Estate Planners Near Me: What Do They Do – PillarWM
Thinking of hiring an estate planner as the best way to go? Estate planning can undoubtedly be a frustrating and confusing task, particularly if you are an ultra-wealthy individual with a net worth of millions. Proper estate planning doesn’t just require you to know complex concepts but also to keep yourself updated with the ongoing changes occurring in the industry.
If you have $5 million to $500 million worth of liquid assets and are wondering, who are the best “estate planners near me,” we highly recommend you seek assistance from Pillar Wealth Management. Doing so will help ensure that your wealth goes into the hands of the right people following your demise. You can learn some essential strategies for wealth management in our ultimate guide for investors with $10 million or more.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning
The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.
Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.
In addition, you can even directly speak to our team at Pillar Wealth Management to know more about estate planning for high net worth and ultra-high net worth individuals. We have plenty of experience working with wealthy clients who have $5 million to $500 million worth of investable assets and can create a tailored estate plan for you!
What Is an Estate Planner?
You might have come across the term “estate planner” and wondered, “what is an estate planner?”
You might have thought that this an individual who deals with planning real estate purchases. Well, this is really not who an estate planner is.
The truth is that “estate planners near me” are professionals who offers a range of services related to preparing the distribution of wealth and assets after a person’s demise. Their services may include
• Distributing assets and wealth to beneficiaries
• Distributing wealth to charitable organizations
• Settling estate tax These services are usually offered with the help of a financial advisor. Nevertheless, a competent wealth manager can also provide estate planning services as part of a comprehensive wealth management plan. But before we move forward, we recommend you read our hardcover book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million to get a detailed insight into estate planning.
Who Needs an Estate Planner?
By now, you might be wondering who needs “estate planners near me.” After all, you can find all the information related to estate planning on the internet. While this might be true, there are several people who need to hire an estate planner. So, without further ado, here is a list of people who need an estate planner.
People Who Want to Plan for Their Own Needs
Many people believe that estate planning is something they need after they die. However, they fail to realize that having an estate plan can secure them and their wealth in case they get incapacitated or lose the ability to decide for themselves.
After calculating your cash flow requirements leading up to retirement and beyond, “estate planners near me” would consider what insurance you might need if you’re unable to provide for yourself. Moreover, they might even appoint a healthcare proxy who can make financial and medical decisions on your behalf if needed.
Discussing your requirements with “estate planners near me” can ensure that your needs and wishes are fulfilled if you’re not able to speak for yourself.
People Who Want to Minimize Transfer Taxes
Being a high net worth or an ultra-high net worth individual, you will have collected a significant amount of wealth and might wish to transfer it to other people or organizations after your death. “Estate planners near me” can assist you in developing an approach that will allow you to transfer your wealth as tax-efficiently as possible.
“Estate planners near me” will consider three kinds of taxes when transferring your assets and wealth. These include gift tax, estate tax, and transfer tax. Because the IRS has imposed restrictions regarding how much money you can transfer and to whom without getting taxed, a comprehensive estate plan includes a wealth transfer strategy that aims to lower the tax burden on you or your beneficiaries. Read our guide Improving Portfolio Performance and learn how our team at Pillar Wealth Management can make your estate plan process go smoothly while minimizing taxes you need to pay.
People Who to Safeguard their Assets
Another category of people who need “estate planners near me” is that group of individuals who want to secure their assets. As a high net worth or an ultra-high net worth individual, your assets can be threatened in several ways during your lifetime.
As you become wealthier, you become vulnerable to various lawsuits that aim to take over your hard-earned wealth. In fact, once you know or suspect that a lawsuit is emerging, it’s already too late to develop a plan that will secure your assets.
So, if, like all other people, you want to preserve your wealth and assets, you need “estate planners near me” who will use strategies to secure your assets and wealth. For instance, an estate planner might remove your name from your assets and keep them in legally-secured vehicles, such as limited liability entities or trusts. Moreover, certain kinds of insurance can also secure you against a range of legal obstacles. Read our guide 5 Critical Shifts for Maximizing Portfolio Growth Strategies and learn the shifts you need to make to protect all your assets.
When Should You Hire an Estate Planner?
By now, we are confident that you are convinced to hire an estate planner, but you might be thinking about when is the best time to take this step. Ideally, you should hire “estate planners near me” as early as possible. After all, no one can foresee when a potentially debilitating or life-threatening event is going to happen. The COVID-19 pandemic is a perfect example of how unpredictable life can be.
Generally, “estate planners near me” can create comprehensive estate plans in as little as five to six weeks. Being an affluent individual, you need to plan this as early as possible so that you stay safe if something unexpected happens.
