www.wealthandfinance-news.com Q2 2025&wealth finance i n t e r n a t i o n a l Under Threat: Public Sector Facing Advanced and Relentless Cyberattacks 7 Urgent OT Security Challenges Every Business Must Address
AI Global Media, Ltd. (AI) takes reasonable measures to ensure the quality of the information on this web site. However, AI will not assume any legal liability or responsibility for the accuracy, correctness or completeness of any information that is available through this web site. If errors are brought to our attention, we will try to correct them. The information available through the website and our partner publications is for your general information and use and is not intended to address any particular finance or investment requirements. In particular, the information does not constitute any form of advice or recommendation by us or any of our partner publications and is not intended to be relied upon by users in making or refraining from making any investment or financial decisions. Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility. Editor’s Comment Editorial Team Sofi Parry, Senior Editor | Joshua Beardsmore, Writer | Kita Thomas, Writer Design Team Emma Hunt, Creative Team Manager | Lauren Baldwin, Graphic Designer Welcome to the Q2 edition of Wealth & Finance International Magazine. As always, with every issue we endeavour to provide fund managers, alongside institutional and private investors with the very latest industry news in the traditional and alternative investment spheres. This issue is full of insights and up-to-date information all wrapped up in this quarter’s pages, ready for your perusal. Join us as we explore estate planning for building and enriching generational wealth, risk management within the realm of investments, innovative Artificial Intelligence for mitigating cybercrime, and more. Here at Wealth & Finance International, we wish you a spectacular, prosperous, and refreshing quarter ahead and we look forward to seeing you again for Q3. Sofi Parry, Senior Editor
Contents 4. News: Disrupting Cybercrime: Ross Lazer Unleashes the World’s First AI Social Engineer BlytzPay and Ituran Announce Strategic Integration to Streamline Payment and GPS Vehicle Management for Auto Dealers and Lenders 6. 7 Urgent OT Security Challenges Every Business Must Address 8. Understanding Risk and Uncertainty: Common Investment Mistakes 10. Under Threat: Public Sector Facing Advanced and Relentless Cyberattacks 11. How Can Estate Planning Help Build Generational Wealth?
NEWS Disrupting Cybercrime: Ross Lazer Unleashes the World’s First AI Social Engineer Ross Lazer, Co-Founder and CEO of Mirage Security, joins Karla Jo Helms on Disruption Interruption to discuss the escalating use of AI in cyberattacks and how Mirage Security is disrupting the cybersecurity landscape with AI-powered deepfake simulations and transforming human vulnerabilities into strengths. Cyberattacks are on the rise, with over 3,100 data breaches in the U.S. alone in 2024, impacting more than 1.35 billion people. (1) Since the pandemic, these attacks have doubled, with criminals increasingly targeting human vulnerabilities within organizations. (2) On this week’s episode of Disruption Interruption, Ross Lazer, Co-Founder and CEO of Mirage Security, talks with Karla Jo Helms about the evolving nature of cyber threats and how AI is being used to combat social engineering. Lazer shares key insights into the challenges of addressing the human element in cybersecurity. “The real challenge in cybersecurity isn’t just the tech. It’s transforming the human element from our weakest link into our strongest defense.” The Evolving Threat of Cybercrime Social engineering tactics such as phishing and voice deepfakes are becoming increasingly sophisticated. Attackers leverage advancements in AI to craft personalized, highly convincing phishing attempts. Traditional cybersecurity measures like email filters and firewalls often fail to address these modern threats, leaving organizations vulnerable. “Over the past decade, cybercrime has shifted from exploiting technical vulnerabilities to targeting individuals directly,” explains Lazer. “Attackers use AI to mimic voices and create hyperrealistic phishing content, making traditional training and tools outdated.” Data reveals the alarming nature of these attacks. Lazer shares anecdotes of real-world breaches, like the Scattered Spider incident at MGM resorts, where attackers used deepfake tactics to infiltrate systems by tricking help desk personnel. Fighting Hackers with the World’s First AI Social Engineer With an innovative approach, Mirage Security is turning the tables on cybercriminals. Lazer describes their cutting-edge AI-powered platform as the world’s first AI social engineer. This platform simulates tailored phishing attacks, voice impersonations, and other social engineering tactics in real time to train employees in identifying and countering threats. “Our technology doesn’t just simulate an attack; it mirrors the actual strategies used by today’s attackers,” Lazer explains. “Whether it’s voice phishing, email manipulation, or deepfake video, our simulations expose vulnerabilities organizations overlook, equipping employees with firsthand experience of real-world attack methods.” Mirage Security combines these simulations with non-punitive, personalized training for employees, fostering a culture of proactive engagement in cybersecurity. “Instead of being the weak link,” Lazer concludes, “humans can become the most crucial line of defense.”
