GREENBELT, MD / ACCESSWIRE / June 23, 2022 / As the founder and CEO of Largo Financial Services, Douglas Eze empowers his clients to make sound financial decisions and build lasting wealth. For over two decades, the expert financial strategist and award-winning insurance agent has been helping clients around the world grow and manage their businesses, assets, and insurance policies.
And now he is sharing his most important strategies with Creating Generational Wealth, available through his website and on Amazon. The book covers key tactics that people can use to protect their investments, grow their wealth, and design a future that benefits not only their own family but generations to come. Regardless of your financial situation, Creating Generational Wealth will provide you with the tools you need to protect what matters most to you.
“In terms of creating generational wealth, one of our recommendations to clients is setting up a trust that not only avoids probate but protects the asset on the forensic level,” Eze explains.
This is especially important if you are running your own business, Eze says. Without the right protections and strategies in place, you or your family could quickly lose everything that you spent a lifetime building.
“As we tell our clients, it’s about making sure you’re able to control the business from the grave.”
Creating Generational Wealth outlines some of the best trusts that individuals and families can set up that will not only protect the business but will empower the children to make important financial decisions in the future. Without one, you may be unable to protect your assets in a time of crisis. Eze recalls one situation that spurred him to gain a better understanding of how the wealthy operate – and to write a book that examines the pitfalls that can occur when you leave yourself exposed to risk.
Early in his financial services career, Eze had a client who owned a profitable business in Jamaica. The restaurant was very successful, and Eze was contacted to help her with her life insurance policy. During that process, the client made a fateful decision that would have repercussions for years.
“She had five children, and when we wrote down the beneficiaries, she said that one of her daughters was already married and doing well, so she was not going to include her,” Eze explains.
After she passed away and it was time to both manage her restaurant and pay out the distributions, they didn’t know who to contact to manage the mother’s estate. There was no will in place, and no trust – so everything was sent to probate court.
Because the rest of the children were either out of the area or unavailable, the family asked the daughter to manage the estate, but there was a glaring problem: Because she was not listed as a beneficiary, she could not manage her mother’s estate. She could not even gain access to information regarding the life insurance policy.
“She couldn’t get any information and unfortunately, they lost the business,” Eze says. “So, I started researching wealthy families to understand how they keep their wealth in the family from one generation to the next and still control everything.”
Based on his extensive research as well as his success as CEO of Largo Financial Services, Eze has become a leading voice in creating and maintaining generational wealth. Now, he is using his vast knowledge to give back to others, helping them to avoid the same unfortunate mistakes that have led to ruin for other individuals and families.
When applied properly, the strategies in Creating Generational Wealth will give you the confidence and peace of mind knowing that your family will be well-positioned long after you have gone – and that your business will be protected.
“I wrote this book because you have to make sure your business is structured properly to pass it on correctly the way you want it,” Eze says. “That way you don’t have to worry about estate taxes, the IRS, and everything else that comes into place.”
SOURCE: Largo Financial Services
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