Wealth Management Maryland: Estate Planning – PillarWM

Keeping track of your investments can be challenging for anyone. However, it is especially difficult for high net worth and ultra-high net worth individuals with several high value assets. If you have between $5 million and $500 million in liquid investment assets, the process of maintaining your portfolio can be made easier with the help of wealth management. Maryland investors turn to Pillar Wealth Management for assistance regarding estate planning and philanthropic ventures. Investors with $10 million or more can learn about asset allocation challenges using our special guide.

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.

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Table of Contents
The Importance of Estate Planning What is Wealth Management Maryland? Why Choose Wealth Managers For Estate Planning

The Importance of Estate Planning

Estate planning can be defined as creating a strategy for transferring ownership of your assets to others. This transfer is usually planned to meet certain goals, such as reducing estate taxes, distributing assets to the right family members and beneficiaries, and donating to the right charities.

Estate planning is a task that many high-value individuals often put off until later in life. However, there are numerous reasons why it should be taken care of sooner rather than later.

These include:

Unexpected Events

Investors may spend a lot of time focusing on the different risks their investments are vulnerable to. However, they often fail to notice the many risks in their day to day lives. It is not uncommon for the lives of many individuals to be cut short by unexpected events.

These include the sudden onset of a medical condition or a freak accident. Many would indeed prefer not to think about such things. However, an unexpected tragedy will affect more than just you.

Protecting Your Family and Beneficiaries

High net worth, as well as ultra-high worth individuals, spend many decades working to achieve financial security for themselves and their families. However, this security may be taken away without the right estate plan in place.

Following your passing, your assets will be distributed to your family and beneficiaries. However, they may also be subject to many taxes. Such taxes will diminish some of the wealth your family and beneficiaries receive. As a result, they may enjoy less financial security than you envisioned.

You can minimize the amount of taxes owed on your estate by formulating the right estate plan with our wealth managers’ aid.

Wealth Distribution to the Right Charities

A significant percentage of high-value investors engage in philanthropic activities during their lifetime. This includes running charities or donating to causes that fit with their values.

Many investors with a high net worth or an ultra-high net worth list the charities they would like to donate to in their wills. However, your wealth distribution to these charities following your passing may not work out as originally intended.

If your wealth is split between family, beneficiaries, and charities, each recipient may receive a different cut from what you originally imagined. Such problems can be prevented with the help of estate planning that clearly outlines the distribution of wealth following your passing. At Pillar Wealth Management, we understand that philanthropy and wealth management go hand in hand. Sign up for a completely free consultation on our website to learn more about the estate planning services we offer.

Proper Succession for Your Business

If you have built up your business during the course of your career, you may be interested in passing it onto your children or other trustees. This is a common trend among high net worth as well as ultra-high net worth individuals that would like their ventures to continue, even when they are not around.

Business succession planning can be an important part of any estate plan. However, few individuals understand the challenges that will be encountered when passing ownership of their business to others.

When selecting a successor, you will need to confirm that they are indeed willing to take on your role. In certain situations, you may learn that your own children are not up to this task.

Once you have finally chosen your successor, you may need to take some time to help train them for their future role. Some individuals may find that their chosen successor isn’t the correct choice only after assessing their competency later. If you are lucky, you may have enough time to find another successor that is a better fit.

It’s not uncommon for children of wealthy individuals to be resentful of their parents’ succession choices. If you do have a proper estate plan in place, your children may dispute the choice to hand over control of your assets to another person.

This can be avoided by creating a proper estate plan that explains the ownership transference well in advance. By using this approach, you can ensure that your family members and trustees are informed about your decision and have time to communicate any concerns they may have.

We discuss the numerous challenges of wealth transference in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million .

Setting Up Trust Funds

If you don’t intend to transfer ownership of your assets to your children, you may still be interested in offering them financial assistance following your passing. It’s not uncommon for high net worth as well as ultra-high net worth individuals to set up education trust funds to finance the cost of their children’s education.

These include living trusts that are payable during your lifetime. Your estate plan could also feature a testamentary trust, which is an education trust payable upon your passing. The education trust you set up may be used to fund any learning institution or education program. This offers your children the freedom to apply themselves in any direction they wish.

Setting up a trust fund can be a complicated process. However, our wealth managers can help you during each step. This ensures your children’s education is well covered following your departure. Learn about choosing the right financial advisor using our special guide.

