High-Net-Worth Individuals & Families

A: Look for an independent, fiduciary firm with a proven track record of success working with high-net-worth families. Their team of advisors should have deep experience in complex wealth management and be committed to developing personalized strategies for each client. As part of their asset management solutions, providing access to a range of both public and private equity as well as private life insurance can provide distinctive advantages for diversification, fee efficiencies and growth opportunities for your wealth.

Choosing a firm that takes a proactive role in initiating and maintaining alignment with your CPA and attorney for a comprehensive wealth management plan is also important.

A: A comprehensive estate and tax plan is essential for protecting your family's wealth and minimizing taxes. With constantly changing tax laws and legislation, along with your evolving needs and assets, this requires open, proactive conversations with your wealth management team, often including a wealth management advisor, attorney and CPA.

Life insurance can also provide distinctive advantages as a tool to support tax and legacy goals, providing a tax shelter for wealthy families and supporting wealth accumulation, leverage and liquidity goals. Working with a specialized firm that understands how to properly design and fund policies for your advanced planning needs is essential and requires ongoing review and alignment.

A: High-net-worth individuals often have robust philanthropic ambitions and may need help structuring their giving to maximize impact and tax advantages. A knowledgeable financial firm can help you consider top charitable giving strategies, such as:

• Direct Giving and Qualified Charitable Distributions (QCDs): Direct giving is the simplest way to gift to charity. It involves writing a check to a qualified 501(c)(3) organization, donating non-cash assets, or listing a charity as a designated beneficiary for specific assets
• Charitable Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs): For those wanting to distribute money to charity on an ongoing basis, either Charitable Remainder Trusts (CRTs) or Charitable Lead Trusts (CLTs) provide added infrastructure that can potentially reduce income and estate taxes and protect assets
• Donor-advised funds: Donor-advised funds allow you to make charitable contributions tax-free and invest the money until you are ready to donate it to specific charities.
• Charitable foundations: Charitable foundations offer more control over your giving, but they also require more paperwork and administrative overhead.