A high-net-worth individual’s estate plan is even more crucial. Intergenerational wealth planning and complex estate planning tactics are more likely to be considered by those with substantial assets.
High-net-worth individuals may benefit from family trusts, estate freezes, and charitable foundations.
A family with a high net worth may also benefit from specific life insurance strategies.
Despite the temptation, doing your own estate planning is not a good idea. The best estate plan should be left to professionals, especially for high-net-worth individuals with complex estates.
You can often save time and money by hiring an estate planning lawyer. Probate can also be avoided along with some of its hassles.
Your loved ones may be left with an unnecessary burden upon your passing if you fail to plan your estate properly.