Do you have the newest thing in wardrobe closet essentials?

In a previous post we covered the importance of home inventory, or taking a thorough account of your physical assets to determine their value as part of your complete portfolio. The next step is figuring out what maintenance those items require so they retain their value and can be liquidated, donated or bequeathed to your heirs. What you may not have considered is that these assets include not only homes and cars, but the perhaps less obvious personal items, like your wardrobe closet.   If you have a passion for haute couture, you already know that the clothes on your back – literally – are works of art that if properly cared for can appreciate over time. As with any collection, they must be catalogued, complete with detailed descriptions and photographs; you should also establish a clear “provenance,” with…

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How and Why to Create a Home Inventory

As we enter the last few months of 2020, we continue to be reminded each day how circumstances can change on a dime, and last longer than originally thought. We are also realizing the importance of taking stock of our lives, home inventory and figuring out how to best position ourselves moving forward. When it comes to wealth management, this includes becoming aware of our physical assets to see how they figure into our overall financial picture. Here are some reasons why taking a thorough inventory of your residence(s) is so critical, and some way in which you can do so.   The sale of a residence.  Anyone who has moved will tell you what a chaotic experience it can be. No matter how professional or conscientious the moving company is, or how closely you or your staff oversee…

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5 Reasons to Love a Complete Portfolio.

For many, the term “wealth portfolio” is synonymous with a pile of (uninteresting) documents about stocks, money market funds and other financial instruments that someone else monitors for you. However, trends are increasingly shifting toward principals taking a central role in the management of their estates, both so they can grow their wealth and more effectively educate their heirs on how to preserve it moving forward. Here are some reasons why having a mix of tangible and intangible assets is the key to preserving your wealth and your sanity at the same time. It empowers you.  As mentioned, having a mix of assets allows principals without financial expertise to gain greater knowledge and agency around estate management decisions.  Physical assets are, by their nature, much easier for the layperson to understand and care for. So if you can’t read…

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