Kicking off with the expertise of a Calabasas high net-worth planning attorney, we’re about to dive into the realm of complex financial planning, where high net worth individuals seek to safeguard their wealth from taxes, creditors, and unforeseen expenses. With the guidance of a seasoned attorney, high net worth individuals can navigate the intricate world of estate planning, business succession, and long-term care, ensuring their financial assets remain intact for generations to come.
Imagine having the peace of mind knowing that your financial legacy is secure, your business is poised for smooth succession, and your loved ones are protected from financial burdens.
From identifying and mitigating financial risks to creating a tax-efficient estate plan, a Calabasas high net-worth planning attorney is an invaluable asset in high-stakes financial planning. By leveraging the expertise of a certified financial planner in tandem with high net worth planning, individuals can create a comprehensive financial plan that accounts for potential risks and uncertainties.
Whether it’s protecting assets from creditors, minimizing tax liabilities, or navigating complex family dynamics, a skilled Calabasas attorney is equipped to guide high net worth individuals towards a secure financial future.
Within this intricate world of high net worth planning, attorneys like those in Calabasas specialize in providing tailored solutions to meet the unique needs of their clients. By combining their expertise with that of certified financial planners, individuals can create a robust financial plan that addresses estate planning, business succession, and long-term care, ultimately safeguarding their wealth for years to come.
Expertise in High Net Worth Planning and the Role of a Calabasas Attorney
High net worth individuals often find themselves at the center of complex financial situations, requiring expert guidance to navigate and protect their wealth. A Calabasas high net worth planning attorney plays a vital role in ensuring that these individuals are well-equipped to make informed decisions about their financial futures.High net worth planning involves a comprehensive approach to managing an individual’s wealth, encompassing various aspects such as tax planning, estate planning, investment management, and wealth transfer strategies.
The expertise of a skilled Calabasas high net worth planning attorney is crucial in this process, particularly when dealing with complex financial cases that involve multiple stakeholders and competing interests.
Real-World Applications of High Net Worth Planning
- The late Steve Jobs, co-founder of Apple, utilized high net worth planning to manage his wealth and protect his family’s interests. He established a trust to hold his shares in Apple, ensuring that his shares would be distributed to his widow and children at the time of his passing.
- Microsoft co-founder Bill Gates has been known to employ high net worth planning strategies to minimize his tax burden and maximize the value of his philanthropic endeavors. His foundation, the Bill and Melinda Gates Foundation, has received billions of dollars from his personal wealth, allowing him to make a significant impact on global health and education initiatives.
- Media mogul Ted Turner utilized high net worth planning to transfer his wealth to his children and charitable causes. He established a trust to hold a significant portion of his shares in CNN, allowing him to manage his wealth and fulfill his philanthropic goals while minimizing the financial burden on his estate.
The Importance of a Highly Skilled Calabasas High Net Worth Planning Attorney
A highly skilled Calabasas high net worth planning attorney is essential for navigating complex financial situations, particularly when dealing with high net worth individuals. They bring a comprehensive understanding of tax law, estate planning, and wealth transfer strategies to the table, enabling their clients to make informed decisions about their financial futures.
The Benefits of Utilizing a Certified Financial Planner in Tandem with High Net Worth Planning
Using a certified financial planner in tandem with high net worth planning can provide numerous benefits for high net worth individuals. These benefits include:
| Benefit | Description |
|---|---|
| Comprehensive Financial Planning | A certified financial planner can work in conjunction with a high net worth planning attorney to provide a comprehensive financial plan, taking into account the individual’s investment goals, risk tolerance, and estate planning needs. |
| Enhanced Investment Strategies | A certified financial planner can work with a high net worth attorney to develop investment strategies that align with the individual’s long-term goals and risk tolerance, ensuring that their investments are optimized to meet their objectives. |
| Improved Tax Efficiency | A certified financial planner can work with a high net worth attorney to develop tax-efficient strategies, minimizing the individual’s tax liability and maximizing the value of their wealth. |
Identifying and Mitigating Financial Risks for High Net Worth Individuals: Calabasas High Net-worth Planning Attorney
In an exclusive neighborhood like Calabasas, high-net-worth individuals often accumulate wealth from various sources, such as successful businesses, investments, or inheritances. Effective financial planning is essential to protect and preserve this wealth. One remarkable example illustrates the importance of financial risk management. Meet Rachel, a successful entrepreneur who built a lucrative business in the luxury real estate market. Her net worth exceeded $10 million, with properties, investments, and other assets contributing to her wealth.
