Finding diamonds in the rough on the East Coast of the United States might seem a little far-fetched. However, if you own undeveloped property, you may be surprised by some figurative diamonds in the rough you might find on your property.
For years, wealthy clients have discounted or even minimized the benefits of Social Security in their long-term financial plans. Social Security and the timing of claiming benefits can significantly impact a client’s financial lifestyle in retirement.
Art or collectibles, such as rare stamps, furniture, jewelry, coins, clocks, motor vehicles, wine and historic memorabilia are unique investments that can make up a sizeable portion of a person’s estate.
For many successful families, there are two crucial, but often overlooked factors in deciding the best place to live: (1) taxes and (2) asset protection. Some states have much more favorable laws on these issues than others.
Our advice for the newly wealthy is similar to what we discuss with longstanding clients: Engage in comprehensive financial planning before jumping into the future.
For BB&T Wealth clients contemplating second marriages or for those already in blended family situations, there are various financial issues that may need to be addressed.