It goes without saying that it takes effort to build your wealth. However, having substantial resources presents its own challenges. The balance between growing wealth and minimizing risk and taxes, demands careful planning and consistent monitoring.
For many affluent clients, keeping up with inflation, maintaining purchasing power is vital to maximize their family lifestyles, yet staying current with tax strategies is just as critical. For many clients who are preparing for their financial freedom, maximizing return yet minimizing risk is the foundation to reach efficiency for growth.
Before we can dive into any specific mandates, we need to set our strategies right with the proper priority levels. Harmony Financial Solutions takes the time to understand the OWNERSHIP of each financial product you have. Either it is a personally, corporately or trust owned asset, we can identify the advantages and disadvantages associated with each ownership type. This may lead us to one of the following strategies:
- Inflation and interest rates hedging
- Trust selection and corporate ownership governance
- Buy-Sell agreement funding
- Wills, power of attorney and medical directives
- Estate planning
- Planned-giving strategies
Careful planning leads to simple implementation processes. We are not only involved with planning and strategic stages, but also heavily participate in the implementation stage. This is to ensure we align the intentions with the right actions.
We leverage many insurance and investment tool, namely:
- Life insurance: managing tax impacts and maintaining flexibility and stability in estate plans and family governance.
- Critical illness and disability insurance: protecting human capital, yet creating liquidity during critical medical events.
- Trusts: Deferring and converting taxation via wills and corporate structures.
- Corporate Asset Transfer: moving corporate assets efficiently to personal/trusts with minimal taxes.
Wealth protection is not simply insurance and tax planning. However, by leveraging taxation and insurance strategies, we are able to quality the “savings” and/or legacy with more predictable confidence.
Saving tax is just as effective as making money in terms of building wealth, if we may make our message crystal clear.