Rachel was aware of the risks associated with estate taxes and asset protection. To mitigate these risks, she consulted a Calabasas high net-worth planning attorney.The attorney helped Rachel create a comprehensive financial plan, incorporating tax-efficient strategies, asset protection, and succession planning. They also implemented a trusts and estate plan to minimize estate taxes and safeguard her assets from potential creditors.
This proactive approach ensured Rachel’s wealth would be preserved for her family and future generations.### Common Financial Risks Facing High Net Worth IndividualsFinancial risks are prevalent among high-net-worth individuals, impacting their wealth and legacy. The following points highlight the most common financial risks and the importance of addressing them.
Estate Taxes and Asset Protection
Estate taxes can significantly reduce a high-net-worth individual’s wealth. In the United States, the federal estate tax exemption is $11.7 million (2023), but this can change over time. Estate taxes typically range from 18% to 40% of the estate’s value exceeding the exemption amount. To minimize estate taxes, high-net-worth individuals can implement strategies like:
- Establishing a trust: A trust can help mitigate estate taxes by allocating assets to beneficiaries, reducing the taxable estate.
- Implementing gifting strategies: Gifting a portion of the estate to family members or charitable organizations can reduce the taxable estate.
- Applying tax-exempt strategies: Utilizing tax-exempt strategies, such as 529 College Savings Plans or Charitable Remainder Trusts, can help minimize estate taxes.
It’s essential to note that estate taxes can be more complex for high-net-worth individuals with multiple assets, properties, or businesses. A comprehensive financial plan, along with expert advice from a Calabasas high net-worth planning attorney, is crucial in navigating estate tax laws and regulations.### Importance of Comprehensive Financial PlanningCreating a comprehensive financial plan is essential for high-net-worth individuals to mitigate financial risks and ensure their wealth is protected.
A well-crafted plan should consider several factors, including:
- Asset allocation and diversification
- Tax-efficient strategies
- Estate planning and succession
- Insurance and risk management
- Philanthropic giving and charitable planning
A Calabasas high net-worth planning attorney can help high-net-worth individuals create a tailored financial plan that addresses their unique needs and circumstances. This proactive approach will ensure their wealth is preserved and protected for future generations.
Managing Business Interests and Real Estate Assets
High-net-worth individuals often own businesses or significant real estate assets. Effective management of these interests is crucial to mitigate financial risks and ensure their long-term value. Key considerations for managing business interests and real estate assets include:
Business succession planning
Developing a comprehensive plan for transferring ownership and control of the business to family members or key employees.
Asset protection
Implementing strategies to safeguard real estate assets from potential creditors or lawsuits.
Tax-efficient strategies
Utilizing tax-exempt strategies, such as 1031 Exchange, to minimize taxes on real estate assets.
According to the Internal Revenue Service (IRS), the 1031 Exchange can provide tax benefits for certain property exchanges, allowing high-net-worth individuals to defer capital gains taxes on real estate sales.
Effective management of business interests and real estate assets requires expertise from a Calabasas high net-worth planning attorney. They can help high-net-worth individuals navigate complex tax laws, regulations, and business structures to ensure their assets are protected and valued.
Minimizing Financial Risks Through Insurance and Risk Management
Insurance and risk management are essential components of a comprehensive financial plan for high-net-worth individuals. Key considerations for minimizing financial risks include:
Liability insurance
Protecting personal and business assets from potential lawsuits or claims.
Property insurance
Safeguarding real estate assets from natural disasters, theft, or other losses.
Wealth replacement insurance
Providing a financial safety net in case of unexpected events, such as illness or disability.A Calabasas high net-worth planning attorney can help high-net-worth individuals identify potential risks and develop strategies to mitigate them. By incorporating insurance and risk management into their financial plan, high-net-worth individuals can rest assured that their wealth is protected and preserved.
Philanthropic Giving and Charitable Planning
High-net-worth individuals often have a strong desire to give back to their community or make a lasting impact through philanthropy. Effective charitable planning can help achieve this goal while minimizing taxes and preserving wealth. Key considerations for philanthropic giving and charitable planning include:
Donor-advised funds
Establishing a donor-advised fund can provide tax benefits and simplify charitable giving.
