Understand Our Wealth Management

Wealth management is a financial service that combines investment advice with other strategies to meet the demands of clients. Our advisor gathers information about your desires and circumstances through a consultative approach, then tailors a customized plan accordingly. We know you’ve worked hard to build wealth, so we’ll help you protect it and use it to pursue your financial goals.

We can help you manage your wealth in different ways, including:

• Investment Management: Our advisors will assess your goals and risk tolerance to create a portfolio of investments suited for you.
• Tax Planning: Minimizing taxes is essential to preserving wealth, and we’ll help you make intelligent tax choices.
• Retirement Planning: We’ll help you create a retirement plan that helps you reach your savings goals and enjoy the lifestyle you want.
• Financial Planning: Our advisors will devise a plan that meets your short-term and long-term objectives. Then, they’ll guide you through the journey.
• Estate Planning: Planning your estate is more than just creditors’ protection. Our experts will explain everything you need to know about this service.

Our advisors comprehensively understand all these aspects and can navigate them with you. With Nesso Wealth, you can feel confident that you have a team of professionals to back you up in all your financial endeavors.

Explaining Estate Planning to Our Clients

Estate planning is a vital part of any wealth management plan. It entails deciding how to protect, manage, and distribute your possessions after death. It also considers the administration of your assets and financial responsibilities if you become incapacitated. Houses, automobiles, stocks, art, life insurance, annuities, and debt are assets that might be part of your estate. You should plan your estate for various purposes, including maintaining family wealth, caring for a remaining spouse and children, supporting dependents’ education, or leaving a philanthropic legacy.

At Nesso Wealth, we help clients understand the importance of estate planning by providing them with information and resources. We can explain complex financial concepts in simple language so you know how the process works. You’ll make all the critical decisions, but we’ll provide support, advice, and guidance. When you work with Nesso Wealth, you can trust that we’ll put your best interests first.

Benefits of Our Estate Planning

Save on Taxes

When you die, your estate will be subject to several different taxes, including federal and state estate taxes, income taxes, and capital gains taxes. By carefully planning your finances with Nesso Wealth, you can minimize the taxes your heirs must pay. We’ll also help you take advantage of tax breaks to reduce the overall taxable value of your estate. This way, you can ensure that more of your money goes to your loved ones instead of the government.

Fulfill Your Wishes

Your estate plan allows you to make your wishes known about how you want your assets distributed after death. You can specify who will receive what, when, and in what form. You can also include instructions concerning the care of minor children or pets and give directions for funerals and burials. Knowing that your loved ones will receive the care they deserve in a way that satisfies you is an excellent benefit of estate planning.

Protect Your Assets

Estate planning not only helps you keep more of your money, but it also guarantees that no one takes advantage of it. Estate plans reduce conflict between family members by making everything clear upfront. It also protects assets from creditors and lawsuits if something unfortunate happens. With our guidance, you can create a plan that safeguards your estate and all the important people in your life.

How We Help You Manage Your Risk

Everyone faces certain risks when it comes to their finances. For example, the stock market could crash, or you could become ill, which would impact your financial situation. Nesso Wealth can help you create a plan that safeguards against these risks. We’ll evaluate all the potential risks to determine what steps you need to take to minimize their impact. It could involve diversifying investments, setting up insurance policies, or creating trusts. No matter the risks you’re facing, our advisors will know how to approach them.

Risks to Be Aware of When Estate Planning

No matter how well you plan, some risks are out of your control. Here are some of the main threats to be aware of when estate planning:

• Changes In Tax Laws – The government can change tax regulations anytime, impacting your estate plan.
• Improper Execution – If the documents that make up your estate plan aren’t executed correctly, courts may not recognize them.
• Unforeseen Issues – Surprises such as divorce, illness, or death of an heir can disrupt your plans.
• Changes In Family Dynamics – Your beneficiaries could fight over who gets what, leading to costly lawsuits.
• Creditor Claims – If you have outstanding debt, creditors may try to claim some of your estates. Fortunately, Nesso Wealth realizes this and offers creditors’ protection.

Our Creditors’ Protection

Creditors’ protection is a legal tool that helps protect your estate from creditors looking to collect on outstanding debt. This protection prevents creditors from taking any of the assets you leave to your family. It can also prevent them from making claims against estates with limited funds. At Nesso Wealth, we’ll ensure all the steps involved in setting up this protection take place correctly, so you don’t have to worry about it.

Creditors’ Protection Strategies We Might Recommend

When you work with us, you can expect us to have a first consultation to get to know your family and financial situation. We’ll ask questions about your estate plan, assets, debts, and liabilities. With this information, we can devise an ideal strategy for your circumstances. We’ll also explain how creditors’ protection works and how it can benefit you. Based on our conversations, we may suggest these strategies:

Asset Protection Trust

Asset protection trusts allow you to place a part of your assets in a trust managed by an impartial trustee. Most creditors will be unable to seize the trust’s assets, and you’ll be able to collect periodic payouts. In addition, you can use the trust to transfer assets to your heirs upon your death. 

Insurance Policies

Insurance policies are another way to protect your estate from creditors. For example, life insurance pays out a lump sum to the policyholder’s beneficiaries when they pass away. You’d have to designate a beneficiary in your family who will receive the funds from the policy upon death. They can use the funds to pay off any outstanding debt, thus preventing creditors from claiming it.

Stripped-Out Equity

One alternative for safeguarding your assets is to extract the equity from them and invest the proceeds in assets that your state guards. Consider the following scenario: you own an apartment complex and are concerned about prospective litigation. If you took out a loan against the building’s equity, you might put the money in a safe asset like an annuity.

Family Limited Partnerships

Assets transferred into a family limited partnership (FLP) are exchanged for shares in the partnership. Because the FLP owns the assets, they’re safe from creditors under the Uniform Partnership Act (UPA). However, their value is significantly less than the asset exchanged.

Accounts-Receivable Financing

You might borrow against your company’s receivables and deposit the funds in a non-business account if you possess one. This way, you make the debt-encumbered asset less appealing to creditors and render it virtually uncollectible. 

Benefits of Creditors’ Protection

• Creditors’ protection has numerous advantages, including:
• Asset Preservation – Creditors’ protection guarantees that your assets are secure from potential creditors.
• Lower Taxes – Transferring assets to a trust or limited partnership can reduce the estate tax you pay.
• Protection For Heirs – You’ll be able to pass on your wealth to your heirs without fear of creditors claiming the assets.
• Confidence – Knowing that your loved ones will remain financially secure if you’re no longer around is a great relief.

Protect Your Assets from Your Beneficiaries’ Creditors with Nesso Wealth

At Nesso Wealth, we’re here to help you navigate every aspect of financial planning—including estate planning. Our advisors have years of experience assisting clients in creating strategies for protecting their assets throughout their lives and after death. With our guidance, you’ll be able to make sound decisions that ensure your legacy is secure for generations to come. Nesso Wealth is about much more than just outcomes. We want to help you comprehend where those numbers came from and why you initially used the approach. Contact us today to learn more.