Estate planning for the wealthy — How to do it right

Understandably, people of higher net worth put a great deal of thought into how their investments are managed.

It’s one of the reasons they have such high net worth — they have earned a significant amount of money, and they want to see that money work for them in the best possible way. They want growth maximized and losses minimized, and the result is a more robust portfolio that allows them to get even more enjoyment out of life.

But what about their estates? What about the money and assets that, obviously, they will not be able to enjoy after they pass on? How can they ensure that these assets are well-managed and controlled, and their heirs are cared for and looked after? This is a discussion many may not want to have — after all, who wants to think about their death? — but is still an essential one.

The bottom line is this: Wealthy people can control what happens to their estates even after they die. And that is a good thing.

It all begins with asking some basic questions. How do you want to control your money once you are no longer able to manage your affairs, or once you die? How do you minimize your tax burden so those inheriting your estate achieve the maximum benefit?

Read the full article in Hartford Business Journal’s Experts Corner to learn more.