Contact The McKay Law Firm for Advice on Estate Planning for High Net Individuals

Individuals of high net worth must ensure access to certain estate planning documents, including a medical directive, power of attorney for financial matters, and an established will. Such high net individuals may already possess a reputation for economic prosperity, accompanied by hefty values on real estate, depending on where they reside. Given numerous implications that arise concerning high net individuals, estate planning deserves early consideration to avoid complications of probate after death.

Early estate planning facilitates:

  • The transfer of assets through a “Living Trust,” monitored by either yourself or a trusted, designated individual.
  • Establishing a “Living Will,” which dictates your requests especially if you suffer a terminal illness or life-debilitating injury.

As you continue in estate planning, consider the following:

  • An estate or financial plan that works best for you. Topics meriting review include the Living Trust and the Last Will and Testament.
  • Personal financial information, including your assets’ total value and cash flow. This knowledge assists you to develop a clear, well-constructed financial plan most appropriate to your needs and circumstances.
  • Your total net worth. Aside from annual income and expenses, you should take time to identify all assets and liabilities, especially as you possess a high net worth.
  • Factors that could change your financial estate and therefore, estate planning. Often, we fail to anticipate events including serious illness, economic inflation, and adjustments in retirement plans. You should outline a “Plan B,” taking these uncontrollable changes into account.

The McKay Law Firm understands the anxiety and stress high net estate planning brings to both individuals and their families. Their experience and client-centered approach ensures high quality legal counsel that directly addresses your personal needs, relieving you of contentious problems so common when one seeks legal guidance in estate planning. Contact the legal team at The McKay Law Firm today to discuss your individual circumstance and to arrange an initial case evaluation.

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