Estate Planning for Ultra-High Net Worth

Ultra-high net worth individuals typically attain their financial position through meticulous planning and strategy, which allows them to assess the resources at their disposal and utilize them most effectively. Such individuals usually want to bequeath their wealth to their family and other dependents following their passing, and they often turn to ultra-high net worth financial planning services from a wealth management firm for assistance. At Pillar Wealth Management, we offer premier estate planning services for clients with $5 million to $500 million in liquid investment assets. You can learn about our estate planning strategies by requesting a free copy of our unique guide, 7 Secrets To High Net Worth Investment Management, Estate, Tax, and Financial Planning.

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.

The Importance of Estate Planning for Ultra-High Net Worth Individuals

Estate planning is vital for people of any net worth, but even more so for those with an ultra-high net worth. You can learn more about the importance of estate planning by setting up a meeting and speaking with one of our wealth managers.

So what makes estate planning so crucial? Some essential reasons include:

Avoiding Family Infighting

Individuals who belong to a wealthy family often plan their future by assuming they will inherit some of their parents’ wealth. They may confidently make career choices and financial decisions with this inheritance in mind. However, things may go awry if their parents pass away without a solid estate plan.

As someone with an ultra-high net worth, you may already know how you would like to distribute your wealth to your family and other dependents, and you may have even discussed it with them. However, there is no guarantee that they will receive the share you intended for them if you don’t have a comprehensive estate plan.

Following your passing, this lack can lead to family infighting, especially if the courts decide one dependent deserves a certain portion of the inheritance, and the others disagree.

Speeding Up the Wealth Transfer Process

Wealthy individuals who pass on without an estate plan in place may inadvertently create delays in the wealth transfer process. Without a legal document to consult, the courts will need to spend time reviewing your assets before carrying out the transfer. This means your family and dependents may need to wait several months or over a year to receive the wealth you promised them.

Such delays can be troublesome, mainly if your family and dependents currently rely on you as their primary benefactor. Having set up the right estate plan and chosen an executor speeds up this wealth transfer and ensures your family and dependents receive their inheritance with minimal delays.

Reducing Taxes

Wealthy investors are all too familiar with taxes and how they cut into their annual earnings from assets. However, they often forget about the estate and inheritance taxes their wealth and assets are subject to once they pass on.

Such taxes can significantly reduce the amount of wealth your family and dependents will receive. The good news is that wealth managers have strategies to minimize such taxes. We discuss some of these tax-saving strategies in our special guide for investors with $5 million or more.

Planning for Disability

Most people create estate plans with their eventual passing in mind. However, an estate plan can also function as a plan of action in the event you become disabled or incapacitated. Such occurrences are more frequent than one might think.

A stroke or car accident can leave you unable to manage your assets and run your business. This may create chaos if there is no proper succession plan in place. Setting up an estate plan allows you to account for such scenarios and decide who should be in charge of things if you become incapacitated.

Such preparation protects your estate and leaves your wealth in safe hands until your family and dependents inherit it in the future.

As you can see, there are many reasons why estate planning is vital for ultra-high net worth individuals. Please speak with one of our premier wealth managers at Pillar Wealth Management to learn more about the estate planning services we offer and how they can protect your wealth.

A wealth manager can incorporate other services into your estate plan.

Estate Plan vs. Will

You might wonder, “What’s the difference between having a will and estate planning?” or “Is an estate plan a will?” Some people use the terms “will” and “estate plan” interchangeably as both relate to wealth distribution following a person’s passing. However, it is vital to understand the important difference between the two to ensure you have a robust plan of action to protect your assets and wealth.

A will is a legal document that specifies how you would like your assets to be distributed following your passing. It can also include details about how you would like your children and dependents to be cared for following this event. A will also names the person you have selected to execute the will.

A will can be quite comprehensive regarding how your assets will be managed following your passing. However, it is just one component of an estate plan. You might be wondering, “What are the four must-have documents for an estate plan?” These are:

  • A will
  • Power of attorney
  • Advanced medical directives
  • A trust

Having these components in place will contribute to keeping your wealth safe and transferring it following your passing. Investors with $5 million or more can learn more about these estate planning components by reading our unique guide.

Why Choose a Wealth Manager for Estate Planning?

Ultra-high net worth individuals seeking to create a robust estate plan may hire a financial advisor who specializes in estate planning. However, we would recommend using a wealth manager instead. Some reasons for choosing a wealth manager over an ordinary financial advisor for this service include:

Diversity of Services

While both a professional estate planner and a wealth manager can help you with financial planning, the latter offers a wider range of financial services. This includes asset management, retirement planning, tax planning, and insurance planning.

