It is easy to assume that “wealth planning” is only for the “wealthy.”
But what’s in a name?
The practice actually applies to people from all walks of life. It entails defining and achieving your short- and long-term financial goals, helping maximize your income, protect your assets, and establish a legacy for generations to come. It may include tools such as:
- Wills
- Trusts (including DAPTs)
- Insurance
- Power of attorney
- Investments
And much more.
If this sounds intimidating, fear not. At The Enterprise World, we specialize in providing innovative insights into solving complex financial challenges. Keep reading as we explore the best scenarios in which to level up your wealth planning.
Here Are the Best Scenarios to Level Up Your Wealth Planning
1. Business Growth
Many Americans dream of being a business owner. Unfortunately, that dream is short-lived for too many entrepreneurs.
Statistics indicate that 20% of small businesses fail within the first year. More than 50% fail within the first 5 years. And for those select few that “make it,” the reality can get even more sobering. Success brings its own set of challenges.
While scaling issues understandably get the bulk of attention, be aware that growing businesses can actually become more financially vulnerable than they were when revenues were hard to come by.
More customers means more chances of a product liability suit. More buildings/vehicles means more employees and insurance needs. More zeroes at the end of the ledger means more criminals/competitors trying to infringe on your domain.
Proper business structure is just a starting point. Be sure to have plenty of safeguards (insurance, trusts, etc.) in place to keep your personal wealth safe from the emerging threats of a burgeoning business. A DAPT trust can be especially powerful here, as it allows you to shield personal assets from business-related creditors or lawsuits while still retaining certain beneficial interests.
2. Getting Married
If only every marriage ended happily ever after…
Cynicism aside, tying the knot is one of the very best times to take a detailed look at your financial game plan.
To level up your wealth planning ahead of marriage, understand that it involves more than just prenuptial agreements and avoiding a messy divorce. A good wealth attorney can help protect your assets from a lawsuit/judgment against your spouse. They can also help plan asset transfer in the event that you predate your spouse in death.
3. Having Children
If you had a nickel for every family torn apart in an inheritance dispute…
It’s something that no parent would ever want for their progeny. So what better time to get a leg up than with a new addition to the family?
Too many people think that wills are the answer. While they are a very useful road map for how assets should be distributed, they are not enough in and of themselves. They can be contested in probate court. Trusts, and even forming a limited partnership (LP) when a family business is part of the equation, are more ironclad tools to explore on top of a simple will.
4. Inheritance
On the flip side of the token, you may come into an inheritance yourself. Estate taxes can take close to half these assets in some cases.
As such, if you are the recipient of an inheritance, it is crucial to explore all avenues with your attorney to make sure that you keep as much of the gift as possible.
5. Real Estate Acquisition
Enlisting an attorney when purchasing real estate is a great idea for various reasons. Reviewing contracts. Walking you through tax implications. Helping with title insurance.
An asset protection attorney can also help you level up your wealth planning by assisting with the wealth management aspect.
Real estate can often be seized by creditors or to help settle a legal judgment. Its transfer can also be complicated for estate planning, as it can face heavy taxation when switching hands.
To level up your wealth planning, proper preparation can ensure that real estate transactions are as seamless as possible, maximizing the asset while limiting the liability.
6. Taking Out a Major Loan
Financing is available for any and everything in 2025. You’ve likely been prompted to split your grocery bill into four easy payments during online checkout.
Because financing is available with a simple finger swipe, it is highly likely you aren’t reading the fine print (or the exorbitant interest rates). The creditors that seem like life savers upfront will stop at nothing to get their payment–even if it means garnishing wages or seizing personal assets.
While you shouldn’t have to worry if you decide to break up payment on the prime rib, items such as business loans, HELOCs, and big-ticket auto financing are ideal spots to beef up your asset protection in the event that anything goes awry.
7. Planning a Major Medical Procedure
Unfortunately, taking out a major loan is often peanuts compared to a protracted hospital stay these days.
Certainly, there will be some unforeseen scenarios where life doesn’t give you the chance to get all of your ducks in a row before receiving medical attention.
But if you are planning for major events such as an organ transplant, joint replacement, or cosmetic procedure, you would do well to get your personal assets fortified in the event that medical bills spiral out of control.
8. Nearing Retirement
Finally, retirement is a common sense time to reassess your holdings. Take a look at everything from risk level/liquidity of your investments to healthcare coverage sufficient for your changing medical needs.
Don’t Wait: Protect Your Assets Via Strategic Wealth Planning Today
Level up your wealth planning by recognizing that it’s a proactive strategy for anyone looking to secure their financial future, protect what they’ve worked hard to build, and create stability for loved ones. Whether you’re starting a business, entering marriage, welcoming children, or preparing for retirement, each stage of life brings opportunities—and risks—that careful planning can help you navigate with confidence. By engaging the right tools and professionals, you can transform wealth planning from an intimidating concept into a powerful roadmap that safeguards your present and strengthens your legacy for generations to come.
John Skabelund is a nationally recognized attorney at Ultimate Asset Protection with extensive experience in asset protection across the United States. His clients appreciate his ability to simplify complex topics, earning him a reputation for having the heart of a teacher.
