Bring New Vision to High Net worth Estate Planning in 2020

Bring New Vision to High Net worth Estate Planning in 2020

worth individuals

The year 2020 is bringing things into focus for many Americans. Affluent people should take this time to evaluate their estate plans to ensure they are protected. One way to do this is through insurance for high net worth individuals.

Estate Taxes

Most affluent people can expect to pay as much as a 50% estate tax when they pass. The experts at https://www.sboneinsurnace.com state wealthy people can insure just about everything from household staff to estate taxes. Insurance can help lower the amount of estate tax owed.

Exemption Levels

Affluent families got a break in 2019 on their taxes with an exemption of up to $11.4 million. However, having assets over that amount subjects them to the estate tax which is set at 40% for the federal level. The state may also impose its own limits and tax amounts. There are ways to exempt items from the tax including leaving them to a spouse.

Trust Accounts

Now is a good time to evaluate the family trust accounts. If you don’t have any, perhaps it is a good time to set one up. These accounts can help your family avoid estate taxes and protect the wealth you’ve accumulated in your life.

Evaluate the insurance for high net worth individuals to make sure your family is adequately covered. The last thing you want is to leave something to chance and be subjected to a financial loss.