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Many families dream of building up enough wealth to have to be worried about protecting it. When dreams do come true, suddenly, families find themselves concerned with subjects such as wealth protection, preservation, and growth.

Wealth protection is more or less precisely what it sounds like – safeguarding one’s wealth against all possibilities. Conversely, wealth preservation is more concerned about maintaining current assets and avoiding significant losses over time. Finally, there’s wealth growth, with the ultimate goal of increasing what is already there.

How do families go about managing all three of these goals? There are multiple tactics and approaches to use, and it is essential to find the right combination for each situation. Here is a brief overview of some options.


Admittedly insurance may not be the first option to come to mind when considering these concerns, though perhaps it should be. When one signs up for life insurance, they guarantee that their loved ones will receive a set sum when they pass. This sum can help mitigate taxes (estate, gift, income, etc.) during the wealth transfer process that will follow.

Families can benefit from more than just life insurance in this instance, as property, casualty and liability insurances all offer their own benefits. These forms of insurance are critical depending on the type of careers individual family members opt to pursue. 

Comprehensive Financial Planning

Even the wealthiest of families need careful and comprehensive financial planning. Financial planning tends to get more complex as the values go up, but it is still a significant step in the process.

Financial planning makes it easier to manage all of the different assets a family may have, such as investment portfolios, properties, and even philanthropic ventures. All planning should take both gains and obligations into account to avoid confusion down the road.

Family Trusts

Many wealthy families opt to use trusts to help protect their assets. There are many different options when setting up a trust, so it is important to seek advice on the right one for each situation.

Some options for trusts include living trusts, testamentary trusts, life insurance trusts, asset-protection trusts, special needs trusts, and charitable trusts. When setting up a trust, it is beneficial to reach out to a financial or tax advisor to ensure that the family is getting the full benefits.

This blog/website is only made available for educational purposes. It is designed to give visitors general information and a general understanding of select financial topics. It is not intended to provide specific financial or investment advice. Conduct your own due diligence or consult a licensed financial advisor/broker before making any and all financial/investment decisions.