NEWS BlytzPay and Ituran Announce Strategic Integration to Streamline Payment and GPS Vehicle Management for Auto Dealers and Lenders BlytzPay, a leading collections management platform, and Ituran USA, a premier provider of GPS tracking and vehicle recovery solutions, are excited to announce a new integration that unifies payment communication and GPS command functionality into one seamless system. BlytzPay, a leading collections management platform, and Ituran USA, a premier provider of GPS tracking and vehicle recovery solutions, are excited to announce a new integration that unifies payment communication and GPS command functionality into one seamless system. With this integration, auto dealers and lenders can now manage their entire vehicle finance workflow from a single screen. This powerful new solution enables automated text message payment links to be sent to customers who attempt to use their vehicle while delinquent—creating a seamless path to resolution without the need for manual intervention. “We’ve always been impressed by what BlytzPay’s platform can do for Drive Fast USA, and this new integration with Ituran GPS takes it to the next level by bringing together two innovative solutions to create one seamless experience,” said Nathan Anderson, Dealer Principal at Drive Fast USA. “With the combined automation and support of both BlytzPay and Ituran GPS, we see a smarter, more connected future ahead of us— one where we can more effectively manage risk, streamline operations, and strengthen our customer relationships.” Key benefits of the BlytzPay-Ituran integration will include: • Unified workflow management from one system • Seamless automation of payment link delivery via text • Real-time GPS device information • Automatic starter enable commands upon payment completion • Effortless GPS command sending “This partnership represents a major leap forward in automotive finance technology,” said Robyn Burkinshaw, CEO of BlytzPay. “By integrating BlytzPay’s real-time, text-based collections platform with Ituran’s GPS and vehicle control capabilities, we’re giving lenders the power to engage delinquent customers instantly, drive faster payments, and automate compliance—all without switching systems. It’s a smarter way to collect and a better experience for the customer.” Ariad Sommer, CEO of Ituran USA, added: “Our collaboration with BlytzPay enables dealers and lenders to leverage GPS data in smarter, more proactive ways. Automating the enablement of vehicles once a payment is made not only ensures compliance but also builds trust between dealers and customers. It’s a win for everyone involved.” This integration is now available to BlytzPay and Ituran clients nationwide. For more information or to schedule a demo, please visit www.blytzpay.com or contact your account representative.
6 | Wealth & Finance Q2 2025 7 Urgent OT Security Challenges Every Business Must Address Experts suggest cyberattacks are evolving faster than you can keep up – Here’s how to protect your business. • Ransomware is costing UK businesses thousands. Medium to large businesses face data breach losses of over £3.5 million, and RaaS is making attacks easier and more frequent. • Outdated OT systems are a hacker’s entry point. Unpatched systems are responsible for 60% of OT breaches, which expose critical infrastructure to threats. • OT cyberattacks don’t just cost money—they risk lives. Breaches can shut down operations and threaten human safety. Cyber threats are evolving fast, and businesses operating in industrial and operational technology (OT) environments are not immune. Neglecting these security challenges can result in substantial financial losses. Recent data from insurance broker Howden indicates that UK businesses lost approximately £44 billion over the past five years due to cyberattacks, with emails and data theft being the most common causes. From speaking with 97% of their customer base across industry sectors, including manufacturing, the sciences, and food and beverage, IDSINDATA has identified the seven most critical OT security challenges businesses must address before becoming million-pound problems. The seven challenges have been ranked by Ryan Cooke, Chief Information Security Officer at IDS-INDATA, in terms of urgency, with the rapid evolution of cyberattacks becoming the most significant concern for the industry. 