When it comes to high net worth financial planning, our guiding principle is to keep your wealth secure, flexible, and primed to support your long-term goals. We believe every high-net-worth household deserves a strategy that balances preservation, growth, and tax efficiency, while giving you peace of mind about protecting your legacy. Below, we’ll walk through the essential steps we recommend for a robust plan.

Set Clear Financial Goals

Before diving into investment options or estate documents, we find it helpful to outline your vision. Which major milestones do you want to fund—business expansion, retirement, or multi-generational wealth transfer? Assessing these goals early makes it easier to design a plan that aligns with your desired lifestyle. If you’re looking to clarify your financial direction, you might find our guide on how to build wealth a useful starting point.

Think about near-term vs. long-term needs.
Decide which philanthropic or legacy goals matter most.
Involve your family early so everyone understands the plan.

Optimize Tax Strategies

For high-net-worth individuals, tax optimization can significantly impact overall wealth. According to Huntington, incomes surpassing $609,350 (or $731,200 for married couples filing jointly) fall into the highest tax bracket, currently 37 percent. We encourage strategies like maximizing contributions to tax-advantaged accounts, exploring municipal bonds, and considering charitable giving to reduce your taxable income. Reviewing financial planner qualifications can be a big help in identifying professionals who specialize in these areas.

Contribute the yearly maximum to your 401(k) or HSA.
Leverage donor-advised funds for flexible, tax-effective giving.
Explore “bunching” multiple years of charitable gifts in one tax year.

Build a Comprehensive Estate Plan

We often see even affluent families overlook estate planning. Building a solid plan protects your wealth from excessive taxes and potential legal complications. Trusts, such as revocable or irrevocable trusts, can help provide clarity on asset distribution, minimize inheritance taxes, and preserve privacy. As noted by Holborn Assets, trusts also let you manage wealth across generations more efficiently.

Draft a will to formalize your wishes.
Consider setting up a trust to avoid probate and lower estate taxes.
Update beneficiaries regularly, especially if family circumstances change.

Diversify With Alternative Investments

While stocks and bonds remain essential, alternative assets can boost returns and lower risk when chosen carefully. Real estate, private equity, and hedge funds may offer advantages like inflation protection and portfolio diversification. Direct real estate ownership, mentioned by SmartAsset, can provide a tangible income source and favorable tax treatment.

Balance traditional investments with alternatives.
Investigate private equity for higher growth potential (but prepare for illiquidity).
Keep an eye on hedge fund fees and lock-up periods.

Assess Insurance And Risk

High-net-worth households face unique vulnerabilities. A lawsuit, natural disaster, or unexpected medical crisis can disrupt even the best-laid plans. That’s why insurance is more than a safety net—it’s a cornerstone of protecting your wealth. Liability coverage, umbrella policies, and specialized insurance for fine art or collectibles ensure your assets stay secure.

Check coverage for real estate, luxury items, and business assets.
Revisit policies yearly to match any change in net worth.
Develop a strategy for transferring ownership if you hold valuable collectibles.

Work With Knowledgeable Advisors

We often recommend building a trusted team—one that may include an attorney, accountant, and financial planner. Specialized advisors with experience in high net worth financial planning can guide you through everything from structuring multi-generational trusts to selecting tax-efficient investments. If your current plan involves broad legal questions, you might benefit from reviewing private wealth law resources.

Seek professionals experienced with substantial and varied assets.
Align your advisor’s approach with your personal goals and risk tolerance.
Maintain periodic check-ins to ensure your plan continues to meet your objectives.

We’ve noticed that many people ask these five questions about high net worth financial planning in a single breath: how can we reduce taxes, which investments safeguard our legacy, when should we set up a trust, how do we protect global assets, and who do we rely on for consistent advice?

At the end of the day, your wealth is personal—so your plan should be, too. By setting clear priorities, leveraging smart tax strategies, protecting your estate, exploring the right investments, and working with qualified advisors, you’ll create a roadmap built to last for generations. Have questions about refining your own strategy? Let us know—you’ve got big goals in mind, and we’re here to help every step of the way.