Elite Wealth Planning

What it is and why it matters

Elite wealth planning often plays a key role in the lives of today’s highly successful individuals and families—as well as those who are on the path toward great financial success.

With that in mind, here is a closer look at just what elite wealth planning is—how it works and how it can potentially have a powerful impact on your life as you seek to build, preserve and protect your wealth.

The key elements of elite wealth planning
Before we can see what makes elite wealth planning so special, it is important to understand the various planning strategies that make up the core of most elite wealth planning efforts.

Typically, elite wealth planning consists of seven main types of planning:

  1. Income tax planning focuses on mitigating taxes on money earned by working—potentially enabling you to keep more of the money you make.
  2. Estate planning involves using legal strategies and financial products to determine the future disposition of current and projected assets. Critically, it is important to determine who will own the assets and how they will be owned.
  3. Marital (and related relations) planning entails planning for disruptions in the relationships between spouses and other partners. The intent is to take actions that will protect your family’s wealth.
  4. Asset protection planning entails employing legally accepted and transparent concepts, strategies and financial products that are designed to help ensure your wealth is not unjustly taken.
  5. Charitable tax planning addresses ways to be philanthropic in the most tax-efficient manner. The tax code fosters philanthropy, and charitable planning can help maximize the impact of your giving.
  6. Business succession planning principally deals with helping entrepreneurs tax-efficiently transition their businesses to others, whether they are family members or not.
  7. Life management planning addresses an array of concerns from a wealth management perspective—for example, structuring wealth to deal with longevity- and health-related concerns and actions.

In practice, there can be great overlap between these areas of planning, as well as opportunities for them to work together to accomplish more than they could alone. Some examples:

  • By placing assets into an irrevocable trust for the primary purpose of transferring them to heirs—an estate planning strategy—elite wealth planning might pinpoint related strategies for protecting your assets.
  • Business succession planning can be entwined with estate planning and potentially other planning specialties to support your goals in multiple areas.

Clearly, elite wealth planning is designed to help address your needs, wants and preferences across a full spectrum of planning specialties—potentially enabling you to optimally structure all the areas of your financial life.


April 10, 2019

ACKNOWLEDGEMENT: This article was published by VFO Inner Circle, a global financial concierge group working with affluent individuals and families and is distributed with its permission. Copyright 2019 by AES Nation, LLC.