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High net worth people typically face a lot of complexities in protecting and managing their wealth. Their assets are often held in various countries. This means that one has to deal with compliance issues under the laws in different jurisdictions. Tax laws are constantly revised. One needs to make sure that they are in compliance with all of the laws. Your attorney has the task of sitting with you and deciding on the best mode of action going forward. A legal professional will be able to make certain that your assets stay intact and that the law covers you at the end of the day.
Complex Property Valuation
Assigning value to an object is not always a simple task, but this is a critical step in the process of property division. Indeed, you may not even be aware of how valuable your marital assets are if you or your spouse have a cash-based business operation or any other unreported income streams.
A skilled Nassau County high net worth lawyer can assist you in reviewing assets. Your asset portfolio might include:
- Small businesses
- Professional practices
- Real estate holdings
- Intellectual property (IP)
- Fine art collections
- Luxury vehicles and boats
- Expensive family heirlooms
- Stocks, bonds, and mutual funds
- Retirement plans and investments, including foreign cash
Getting full disclosure of all assets from both parties in the divorce is essential to a just process. Anyone who considers that they should conceal, dissipate, or devalue any assets is attempting to deny you of what could be rightfully yours. You need a Nassau County lawyer who will focus on safeguarding your estate and working towards getting a fair and equitable share of the joint assets.
Arriving at the final separation of complex assets requires great efficiency and keen attention to detail.
Unique challenges often arise in High net worth divorce cases in that the parties often disagree as to the value of marital assets. The parties may have an expensive residence, for example, that leaves a lot of room for debate about the home’s worth. One of the spouses might own a business that needs a value in order to come to a fair division of assets. The spouses may possesses unique collections of personal property that have significant value. Determining the proper value of their assets is important for both division of property and alimony.
Our team collaborates with clients ifor the purpose of accurately value these assets. In court disputes over asset values, a spouse that wants the court to assign value to an asset at a certain amount has the burden of proving the asset’s worth. We work in tandem with accountants and expert appraisers in order to prepare evidence of the value of assets.
Properly Identifying Assets
In addition to assigning value to your assets, your Nassau County high net worth attorney can help you identify assets that the other spouse might be trying to conceal. Parties frequently use strategies such as transferring titles and even financial accounts to friends and family members in an effort to keep them from their spouse during a divorce. The courts take this behavior very seriously.
We have methods to identify assets that have possibly been hidden. These include demanding personal and business records. We can also employ forensic accountants to identify income. In some situations, we find it helpful to team up with private investigators. Once we find out what assets exist in the case, we can then work to value them fairly.
The Wisdom of Tax Planning
A well designed tax plan is the best way to maximize wealth preservation. It keeps the amount of tax that you have to pay down to a low minimum. Additionally, a tax strategy guarantees that you are always compliant with the laws in that particular jurisdiction. This long-term solution is not focused on the present only. High net worth individuals often look for tax minimization techniques that limit the amounts that they are required to pay. It is important that one understands the specific laws that are accepted and those that are not accepted in spite of the fact that there is nothing wrong with this.
The role of a high net worth lawyer is to assist you so that your state and federal tax liability stays down. Tax planning is essential because of the consequences that you may face if you fail to do so. You can request that they review it for you by carrying out an audit if you have a tax plan in place. If you are not confident in the plan that you have currently, then this is a wise approach. The attorney can then bring any errors and any areas where you can save on resources to your attention. One of the top responsibilities of an attorney is to make sure that the client is not at risk. One of the ways that would be able to ensure this is by reviewing your estate or tax strategy and making sure that it is updated.
There are numerous options available for an individual who is thinking about implementing a tax plan. Some of the options are charitable trusts, offshore accounts, and life insurance. It is advisable to have a conversation with your Nassau County high net worth lawyer so that you can explore all the options that you have. Soemthieng important to keep in mind is that a good tax plan will serve you for many years to come. The attorney can not have a significant impact later on if your assets are not structured in a way that they reduce tax consequences proactively. It is important to secure yourself strong legal representation as early as possible so that you can start off on the right foot.
Asset Management: Life Insurance
Many people have a life insurance policy on themselves these days. It is critical that you protect your family financially in the event of your untimely demise. That said, should you at some stage get divorced, you probably would not want your ex-wife or ex-husband on your life insurance agreement any longer.
As a clause in your prenuptial agreement, you should have a plan to either dissolve the life insurance agreement or to transfer it to someone else. Not taking care of this detail could result in a disaster for the rest of your family if you do pass away. Over time, this can be one of the most important details to be figured out in your prenuptial agreement.
For the most part, these are never fun topics to discuss in preparation for a marriage. Nevertheless, if you do not put a prenuptial agreement in place before you get married, you could leave yourself open to a great deal of financial recourse from your spouse. Over time, you will need to figure out a plan in this area before it is too late.
Our team has years of experience in this area, having helped countless high net worth clients. We are aware of all of the challenges that you could face in this process, and we have a plan to assist you in protecting yourself in the future as well. Now is the time to begin building a solid protection plan for the future of your financial life.