Asset Protection is the process of planning for and protecting your valuable assets and life savings. As soon as someone buys his or her first home, has a baby, receives an inheritance, or has another major life event, she or he should protect those assets. Everyone has goals for their career, their family, etc. So, why not have an asset protection plan that reflects your goals and protects your assets? By beginning to practice basic asset protection strategies as a millennial, you can achieve a positive financial outlook for the future and have peace of mind knowing your hard-earned assets are protected.
Financial Strategies for Millennials
There are many financial strategies that you can put into place as a millennial that will help improve your financial future. These can include setting specific and realistic financial goals, investing, building your credit score, and starting to save for retirement. When thinking about saving money, it is important that you decide what is realistic for your lifestyle and set a specific goal. This can be a great motivator and can help you stick to your financial plan. Additionally, improving your credit score is a great financial strategy. Purchasing certain items such as furniture or a car and making payments on these purchases can help build your credit score. Lastly, start saving for retirement. Start putting a portion of your pay into a retirement account.
Asset Protection Planning for Millennial
Setting financial goals is an important skill, however, in addition to planning, it is vital to focus on asset protection as well. Asset protection helps you ensure that you are protected in the event of an unexpected life event. Below are some asset protection strategies that you may wish to discuss with an attorney:
- Purchase Life Insurance: While you are a millennial, you should consider getting life insurance. Often times you are able to lock in a lower rate when you are young and can take advantage of built in savings plans.
- Prepare a Financial Power of Attorney and a Health Care Power of Attorney: Asset protection includes preparing financial and health care powers of attorney. The persons you select for these rolls will be authorized to make financial or medical decisions on your behalf if you become unable to make them for yourself. They will also be able to access your funds when you can’t.
- Check your Various Accounts: Designate as many of your accounts as possible to be Payable on Death (POD). Many millennials don’t know that they can do this with car loans, etc.
- Create a Will: It is important to create a will and naming beneficiaries to receive your property and assets in the event of your death, so that your final wishes can be carried out. Keeping your will updated and current is equally important. If you die, an invalid or out-of-date will can be rejected by a probate court and your assets will be distributed according to the laws of the state in which you lived. This can cause confusion and hurt feelings among those left behind by your passing.
Meet with an Attorney at The Northeast Connecticut Law Center
It is never too early to begin planning for your future and protecting your assets. It may seem overwhelming, but meeting with an attorney will help you walk through the process. At the Northeast Law Center, we help clients protect their assets and help them protect their hard-earned assets. We endeavor to understand your situation so that we can develop an asset protection plan that works specifically for you. We have developed asset protection plans for people of all ages, ensuring that they achieve their goals for life and beyond.
Have you begun the process of protecting your hard-earned assets? If you are a millennial or older and are ready to begin the process, let us help you develop a custom plan that reflects your goals and aspirations. Click here to get the conversation started. Fill out and submit the form or give us a call at 860.928.2429.