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The Wealthy Guide to Estate Planning: Strategies for Building Generational Wealth

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Learn how wealthy individuals secure their legacy through estate planning.

description: a luxurious office setting with a wealthy individual discussing estate planning with a wealth advisor, surrounded by financial documents and charts.

Estate planning is a crucial part of building generational wealth and creating a legacy. While it takes careful consideration, time and a long-term vision, the benefits are invaluable. In the ever-evolving world of wealth management, understanding the attitudes and behaviors of affluent individuals is crucial. A financial planner says rich people do 5 things with their money that keep them wealthy. Wealthy people have a financial plan and stick to it, which includes estate planning.

A wealth advisor is a professional who specializes in financial planning for the wealthy. They can often help you with estate planning, ensuring that your assets are protected and distributed according to your wishes. You can't take it with you, so the saying goes. But high net worth and ultrahigh net worth investors are eager to do the next best thing: secure their wealth for future generations through estate planning strategies.

Inflation adjustments to the gift and estate tax exemptions, along with the pending sunset of some tax cuts, make 2024 the year to dig into estate planning. The wealthiest people in the U.S. could see major tax hikes after next year, sending high-net worth clients to financial planning offices. With the current record-high US$12.92 million per-person lifetime gift and estate tax exemption scheduled to expire at the end of 2025, estate planning has never been more important.

As tax-filing season arrives, it is a crucial time to grapple with estate plans, wealth transfer, and considerations about the assets that are valuable. Wealthy individuals understand the importance of estate planning in preserving their wealth and ensuring a smooth transfer of assets to future generations. By working with wealth advisors and financial planners, they can navigate the complexities of estate planning and make informed decisions that will benefit their families for years to come.

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