Wealth Management Arlington:
The Complete Guide to What We Do
You have managed to become a high net worth or ultra-high net worth individual with $5 million to $500 million in liquid assets with years of sheer dedication, hard work, and prudent decisions.Having amassed that kind of wealth, you need not worry much about going bankrupt. However, there still are some financial problems to look out for if you don’t want money to ever become a stress for your children and grandchildren. The key to maintaining a high living standard across generations is to start planning financially for your family as soon as possible. This is where wealth management Arlington and money management comes in.
Smart wealth management Arlington requires you to work with a family financial planner who dedicates their time, effort, and expertise to help you make your dream a reality. If you have an investable wealth of over $10 million under your belt and you still haven’t started planning financially for your family, you need to gear up now. To make sure you don’t make a mistake when choosing a family financial planner, don’t forget to check out our free guide. You can also discuss wealth management Arlington in detail with Pillar Wealth Management by scheduling a free consultation.
Strategies For Families Worth $25 Million To $500 Million
The Art of Protecting Ultra-High Net Worth Portfolios and Estates
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.
Pillar Wealth Management strives to help individuals with $5 million to $500 million in liquid assets maximize their gains and prevent risks to achieve financial serenity in the long term by offering expert fiduciary advisory services. Our wealth managers devise highly customized plans for each client based on their unique financial situation, needs, and objectives. We have been working with affluent individuals for over three decades, so it’s safe to say that we know the ins and outs of wealth management. Read on to find out how we can help you optimize your wealth portfolio and start planning financially for your family.
Table of Contents
What Wealth Management and Money Management Mean for High Net Worth Families
In order to sustain your wealth across multiple generations, you need to make careful and smart financial planning decisions.And there’s no better time to start than NOW to ensure all your short and long-terms plans are achieved with little to no risks and frustration involved.If you want to preserve your wealth for future generations so that they can have their own properties and businesses, you need to look into wealth management and money managementtechniques.
That being said, planning financially for your family involves proper estate planning, dealing with shifts in tax codes efficiently, andexploiting the investment vehicles for maximum gains.As a wealthy individual, you must pursue comprehensive financial planning, keeping in mind the complex financial situation and concerns of your family in contrast to average American households.
You must realize that you have a higher tax burden on your shoulders and a larger investment portfolio to manage. You may have multiple properties to deal with or philanthropic dreams to fulfill.A family financial planner can help you address all your financial concerns as well as identify strategies to grow and protect your wealth for the optimal financial security of your family.
To learn more about how family financial planning work, start a conversation with Pillar Wealth Management.
Eight Strategies for FamilyWealth Management Arlington
Below is a list of some strategies you can use to startplanning financially for your family.
1. Create a Comprehensive Family Financial Plan
As stated earlier, a comprehensive financial plan is pivotal for family financial planning. Since you have above-average wealth and assets, it makes sense to implement above-average wealth management and money management plan.
When working with a family financial planner, you need to think beyond retirement savings and income management. A comprehensive financial plan will cover everything from investment planning, cash and debt management, and taxes to retirement planning, estate planning, and risk management.
If you’re in your 40s or 50s, you should consider tapping into the benefits of a well-balanced portfolio by employing both active and passive management strategies. This approach not only helps you play safe against market downturns but also allows you to grow your wealth in the long term and achieve financial serenity.
At Pillar Wealth Management, our wealth managers will work with you to determine your personal and family values along with financial goals. Based on this and your current financial position, we will then create an exclusive financial forecast for you. You can rest assured that you will get expert advice and suggestions fully tailored to your needs. Not only this but we will also forecast your finances based on the recommendations you apply before creating a solid action plan to preserve and maximize your family wealth.
For individuals with more than $5 million in liquid assets in the60s or 70s, we focus on balancing their portfolio and help them reduce their financial risk as much as possible. This helps them grow their wealth while protecting their financial security. If you want to find the best family financial planner who understands your financial situation and needs and prioritizes your family security goals, make sure you read our full guide.
2. Asset Consolidation is the Way to Go
In over 30 years of working with high net worth and ultra-high net worth individuals, we have noticed that many people end up opening multiple investment accounts of the same type in different financial institutions in an attempt to diversify their portfolio. This is one of the biggest mistakes you can make. This approach actually increases your financial risks and makes it difficult to track your investments.
Instead of focusing on where you invest your money, you need to think about how you’re investing it.The right way to preserve your assets is by trusting on just one reliable wealth advisor. You’ll save plenty of money which otherwise would have been spent on opening multiple investment accounts. Moreover, there will be much fewer account statements and tax forms to deal with, so you can easily stay on top of your investments at all times.