Charitable trusts
Utilizing charitable trusts can help minimize estate taxes and ensure charitable giving is efficient and effective.
Impact investing
Considering impact investing strategies that balance financial returns with social or environmental impact.A Calabasas high net-worth planning attorney can help high-net-worth individuals navigate the complex world of charitable giving and philanthropy. By incorporating philanthropic planning into their financial plan, high-net-worth individuals can make a lasting impact while fulfilling their philanthropic goals.High-net-worth individuals can significantly reduce financial risks by implementing effective planning strategies, consulting with experts, and being proactive about their financial well-being.
A comprehensive financial plan, tailored to their unique needs and circumstances, will ensure their wealth is preserved and protected for future generations.
Creating a Tax-Efficient Estate Plan with a Calabasas High Net Worth Planning Attorney
As a high net worth individual, you’ve likely worked tirelessly to accumulate your wealth. However, have you considered the tax implications of your estate plan? A well-crafted tax-efficient estate plan can significantly reduce the burden of taxes on your loved ones and ensure that your wealth is transferred according to your wishes. In this article, we’ll explore the benefits of working with a Calabasas high net worth planning attorney to create a customized estate plan.A comprehensive estate plan is essential for ensuring that your wealth is transferred to the next generation with minimal tax liability.
In California, where our Calabasas office is located, state and federal taxes can significantly erode the value of your estate. That’s why it’s crucial to incorporate tax-efficient strategies into your estate plan.
Comparing Estate Planning Strategies: Trusts and Wills
When it comes to estate planning, you’re likely to come across two primary strategies: trusts and wills. Both options have their benefits and drawbacks, which we’ll explore below:
Wills
A will specifies the distribution of your assets after your passing. When you pass away, your estate will be probated, and your will is presented to the court for approval. The probate process can be time-consuming and expensive, with fees ranging from 2% to 4% of the estate’s value. Additionally, if your estate is subject to estate taxes, you’ll need to pay taxes on the transfer of your assets.
Trusts
A trust is a separate entity that holds your assets for the benefit of yourself or other individuals. Trusts can be used to transfer assets outside of your estate, reducing the tax liability and preserving your assets. There are various types of trusts, including revocable and irrevocable trusts.In many cases, trusts are a more tax-efficient option than wills. By transferring assets to a trust, you can avoid the probate process and reduce the tax burden on your estate.
Successful Tax-Efficient Estate Plans Implemented by High Net Worth Individuals
Here are two examples of successful tax-efficient estate plans implemented by high net worth individuals:
Case 1
A California couple, John and Mary, had accumulated a significant fortune through the sale of their business. They wanted to transfer their wealth to their children while minimizing taxes. Their estate planning attorney created a bespoke trust plan that included a grantor retained annuity trust (GRAT), which allowed them to transfer assets to their children without paying gift taxes.
The trust also included a qualified personal residence trust (QPRT), which protected their primary residence and vacation home from estate taxes.
Case 2
A successful entrepreneur, Sarah, had amassed a significant fortune through her business empire. She wanted to transfer her wealth to her grandchildren while minimizing taxes. With the help of her Calabasas high net worth planning attorney, Sarah created an irrevocable life insurance trust (ILIT), which allowed her to purchase life insurance policies for her grandchildren without incurring gift taxes.
The trust also included a formula clause, which ensured that Sarah’s beneficiaries would receive a proportionate share of her estate.
The Benefits of a Qualified Personal Residence Trust (QPRT)
A QPRT is an irrevocable trust that allows you to transfer your primary residence to your children or other beneficiaries while minimizing estate taxes. Here are the benefits of utilizing a QPRT in estate planning:
Reduced Estate Taxes
By transferring your primary residence to a QPRT, you can reduce the value of your estate, which in turn reduces the tax liability on the transfer of your assets.
Control Retention
As the grantor of the QPRT, you can retain control over your primary residence for a specified period, during which you can continue to use and occupy the property.
Private Mortgage Note
You can also create a private mortgage note, which allows you to continue occupying the primary residence and making mortgage payments, while passing on the property to your beneficiaries.By incorporating a QPRT into your estate plan, you can ensure that your primary residence is transferred to the next generation with minimal tax liability.
