How Planning Works in High-Net-Worth Families

What Is High Net Worth and Family Office?

High net worth is the major segments of the financial services industry. That helps to designate a person if investible wealth exceeds a given amount. It is because the individual holds financial assets with great value. In addition, they hold high demands because private wealth managers take heavy works to preserve and maintain certain assets, added Sam Sutterfieldan Accredited Investment Fiduciary (AIF®) as well as the Co-owner of Elevate Wealth Management who brings close to two decades of industry experience to his firm. He has built a rich resume of experience in banking and investment advisory roles and has made it his goal to support clients in planning the best financial future. Sam enjoys time with his family and is an active volunteer in his community.

A Family Office is a privately-owned company. It provides wealth management, tax planning, family governance, philanthropy, and investment management to wealthy family members. Normally one can ensure 100 million in their investable assets to their effective growth and wealth across many generations. It is described as the entity establishment of a big family or single family to manage wealth. The family office mainly focuses on building, managing, and sustaining wealth for future and present generations. It is also very helpful in risk management by building a portfolio and ensuring it is incorrectly managed.

Ways to Setting up a Family Office:

Setting up a family office is very beneficial in the present as well as in future generations. It is helpful to meet the wealth preservative needs for high net worth individuals. They can do estate planning for high net worth families. The family wealth starts with the wide definitions of roles and purposes of the family office. A major wealthy family set up family offices to

  • They help to achieve investment management
  • The supports for inter-generated wealth management
  • They preserve family wealth with professional health organizations.
  • They use the forum for developing talents and uniting the family.
  • They manage efficiency and complexity
  • They are very helpful in eventual wealth transfer
  • They support new family business ventures
  • It serves as a hub for social enterprises and family philanthropy
  • It helps to manage family strategic planning in multi-generational success

The family office serves as the best platform for wealth and health management for all types of families. They also promote networks in a specific location and real estate expertise. It acts as an eventual successor for wealth transfer.

What Are The Models For The Family Office?

There are many structures and models for estate planning for high-net-worth families. All the enterprises are varied according to their functions and structures. They can follow alternative types of family offices. Some of them are

  1. Single-family office
  2. Family-owned multi-family office
  3. Commercial multi-family office
  4. Virtual family office

All these family offices have independent professionals who work together for new concepts and niche services. All structures of the adopted family will depend on many varieties of factors. Many lower-wealth families’ choose virtual family offices. It provides large and many complex family offices to cope with their complexity. It is the primarily driven activated family member with geographical spreads. There is a chance of increasing complexity in their nature of business, legal issues, and assets. Estate planning for high-net-worth families plays an essential role in all aspects. For small families, they need estate planning, limited investment service, and simple concierge service. For multi and commercial family offices, they need cost-effectiveness and appropriate solutions.

 Tips on Estate Planning For High-Net-Worth individuals:

For the high net worth individual, there is no legal standard of defining for assets. They are considered to be investable assets. It is a very important distinction. There are many estates planning for high net worth families. Some of them are

Step 1: Carefully choose financial power of Attorney.

Step 2: It is very important to be having a financial power of Attorney for high net worth individuals.

STEP 3: Know tax laws for inheritance

STEP 4: Makes a living Trust

The person should handle high net worth individuals by financial planning. They should mitigate all possible risks by planning retirement. It explores the setting up testamentary trust upon every individual. It is very important to have financial responsibilities for your children to their future.

What Are the Estate Planning Strategies for High-Net-Worth families?

High net worth families are not typically investors. They are no longer accumulative wealthy people but to protect and preserve assets for their future generations. Many strategies are planned for high-net-worth families. They require particular nuance to increase their complexity for financial assets. Their wealth manager provides expertise tailored and comprehensive planning to their family members. They are designed for their growth and development to protect their legacy. There are many ways to protect your assets for the future. Some of the ways are

  1. Pass a vocation property
  2. Plan for business succession
  3. Incapacitation planning
  4. Consolidate Assets
  5. Instil financial responsibilities

All estate planning strategies are enough for their health managers to install their financial responsibilities for their children and grandchildren. It is considered as the best way to ensure their wealth to be protected for their future generations.

Learn About Your Tax Laws Inheritance:

All inheritance tax laws may include immovable and movable assets. There are many succession laws applied for their laws. There are many wondering things about tax liabilities on inherited assets. It includes immovable property like real estate and movable property like FDs, Gold, mutual funds, etc. In India, there are different conditions for tax liabilities.

What Are The Methods For Inheritance?

There are three methods for inheritance. They are


One person can choose their person for their nominee. The nominee owned many benefits, and they became lawful owners for assets.


The assets that lie with joint ownership of more than two people can get the survivor to manage the particular assets on the post-death of the owners.


It is a traditional and old way of inheritance. However, a document decreases the person to be pre-declared the lawful owner to their assets.

Bottom Line:

Therefore, planning for high net worth families plays a very important role for their future generations. For high-net-worth families, private wealth managers play an important role in protecting and maintaining assets for their children and grandchildren. It is because all taxes are long-term capital gains.





About Ambika Taylor

Myself Ambika Taylor. I am admin of For any business query, you can contact me at [email protected]