Lastly, your wealth advisor will have a better understanding of your income sources and thus, they will be able to work efficiently on your family financial planfor the optimization of your portfolio. Read our guide to understand how you can enhance your portfolio performance without taking unnecessary risks.
3. Retitle Your Assets
While you need to steer clear from poor investment decisions and dodge the challenges of a volatile market environment, you must also realize that your status as high net worth or ultra-high net worth individual automatically makes you more susceptible to lawsuits. This is why careful estate planning should be an important part of your wealth management and money management plan.
Retitling your assets is a smart move to ensure your assets remain protected in case you face a legal dispute. This may not be possible for all your assets but you can remove your name from public records on your home and other rental properties.
If you’re married, you can also consider titling an asset as tenants-by-the-entirety with your partner.This will exempt your asset from creditors in case a judgment is made against you for your liabilities or sole debts. In some instances, you can also protect the assets you own in IRAs or qualified retirement plans. For more information, feel free to get in touch with our team at Pillar Wealth Management.
4. Make Proper Use of Surplus Assets
Do you have any surplus assets under your name?
Great! This is how you can protect them for effective family financial planning.
The simplest way is by bestowing these assets uponfamily members who fall into the low-income category. If the person in question is underage, the taxes incurred on asset-generated gains will be much lower than the amount that otherwise would have been levied. That being said, you’ll be responsible for the taxes of theinterest income and dividend. In case your family member is a legal adult, they will bear the taxes on capital gains. The tax rate will still be significantly lower, though.
Another option is to put your asset into a tax-exempt life insurance policy. The income generated in this case will go to policy beneficiaries without you having to pay any taxes on it.
The third option to avoid tax on surplus assets is to donate publicly traded securities to qualified charitable institutions.
5. Have a Careful Risk Management Plan in Place
Planning financially for your family should also involve effective risk management. No matter how secure the financial future of your family may seem right now, it is critical to lookout for any risks, including lawsuits and market volatility.
You can explore the option of liability insurance to reduce the risk of lawsuits. For market volatility, you must consider diversifying your investment portfolio and benefitting from tax-free bonds.Furthermore, investing in long-term healthcare and critical illness insurance helps prevent the risk of temporary or permanent income loss for your family.
To learn more about effective family financial planning, get your hands on our book – The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.It contains all the information, tips, and techniques you need to know to benefit from wealth management Arlington and secure the financial future of your family.
6. Make the Most of Testamentary Trusts
Many afluent individuals create testamentary trusts through their wills. The reason why these trusts are preferred is that they offer income tax benefits to the beneficiaries.
On the contrary, in the case of direct inheritance, the income earned is added to the regular income of the beneficiaries and is taxed accordingly. This often leaves them with a low after-tax income.
Apart from this, testamentary trusts play a key role in ensuring that a disabled family member or children from another marriage receive their share of the inheritance.
7. Think about Business Succession
Most affluent individuals pass on their businesses to their children or grandchildren. If you plan to do the same, you must have a business succession plan in place.
It all begins by determining which of your children is best capable of running your business. The successor should then be involved in business matters more often.The goal is to make them comfortable around key members andgive them an idea of the business responsibilities. Ideally, the successor should be given around five to ten years to fully adjust in the business.
Additionally, your business succession plan should include a shareholder’s agreement, pension plans, estate freeze for tax reduction, and insurance against unforeseen risks and events. Basically, as a high net worth individual, you need to look beyond portfolio performance and start thinking about thefinancial security of your family. Read this guide to find out which five shifts you must make to optimize wealth management and money management.
8. Devise a Plan for Your Vacation Property
Owning a vacation property is all fun and games until you realize the conflicts it can create when it comes to passing it along to the next generation. To ensure that everything happens in a peaceful, pleasant way, you must devise a proper plan for the vacation property. The best thing is that a well-thought-out plan can help you reduce taxes to a significant extent.
You may consider benefitting from an inter vivos family trust to avoid probate tax as well as the taxes incurred on all future capital gains. Secondly, if you’re thinking of passing your property to two or more children, it’s best to create a co-ownership agreement to ensure a conflict-free process.
Start Planning Financially for Your FamilyWith Pillar Wealth Management
Choosing the right family financial planner is the key to ensuring effective wealth management Arlington. At Pillar Wealth Management, we understand that your financial advisor Arlington needs and requirements are more complex and your expectations are higher than others.We will help you build efficient, flexible, long-term plans that minimize your taxes, maximize your gains, and promote hassle-free wealth management transfer. We are a fee-only wealth management firm committed to growing and protecting your family wealth using proven wealth management and money managementstrategies.
To learn more about how a family financial planner can help you optimize wealth management Arlington and secure the financial future of your family, get in touch with us TODAY. The consultation session is free, so you have nothing to lose and so much to gain!
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