5 wealth and estate planning lessons from Grumpy Cat
Clients with sudden wealth need a buffer from sharp economic downturns. Mr. Voltaggio recommends a bond runway, using a portfolio of short-duration high-quality fixed income. The portfolio will help the client meet shorter-term needs.
“When you have a startup and create great wealth, you accumulate it through concentration and preserve through diversification,” Mr. Voltaggio said.
Clients can also diversify their pet-centric assets by frontloading charitable deductions: Give highly appreciated assets to charity using a donor-advised fund or a private foundation, he added.