Estate Planning Attorneys: Find The Best Fit –PillarWM
Effective estate planning necessitates not only a thorough understanding of complex principles but also a continuous awareness of legal shifts. It can be difficult to navigate the whole process on your own. Working with a professional who has extensive knowledge of the subject and years of experience in the field could be your best option.Estate planning attorneys can help you create a comprehensive estate plan that considers your taxes and financial objectives. If you would like to do some more reading into the subject matter, you can request a free copy of our book,7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning,exclusively written for wealthy individuals looking to invest more than 5 million dollars of their liquid assets.
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.
If you don’t prepare ahead of time, your heirs will not receive the money you’ve worked so hard to leave for them when you pass away. Wealth managers specialize in estate planning and wealth transfer. At Pillar Wealth Management, we extend our services to well-off individuals and families who are interested in investing between 5 million to 500 million dollars worth of their liquid assets.Our investment managers are well-versed in the ways in which estate taxes affect ultra-high-net-worth individuals. They will assess which estate tax avoidance methods are appropriate for your specific financial circumstances.If you would like to set up a meeting with one of them, feel free to book one through our website.
If you’ve never worked with estate planning attorneys before, you might have questions such as, “What can a real estate attorney do for you?” For your convenience, we will address this in the following sections, along with why you need estate planning and how much it will cost you. Let’s get started.
|Table of Contents|
|Estate Planning and Estate Tax Planning|
What Can Estate Planning Attorneys Help You With?
Do You Need Estate Planning?
How Much Does Estate Planning Cost You?
Points to Take Home
Estate Planning and Estate Tax Planning
Estate planning is a collection of services that help you plan for the allocation of your estates or properties after you pass away. It addresses issues like how your money will be distributed to your inheritors, how much will be donated to charity, and how any incurred estate taxes will be handled.
Now, let’s discuss what estate taxes are and how they affect you.The value of the federal tax exemption limit is at 11.7 million dollars as of 2021, and it is expected to rise further due to inflation. Any portion of your estate valued at more than this amount is taxed at a rate ranging from 18% to 40%.
To determine your estate tax, add the total value of your estate, which includes all of your assets, including non-cash assets,investments, properties, and even any other high-value items. To get an accurate valuation of your house, deduct any loans, debts, or unpaid payments from this sum.
Estate planning attorneys can help you determine your estate value and analyze how many of your assets are liquid or illiquid. Using the right strategies, they can bring down the value of your estate to legally lower your tax obligation. This will tie into your legacy planning as well.
Wealth managers are experts at estate planning, tax planning, legacy planning, and many more financial aspects. For example, they use cutting-edge strategies to help affluent investors boost their portfolio performance. We talk about these strategies in great detail in our performance guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.
What Can Estate Planning Attorneys Help You With?
Rich families have fortunes worth millions of dollars. Often, it can become difficult and complicated for them to manage their estate on their own. This is where estate planning attorneys step in.
So, if you’re wondering,“What can a real estate attorney do for you?” here are a few aspects they assist you with.
Set Up Insurance Policies
Purchasing life insurance is a smart way to ensure that your heirs can pay their taxes without needing to sell your estate or deplete their inheritance. You will get a death benefit number that will cover a large portion of the inheritance tax. You may want to use an Irrevocable Life Insurance Trust to help offset estate taxes by changing the structure of the insurance policy.
Analyze Complex Finances
High net worth and ultra-high net worth individuals have complicated lives and finances. Navigating these on your own can be stressful, and you run the risk of making biased decisions. For example, you might have multiple businesses, numerous properties in your name, a disabled family member, etc.
Estate planning attorneys can assist you in planning for these complications. Wealth managers are experts at dealing with complex financial situations, which makes them equipped to handle the challenge. You can schedule your free consultation with one of our wealth advisors today.They can assist you in your estate planning, tax planning, investment management, and more. We can help you optimize your portfolio by using the strategies mentioned in our 5 Shifts Guide.
Set Up Trusts and Foundations
Estate tax attorneys can set up trusts and foundations to safeguard your assets by donating a part of your estate to charity. Remainder trusts and lead trusts are the two main kinds of charitable trusts. Understanding charitable trusts and how to handle them can be difficult. They would expect you to have a team of advisors that includes an estate attorney, a tax accountant, and a financial planner.
Alternatively, they could suggest the creation of a new entity, i.e.,foundations and family limited partnerships. Your estate retains leverage over foundations such as medical research, business grants, and college scholarships. A family limited partnership helps you to maintain your finances while keeping them safe from creditors and estranged spouses.