The Importance of Business Succession Planning for High Net Worth Business Owners
As a high net worth business owner in Calabasas, you’ve spent years building a successful business, only to face a daunting reality: your eventual retirement or departure from the company. The thought of passing on your business to the next generation or selling it to a new owner can be a daunting task. A well-planned business succession strategy is essential to ensure a smooth transition, minimize tax implications, and protect your hard-earned legacy.Business succession planning is a crucial aspect of high net worth planning, but many business owners underestimate its importance.
Failing to plan can lead to a messy transition, resulting in reduced business value, increased tax liabilities, and potential family conflicts. A Calabasas high net worth planning attorney can help you create a tailored business succession plan that meets your unique needs and goals.
Key Steps in Business Succession Planning
A comprehensive business succession plan involves several key steps, including:
- Create a business buy-sell agreement: This agreement determines how ownership will be transferred in the event of a business owner’s death, retirement, or departure. The agreement should Artikel the terms of the sale, including the price, payment terms, and any other conditions.
- Identify a successor: This could be a family member, key employee, or third-party buyer. It’s essential to have a clear understanding of the successor’s qualifications, experience, and financial situation.
- Develop a transfer plan: This plan Artikels how ownership will be transferred to the successor, including any necessary legal documents, such as a transfer of ownership agreement or stock sale agreement.
- Structure the transfer: Determine the best way to transfer ownership, whether through a sale, gift, or other means. A Calabasas high net worth planning attorney can help you navigate the tax implications of each option.
- Plan for retirement: A business succession plan should also address your retirement strategy, including any necessary financial planning or income replacement.
- Update the plan regularly: Business succession plans are not set in stone; they should be reviewed and updated regularly to reflect changes in your business, personal circumstances, or tax laws.
Tax Implications of Business SuccessionWhen transferring ownership of a business, tax implications can be significant. A well-planned business succession strategy can help minimize these tax liabilities. Some key tax considerations include:* Estate taxes: Transferring ownership of a business can trigger estate taxes, which can be substantial. A Calabasas high net worth planning attorney can help structure the transfer to minimize these taxes.
Income taxes
Transferring ownership can also trigger income taxes, particularly if the transfer is considered a sale or exchange. A tax-efficient transfer strategy can help minimize these taxes.
Capital gains taxes
If the business is sold to a third-party buyer, capital gains taxes may apply. A tax-efficient transfer strategy can help minimize these taxes.Case StudyJohn, a successful business owner, approached a Calabasas high net worth planning attorney to create a business succession plan. John’s goal was to pass on his business to his son, while minimizing tax liabilities. The attorney helped John:* Create a business buy-sell agreement that Artikeld the terms of the transfer
- Identify a successor (John’s son) and develop a transfer plan
- Structure the transfer to minimize estate and income taxes
- Update the plan regularly to reflect changes in the business and personal circumstances
As a result, John was able to transfer ownership of his business to his son with minimal tax implications, ensuring a smooth transition and protecting his hard-earned legacy.
Effective Asset Protection Strategies for High Net Worth Individuals
In today’s complex and ever-changing landscape, high net worth individuals face numerous risks to their assets. From creditors and unforeseen expenses to financial market fluctuations and tax liabilities, the protection of one’s assets is crucial to securing a stable financial future. An effective asset protection plan can safeguard your wealth, ensuring that it remains intact and available for future generations.
In this discussion, we will explore the importance of creating a bulletproof estate plan, the benefits of utilizing a Delaware limited liability company (LLC) in asset protection, and a real-life example of a high net worth individual who successfully protected their assets through effective planning.
The Importance of a Bulletproof Estate Plan
A bulletproof estate plan serves as a comprehensive defense mechanism for your assets. By incorporating the right strategies and structures, you can shield your wealth from creditors, unforeseen expenses, and other potential threats. This is particularly crucial for high net worth individuals who hold significant assets, such as real estate, investments, businesses, and other valuables. A well-designed estate plan can help ensure that your assets remain secure, allowing you to enjoy peace of mind and financial stability.
- Establish a clear and comprehensive asset allocation plan, taking into account your financial goals, risk tolerance, and overall financial situation.
- Consider implementing a trust structure to hold and manage your assets, providing an additional layer of protection and control.
- Develop a strategy for managing and liquidating your assets in the event of your estate, ensuring that your wealth is distributed according to your wishes.