1. Cyberattacks are evolving faster than you can keep up - and ransomware leads the charge. According to The IBM Cost of a Data Breach Report 2024, the average cost of the UK’s most disruptive breach or attack in the last 12 months for medium and large businesses is £3.58 million. As cybercriminals refine their tactics, Ransomware-as-a-Service (RaaS) has emerged as a formidable weapon for attackers, facilitating bypassing security measures. IDS-INDATA found that ransomware attacks are becoming increasingly sophisticated. Cybercriminals are leveraging AI to create malware capable of real-time adaptation to evade detection. The analysis revealed that ransomware threats impacted 34% of businesses in 2023, which rose to 42% in 2024. IDS-INDATA advises that industries update and patch systems regularly while limiting system exposure to the Internet and other networks. The speed at which attack methods evolve makes waiting to update your defences risky. Proactively invest in the latest threat detection systems to spot ransomware attempts before they escalate 2. Unresolved vulnerabilities in OT systems are an open door for attackers. Despite increasing awareness, many industrial networks run on outdated and unpatched systems, exposing critical infrastructure to high-risk cyber threats. Unpatched systems are reported to be responsible for 60% of OT cyber incidents. Most cyber-attacks involve previously disclosed vulnerabilities for which patches were released (often years ago) but not applied by customers. We know OT is a different environment from IT, so where patches cannot be used, mitigation must be considered an alternative. Without prompt action, these gaps can lead to devastating cyber incidents that shut down operations and cause substantial financial losses. This is why regularly conducting a full audit of your OT systems is critical to patching every known vulnerability. 3. You can’t protect what you don’t know exists - Lack of visibility can spell disaster. Without visibility over your connected OT devices, it’s impossible to secure them. Attackers can exploit blind spots in your network to gain entry unnoticed. It’s advisable to deploy asset discovery tools that provide a real-time map of all devices on your network and continually monitor for new or rogue connections. Unidentified assets often remain unpatched and could be connected to the Internet, highlighting the importance of maintaining an up-to-date list of assets. 4. The explosion of connected devices: More devices, more vulnerabilities. As more IoT and smart devices are integrated into industrial networks, the complexity of securing them grows exponentially. Each new device can introduce vulnerabilities that attackers can exploit. IDS-INDATA recommends that industries establish a security framework that prioritises protecting high-risk devices and securing devices at the outset of their deployment. It pays to create a dedicated OT cybersecurity policy and enforce it across devices, ensuring strict standards for security and compliance. 5. Cyberattacks in OT aren’t just financial - they can disrupt critical infrastructure and endanger lives. A breach in OT environments can cause financial loss, shut down entire production lines, or, in extreme cases, endanger lives. These far-reaching consequences require organisations to prepare for more than just data theft. Industries must establish a resilient incident response plan that prioritises operational continuity and safeguards human safety. 6. Failing to meet evolving regulatory requirements can cost you big - and fast. With cybersecurity regulations like NIS 2, ISA/IEC 62443, and the Cyber Resilience Act (CRA) becoming more stringent, failing to comply can have severe financial and reputational consequences. It can even result in massive fines that exceed millions in legal costs and reputational damage. Conduct a compliance audit against the latest regulations to ensure your OT systems meet the requirements. 7. Without a cybersecurity-aware workforce, all the technology in the world won’t save you. Human error, such as misconfigured security controls or inadequate monitoring and threat detection, can cost businesses millions and Jun21296 By IDS INDATA
remains one of the most significant vulnerabilities in OT security. In fact, according to IBM, organisations with severe or high-level staffing shortages experience an average of £1.39 million in higher breach costs, highlighting the impact of limited cybersecurity expertise. Therefore, investing in cybersecurity awareness training for your OT teams is critical. Building a security-first culture significantly reduces the risk of human error and insider threats. Don’t wait until it’s too late - Act now to protect your critical OT infrastructure. 7 Urgent OT Security Challenges Every Business Must Address Ryan Cooke, Chief Information Security Officer at IDS-INDATA, comments: “The threat landscape facing OT is evolving at an unprecedented pace. To stay ahead, organisations must - at the very minimum - tackle these seven urgent challenges head-on. Proactively addressing these points will help significantly reduce the risk of compromise, protect critical infrastructure, ensure compliance, and safeguard against potentially severe disruptions.” For further insights on securing industrial environments, visit IDSINDATA’s website or contact our experts today.
