Nothing can sound the alarm bells more than a global crisis, especially this health situation that we all face today.
At times when grief and loss can be found all around, you come to think of things that really matter to you. It has also led many people to become more aware of their mortality.
This is not necessarily a bad thing. In fact, it is during these difficult times that people are more aware of the future and should take proactive steps to protect it.
For many entrepreneurs and business tycoons, protecting their loved ones and the legacy they have built is the number one priority. And to ensure that their heritage will legitimately pass to their descendants, they must take decisive action to protect their heritage and properly educate the next generation in its management.
Here are some suggestions on how to protect generational wealth.
1. Teach your heirs to properly manage their assets and their business
Successful business owners hope they can pass their legacy and business empire down to the next generation. However, any good plan can quickly degenerate if the person you hand over the reins to doesn’t have the skills or knowledge to handle it well.
This is why it is crucial to educate your heirs on financial literacy and the proper management of wealth and business. Many have lost their generational wealth due to the lack of preparation of their heirs.
As much as you want your children to live a good life, to be sure that their lifestyle remains the same even after your death, participate in their financial education and involve them early on in the business. It is not enough to organize your succession, it is also necessary to prepare your descendants for its management.
2. Do your estate planning immediately
Immediately have plans in place for all their assets in the event of an unfortunate circumstance.
It is important to create a detailed and established plan of your estate and total wealth during your lifetime and in good health, so that you can properly pass on the management of it to your legitimate descendants. This will ensure that your wealth will be preserved, managed and distributed correctly.
Have a estate plan can greatly ease the burden on your loved ones should something happen to you. It will also help you feel more comfortable knowing that your family will be taken care of and that your legacy will be passed on for sure.
Do your estate planning immediately and save your descendants the added stress of any legal issues that may arise. As you plan, make sure this is done in consultation with a lawyer so that you can stay in compliance with inheritance laws and avoid the possibility of your will being challenged.
Another route you can take is to get a wealth solution like those offered by one of the trusted global insurance companies, AXA.
Master of Assets is a single salary insurance and investment plan. It gives policyholders access to a variety of high performing local and global funds, available in peso and dollar variants.
Its insurance component allows a transparent transfer of assets with a guaranteed death benefit of 125% of the initial investment. Not only that, Asset Master can be used to fund inheritance tax settlement, as the death benefit is immediately released upon death so your heirs no longer have to worry about finding or liquidating assets during these difficult times. . Plus, it can also help effectively preserve your estate, as insurance payments are tax-exempt if the beneficiaries are final and irrevocable.
This plan can help you grow your wealth now and effectively pass it on to your descendants in the future.
3. Take better care of your health and prepare for possible health emergencies.
Beyond securing your wealth and educating your heirs, another way to protect your wealth is to take care of your health.
This current health situation has highlighted the importance of staying on top of your health while also being prepared for any health emergencies that may arise, as health setbacks can deplete your resources and threaten the good life you plan to leave behind. to your family.
Start being more health conscious today and get a comprehensive health plan that will keep you on top of your health and give you sufficient coverage and access to the best health care when you need it. Otherwise, you may not have anything to pass on to your family.
AXA also offers two of its best healthcare solutions that can help you.
Global access to health allows you to get the best healthcare locally and abroad with comprehensive coverage ranging from common and serious illnesses to life-threatening pandemic illnesses.
It offers global medical coverage of up to 175 million pesos, the freedom to choose your own doctor, and cashless transactions at more than 1,400 hospitals and clinics in the Philippines and 9,000 around the world. On top of that, gain access to value-added services such as international emergency medical assistance and 24/7 access to medical assistance and a global concierge.
This plan will allow you to enjoy comprehensive global coverage and be assured that you and your family will have the best healthcare available in the world.
It is a fact that cancer and heart disease remain the leading causes of death in the Philippines. It can be difficult, but an informed decision can provide much needed hope during dark times and allow you to focus fully on recovery.
AXA offers its highly valued customers a service called Preferred consultation and care. It provides access to the best medical advice in the event of a diagnosis of cancer or heart disease.
By taking advantage of this service, you will be assigned a dedicated personal care manager, a healthcare professional who will help you navigate and oversee your treatment journey – from diagnosis to your eventual recovery. A team of specialists from the United States will be assembled to review your case so that they can verify your diagnosis and recommend a personalized treatment plan that your local doctor and a senior American doctor can collaborate on. If you decide to travel to the United States for treatment, your personal care manager will oversee all necessary arrangements.
This service is exclusively available in the Philippines with AXA.
Nowadays, protecting your wealth is not just about smart financial decisions and profitable investments. Just as securing the future is as important as protecting the present, taking care of your health is just as crucial in protecting your heritage.
Especially for people who value inheritance and family, these comprehensive health and wealth solutions can help you ensure your family’s lifestyle stays the same no matter what.
NOTE: BrandNews articles are promotional material from our sponsors and not press articles from our editorial team.
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