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Financial Planning for High Net Worth Families - YouTube
Channel: Anders Wealth Management
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hi and thank you for stopping by today
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today i'm going to talk about
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financial planning for high net worth
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clientele
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[Music]
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my name is tina anders and i am the fee
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only certified financial planner
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for my wealth management firm here in
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petaluma california
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anders wealth management serving
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primarily clients in sonoma and marin
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and napa counties again thank you for
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stopping by
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financial planning for high net worth
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clientele
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while some clientele may need to think
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about and consider and plan
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for paying off student loans
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saving for retirement buying or
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refinancing a home
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things of that nature very important
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high net worth clientele
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oftentimes think about things like
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estate planning
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how to plan for the wealth of future
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generations
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how to avoid paying more tax than
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absolutely necessary
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a financial plan can help
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deal with all of those issues
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a financial plan is a comprehensive
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breakdown of your goals
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but also how to make them happen
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the methodology to which you can achieve
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your goals
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your financial goals the makeup of your
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investment portfolio
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your age even where you live and your
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lifestyle choices
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play a part in making your
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financial decisions excuse me situation
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unique
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on top of those high net worth
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individuals are even further in a
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category
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of their own having more wealth than the
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average person
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means you'll fall into a different tax
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bracket
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and you'll have to consider additional
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types of tax
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like capital gains tax
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a unique situation requires a unique
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approach
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financial plans are especially important
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for the extra
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wealthy and so is finding the right fee
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only certified financial planner
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for individuals with particularly high
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net worth proper tax planning is even
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more important without intelligent tax
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strategies
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you run the risk of missing out on
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crucial tax
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benefits which can mean paying much more
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than you need to most especially
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wealthy people benefit from capital
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gains
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and the associated tax is something
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you're probably familiar with
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it's the tax imposed on earnings made
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from investments
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one thing that's good to be aware of is
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the different ways the tax applies to
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short-term gains
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and long-term gains if you have holdings
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that you need to take out before you've
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held them for at least a year
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you're going to be taxed or the earnings
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you're going to be taxed
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at ordinary income tax rates which are
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generally speaking quite
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high for high net worth clientele
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if you are able and willing
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to hold your investments for at least a
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year if not longer
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when you go about taxation when you pull
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those assets
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out you will only have to pay
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long-term capital gains rates which are
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typically
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15 to 20 percent quite a bit lower than
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your ordinary
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tax rates now these tax rates do not
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apply
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to individual retirement accounts such
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as traditional iras roth iras
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employer sponsor plans things of that
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nature but for taxable accounts
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very important information
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good tax planning involves planning
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accordingly to these two different
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classes
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of capital gains important the tax cuts
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and jobs act passed by the trump
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administration
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meant quite a few changes to the tax
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code many of which
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have a significant impact on high net
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worth individuals
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one of the things that changed is the
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exclusion limit
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on gift and estate taxes the exclusion
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limit has doubled
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since 2017 meaning you can leave more
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money to others
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while getting your tax break when you
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pre-decease them
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taking advantage of this change is just
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one way you can make tax planning
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work for you the fundamental approach
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to a strong investment portfolio doesn't
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change much
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with the net worth of you the investor
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you need to take into account your
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financial goals your risk
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tolerance your time horizons
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then you need to remember to strive for
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diversifying
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in every step of the way
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high net worth individuals tend to have
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goals
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that could be directed toward estate
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planning and providing wealth for future
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generations
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also avoiding paying taxes beyond what
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you're required to pay
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investing in any capacity involves some
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risk
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how much risk you're comfortable with is
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up to you of course keep in mind that
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the risk return tradeoff
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dictates that higher risk brings
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higher returns i am
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known for being a conservative
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yet also assertive investor for my
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clients
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thank you for stopping in today i do
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appreciate
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it if you are a high net worth
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individual
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please find a fee only certified
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financial planner tina anders
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anders wealth management here in
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california
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happy to take care of you if you have
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comments
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about this video or questions of any
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kind
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please comment below and i will address
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them
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if you'd like a topic on a video let me
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know i will do that as well
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tina anders again in your corner thank
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[Music]
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you
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[Music]
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you
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