Legal documents include asset protection documents like incorporation or partnership paperwork for your business. Also, either your will or trust, which can be a great benefit to pass on wealth to loved ones. Powers of attorney are important, as they can help provide for you if you are incapacitated. The purpose of building a strong foundation is to help strengthen the next level of the pyramid. If you finished this past year with surpluses in your savings and your foundation is in place, then planning properly for next year will allow you to build wealth by putting your savings to work in the most efficient way. This can include any number of items like retirement accounts, investment accounts^, college planning, or gifting strategies. Remember that planning your cash flow can boost your ultimate financial success.
This educational article is being provided as a courtesy by Ajay Parikh and Nikesh Parikh, CFP®, J.D., LUTCF. For additional information on the information or topic(s) discussed please contact Ajay Parikh, Agent, CA Ins. Lic. #0672686, AR Ins. Lic. #90450 and Nikesh Parikh, CFP®, J.D., LUTCF, Agent, CA Ins. Lic. #0F79124, New York Life Insurance Company, at 562-403-7100. ^Registered Representatives, NYLIFE Securities LLC (member FINRA/SIPC), A Licensed Insurance Agency, 18528 S. Pioneer Blvd. Suite 201, Artesia, CA 90701.
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