You have spent many years of your life managing your finances. You now have a good amount of money set aside. You need someone to handle wealth management for you so that that money will grow at a good rate without being lost. While you can do all the investing and managing yourself, you may want to turn this over to a professional as well. While there are no investments that are not risky somewhat, wealth management companies are some of the best choices to make.
For most people, the durable power of attorney is the most important estate-planning instrument available-even more useful than a will. A power of attorney allows a person you appoint – your “attorney –in-fact “ – to act in your place for financial purposes when and if you ever become incapacitated.
The economy will continue to slow given reduced liquidity of consumers due to lower home prices and higher gasoline costs. However, we do not believe that a recession is in the cards anytime this year. Volatility will continue to be an issue. The more significant ups and downs will cause many investors to become more fearful of the markets. This fear should provide opportunities to invest at attractive prices when investor anxiety is high. We believe that it also makes sense to take profits when stocks reach our price targets. Cash that is yielding around 5% is not a bad place to be while we wait for attractive new investments.
The knowledge that we will eventually die is one of the things that seem to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your passing until it is too late, you run the risk that your intended beneficiaries – those you love the most – may not receive what you would want them to receive either because of extra administration costs, unnecessary taxes or squabbling among your heirs.