High Net Worth Estate Planning

High net worth estate planning is no easy feat. Luckily, you won’t have to tread the waters of maximizing and safeguarding your life earnings alone. Moreover, with the correct guidance, high net worth individuals and their families can minimize the possibility of conflict and avoid ugly legal battles even after their demise.

So, if the question “Can I do estate planning myself?” ever crossed your mind, we suggest you stop, take a step back, and think again. High net worth estate planning should only be managed by qualified experts. When high net worth individuals and families create estate plans with us at PillarWM, we make sure that the assets and wealth they have accrued are transferred to the right people at the right time. If you have $5 million (or more) in liquid assets to invest, we suggest you request a copy of our guide, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning. It will introduce you to the essentials of wealth management and financial planning, among other things, and what you can expect from high net worth estate planning solutions.

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.

Or you can get in touch with our team and speak to them in a one-on-one consultation. Pillar Wealth Management provides the services of qualified estate managers with years of experience in managing high-profile portfolios of high net worth and ultra-high net worth individuals/families. Our experts share key insights to help clients understand what estate management entails and how they can benefit most from it. We are a fiduciary advisory firm with a collective experience of more than 64 years in wealth management, tax planning, estate planning, business succession planning, and more.

Remember, a good estate plan saves money on taxes, protects assets, avoids probate, and enables high earners to choose someone to act on their behalf in case they are ever disabled, physically or mentally.

Many clients ask, “Is estate planning only for the wealthy?” and “how do you handle high net worth individuals?” These are the questions we’ll be addressing in this blog, along with exploring the question, “How much money do estate planners make?”

High Net Worth Estate Planning: Overview

In its simplest definition, estate planning for high net worth and ultra-high net worth individuals/families is the process of identifying who will receive your assets and wealth and handle your financial responsibilities when you die or become incapacitated. Another core purpose of estate planning is to ensure beneficiaries receive assets in a manner that best reduces different forms of taxes, such as income tax, estate tax, and gift tax. Use our Financial Advisor Guide to select an estate planning specialist that can help you further minimize your tax burden.

Estate planning is undeniably a complex task. Nevertheless, it is something all high net worth and ultra-high net worth individuals and families must focus on. To ensure all your wishes regarding your hard-earned assets/wealth are respected, certain components must be a part of your estate plan. Generally, a good estate plan involves the following elements:

  • A will
  • Trusts
  • Power of attorney
  • Beneficiary directives
  • Medical directives

To learn more about the different estate plan components, do not hesitate to request a video meeting with one of our estate planning specialists at your convenience.

Additionally, there is a common misconception that estate planning is just about your finances, but in reality, there is much more to it. In the following sections of this blog post, we discuss whether estate planning is only for the wealthy and see how the best estate planners lucratively handle high net worth individuals.

How Much Money Do Estate Planners Make?

As of March 29, 2022, the average salary for estate planners in the U.S. is $101,762. However, the range generally lies between $84,352 and $120,239. Furthermore, how much money estate planners make can also vary widely based on several important factors, such as education, specialization, certifications, supplementary skills, and the number of years spent in the industry.

Is Estate Planning Only for the Wealthy?

Short answer: No, estate planning is not only for the wealthy.

It’s worth noting that estate planning is important for everyone, irrespective of how small or simple the estate. However, it becomes more imperative for high net worth and ultra-high net worth individuals. Why? Because, once an estate nears $1 million (or above), the complexities increase since numerous states in the U.S. levy estate and/or inheritance taxes on wealth. A comprehensive estate plan can facilitate high net worth individuals in making sure their wishes are followed while maximizing what their heirs will receive.

It is natural to want to financially protect yourself and your loved ones. After all, you’ve worked your entire life to achieve that financial security. If you are a high net worth or ultra-high net worth individual and haven’t undertaken appropriate estate planning, much of your accumulated wealth can end up with the Internal Revenue Service (IRS).