When you are managing your trusts and estates, wealth planning can be crucial. The right wealth manager can help you plan ahead and ensure your wealth is distributed correctly.

What is Wealth Management Maryland?

Wealth management is a collection of services that assist high net worth as well as ultra-high net worth individuals in creating and executing plans to manage their assets. At Pillar Wealth Management, our collection of services include:

Estate Planning
Wealth Transfer
Retirement Planning
Asset Allocation Analysis
Tax Planning
Risk Management

Schedule a free consultation at our website to learn more about our list of services.

Why Do You Need Wealth Management?

If you are conflicted about using wealth managing services, you should know that they can benefit you in numerous ways. This includes:

Developing a Better Understanding of Your Finances

High net worth as well as ultra-high net worth individuals often have multiple income sources and expenditures. This can make it tricky to understand what direction your finances are headed in.

When you do not have a firm understanding of what makes up your wealth, it can be difficult to achieve your financial goals for the future. By allowing our wealth managers to look over your portfolio and finances, we can help you develop a clear understanding of your cash flows.

This information can then help you make better-informed decisions that enable you to meet your short-term and long-term financial goals.

Protecting Your Assets

Experienced investors should already be aware of the many risks their assets are exposed to. Market conditions often shift without warning and can jeopardize the safety of your wealth. It can be tricky to predict when such a shift is about to occur, which may discourage you from investing at all.

At Pillar Wealth Management, we understand the numerous risks associated with investing in different markets. Our experts can use their in-depth understanding of finance and investment to help you make the right choices in developing your portfolio.

We aim to help investors break out of the mold of being a conservative or a risk-taker and invest in the option that helps them achieve their financial goals. We discuss some of these strategies in our guide for investors with $10 million or more.

Growing Your Wealth

In addition to helping you protect your investments, our wealth managers can also assist in growing your wealth. This is an important goal for many high net worth as well as ultra-high net worth individuals. Our special guide includes many strategies to help grow your portfolio safely.

Many investors strive to grow their wealth continuously, but this can be difficult without an in-depth understanding of market trends. This knowledge is typically gained through experience, but the learning process can be long and tedious. Experienced investors encounter numerous failures before finding the correct formula that works for them.

You can bypass this learning process by seeking advice from our wealth management experts. Once you sign up for our wealth management services, we study your portfolio carefully and identify any assets that may be preventing you from achieving your financial goals. We then recommend assets that may help you achieve your goal of long term growth.

Our guide for improving portfolio performance discusses some of the strategies we use to grow your wealth.

Why Choose Wealth Managers For Estate Planning

Some high net worth as well as ultra-high net worth individuals believe that a financial planner can help them with estate planning. However, there are many reasons why a wealth manager may be better suited for this purpose. These reasons include:

Personalized Plans

Many financial advisors offer each client the exact same solutions for estate management. This approach may be useful for certain individuals. However, at Pillar Wealth Management, we understand that each investor has their own unique needs.

As wealth managers, we discuss each client’s special needs and then create personalized plans to help them achieve their estate planning goals. High-value individuals require high-value solutions, and we aim to provide each of our clients with the right type of assistance in each area.

Comprehensive Approach to Estate Planning

The services that financial planners provide are limited when compared with the services wealth managers offer. As a result, a financial planner may have less experience and knowledge regarding wealth management aspects.

At Pillar Wealth Management, we understand that each financial decision you make could have an impact on your estate plan. For this reason, we encourage our clients to reach out to our wealth managers to discuss how their choices may affect the future of their wealth. Sign up for a free special consultation and speak with one of our wealth management experts.

Fixed Fees

Financial planners often charge clients on an hourly basis or each time their services are used. This approach may seem useful in some situations, but it discourages individuals from seeking out financial planning services whenever they need to.

At Pillar Wealth Management, we charge clients a fixed annual fee. This is to provide them with a clearer understanding of our pricing and to encourage them to use our services as needed.

Get in touch with Pillar Wealth Management today and sign up for a free consultation with one of our wealth management experts. We are one of the most trusted wealth management firms in Maryland. Strategic wealth management and financial planning should always be carried out by an experienced firm such as Pillar Wealth Management.

Authors

Hutch Ashoo

Chris Snyder

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.