Use Tax Exemption Strategies
When the estate value exceeds the exemption limit, you are liable to taxes on all your assets, cash, retirement accounts, investments, and any other valuablepossession.Estate planning attorneys are aware that a large part of your estate is tied up in illiquid assets, making it difficult for you to use your liquid assets to pay off taxes.
As a result, they routinely use tax-avoidance strategies to ensure that your heirs inherit as much of your money as possible. These options include relocating to a state with no estate taxes, establishing donor-advised funds to develop your assets tax-free, or partnering with your heirs in a company. In certain cases, you will be able to invest more of your money to lower the value of your house.If you’re interested in reading more about tax planning strategies, you can request our book, 7 Secrets to High Net Worth Investment Management, Estate, Tax and Financial Planning – For Families With Liquid Investable Portfolios Between $5 Million and $500 Million.
Suggest Cost-Effective Solutions
To save money, you may be tempted to do your estate planning yourself. However, your family members will discover that a portion of your will is null or will not function as you intended after your incapacitation or passing. They’ll have to hire a specialist estate planning attorney and pay tens of thousands of dollars to correct the errors. So, it is better to hire a specialist beforehand and prepare early.
Help You Create a Will
Your fortune could have to support your family, which would include maintaining their standard of living, paying their bills, and other expenses. Inheritance laws are subject to change, and if you are not present to allocate your estate properly, your assets will fall into the wrong hands. This is why having a will drafted by an estate planning attorney is so important.
Be Compliant with State Laws
What can and cannot be included in a will or trust is controlled by state laws. They also determine whether or not a financial power of attorney will function as a legal representative, attorney, or trustee in reality and whether that person can be a witness to your trust or will. State laws also specify the formalities that must be followed when signing a will or trust.
An estate planning lawyer is well-versed in this field and can help guide you appropriately, eliminating the risk of making a mistake that costs you your money.
Do You Need Estate Planning?
Estate planning attorneys work with your financial advisor or wealth manager to manage your complex financial situation. So, if you’re wondering, “Is an estate attorney necessary?” you might want to consider the complications that can arise as a result of taxes and state laws. Estate attorneys can help ensure that you don’t make any decision that negatively impacts you or your family. We talk more about wealth protection in our book,The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million To $500 Million.
Whether you’re preparing for the future, trying to minimize family disputes, reduce unnecessary expenses, or save your time, an estate planning attorney can help you.The distribution of wealth and property can be a lengthy procedure that takes months. Meeting with lawyers, filling out paperwork, and working with financial experts takes a significant amount of time and energy. Estate planning attorneys take on the tedious tasks for you, helping you pass on your fortune to your relatives or heirs as easily and efficiently as possible.
As a rich individual, you want to experience your lavish lifestyle without having to think about paying your taxes. Working with an estate planning attorney or a financial professional will help you save money by reducing needless expenses and legally bringing down your tax bill. Moreover, estate planning accounts for unexpected incidents that leave you unable to provide for your family. Your estate plan will specify the decisions that need to be made in such a scenario.
It is clear that large fortunes require the expertise of financial professionals. At Pillar Wealth Management, we have over thirty years of experience in giving unbiased, fiduciary financial advice to wealthy families. If you would like to read some of our insights, you can request our book,7 Secrets to High Net Worth Investment Management, Estate, Tax and Financial Planning – For Families With Liquid Investable Portfolios Between $5 Million and $500 Million.
How Much Does Estate Planning Cost You?
The fee structure of estate planning attorneys is important to consider when deciding whether or not to employ one. So, if you’re curious, “How do I pay an estate planning lawyer?” bear in mind that their fees will vary from $150 to $200 for writing a will to $250 to $300 for an hourly consultation.
The total cost relies on how complicated your financial situation is, as well as how knowledgeable and experienced your estate attorney is. You’ll have to factor in the fees of the rest of the advisors on your team, i.e., a wealth manager, tax accountant, and other professionals.If you would like to enlist the services of our fee-only wealth managers, you can schedule a consultation with us.
Points to Take Home
By now, you will have a clearer idea on, “Is an estate attorney necessary?” Just as an investment manager is necessary to make smart investment choices, estate planning attorneys are essential to creating an effective estate plan.
Pillar Wealth Management works with investors who are looking to invest 5 million to 500 million dollars in liquid assets.Our wealth managers work with you or your estate planning attorneys to develop a personalized strategy that meets your financial objectives. They apply their experience of estate tax laws and reduction techniques to come up with the best tax strategy for your financial situation.You can give us a call to schedule your first consultation.
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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