3 ways to secure generational wealth

AXA

Posted at Jul 16 2021 10:03 AM | Updated as of Jul 16 2021 12:36 PM

Nothing can give a wake-up call quite like a global crisis, especially this health situation we are all currently facing. 

At times when sorrow and loss can be found all around, you get to think about things that truly matter to you. It has also led many to become more aware of their mortality.

That is not necessarily a bad thing. In fact, it is during these challenging times that people are more conscious about the future and should take proactive measures to guard it. 

For many entrepreneurs and business magnates, protecting their loved ones and the legacy that they’ve built is the number one priority. And to guarantee that their wealth will rightfully pass to their descendants, they need to take decisive measures in protecting their estate and properly educating the next generation in its management. 

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Photo source: Unsplash.com

Here are some suggestions on how to protect generational wealth. 

1. Teach your heirs proper wealth and business management

Successful business owners hope to be able to pass on their legacy and business empire to the next generation. However, any great plan can quickly go south if the person you are passing the reins to does not have the right skills or knowledge to handle it well. 

That is why educating your heirs on financial literacy and proper wealth and business management is crucial. Many have lost their generational wealth due to their heirs being unprepared.

As much as you want your children to live a good life, to be sure that their lifestyle remains the same even when you have passed, have a hand in their financial education and get them involved in the business early on. It is not enough that you make arrangements for your estate, you also have to prepare your descendants for its management. 

2. Do your estate planning immediately

One should immediately set up plans for all their assets should any unfortunate circumstance happens. 

Creating a detailed and established plan for your estate and total wealth while you are still alive and well is important, so that you can properly pass on its management to your rightful descendants. This will ensure that your wealth will be preserved, managed, and distributed properly.

Having an estate plan can greatly ease the burden from your loved ones should anything happen to you. It will also help you feel more at ease knowing that your family will be taken care of and that your legacy will pass on without fail. 

Do your estate planning immediately and save your descendants from the added stress of any legal issues that may arise. As you plan, make sure that it is done in consultation with a lawyer so you can maintain compliance with inheritance laws and avoid the possibility of your will being contested.

Another route you can take is by getting a wealth solution such as those offered by one of the trusted global insurance companies, AXA.

Asset Master is a single-pay insurance and investment plan. It allows policyholders to access a variety of both local and global high-performing funds, available in peso and dollar variants.

Its insurance component allows seamless transfer of wealth with a guaranteed death benefit of 125% of the initial investment. Not only that, Asset Master can be used to fund estate tax settlement as the death benefit is immediately released upon death so your heirs no longer have to worry about sourcing or liquidating assets during those difficult times. In addition, it can also help preserve your estate effectively as insurance payouts are tax-exempt if beneficiaries are final and irrevocable.
 
This plan can help you grow your wealth now and pass it on efficiently to your descendants in the future. 

3. Take better care of your health and prepare for possible health emergencies 

More than securing your assets and educating your heirs, another means of protecting your wealth is by taking good care of your health. 

This ongoing health situation has highlighted the importance of staying on top of your health while also being equally prepared for any health emergency that might happen, as health setbacks can drain your resources and threaten the good life you plan to leave your family behind.

Start being more mindful of your health today and get yourself a comprehensive health plan that will keep you on top of your health and give you sufficient coverage and access to the best healthcare when you need it. Otherwise, you may not have anything to pass on to your family. 

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Photo source: Shutterstock

AXA also offers two of its best-in-class health solutions that can help. 

Global Health Access enables you to get the best health care locally and abroad with a full spectrum coverage from common and serious illnesses to life-threatening pandemic diseases. 

It has worldwide medical coverage of up to P175 million, the freedom to choose your own doctor, and cashless transactions in over 1,400 hospitals and clinics in the Philippines and 9,000 worldwide. On top of that, get access to value-added services such as International Emergency Medical Assistance and 24/7 access to health support and global concierge. 

This plan will allow you to enjoy comprehensive worldwide coverage and be assured that you and your family will get the best possible health care available globally. 

It is a fact that cancer and heart disease remain to be the top causes of mortality in the Philippines. It can be challenging, but an informed decision can give much-needed hope during dark times and allow you to fully focus on recovery. 

AXA offers its highly-valued customers a service called Preferred Consultation and Care. It provides access to best-in-class medical advice in case of diagnosis of cancer or heart disease. 

By availing of this service, you will be assigned a dedicated Personal Care Manager, a health care professional that will help you navigate and oversee your treatment journey – from diagnosis to your eventual recovery. A team of specialists from the U.S. 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 top U.S. doctor can collaborate on. Should you decide to go to the U.S. for treatment, your Personal Care Manager will oversee all the necessary arrangements.

This service is exclusively available in the Philippines with AXA.

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AXA can help you make informed decisions about your health with its Preferred Consultation and Care benefit. Photo source: AXA Philippines Facebook Page

In this day and age, protecting one's wealth no longer relies solely on smart financial decisions and profitable investments. Just as ensuring the future is as important as securing the present, taking care of your health is as crucial in protecting your wealth. 

Especially for people who place great importance on legacy and family, these comprehensive health and wealth solutions can help you guarantee that your family's lifestyle remains the same, no matter what happens. 

To learn more about Health and Wealth solutions and other AXA products, talk to an AXA financial partner online or follow its Facebook page.

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