Triple Play is a weekly NJBIZ feature that asks top executives in New Jersey to talk about three things related to their industry.
Vince Cirianni is a co-managing partner of the Preferred Client Group.
We asked Vince for three ways you can maximize your wealth, protect your family and minimize your taxes.
If you save more, you'll have more: Manage your risk. It's not what you make but what you keep. If your account goes down 50 percent, you need to do 100 percent the next year to recover your money. The market is not the only place to accumulate wealth. Consider exploring alternative strategies.
Am I protected properly? Your plan must work under all circumstances, not only today but also in the future. A premature death, disability, lawsuit, problems with creditors or some other unforeseen event will devastate any financial balance sheet. Always address protection first in the planning process.
Am I addressing tax avoidance, not just tax deferral? Income taxes today and estate taxes at life expectancy are the biggest threats to a financial plan. Using strategies to avoid, delay or recover taxes can be done with creative planning techniques and wealth-shifting strategies. The tax code keeps changing and is a moving target. Always stay in control and leave doors open to make changes.