Estate Planning Strategies For High-Net-Worth-Individuals

Estate planning can be tough when it comes to high-net-worth individuals. There’s so much to think about, including planning for estate taxes and giving through gifting. In this post, you’ll find some of the best strategies to consider in order to make sure this important task is complete by the time you pass on.

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Establish a trust:

Setting up trust is an essential step for high-net-worth individuals to protect their wealth. A trust helps protect you from creditors and estate taxes while also ensuring that your family members receive your wealth.

Lessening taxes:

Strategies in estate planning revolve around tax minimization. The estate tax has a top rate of 40%, and high-net-worth individuals should take advantage of these strategies to reduce the amount of tax their estates will owe.

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Life insurance:

A life insurance policy has more benefits than simply providing money for your family after you die. It can also help reduce your estate tax bill. If you own a lot of real estate or business assets, these holdings can be subject to tax when you die—but that doesn’t have to happen. A life insurance policy can help pay off much of the tax liability you would otherwise owe.

Incapacitation Planning:

One of the necessary parts of estate planning is deciding who will make decisions for you if you become incapacitated. You may not want to think about this, but taking time to choose these people now will prevent your family from having to make difficult decisions if something happens to you.

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Plan for Business Succession:

If you own a business and want your children or grandchildren to run it after you’re gone, start giving them more responsibility sooner rather than later. This will allow them to gain experience and knowledge of the day-to-day workings of the business, so they’ll be well-prepared when you eventually ease them into a more prominent role over a 5–10-year period.

The bottom line:

Planning your estate is important, but it might not be at the top of your to-do list. The sooner you get through the process, the better off you and your loved ones will be. Having an estate plan in place will help protect your loved ones from financial hardship and also ensure that your assets are handled as you want after you are gone. Remember, failing to have an estate plan in place could result in courts making decisions for you.

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If you are a high-net-worth individual who is looking for professional estate planning in Mississauga, feel free to get in touch with Haunn Landers & Co.

For more information visit our website or call us at 905-821-8224. You can visit our business profile for more details

http://www.finditinpuertorico.com/canada/mississauga/finance-and-insurance/haunn-landers-co

https://www.findprosonline.com/canada/mississauga/insurance-finance/haunn-landers-co

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https://www.mentorhub.info/canada/mississauga/business-growth/haunn-landers-co

http://www.mybizweb.com/ontario/mississauga/business-professional-services/haunn-landers-co

https://www.pavelist.com/canada/mississauga/financial-services/haunn-landers-co

https://www.referralsoverbreakfast.com/canada/mississauga/financial-services/haunn-landers-co

Disclaimer:

This content is created and provided by a third-party online content writer on behalf of Haunn Landers & Co and is for promotional purposes only. Haunn Landers & Co does not take any responsibility on the accuracy of this article.

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