Michael Markiewicz, High Net Worth Specialist at Marks Paneth & Shron, Available to Discuss Wise Moves, and Potential Missteps, for Affluent Individuals During the Downturn

NEW YORK (Business Wire EON/PRWEB ) April 30, 2008 -- Affluent individuals generally understand the importance of protecting their assets and lifestyle during an economic downturn. But some of the wisest moves can run counter to their instincts.

Asset and lifestyle preservation are often top of mind for wealthy individuals. The smartest strategies for protecting oneself sometimes involve making certain investment decisions and taking certain steps that may be counter intuitive

That’s according to Michael Markiewicz, Director of the Business Management and Family Office Services Group at Marks Paneth & Shron (MP&S), a leading accounting firm with a substantial high net worth practice. He’s available to discuss financial steps affluent individuals may want to consider when it comes to girding themselves for the downturn and protecting their assets and lifestyle.

“Asset and lifestyle preservation are often top of mind for wealthy individuals. The smartest strategies for protecting oneself sometimes involve making certain investment decisions and taking certain steps that may be counter intuitive,” said Mr. Markiewicz.

During a conversation, Mr. Markiewicz can discuss:

• The importance of reviewing – and maybe even increasing – insurance coverage. The loss of valuable and cherished assets, such as art or heirloom jewelry, may seem even more devastating for affluent individuals during a weaker economy. That’s why it’s important to carefully review whether one’s property is adequately and fully insured. In addition, if cash flow is more of an issue, it may be worth guarding against unexpected costs for care by looking into policies such as long term care.
• Why it might be worth resisting the temptation to pay off loans and other debt. Some affluent individuals believe they’ll feel better about their stability and cash position if they pay off items like luxury car loans or leases, mortgages and other notes. In many cases, it makes more sense to keep the cash on hand and make payments as usual, especially if the rates are low.
• Why the inclination to sell assets in order to preserve a liquid cash position may be ill-advised. Assets, such as art, real estate and jewelry, may be worth less in a recession. If the cash isn’t needed, or can be obtained another way, why sell them at a low?
• The benefits of taking a detailed look at budgets, regular expenses and portfolios. Working with an advisor to review expenses and portfolios can lead to savings – and opportunities to optimize income, cash flow and wealth accumulation.

To arrange a discussion about preparing for the downturn – or other matters related to high net worth individuals – please contact Adria Greenberg at 212-255-8386 or adria@sommerfield.com

About Marks Paneth & Shron

Marks Paneth & Shron LLP (MP&S) is an accounting firm with nearly 500 people, approximately 70 of whom are partners and principals. The firm provides businesses with a full range of auditing, accounting and tax services, as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high net worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services and energy clients.

The firm also provides information technology consulting services through its Tailored Technologies subsidiary. In addition, its membership in JHI, the leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world.

Marks Paneth & Shron, whose origins date back to 1907, is the 28^th largest accounting firm in the U.S., and the 15^th largest in the New York area. Its headquarters are in Manhattan. Additional offices are in Westchester, Long Island and the Cayman Islands. For more information, please visit www.markspaneth.com.

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