The Benefits of a Delaware Limited Liability Company (LLC)
A Delaware LLC is one of the most effective tools for asset protection. By forming a Delaware LLC, you can create a separate entity that shields your personal assets from creditors and other potential threats. The benefits of a Delaware LLC include:
- Liability protection: A Delaware LLC protects your personal assets from business-related liabilities, ensuring that your personal wealth remains secure.
- Tax benefits: Delaware LLCs offer pass-through taxation, allowing you to avoid double taxation and minimize your overall tax liability.
- Flexibility: A Delaware LLC can be structured in various ways, providing flexibility and adaptability to meet your changing needs.
Real-Life Example: Protecting Assets Through Effective Planning
Meet John, a high net worth individual who owned a successful business and numerous real estate properties. John’s primary concern was protecting his assets from creditors and unforeseen expenses. He worked with a qualified attorney to create a comprehensive estate plan, which included the formation of a Delaware LLC. The LLC was designed to hold and manage John’s real estate properties, providing an additional layer of protection and control.
As a result, John’s assets were shielded from creditors and other potential threats, ensuring that his wealth remained secure and available for future generations.
The key to effective asset protection is to create a comprehensive plan that addresses all aspects of your financial situation.
By understanding the importance of a bulletproof estate plan, the benefits of a Delaware LLC, and real-life examples of successful asset protection, high net worth individuals can take the necessary steps to secure their wealth and enjoy financial peace of mind.
Long-Term Care Planning for High Net Worth Individuals
Long-term care planning is an essential component of comprehensive financial planning for high net worth individuals. As people age, they may require care and support to manage daily living activities, such as bathing, dressing, and mobility. The high costs associated with long-term care can have a significant impact on an individual’s financial plan, potentially depleting their savings, investments, and assets.The high costs of long-term care can be staggering, with a semi-private room in a nursing home costing upwards of $200,000 per year.
Additionally, the costs of home care, adult day care, and assisted living facilities can also be substantial. Without proper planning, an individual’s life’s work can be depleted in a matter of years, leaving their loved ones with significant financial burdens.
Protecting Assets through Long-Term Care Planning
To protect assets from the high costs of long-term care, high net worth individuals can consider the following options:A
trust is a fiduciary relationship where one party, the trustee, holds legal title to assets for the benefit of another party, the beneficiary.
Trusts can be used to protect assets, such as retirement accounts and trusts, from being depleted by long-term care costs. There are several types of trusts that can be used for long-term care planning, including:
- Revocable trusts: These trusts can be changed or terminated by the grantor, and assets in the trust are generally not considered to be “assets” for Medicaid qualification purposes.
- Irrevocable trusts: These trusts cannot be changed or terminated once they are created, and assets in the trust are generally considered to be “assets” for Medicaid qualification purposes.
- Veterans Administration trusts: These trusts are designed for veterans and can be used to protect assets from long-term care costs and qualify for VA benefits.
Assets that can be protected in a long-term care plan include: retirement accounts, such as 401(k)s and IRAs; trusts, such as revocable and irrevocable trusts; and other assets, such as annuities and life insurance policies.
Example of Successful Long-Term Care Plans, Calabasas high net-worth planning attorney
There are numerous examples of successful long-term care plans implemented by high net worth individuals. One such example is:* Mr. and Mrs. Smith, a high net worth couple in their sixties, hired a long-term care planning attorney to create a comprehensive plan to protect their assets from long-term care costs. They created an irrevocable trust, which was funded with a portion of their retirement accounts.
They also purchased a long-term care insurance policy, which covered up to $200,000 of long-term care costs. As a result, they were able to protect their assets and maintain their independence.Another example is Mrs. Johnson, a high net worth individual in her seventies, who was diagnosed with Alzheimer’s disease. She hired a long-term care planning attorney to create a plan that would protect her assets from the high costs of long-term care.
She created a special needs trust, which was funded with a portion of her retirement accounts. She also purchased a supplemental needs plan, which covered expenses such as home care, adult day care, and assisted living facilities. As a result, she was able to maintain her independence and quality of life.
