As an estate planning attorney, I have observed how the financial landscape has changed over the years. One of the latest developments is the Federal Reserve’s new payment system, FedNow. While the system has many advantages, some people have expressed concerns about the move towards a cashless society. Nevertheless, I firmly believe that, with the right planning and knowledge, individuals can navigate this new financial landscape and even use it to their advantage.
FedNow is a payment network that enables instant and secure payments between individuals, businesses, and banks. With this system, funds can be transferred almost instantly, 24 hours a day, 7 days a week, without the need for intermediaries like payment processors or clearinghouses.
Despite the benefits, including increased efficiency and security, some individuals have expressed concerns about the move towards a cashless society. They worry that this could lead to a loss of privacy, increased fees, and a lack of access for individuals who do not have access to digital payment systems.
However, people can still maintain control over their assets and use new technology to their advantage. For instance, if you have cash assets that are not in a bank or investment account, you can convert them into other assets like gold, silver, real estate, or digital currency like bitcoin.
To convert cash into gold or silver, you can work with a reputable dealer specializing in precious metals to navigate the process and get a fair price for your assets. You can also invest in real estate, transfer funds quickly and securely to a real estate agent or broker, and take advantage of investment opportunities that arise quickly.
[embedyt] https://www.youtube.com/watch?v=NDdwx36kZbI[/embedyt]
For those who are interested in digital currency, bitcoin and other cryptocurrencies offer a way to store and transfer wealth in a decentralized and secure way. While there are risks associated with investing in these assets, they can offer a way to diversify your portfolio and potentially benefit from the growth of this emerging asset class.
Real estate is an excellent investment option, and rental properties offer an opportunity to have the lessor pay for the investment. Renting a property is a good way to generate passive income and build long-term wealth. Moreover, property value may increase over time, making it a lucrative investment option.
Over the last few decades, the real estate industry has grown substantially, with a historical increase in value of around 3.7% annually. By investing in real estate, individuals can generate substantial returns on investment over time, making it an attractive investment option.
It is crucial to work with an experienced estate planning attorney who can help navigate the legal and financial complexities of investments, including real estate. Developing a comprehensive plan that aligns with your goals and priorities can help you make informed investment decisions and protect your wealth for the long-term.
In conclusion, although concerns exist about the move towards a cashless society, individuals can still maintain control over their assets and even use the new technology to their advantage. With proper planning and knowledge, it is possible to convert cash assets into other assets like gold, silver, real estate, or digital currency like bitcoin. Investing in real estate offers an opportunity to generate passive income and build long-term wealth, making it a great investment option. By working with an experienced estate planning attorney, you can develop a comprehensive plan that helps you navigate this new financial landscape and protect your wealth for the long-term.
Estate Planning & Elder Law Attorney