4 Keys to Handling High Net Worth Individuals

“How do you handle high net worth individuals?” is one of the questions we get asked most frequently by prospective clients. To answer this question, we have come up with certain practices to manage high net worth clients. These practices enable us to attract more clients and keep existing ones satisfied.

1.      Always focus on value

Some folks mistakenly assume that the wealthy do not care about how much they spend on products/services. After all, they have so much money, why would they care? Meanwhile, there are those who think that high earners are penny-pinchers, always looking for a bargain – how else do they get rich in the first place? Both of these notions may apply to one high-earning individual or another; however, neither is true for the group as a whole. At PillarWM, we believe that this investor category is more inclined towards appreciation for value and cost-effectiveness.

Financial consultants often go out of their way to provide special rates or discounted services when working with high net worth clients. However, research studies reveal that wealth managers who considerably undersell their services erode their perceived value to patrons. Consequently, they end up attracting fewer high net worth clients and thus manage lesser assets with the retained ones. Instead, wealth managers should charge a fair price for the value they deliver to clients.

At PillarWM, we believe in communicating the plans we have for our clients, and their results, clarifying the impact they have on their wealth, and discussing opportunities seized and challenges evaded — because at the end of the day, these are the things that attract and keep high net worth clients.

2.      Walk the extra mile

All our wealth and estate planners know that managing high net worth clients’ wealth requires a great deal of time and attention. Not only are there more assets to handle, but they are also too valuable to treat like the assets of any other patron. Thus, you’ll see our estate planners communicating with high net worth clients more regularly and in greater depth. They will spend more time thinking about how to best maximize and safeguard your wealth/assets for an improved financial footing. And if you call us in the middle of the night with some crisis, we’ll be there to address it.

3.      Treat clients like family

Instead of serving our clients merely as wealth and estate managers, we believe in treating them as family to provide them an end-to-end service experience. At PillarWM, we aspire to facilitate every aspect of a high net worth individual’s financial life. Many firms even extend support in ancillary areas, such as property management, coordinating travel planning, career planning, conducting background checks for their staff personnel, and more. All this indeed takes some work, but it can give the company an incredible amount of stickiness.

Remember, if a wealth management firm is helping to handle not just your finances but also your property, travel plans, and lifestyle, dissatisfaction in any given area can be offset by the sheer utility offered.

4.      Practice patience

When it comes to estate planning, it is crucial for wealth managers to be patient, especially during the onboarding process. As discussed above, when serving high net worth clients, it requires a great deal of time for us to gain insights into the complete picture of their overall assets/wealth, majorly because high net worth individuals simply have more assets to keep track of and thus the process will require more time. In addition, there may be more than one financial consultant involved. 

When you have as much wealth and assets as high net worth and ultra-high net worth individuals do, it is entirely normal for them to distribute the various facets of their financial life among different experts. For instance, they may have a company financial advisor, an investment manager, an estate planner for their wealth transfer plan, a CPA handling their taxes, and more. Due to this, it is important that wealth management firms (especially new ones) remain patient when dealing with high net worth clients to ensure a seamless process.

Remember, it will take some time for wealth managers and financial advisors who’ve recently acquired their first high net wealth client to build trust.

PillarWM High Net Worth Estate Planning for Greater Security

High net worth estate planning experts at PillarWM will provide you with the security and peace of mind that come with knowing you’ve appropriately planned for the future of your nearest and dearest. Moreover, the constantly changing tax laws and the ever-present ambiguity of the financial industry fail to make it any easier for high earners to conduct their own estate planning. This is where we can help.

Pillar Wealth Management high net worth 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’ve assisted countless high net worth individuals and their families in maximizing inheritance value. 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 wealth planning services, such as wealth management, tax planning, estate planning, and business succession planning. However, we specialize in services for investors that have a portfolio ranging from $5 million to $500 million. The priority of our wealth managers is to deliver a reliable, personal, and reassuring experience to leave clients safe in the knowledge that their hard-earned wealth is in the right hands.

To talk to an experienced estate planner, schedule your first free meeting 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.

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