Protecting Assets Through the Ages
The consequences of broken relationships and failed businesses can be disastrous, but it is argued that different age groups need to take different approaches to protect themselves from such events. For those in their twenties, enthusiasm and a lack of objectivity can lead to many failures, and gaining advice -- particularly financial and legal advice for business decisions -- is recommended.
For Generation X, who typically may have a home loan or have built up their assets, a key focus should be on protecting those assets -- particularly if those assets are substantial. For Baby Boomers, being adequately insured is important for both protecting assets and preparing for retirement. Those in retirement can run into financial hurdles, particularly when a new relationship is also part of their life. Expert advice, reviews of existing documents like wills and powers of attorney, and separate bank accounts are seen as ways to keep assets intact.