Highly compensated individuals are a diverse group — including professional athletes, entertainers, real estate developers, entrepreneurs, private equity principals, business owners, and corporate executives. However, they’ve all found the American dream through hard work, ambition, courage, and perseverance.
Morris Law Group helps high net worth individuals protect their wealth and plan for the future so they can maintain their high standards of living across multiple generations. We work with highly compensated individuals to develop personalized wealth preservation strategies designed to fit their unique needs.
An Above Average Net Worth Requires an Above Average Financial Plan
High net worth individuals may no longer worry about paying for ordinary day-to-day expenses, but they have more complex overall financial needs than those with modest incomes and assets. We’ll work with you to create a strategic plan that protects your finances in a way that best fits your family’s values and goals for the future. This includes:
- Protecting valuable assets. Through techniques such as Offshore and Onshore Trusts, entity structures, pre- and post-nuptial agreements, and other strategies, we aim to preserve and protect your wealth.
- Minimizing tax liability. It requires a complex plan of attack to minimize income, estate, and gift taxes for high net worth individuals. We’ll discuss strategies such as increasing retirement and college savings contributions, developing gifting plans, investing in municipal bonds, establishing Offshore and Domestic Trusts, and implementing income timing techniques such as the exercise of stock options.
- Leaving a legacy for future generations. Providing your children and grandchildren with an inheritance they’re not equipped to manage can have disastrous consequences. We’ll work with you to ensure the assets you wish to leave your heirs will be used in a way that best meets your family’s needs as well as your goals for future generations.
- Supporting charitable causes. Establishing Charitable Trusts and foundations can be a way to support causes you feel strongly about, such as offering scholarships for deserving students, advancing medical research, or supporting your place of worship.
- Managing stock portfolios. Stock options or restricted stock are often a part of our clients’ compensation packages. The structure of stock portfolios are complex and full of potential pitfalls. Our attorneys understand the nuances involved with these unique assets and are able to plan properly for the exercise, transfer, or contribution to maximize value and minimize tax liability.
- Planning for vacation property. Owning vacation property presents challenges, especially when the property is in a different state or you want to leave it to multiple family members. We’ll help you determine how to address these concerns.
- Avoiding unnecessary risks. We understand that as a highly compensated individual, you have accumulated assets that require a detailed plan to ensure their protection. The plan should shield your assets from creditors’ claims in all areas, including business exposure, professional malpractice exposure, personal injury liability, divorce, and nuisance claims. We collaborate with your advisors to implement legal plans to protect your wealth from the claims of creditors — putting your mind at ease as you prepare for the future.
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We believe high net worth individuals need estate planning attorneys who can act as strategic partners. Our team of experienced attorneys has a strong background in accounting with several Certified Public Accountants on staff. This gives us the unique ability to understand the tax implications of estate planning and wealth preservation from an accountant’s perspective, as well as a legal perspective.
When you choose to work with us, you can be assured you will always receive the highest level of personalized, discreet service. We understand that discussing financial matters that have the potential to affect multiple generations of your family requires a sensitive approach. As a result, we work to meet the unique needs of high net worth individuals by developing lasting relationships based on trust and mutual respect.
To learn more, schedule your consultation now. We have four convenient offices in South Florida, including our headquarters in Boca Raton, as well as locations in Aventura, West Palm Beach, and Weston.