Nicola Wealth Management: Top Five Estate Planning Mistakes Made by High Net Worth Individuals
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/04/13 -- Having a sound is one of the most important things you can do for your family, yet approximately 40 per cent of high net worth families fall short in their estate planning efforts, say financial advisors at , an investment counsel firm in Vancouver that caters to .
Many affluent investors avoid the subject of estate planning because it touches on uncomfortable issues - mortality and making sure loved ones are taken care of. Nicola Wealth's advisors say high net worth individuals owe it to themselves and their families to regularly review their estate plans and to avoid canned solutions that don't fit their individual needs.
Individuals and families with significant assets face a variety of wealth-related issues that typically require professional advice and assistance in order to implement effective estate strategies for each family's specific situation.
"What's most surprising when I meet new clients is that they don't have the basics of estate planning necessary for their net worth," said Nicola Wealth Management's president David Sung. "Affluent investors tend to be savvy and successful, but they may have a big blind spot when it comes to estate planning.
"Whether it's indifference, outdated advice, or a combination of both, one thing is common among many high net worth individuals: they face a variety of wealth-related issues that require ongoing and updated professional advice, and they aren't getting it."
No two family scenarios are the same, and this is especially true when it comes to wealthy families with a high net worth, Sung explained. As more money is involved, more risk and complexity usually come along with it.
Nicola Wealth Management has been helping individuals and families with estate, succession and legacy planning since 1994 and has identified five common estate planning mistakes that many high net worth families make:
Be aware of estate planning opportunities and avoid common estate planning mistakes. If you're wealthy, seek credible professional advice from experts that specialize in wealth management and estate planning.
About Nicola Wealth Management
Established in 1994, Nicola Wealth Management () is Canada's fastest growing asset fund management and private investment counsel firm (Investor Economics, 2011) with $2.1-billion in assets under management. The firm provides wealth accumulation, retirement and legacy planning services and expertise to high net worth individuals, institutions, and foundations across Canada. NWM's team of experienced advisors and support staff offer one of the best advisor-to-client ratios in the industry.
Note to Editors: To download David Sung's photo, please visit the Media Room .
(1) As of May 2013, the Federal government is currently looking at the tax treatment of testamentary trusts and whether graduated taxes on them should be eliminated. A consultation paper is due to come out soon.
Contacts:
Nicola Wealth Management
Maria Loscerbo
604-732-6221
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Datum: 04.06.2013 - 13:00 Uhr
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News-ID 266255
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VANCOUVER, BRITISH COLUMBIA
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Personal Finance
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