8 | Wealth & Finance Q2 2025 Understanding Risk and Uncertainty: Common Investment Mistakes In the world of investing, few concepts are as misunderstood [or as costly] as risk. Investors have a tendency to confuse risk with uncertainty - a mistake that can lead to overconfidence, poor decisions and significant financial losses. ‘Risk’ is applied to situations where potential outcomes are known and can be reliably estimated with some degree of confidence. ‘Uncertainty’, on the other hand, describes instances where outcomes and their probabilities can’t be accurately predicted. Events like the COVID-19 pandemic or sudden regulatory changes fall into this latter category - highly consequential but largely unpredictable. The most dangerous mistakes happen when investors treat uncertainty as if it were risk. This false sense of control often results in unstable strategies that collapse when reality deviates from the plan. To understand how this confusion plays out, it’s helpful to look at three scenarios that entrepreneurs frequently encounter: business acquisitions, litigation and investing in the stock market. SME acquisitions: The illusion of operational clarity When I acquired my business, Compressed Air Centre, I performed thorough due diligence, from scrutinising finances and operations to drafting transition plans. On paper, the transaction was well-planned, but once I took ownership, it became clear that planning could only take me so far. Despite my best efforts, staff dynamics changed, operational adjustments took longer than expected and integrating company culture proved more complex than anticipated. Even my capital estimates, buffered for uncertainty, needed to be revised once the real demands of scaling became clear. The issue with SME acquisitions is that, even though risk can be measured, real-world results often come down to variables you can’t quite predict. Sellers always have better knowledge of the business, and some weaknesses lie beneath the surface until after the transaction is complete. Customers or suppliers may not remain loyal under new management and, even if the fundamentals are sound, turning a business’ potential into profitable, sustainable performance takes time, effort and determination. Business is probabilistic, not deterministic. Every spreadsheet is ultimately a set of assumptions, and success in acquisition depends as much on flexibility, humility and the ability to handle problems when they occur as it does on analysis. Litigation: Where uncertainty dominates Legal disputes are another area in which uncertainty can be mistaken as risk. A case might be simple enough on paper - you have a contract, solid evidence and a strong legal team - but once litigation gets under way, predictability quickly thins. Imagine a small company is pursuing a claim against a large, listed business which isn’t fulfilling a contract. The claim may be strong in principle, but litigation hinges on so much more than facts and logic. Contracts can be reinterpreted, opposing lawyers can introduce doubt and procedural tactics can derail even the clearest case. The financial burden of lawsuits is another crucial factor. Smaller businesses will likely not to be able to endure a lengthy legal process, giving larger firms a strategic advantage. Outcomes become further complicated by unpredictable factors, such as the way judges interpret the law, how well witnesses perform and what evidence emerges or remains hidden during discovery. Litigation, therefore, is less like a calculated investment and more like a high-risk gamble. Even with good preparation, too many things are beyond your control. Clear-eyed recognition of these unknowns is needed before taking legal action. The Stock Market: Logical on paper, illogical in practice Unlike court cases or acquisitions, the stock market operates in an environment of abundant data. Historical returns, volatility patterns and asset behaviour are all well documented and, in theory, this should support rational decision-making. In reality, however, many investors struggle. One of the most prevalent mistakes is failing to invest on a regular basis, thereby missing out on compounding returns. Others fall victim to time bias, thinking that markets always bounce back quickly, even though recoveries can be slow. Retail investors also face structural disadvantages in markets increasingly dominated by institutions with better speed, tools and information. Attempting to outperform the market by active trading more often leads to issues than solutions, and seeking short-term profits increases exposure without consistently improving returns. Meanwhile, not diversifying maximises risk, and emotional decisions, such as panic selling during downturns or hesitating in upswings, often lead to bad timing. Leverage increases this weakness. Investing with borrowed money can increase gains, but it also increases losses, and a market move in the wrong direction can produce rapid, forced liquidations. In addition, the compounding effect of losses is widely misunderstood. A 30 percent drop doesn’t require a 30 percent gain to recover - it requires a 43 percent gain, but this nuance isn’t understood by many. The issue with public markets isn’t the lack of information, it’s human behaviour. Most investors don’t lose due to the risk profile of the market. They lose because they overestimate their own ability to manage it. Getting it right: Calibrating risk, not avoiding it The aim of investment is not to eliminate risk, but to take the right risks in the right proportions. This requires a focus on opportunities where the upside potential is great, and the downside potential is limited. These asymmetric bets in which the smaller losses are offset by large potential gains are generally the best use of capital. Intelligent risk-taking might include acquiring a business with favourable terms, developing skills while still employed or using external capital responsibly. In all instances, the structure of the deal minimises downside risk while maintaining upside potential. By Serge Santos
