Estate planning is one of the most important parts of life’s financial journey. You spend your life creating wealth and it is vital to protect it not only for yourself while you are here, but also for your successors once you are no longer here. Wills and Trusts are very important parts of estate planning at the most basic level, more advanced structures can incorporate company based structures as well as legacy foundations and even charities.
The saying, “A stitch in time saves nine,” conveys the message, emphasizing the importance of addressing tasks early to prevent future difficulties. It serves as a powerful reminder of the importance of foresight, especially when preparing for the future. Estate planning is a vital undertaking for anyone who wishes to safeguard their legacy and provide for their loved ones. It is not simply about the distribution of wealth, but rather encompasses the preservation of one’s principles and the deliberate transfer of a lifetime’s accomplishments to future generations
Whether you are laying the foundation for successor generations or reflecting on the legacy you intend to leave, estate planning ensures that your intentions are honoured and that both your ideals and your loved ones are protected. It is an act of prudence that allows you to make intentional decisions today, securing the well-being of those you hold dear, even after you are no longer here. Thus, it is a cornerstone of sound financial management and essential for the preservation and protection of your wealth. .It is tempting for many to put off making decisions early because of the belief that it will mean no changes can be made but the essence of all our structures is that they can be amended at a anytime, even after death.
The two most critical mistakes in estate planning are neglecting to undertake it and failing to seek professional guidance. The earlier you consider it, the more time is available to build a truly well-fitting structure that will preserve the maximum wealth from taxes and adapt best to your overall estate’s needs. In regards not seeking professional guidance, and to try and economize on what is one of the most important decisions of your life, is a misguided and foolhardy approach that could cost you and successors in the long run. The complexities of laws that can easily change, potential taxes and the intricacies of trusts all demand specialised knowledge. The Alpha Wealth Is different to most estate planning advisors. We advise acting early and establish life time structures that can adapt to changing needs, but prevent our clients from getting caught out by unexpected changes.
Each person’s case is different and you may well find that our team find opportunities to reduce costs such as tax and avoid potential issues. They’ll help avoid probate, minimise estate taxes and protect your beneficiaries, addressing any concerns before they become problems. In addition, the earlier you structure your wealth, the more benefits there are to you and your legacy.
It can not be emphasised enough that wealth structuring is good financial housekeeping. It is an integral part of financial planning, estate planning and protecting your wealth not only for yourself but those you love and leave behind.
History is littered with cautionary tales of ultra-high net worth individuals who did not take a comprehensive estate plan seriously, leaving behind years of legal battles, family turmoil, frustrations, excessive costs, that all could have been dealt with professionally in advance. One fairly recent example was the wonderful actor James Gandolfini who had estate planning in place. However, the majority of a multi-million-dollar estate it is said was heavily exposed to taxes and thus greatly reducing the value of the inheritance that went to his family. The pop star Prince’s estate that was valued at $156 million took six years to resolve. All of which could have been mitigated if the right professional advice was sought and a professional estate plan put in place.
The thought that the cost of professional fees is too expensive, without taking into consideration the savings can provide is only half the equation. In some instances, (depending on the individual scenario), the overall savings, are 10-20 times the fees.
Most of our clients are busy creating their wealth and have never had experience of wealth structuring, trusts, estate planning and sophisticated international tax planning. Often the estate planning aspect is put aside for a later date. In addition, entrepreneurial individuals may not realise the tools available to effectively protect their nicely established wealth in the most secure and flexible way. This is in contrast to our existing multi-generational wealth clients who are already benefitting from sophisticated estate planning structures and therefore have first-hand experience of the huge benefits that a well-designed structure provides. They know it is very important and most definitely one of the most important decisions one can make.
Wealth structuring and estate planning range from entrepreneurs to multi-generational wealthy families and include celebrities of all kinds, sports stars, movie actors and actresses and pop stars. We are able to significantly help most estates of greater than $4m equivalent and the savings we can generate will usually substantially outweigh any costs by a factor of 10%.
