Large estate planning solutions can assist high net worth families and individuals in avoiding ugly legal battles and minimizing the potential for discord even after they have left this world. It’s natural to want to financially protect yourself and your dear ones in life and in death. You have, after all, worked hard to attain that financial security. If you’re a high net worth individual who has not undertaken proper large estate planning, much of the wealth you’ve accumulated over the years can end up with the IRS.
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When high net worth families and individuals, like yourself, create estate plans with us at PillarWM, we ensure that the assets and wealth you have accrued during your lifetime stay with your loved ones even after you die. We endeavor to provide your partner, spouse, parents, children, grandchildren, siblings, and other beneficiaries with much-sought future security.
A good estate plan protects assets (in case you’re moved to a nursing home), saves money on estate taxes, prevents probate, and allows you to elect someone to act on your behalf if you become disabled, both physically or mentally.
NOTE!
Estate planning is important for everybody, no matter how small or simple the estate. However, once an estate approaches $1 million, the complexities increase since some US states levy estate and/or inheritance taxes on your wealth.
An extensive, large-estate plan can help high net worth families and individuals ensure their wishes are followed while also maximizing what their heirs will eventually receive.
So, if the question “Can I do estate planning myself?” has ever crossed your mind, we strongly suggest you stop, take a step back, and think again. Remember, large estate planning should only be managed by qualified experts. That’s why we strongly encourage you to seek professional assistance. If you often ask yourself “How do I maximize my estate planning?” or wish to learn more about large estate planning, give this post a read and learn how Pillar Wealth Management can help.
How Do I Maximize My Estate Planning?
You might be wondering, “How Do I Maximize My Estate Planning?” Well, we have the answers for you. There are several strategies that can help you maximize your estate plan for the greater good of your family — one of which is to minimize estate taxes. Keep scrolling to understand how it all works.
If you wish to learn about the key estate planning strategies that high net worth families and individuals implement to maximize their plan, read below.
1. Establish Estate-Friendly Trust Funds
If you follow the news about billionaires and high net worth individuals, you may have noticed that they all run some kind of trust. So, the question is, “Do trusts help avoid estate taxes?” The answer is yes, they do. A highly effective method of preserving your wealth is to establish trust. You can assign a portion of your wealth to charitable trusts of two types: lead trusts and remainder trusts. Your estate, such as investments, hard assets, and even cash, can be allocated to a trust in the form of charitable donations. Most billionaires and ultra-rich individuals use this strategy for tax planning. Access our Financial Advisor Guide to help you choose the best wealth manager who’s right for you.
For example, if you own a property, and you assign it to a trust, its proceeds will go into the trust when you sell it, instead of counting towards your estate. Consider speaking to a wealth management or estate planning professional for advice on starting a trust fund. To set up a trust, make sure you hire a team of professionals, which includes an estate attorney, tax accountant, and wealth manager to ensure that the best decisions are made to protect your wealth and estate.
2. Using Irrevocable Life Insurance Trusts
Investing in an irrevocable life insurance trust means that if one of the spouses dies, the partner is protected from having to pay a large sum in estate taxes due to the death benefit. An ILIT is a strategic way to avoid estate taxes as you would be protecting your wealth from being drained down to a lower value due to federal taxes. Visit our website to schedule a meeting with one of our best wealth managers at no cost.
3. Living in a State that Imposes No Estate Tax
An excellent way to reduce the estate taxes imposed by a state is to move your home to a state that doesn’t impose them. This may be your best option. However, there is one thing that you must be careful of if you own properties in multiple locations. Your residency status depends on a lot of factors, and if you’re not careful and fully aware of the relevant regulations, you can find yourself in court on charges of tax evasion. That is why it is essential to have a professional wealth manager and estate planner to consult with on these matters.
4. Using the Benefits of Life Insurance to Pay the Estate Tax
One of the things that we highly recommend doing early on in life is to buy a life insurance policy with a death benefit amount that can cover most of the estate tax that is likely to be imposed on your estate. This strategy is simple yet effective. Your heirs will be able to pay the estate taxes without dealing with major cuts to their inheritance. Although this strategy doesn’t help avoid tax, it helps your heirs pay for it without loss.
Does Estate Planning Include Wills?
Yes, an estate plan does include a will, but that is not the only thing a well-thought-out large estate plan includes. Many high net worth individuals mistakenly assume that if they have a will, their estate planning is complete. That is, however, far from the truth. There’s so much more to a comprehensive estate plan than merely a will. This is where Pillar Wealth Management can help!
Our highly experienced and qualified wealth managers specialize in large estate planning for investors with $5 million to $500 million in liquid assets. Grab a free copy of our book titled 7 Secrets To High Net Worth Investment Management, Estate, Tax, and Financial Planning for a greater look into large estate planning. You can also schedule a free consultation with one of our estate planners and get started with estate planning solutions right away!
PillarWM Large Estate Planning: Estate Rights to The Right People at The Right Time
The constantly changing tax laws and the ever-present ambiguity of the financial industry fail to make it any easier for high earners to develop their own estate plan. This is where we can help. PillarWM’s large estate planners will protect your long- and short-term financial interests. Under the guidance of our co-founders, Hutch Ashoo and Chris Snyder, who collectively have 64+ years of experience in estate planning, dating back to 1988, we have assisted myriads of high net worth individuals and their families to maximize the inheritance of the people they care about most. We ensure that their estate rights are delivered to the right people, at the right time, and in the right way.
At Pillar Wealth Management, we offer professional, qualified large estate planning services, including wills, lasting power of attorney, lifetime trusts, and will trusts. We specialize in services for investors from $5 million to $500 million. The priority of our large estate planners is to deliver a reliable, personal, and reassuring experience that leaves clients safe in the knowledge that their loved ones will always have everything they need.
Pillar Wealth Management can help you find the ultimate peace of mind that makes life as simple as possible for you and your family. To talk to an experienced estate planner, schedule a free first meeting today!
To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.
We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.
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