A Stoic mindset towards risk is particularly valuable. It involves visualising the worst-case scenario and planning accordingly. Pursue ambitious outcomes, but never without a fallback plan. Equally important is understanding your own risk appetite. Betting too aggressively early on can shorten your journey, whereas staying in the game by making correct bet sizing and consistent, rational decisions is what creates long-term success. And remember, stories of huge wins are only the visible tip of the iceberg. Survivorship bias hides the much larger number of investors who failed. Sensible, methodical decisions – rather than sensational ones - are the foundation of sustainable wealth. Final thoughts Risk and uncertainty are unavoidable in every investment, but confusing the two is where real damage happens. Great investors and business builders aren’t those who try to predict the future with certainty, but those who devise plans that can absorb shocks and adapt to the unexpected. Control will always be limited, but through thoughtful calibration, emotional discipline and strategic preparation, risk can be turned into opportunity, and uncertainty into an advantage. That’s what separates gamblers from great operators: not the ability to predict the future, but the discipline to prepare for it. Understanding Risk and Uncertainty: Common Investment Mistakes
10 | Wealth & Finance Q2 2025 Under Threat: Public Sector Facing Advanced and Relentless Cyberattacks Third-party IT consultants can supplement internal teams allowing for a comprehensive view of where vulnerabilities lie. Public sector organisations in the UK are facing an increasingly severe threat of advancing cyberattacks, such as ransomware, phishing and distributed denial-of-service (DDoS) attacks. Cybercriminals are not only targeting personal and financial data to sell on the dark web, but they are also targeting critical systems in order to disrupt essential services, posing a serious risk to public safety and national security. Cybercriminals view the public sector as a valuable target for both financial gain and political leverage from nation-state hackers. Legacy systems, budget restraints and a lack of training has meant that cybercriminals are taking full advantage of human errors and system weaknesses. In 2024 research from the National Audit Office (NAO) found that 58 independently assessed critical government IT systems had major discrepancies in their cybersecurity posture, with 228 legacy IT system being described as vulnerable to cyberattacks. The report also found that between 2023-24, one in three government cybersecurity roles were vacant or filled with agency staff, with more than 50 percent of cyber roles in many departments left empty. Budget restraints were again cited as a major barrier to hiring and retaining people with cybersecurity skills. Organisations in the public sector are being attacked from all angles. A recent Freedom of Information request (FOI) revealed that HMRC blocked 23.7 million malicious emails between November 2021 and October 2022. This rose to a staggering 40.3 million between November 2022 and October 2023. A further 40.9 million emails were also blocked in the following 11 months. Overall, 105 million emails were intercepted by HMRC over a three-year period, demonstrating the perseverance of cybercriminals. In healthcare, the Synnovis ransomware attack on 4th June 2024, caused widespread disruption to NHS services in London, with 10,152 acute outpatient appointments and 1,710 elective procedures postponed at King’s College Hospital NHS Foundation Trust and Guy’s and St Thomas’ NHS Foundation Trust. Figures also show a hypothetical cyberattack focused on key energy services in the South East of England could wipe a staggering £49 billion from the wider UK economy. In October 2023, the British Library was hit by a cyberattack attack by the supposedly Russian-backed Rhysida ransomware gang that compromised most of its online systems. Rhysida exfiltrated data, encrypted or destroyed substantial portions of the library’s servers and forcibly locked out all users from the network. The gang broke through the library’s virtual private network (VPN) and the lack of multi-factor authentication on this server is thought to have contributed to the attackers’ ability to gain entry. The British Library’s legacy systems allowed attackers wider access than a more modern infrastructure would have allowed. Manual data transfer processes between older systems also increased the volume of sensitive data exposed on the network. The library’s legacy systems was also the reason for its extended recovery time, highlighting the importance of continual investment in modern infrastructure. AJ Thompson, CCO at Northdoor plc, explains: “The protection of the public sector is critical as the UK faces new and relentless cyberattacks on national infrastructure. Whereas HMRC was able to intercept 105 million emails over a three-year period, budget restraints, legacy systems and the lack of training means that many public sector organisations do not have the resources to counter a cyberattack. This can have devastating impact on government organisations, public services and people’s lives. “Cybercriminals are targeting the public sector from all angles and the attacks on HMRC, the NHS and the British Library is a perfect example of how cybercriminals are exploiting human error and system weaknesses. The public sector holds valuable, sensitive data and has always been an attractive target for cybercriminals looking to disrupt essential services and sell data for profit. “Budget restraints have meant that some public sector organisations have significantly cut back on their work to build a robust cybersecurity posture. This could increase the severity of an attack when it happens and extend the time and cost it takes to recover. For example, the British Library has already spent £600,000 rebuilding its services and expects to spend much more as it continues its recovery work. “As threats become more sophisticated, investment in both modern technology and expertise will be crucial to protecting government operations. The key to keeping the back-door locked is having an overview of the possible vulnerabilities that lie within your systems. For most public sector organisations who are facing financial pressures and a noticeable skills gap, this seems like an impossible task. “Experienced third-party IT consultants can help to bridge the gap by ensuring that current employees have the skills and training to detect, respond and communicate cyber risks effectively which is essential for long-term cyber resilience. “With internal teams struggling with the workload, many are turning to qualified thirdparty Security Operations Centres provided by IT services consultancies. Third-party IT consultants can provide a 360-degree, 24/7 overview of public sector systems. They have teams of experts who can supplement internal teams allowing for a comprehensive view of where vulnerabilities lie. This then allows public sector organisations to have urgent conversations and shut down vulnerabilities before they are exploited by cybercriminals,” concluded Thompson. By AJ Thompson, CCO at IT consultancy Northdoor plc
11 | Wealth & Finance Q2 2025 How Can Estate Planning Help Build Generational Wealth? The average person toils to get ahead and leave a financial legacy for future generations. Handling estate planning correctly ensures the money goes where it’s intended rather than getting eaten up by taxes and probate fees. Financial advisers can navigate clients along a path of long-term wealth preservation for their children, grandchildren and greatgrandchildren. What Is the Best Way to Build Generational Wealth? Financial advisers may consider tax considerations and staying out of probate court when it comes to estate planning. However, clients can do many strategic things to ensure their wealth lasts throughout their lives and goes to their offspring. Around 51.6% of the total wealth in the United States is in the hands of baby boomers. Millennials only owned around 10%, although the two generations are nearly equal in size. As older generations go into long-term care or pass away, what happens with their money can either improve the situation of Gen Xers and millennials or have little impact. To provide for their children and grandchildren with their share of the wealth, older clients must plan accordingly. Some of the best ways to pass generational wealth down include several estate planning tools: • Protect family assets from lawyers, divorcing spouses and lawsuits. • Give gifts of allowable amounts each year once reaching a certain age. • Utilize trusts to minimize estate taxes. • Avoid estates going into court by clearly outlining the client’s wishes upon death. • Offer programs to educate heirs so they manage the wealth wisely and have money to pass on to their offspring. A Breakdown of Key Estate Planning Tools The most powerful estate planning tool anyone has is education. The more clients know, the better choices they can make alongside an expert to protect their assets. Other things to utilize include: Trusts Trusts give clients a lot of security, knowing their heirs will utilize assets as desired. For people with family members who are not as responsible as they should be, a trust can control how much money gets dispersed each year and even what heirs can use it for. Thanks to pensions going by the wayside and fluctuations in the economy, over 70% of Gen-Xers are saving with 401(k)s, IRAs or similar accounts for retirement income. Receiving a monthly or annual payout could provide them more flexibility to retire when they’re ready. Setting up a trust can help minimize estate taxes. Beneficiaries of a trust pay on the money received, but not on any principal amount in the account. An irrevocable trust can shield assets from creditors. Once transferred into this level of confidence, a trustee manages the estate, which is no longer part of the grantor’s belongings. A dynasty trust protects wealth for generations and follows state laws. Revocable living trusts avoid probate and let clients move assets where they wish. Wills and Powers of Attorney A will lays out what clients want when they pass away and ensures assets are distributed as they wish. Without a will, the estate goes into probate, and outcomes can be other than what the person wanted. Financial advisers should urge clients to make their wishes clear to avoid such scenarios should their lives be ended prematurely. Powers of attorney allow an adult appointed by the client to make financial and medical decisions if they become incapacitated. Gifting Strategies Clients can give a certain amount each year without triggering a tax burden. They should work closely with their advisers to ensure they write a check for the correct amount. They should also keep assets safe from double taxation paid from when they earned the money and when the person receives it. Pay attention to the lifetime gift and estate exemption, which varies and can include appreciation on business assets and real estate. Clients can also allocate funds to 529 savings for education and invest in future generations via that vehicle. Advisers can suggest investing in decentralized finance as a way to diversify. They should also guide clients to only invest what they can afford to lose, as cybercurrency is typically in flux. How to Protect Assets Those with many assets may be at the mercy of various lawsuits and unscrupulous individuals. They should plan on forming a limited liability corporation or a trust. The issue is complex, and everyone has different needs. Allocating funds to philanthropic organizations allows people to support the causes they hold dear. At the same time, financial advisers can offer workshops and online microlessons about making the most of an inheritance to protect those coming into money. Create a Lasting Legacy of Financial Security An estate plan is more than what people leave behind. It ensures future generations take on the wealth and values of generations before. Financial advisers must determine the ideal strategy for each family and guide clients to the best method to protect what they’ve worked so hard for.
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