep.
He encourages clients to go for low-cost, tax-efficient ETFs and municipal bonds to reduce tax burdens.
During down markets, Barrasso says clients can also incorporate tax-loss harvesting to offset capital gains in their portfolio.
For Barrasso, the first step involves hiring a qualified estate planner to help clients start the process.
This professional should be in communication with your financial advisor and tax advisor, if you have one.
Ask your estate planner about strategies to reduce estate taxes and protect your wealth, he said.
They should have suggestions that fit your situation.
Dont do any of this blindly.
I recommend using a fee-only fiduciary, preferably with CPA or Enrolled Agent credentials as well.
Experience in tax planning is critical.
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