Each of these services can be linked to your estate plan and help you achieve your primary goals of protecting and growing your wealth for the long term. For example, a wealth manager can restructure your portfolio to improve its returns and make it more tax efficient. This will benefit your family and dependents who inherit these assets. You can learn about some of our strategies to improve your portfolio performance by reading our special performance guide.

Experience With Ultra-High Net Worth Clients

Wealth managers stand apart from ordinary financial advisors because they specialize in services for individuals with a high or ultra-high net worth. For example, at Pillar Wealth Management, our wealth managers help investors with $5 million to $500 million in liquid investment assets.

This selectiveness means wealth managers generally have more experience with wealthy clients. They are familiar with their financial backgrounds and understand the different goals and concerns they may have.

Wealth managers can keep such considerations in mind when designing an estate plan for an ultra-high net worth client. This results in an estate plan that feels more comprehensive and takes your various financial goals into account.

Fixed Fee Structure

Many wealthy individuals favor wealth managers over ordinary financial advisors due to their fixed fee structure. Many estate planners charge their clients an hourly rate for their services, which motivates clients to complete their estate planning as quickly as possible. However, this may result in a poorly constructed estate plan.

Wealth managers charge their clients a fixed annual fee based on the value of their assets. This fee structure means the client can reach out to the financial professional for assistance as needed. This makes wealth managers a better choice if they have a particular goal in mind and do not want to worry about paying an hourly rate to work towards it.

Wealth managers typically have more experience with ultra-high net worth clients.

Why Choose Pillar Wealth Management?

Many wealth management firms offer estate planning services across the country. While many of these firms employ capable wealth managers, few provide the quality of services we offer our clients at Pillar Wealth Management.

We have built an exceedingly positive reputation over the years and have become the go-to choice for many ultra-high net worth investors across the country. Please get in touch with our wealth managers to learn more about why we stand out in wealth management.

Our clients turn to us for help for a number of reasons, including:

Our Experience

Experience is a vital asset for any planner because their job entails preparing for the future. With this in mind, the best estate planning professionals often possess the most experience.

At Pillar Wealth Management, we are proud to say that our wealth managers have over six decades of combined experience. They have assisted numerous clients with estate plans and strive to improve their expertise with each passing year.

Our Knowledge

As wealth managers, we possess in-depth knowledge in various financial areas, including estate planning, retirement planning, tax planning, insurance planning, and asset management. Once we understand our client’s financial future needs and goals, we apply this knowledge as needed. You can learn about some of our areas of expertise by reading our special guide for investors with $10 million or more.

This combined knowledge adds value to your estate and keeps it secure from multiple risks. This is one of the best reasons why wealth managers excel at estate planning.

Our Personalized Services

We have determined that there is no one-size-fits-all solution for ultra-high net worth investors. A strategy that works for one client may not necessarily be optimal for another. Therefore, our wealth managers strive to create personalized plans and strategies for each client they take on.

This approach takes your unique financial background and experiences into account before providing you with optimized services for maximum results.

Our Reliability

Great wealth managers aren’t just hard to find; they are also challenging to get a hold of. This is often due to the exceedingly high demand for their services. At Pillar Wealth Management, we limit the number of clients we take on each year to ensure our wealth managers are always available to offer assistance.

We understand how frustrating it can be to reach out to a financial advisor on a time-sensitive matter, only to be left on hold. If you choose Pillar Wealth Management, you can rest easy knowing you have the support of a financial professional who takes your finances as seriously as you do. Please contact us for a free introductory video call meeting and start working on your estate plan today.

Authors

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.

More from authors.

Related Posts

  1. Fidelity Private Wealth Management Review – This Fidelity Private Wealth Management review is meant for high net worth and ultra-high net worth families that encounter substantial…
  2. $10 Million Portfolio Review – This $10 million portfolio review is written for high net worth and ultra-high net worth individuals who have plenty…
  3. Charles Schwab Wealth Management: Things to Know – The world is evolving rapidly when it comes to tech advancement, financial evolution, and intellectual awareness…
  4. Hire a High Net worth Financial Advisor — Tax Strategies from Pillar Wealth Management – If you’re a high net worth individual with a high income, you are subject to high taxes, which can be as much as 50% of your income…

Related Posts

  1. Best High Net Worth Financial Advisors – If financial management were easy, everyone would be able to multiply and protect their wealth. However, we continue to hear stories about billionaires…
  2. Best Ultra High Net Worth Advisors – When you’re dealing with enormous wealth such as what’s referred to as ultra high net worth in finance, the services of a financial advisor…
  3. Large Estate Planning: A Simple Guide by PillarWM – Large estate planning solutions can assist high net worth families and individuals in avoiding ugly legal battles and minimizing…
  4. Wealth Planning for High Net Worth Individuals – If you’re a high net worth individual, chances are you’re constantly looking for ways to preserve your existing wealth and boost it to…