Why You Can Hire Wealth Managers to Provide Estate Planning Services
As discussed above, the duties of “estate planners near me” can be performed by an experienced wealth manager. So, should you pick a wealth manager over “estate planners near me” to fulfill your estate planning needs? A wealth manager offers all the benefits that an estate planner provides, along with some additional ones. These benefits include:
Various Other Services
A wealth manager usually offers more services than “estate planners near me” who simply offers estate planning services. At Pillar Wealth Management, we provide services such as:
• Asset Allocation Analysis
• Estate Planning
• Insurance Planning
• Retirement Planning
• Risk Management
• Tax Planning
All of these services can be extremely useful for people with $5 million to $500 million in liquid assets. Tax planning and retirement planning are equally crucial to wealth management, as is estate planning. Availing these services can allow you to manage your wealth better. For more information on how you can make better investment choices, read our helpful guide for investors worth $10 million and above.
Comprehensively Understand Your Needs
A significant difference between a wealth manager and “estate planners near me” is that wealth managers usually work with only high net worth or ultra-high net worth individuals. This makes them better suited for managing the requirements and needs of affluent individuals.
A wealth manager has in-depth knowledge of the wealth-building strategies that ultra-wealthy individuals generally use and can guide them in achieving their financial goals.
6 Steps to Estate Planning
1. List your assets.
Your estate consists of everything you own, that is, all your assets. The first step in estate planning is to conduct a complete inventory of the assets you wish to pass on to your beneficiaries when you die. This list should include everything that makes up your net worth.
Common assets are your home and other properties, vehicles including cars and boats, and your savings and checking accounts. Include your retirement and investment accounts, which identify the securities you own. List your business if you are a business owner. Finally, itemize any items of particular value, such as jewelry and valuable artworks or antiques.
2. Gather the documents you’ll need.
These documents demonstrate your investment in and ownership of various assets, such as titles, title deeds, and life insurance policies. Other important documents are related to your identity, such as a marriage license or divorce decree. Business agreements identify you as an owner or partner.
3. Have a family talk.
You’ll want everyone affected by your estate plan to know what to expect, particularly the person who will be the executor of your will or act as power of attorney.
On a more personal level, if you are married, you’ll want to talk about what will happen to your estate when you die. If you have under-age children, you need to appoint a guardian.
Whether you’re married or single, it’s nice to make the important people in your life aware of plans that will concern them eventually.
4. Figure out if you need an estate planning attorney.
An estate planning attorney can ensure that you have an estate plan that is legally binding. The attorney works with you to eliminate any conflicts or confusion following your death.
Working with an estate planning attorney will give you the confidence that your estate plan is aligned with state and federal laws.
5. Start planning!
Your attorney will create a will based on your requirements. You may want to create a trust with a trustee to manage your assets.
You should have a power of attorney, which is a document authorizing someone you choose to make financial decisions on your behalf. You can also have a medical power of attorney or a living will, which is a health care directive that takes effect if you become incapacitated.
6. Review and revise your estate plan on a regular basis.
When you encounter an important life event, you should revise your estate plan to reflect that change. Review your plan once a year to confirm that it still meets your needs.
Common Estate Planning Mistakes to Avoid
If, every so often, you happen to think, “Oh, yeah, I should have a will,” then you know that a common mistake in estate planning is procrastination. But estate planning should not be put off; dying without a will can be messy for the individuals you’ve left behind.
Once you have an estate plan, don’t put off reviewing it. To avoid having a negative impact on your beneficiaries, you should review your plan every year—because things happen! Verify that the beneficiaries for your retirement accounts match those in your will.
If someone’s in your will, it’s nice to let them know. They’ll appreciate knowing you care about them. But you should also think carefully about the appropriateness and consequences of each gift. You should also include contingent beneficiaries. A contingent beneficiary is a person who will get those assets if your first choice isn’t available when you pass away.
A Few Last Words
With a combined experience of over sixty years, Pillar Wealth Management is known for providing exceptional wealth management services. We offer exclusive services to individuals who have liquid assets worth $5 million to $500 million to help them achieve their financial goals and reach financial serenity.
To get estate planning and wealth management-related advice from our team of experts, sign up for a free meeting with us.
Frequently Asked Questions
In California, it can cost more than $1,000 to set up a living trust, so you should talk to multiple attorneys about their fees.
Prices vary, averaging around $1,500, but a good estate planning attorney should leave you confident that you know exactly what will happen when your will takes effect.
A trust can be revocable, irrevocable, or testamentary.
The major drawback to a living trust is the cost—of creating the trust and then compensating the trustee. Trusts are also more complex than wills.
An irrevocable trust provides more protection for your assets and minimizes estate tax.
You can use an online platform to get a legal version of a trust form and set up the trust yourself.
Assets may be put in a trust to protect beneficiaries from poor judgment, reduce taxes, and avoid probate.
Trusts are required to pay income tax, and the tax depends on how much the trust has earned and who are the beneficiaries. California also has trust tax brackets.
A living trust can keep your assets out of probate, but trusts are more expensive and more complex to maintain.
Retirement assets, health savings accounts, vehicles, and cash cannot be placed in a trust.
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.
You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.
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