Principles of Preserving Wealth
Without even realizing it, most people are familiar with protection-first thinking. If you remember travelling on an airplane in a not too distant past, you would recall this important point in the safety demonstrations “In the event of sudden decompression, secure your own oxygen mask before helping others.”
When your child has income, there’s a good chance that he or she will need to report it and pay taxes.
If you are recently divorced, take steps to ensure that you are properly protected.