California-based financial professional Micah Scheinberg serves as the managing director of Alex. Brown, a division of Raymond James, in Los Angeles, California. In this position, Micah Scheinberg helps clients preserve their wealth.
Wealth preservation is the management of assets so that their value does not decrease over time. Several processes can help preserve assets, such as forming a new entity to segregate assets and obtaining an insurance plan that covers certain assets. Estate planning to avoid probate also aids in wealth preservation since trusts or other estate documents protect assets from the probate process.
Wealth preservation strategies also incorporate risk re-evaluation. Re-evaluating investment risks includes the consideration of changing trends and future volatility. No investment is risk-free, but investors can preserve their wealth by regularly re-evaluating risks and distributing their investments among different companies.
An emergency fund also aids in wealth preservation. People should have at least three to six months of living expenses set aside to protect against unexpected crises. Emergency funds may not have the same returns as investments, but they are safer and easier to reach when needed.
