GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
According to experts, they often engage in meticulous planning to optimize their assets and liabilities during this transition.
Wealthy people use their money to make updates and upgrades to their new house before they move in.
They dont have the financial constraint of needing to move in right away.
Read below for more expert insights onwealthy money moves.
Purchasing Custom Furniture
Wealthy people get custom furniture for their new house, Musson said.
They dont take a stab at make their couch and chairs work in a new space.
Instead, she said they purchase the right size and color to complement the new space.
They might accelerate income or defer deductions to take advantage ofmore favorable tax rates post-move, he added.
He said this could involve liquidating certain assets or investing in local opportunities.
Estate and Trust Planning
A move is an opportune time to update estate plans, Shirshikov explained.
They might establish new trusts or revise wills to reflect changes in residency laws.
Setting up a trust in the new location can offerasset protection and tax benefits.
This not only serves as an investment but also helps them integrate into the community, said Shirshikov.
For instance,buying commercial real estatecan open doors to local business networks.
Philanthropic Endeavors
Engaging in philanthropy is another avenue, according to Shirshikov.
Non-Standard Options
More From GOBankingRates
Share This Article:
