Many assume that wealth building is just a fancy name for investing. In practice, investing is the engine, the “what you make.” Wealth building, incorporating aspects of tax planning, retirement planning, estate planning and risk management, takes the “what you make” and transforms it into “what you keep/leave.” This is an important distinction that can impact both you and your heirs.

A poorly titled asset can be subject to avoidable estate taxes, possibly leaving your heirs with less than you intended. An investment account can “make” a good, or even great, return, but without considering the tax situation, a sizeable portion of those returns could be subject to taxation on both the State and Federal level. Investing outside of your risk profile could lead to emotional decisions that may impact your possibility for gains.