National Financial Planning: Tactics for HNW Individuals
Stuart Brisgel

Embrace National Financial Planning Month

National Financial Planning Month offers high-net-worth (HNW) individuals a significant reminder to revisit, refine, and reinforce their financial strategies. Managing wealth brings responsibility and complexity, making a comprehensive, integrated plan necessary as we approach year-end.

Identify Tax Optimization Opportunities

Working with financial and tax professionals can open avenues for optimizing tax strategies. Incorporate tax-loss harvesting and maximize contributions to tax-advantaged accounts. Additionally, consider charitable giving through donor-advised funds to navigate the landscape effectively.

Review Investment Diversification

It’s essential to reflect on whether your investment portfolio still aligns with evolving objectives. Explore new asset classes or sectors that could bolster risk management, ensuring the portfolio remains robust as your goals and circumstances change.

Support Estate and Legacy Planning

Engage in discussions with estate attorneys about financial tools like gifting strategies, trust funding, and tax-efficient wealth transfers. These tools help achieve legacy goals and should be reviewed regularly to align with long-term objectives.

Evaluate Asset Protection Strategies

Consider whether life or business changes necessitate new or updated asset protection measures. Implement coordinated strategies to safeguard assets, adapting them as your circumstances evolve to ensure ongoing protection.

Finalize Charitable Giving Plans

With the December 31st deadline approaching, align philanthropic goals with effective financial strategies. Coordinate with advisors to maximize impact and efficiency, ensuring your charitable commitments are fulfilled seamlessly.

Financial peace of mind is attainable through thoughtful planning. As the calendar year draws to a close, now is the time to act. Collaborating with a team of trusted professionals can help solidify your fiscal wellbeing. Schedule a year-end financial review or reach out to discuss your specific strategies.