Estate planning is an important consideration for all individuals, but it becomes even more crucial for those with high net worth. As a wealthy individual, you have more assets to protect and more complex financial considerations to take into account. Whether you are an executive or business owner, you need to make sure that your assets are protected in case of illness or death. Establishing an estate plan can help you minimize taxes and ensure that your wishes are carried out after you pass away. 

Whether you are just starting to think about estate planning or are looking to update your existing plan, you can make the most of your wealth and ensure a secure future for yourself and your loved ones through strategic estate planning.

3 tips for estate planning with a high net worth

As a high net worth individual, you have a significant amount of assets that need to be protected. Estate planning allows you to safeguard your assets from creditors and potential lawsuits, ensure they are passed on to your intended beneficiaries, and minimize their associated taxes. Estate taxes can be significant, especially for high net worth individuals. Estate planning can help you limit your tax obligation and maximize the value of your estate that is passed on to your beneficiaries.

Additionally, as high net individuals often own multiple businesses, estate planning can provide a seamless transfer of ownership and management of the business to the next generation or designated successor, minimizing disruption to the business and its employees.

Here are a few tips for estate planning with a high net worth:

  • Review your beneficiaries — Review the beneficiaries on all your accounts, including retirement accounts and insurance policies, to ensure that they are up to date and that they align with your estate plan. If they differ, be sure to work with your financial advisor to change them as soon as possible. Your estate plan should always align with your financial goals and wishes. 
  • Work with a professional — As a high net individual, you most likely have access to a financial advisor who advises on and manages your investments. Working with an experienced estate planning attorney to create an estate plan, however, can help make sure that your needs and financial goals are accurately reflected in your trusts, wills, and other legal documents. 
  • Consider gifting — Gifting assets during your lifetime can help reduce the size of your estate and, as a result, reduce the amount of estate taxes that will be owed upon your death. Giving to charitable organizations via trusts can also help minimize your estate taxes.

Talk to a ProVise CFP® professional about estate planning as a high-net worth individual

With high net worth, your estate plan is as important as ever. Expert financial advisors can work with you to ensure that your assets are protected in the event of death or illness. At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about estate planning as a high earner? Contact ProVise today to schedule a complimentary consultation.