Millionaire Banking

Millionaire Banking Investments

The substantial majority of millionaires have earned their money through entrepreneurial pursuits rather than through inheritances and protecting their money for the present and building a legacy for future generations. Some have a misconception that the ultra-rich do nothing but spend money. In reality, many are frugal, choosing instead to place their funds in investments that will continue to grow. Common investment strategies favored by millionaires and billionaires include putting […]

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Make your wealth last more than 3 generations

Make Your Wealth Last More than 3 Generations

Have you heard the stats regarding passing down wealth? The data is actually quite concerning, particularly for affluent investors. By most accounts, wealth barely lasts for up to 3 generations for most HNWI. The latest research indicates that in too many instances 70% of wealth is lost when it’s transferred from the wealth-generating generation to the next. From there, an estimated 90% is lost after that. Why does this happen? […]

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2022 Tax Changes That HNWI Should Plan Ahead For

2022 Tax Changes That HNWI Should Plan Ahead For

President Biden’s budget proposal includes a number of provisions that would enact campaign promises. If passed, it will result in key 2022 tax changes of interest to those holding significant wealth. Specifically, the proposal aims to end some of the exemptions and deferrals instituted in the Tax Cuts and Jobs Act, many of which applied to higher net worth individuals. One potential law, Build Back Better, is off the table […]

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Proactive Strategies for HNWI with Rising Tax Rates on The Horizon

Proactive Strategies for HNWI with Rising Tax Rates on The Horizon

In May of 2021, the U.S. Treasury released, “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals.” Also known as the “Green Book,” this document provides a detailed account of the Biden Administration’s proposed tax changes beginning in 2022. With regard to tax planning for HNWI (High Net Worth Individuals), the proposal includes plans to tax the wealthy at higher rates beginning either January 2022 or possibly retroactively to […]

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How to Deposit Money into an Offshore Bank Account

How to Deposit Money into an Offshore Bank Account

Setting up an offshore account is one way to protect your assets from creditors and frivolous lawsuits. Establishing an offshore bank account in certain countries, such as Switzerland and the Cayman Islands, is also one of the tax strategies utilized by wealthy folks looking to avoid the heavy taxation system in the U.S. Account holders are required to obey U.S. tax laws by reporting information about the account and declaring […]

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Giving Tuesday for HNWI

Giving Tuesday for HNWI

When a high net worth individual (HNWI) becomes involved in charitable giving their goals are not limited to chalking up a gift tax deduction or preserving their legacy. One of the most compelling reasons why HNWI donate money is to make a difference in the world. They specifically seek out causes where the money they give will transform into actions that can be seen and felt. In order to qualify, […]

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Passing Wealth to Grandchildren...The Smart Way

Passing Wealth to Grandchildren…The Smart Way

One of life’s greatest pleasures for a grandparent is having the means to provide a nice inheritance for the next generation and beyond. Passing wealth to grandchildren, while gratifying, must be carefully planned to avoid the beneficiaries losing a large percentage of the gift to estate taxes. For example, if you choose to leave your entire estate to your children, with the expectation that your grandchildren will eventually benefit, before […]

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$10M Gift Tax Exemption Rules

$10M Gift Tax Exemption Rules

Under a 2016 federal law, the per person gift and estate tax exemption amount was set at $11.58 million. As of 2021, a single person is now permitted to give gifts of up to $11.7 million during their lifetime without incurring any tax liability. Upon their death, the total amount of gifts they have made during their lifetime will be subtracted from $11.7 million to determine how much of their […]

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Estate Planning Before the 2024 Election

Estate Planning Before Elections

Every four years the lead-up to the presidential election ignites serious discussion about potential changes to estate planning laws. Presidential politics are generally quite different between the two major parties, and once in office, both are eager to implement laws that reflect the ideological differences between them. This is aptly demonstrated by the party’s approach to protecting and passing down wealth. Traditionally, Republican candidates advocate financial policies that favor issues […]

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How Personal Pension Plans Work

How Personal Pension Plans Work

The days of every company offering their employees a pension plan, thus taking the pressure off of retirement planning, are behind us. Only 15% of people currently working in the private sector have employer-managed pension programs. With proper discipline and planning, however, people can create a similar benefit with their own investments.  What is a pension plan? It’s a defined contribution made into a retirement account with every paycheck throughout […]

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