The Role of Philanthropy in High Net Worth Planning
Incorporating philanthropy into high net worth planning is a vital aspect of overall financial strategy. It not only contributes to the greater good but also brings numerous benefits to the individual, their family, and their business. A well-structured philanthropic plan can be a game-changer for high net worth individuals, allowing them to make a lasting impact while achieving their personal and financial goals.Philanthropy plays a crucial role in high net worth planning, especially for business owners and entrepreneurs who have built their wealth over time.
It’s essential to consider charitable giving as an integral part of their overall financial plan, just like retirement planning, estate planning, and tax strategies. By doing so, they can maximize their impact, create lasting legacies, and ensure their values and vision are carried forward to future generations.
Creating a Donor-Advised Fund (DAF) for Charitable Giving
A Donor-Advised Fund (DAF) is a popular charitable giving vehicle used by many high net worth individuals. A DAF allows individuals to contribute assets, such as cash, stocks, or real estate, to a separate fund, which can then be used to recommend grants to various charitable organizations. This vehicle offers several benefits, including tax deductions, flexibility, and control.
- Tax Benefits: Contributions to a DAF are tax-deductible, while grants to charities are also tax-deductible. This allows individuals to offset their taxes while making a meaningful donation to their favorite charities.
- Flexibility: A DAF allows individuals to recommend grants to different charities over time, enabling them to make strategic and informed decisions about their charitable giving.
- Control: As the donor, individuals have control over the distribution of their funds, ensuring that their charitable giving aligns with their values and goals.
Creating a DAF can be a smart strategy for high net worth individuals who want to maximize their impact and minimize their taxes. By setting up a DAF, individuals can contribute to their favorite charities, create a lasting legacy, and achieve their philanthropic goals.
Case Study: Using Philanthropy to Achieve Financial Goals
Meet Sarah, a successful entrepreneur who built her business from scratch. As her wealth grew, so did her desire to give back to her community. Sarah created a DAF to support her favorite charities, which included a local children’s hospital, a community arts center, and a wildlife conservation organization. By contributing to her DAF regularly, Sarah was able to take advantage of tax benefits while making a meaningful impact.As Sarah’s business continued to prosper, she decided to establish a foundation to support her philanthropic efforts.
With the help of her advisors, she created a foundation that would manage her charitable giving and provide a lasting legacy for her family.Sarah’s story is a testament to the power of philanthropy in high net worth planning. By incorporating charitable giving into her overall financial strategy, she was able to achieve her goals, create a lasting legacy, and make a meaningful impact on her community.
Maximizing Impact through Philanthropy
For high net worth individuals, philanthropy can be a game-changer. By incorporating charitable giving into their overall financial plan, they can achieve their goals, create lasting legacies, and make a meaningful impact on their community. Whether through a DAF, a foundation, or other charitable giving vehicles, philanthropy offers numerous benefits that can be tailored to their unique needs and goals.Whether you’re a business owner, an entrepreneur, or simply someone who cares deeply about giving back, philanthropy is an essential component of high net worth planning.
By incorporating charitable giving into your overall financial strategy, you can create a lasting impact, achieve your goals, and leave a lasting legacy for future generations.
Summary
As we conclude our exploration of calabasas high net-worth planning attorney and the intricacies of high net worth planning, one thing is clear: having a seasoned attorney by your side can make all the difference in securing your financial legacy. By understanding the importance of estate planning, business succession, and long-term care, high net worth individuals can ensure their financial assets remain intact for generations to come.
So, don’t wait until it’s too late – seek the guidance of a reputable Calabasas high net-worth planning attorney today and rest assured that your financial future is secure.
FAQ Corner
What is high net worth planning?
High net worth planning involves creating a comprehensive financial plan tailored to the unique needs of individuals with substantial assets, providing strategies to protect and preserve their wealth from taxes, creditors, and unforeseen expenses.
What is the role of a Calabasas high net-worth planning attorney?
A Calabasas high net-worth planning attorney specializes in providing personalized guidance on estate planning, business succession, long-term care, and asset protection, ensuring their clients’ financial legacy remains secure.
How do I know if I need a high net-worth planning attorney?
If you have substantial assets and are concerned about protecting your wealth from taxes, creditors, or unforeseen expenses, it’s likely time to consult a reputable high net-worth planning attorney.
Can I create a comprehensive financial plan on my own?
While it’s possible to create a basic financial plan, a comprehensive plan tailored to your unique needs requires the expertise of a certified financial planner and a high net-worth planning attorney.
