To ensure your loved ones are taken care of after you pass away, you need to have an estate plan, especially if you have a significant net worth. Assessing your current financial arrangements is essential to determine your legal and financial circumstances.
With the help of Anzen Legal Group you can leave a lasting legacy to protect your family’s future. Whether you need to update an existing estate plan or wish to create a new one, we work with you to tailor an estate plan that meets your unique needs.
What is Considered High Net Worth?
A high-net-worth individual has liquid assets worth $1 million or more. The federal estate tax exemption threshold for 2022 is $12.06 million per individual in a lifetime and $24.12 million per married couple. You do not have to pay any federal tax on gifts or estates transferred after death on amounts under these totals. Estates that exceed this tax-exempt threshold may end up owing millions in taxes to the federal government without a high net worth estate plan.
Our estate planning experts can assist you with a comprehensive family estate plan that considers all your assets and other issues regardless of your net worth.
Our Planning Services Can Help High-Net-Worth Individuals
As part of our estate planning services, Anzel Legal Group advises clients in several areas:
Business succession planning refers to the financial and logistical decisions you make regarding the management of your business when you retire, become ill, or pass away. To draft a succession plan, you must identify the ideal successor to take over your affairs in your absence. Then, you determine the best selling arrangement. This usually involves a buy-sell agreement secured with a life insurance policy or loan.
Many people avoid opening the conversation on estate planning despite their high net worth because the topics of mortality and inheritance are uncomfortable. However, it is important to ensure the wealth you have worked hard to grow benefits your loved ones after your passing. When you prioritize estate planning, you are protecting your family and your assets in the future.
As a high-net-worth individual, you need a plan in place to ensure your assets are distributed according to your wishes. It’s critical to have an updated will that accounts for changes to your family dynamic, such as births, marriages, divorces, deaths, or other significant life events.
When you have a high net worth, you should also consider creating a trust and designating beneficiaries to reduce the amount owed in taxes.
Powers of Attorney
If you become incapacitated, a power of attorney authorizes someone you trust to make legal, financial, and healthcare decisions on your behalf. An estate plan with clearly defined powers of attorney is crucial for the long-term viability of your high-net-worth estate.
Get Help Planning Your Future With Anzen Legal Group
When you meet us for a consultation, we review your situation to create an estate plan that protects your family and legacy. Schedule your appointment today for estate planning assistance when you have a high net worth.