{"id":10924,"date":"2021-09-30T08:39:31","date_gmt":"2021-09-30T12:39:31","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=10924"},"modified":"2025-05-08T02:49:00","modified_gmt":"2025-05-08T06:49:00","slug":"high-net-worth-tax-planning","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/","title":{"rendered":"How to Plan Your Taxes if You&#8217;re a High-Net-Worth-Individual"},"content":{"rendered":"\n<p>The broad scope of tax legislation that has become law over\nthe past several years has prompted many higher-income taxpayers to take a\ncloser look at their tax situation. With the legislation tipping towards taxing\nthe wealthy even more, the time is ripe right now than ever before for\ninvestors to introspect and put in place tax-efficient strategies to strike a\nbalance between protecting their wealth and seeking capital appreciation over\ntime. Since some tax changes are permanent and some are temporary, it continues\nto be important that investors remain focused on their long-term objectives.\nMeeting with your financial advisor to\ndevelop and manage an asset allocation strategy that will help you work toward\nyour goals is a great approach towards wealth management. Keep in close touch\nwith your fiduciary financial advisor to stay abreast of the latest tax\nprovisions. As you evaluate making adjustments to your investment portfolio\nbased on tax considerations, be mindful of how much money you will keep versus what\nyou will pay in taxes. Especially for high-net-worth-individuals, it may be\nchallenging to keep your income below the thresholds to qualify for tax\nbenefits. Some common tax planning considerations include the timing of income\nand deductions, as well as understanding the character of the income you\nreceive.<\/p>\n\n\n\n<p>Having a higher net worth affords you many benefits, but it\nalso means tax planning is a bit more of a chore. Without a thoughtful tax\nstrategy, you run the risk of missing out on key tax benefits and, when you\u2019re\npaying more in taxes, that liability can begin to diminish your net worth over\ntime. Fortunately, there are several opportunities for tax savings, including\nfor earners in the higher tax brackets. This article looks at various ways in\nwhich high-net-worth-individuals may plan their taxes to minimize the outgo and\nprotect their wealth in the long run.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f1ec3e24bee\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f1ec3e24bee\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#Who_is_a_high-net-worth-individual\" title=\"Who is a high-net-worth-individual?\">Who is a high-net-worth-individual?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#The_need_for_tax-efficient_financial_planning\" title=\"The need for tax-efficient financial\nplanning\">The need for tax-efficient financial\nplanning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#Tax_planning_opportunities_for_high-net-worth-individuals\" title=\"Tax planning opportunities for\nhigh-net-worth-individuals\">Tax planning opportunities for\nhigh-net-worth-individuals<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#1_Max_out_your_401k_contributions\" title=\"1. Max out your 401(k) contributions\">1. Max out your 401(k) contributions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#2_Make_maximum_contributions_to_your_Health_Savings_Account_HSA\" title=\"2. Make maximum contributions to your Health Savings Account (HSA)\">2. Make maximum contributions to your Health Savings Account (HSA)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#3_Explore_investment_tax_planning_opportunities\" title=\"3. Explore investment tax planning opportunities\">3. Explore investment tax planning opportunities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#4_Consider_estate_and_gift_tax_planning\" title=\"4. Consider estate and gift tax planning\">4. Consider estate and gift tax planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#5_Make_use_of_charitable_giving_tax_planning_opportunities\" title=\"5. Make use of charitable giving tax planning opportunities\">5. Make use of charitable giving tax planning opportunities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#6_Explore_pass-through_entity_income_deduction_opportunities\" title=\"6. Explore pass-through entity income deduction opportunities\">6. Explore pass-through entity income deduction opportunities<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#To_conclude\" title=\"To conclude\">To conclude<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/high-net-worth-tax-planning\/#About_Dash_Investments\" title=\"About Dash Investments\">About Dash Investments<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_a_high-net-worth-individual\"><\/span><strong>Who is a high-net-worth-individual?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A high-net-worth individual is a person who owns liquid\nassets valued at $1 million or more. There is no official or legal definition\nof HNWI, and the threshold for high-net-worth is generally understood to\ninclude liquid assets only\u2014cash, money held in bank or brokerage\naccounts\u2014excluding assets like a primary residence, collectibles, or durable\ngoods. It is essentially money that you can quickly turn to cash for emergency\nuse.<\/p>\n\n\n\n<p>Financial professionals break down the category into three\nclassifications of wealth:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>High net-worth individuals (HNWIs<\/strong>): People or households who own liquid assets valued between $1 million and $5 million.<br>            <\/li>\n\n\n\n<li><strong>Very high net-worth individuals (VHNWIs<\/strong>): People or households who hold liquid assets valued between $5 million and $30 million.<br>       <\/li>\n\n\n\n<li><strong>Ultra high net-worth individuals (UHNWIs):<\/strong> People or households who own more than $30 million in liquid assets.<\/li>\n<\/ol>\n\n\n\n<p>Given their substantial assets, high net-worth households require additional services from financial advisors and wealth managers. Financial services for HNWIs include investment management and tax advice, as well as help with Financial Planning.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_need_for_tax-efficient_financial_planning\"><\/span><strong>The need for tax-efficient financial\nplanning<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Whether you&#8217;re concerned about higher income tax brackets or\nthe Medicare surtax, investing in certain assets that are tax-deferred can\nreduce your taxable income from investments and lower your current year tax liability.\nTax-deferred are not the same as tax-exempt; that is, at some point in the\nfuture, tax-deferred investments will have some type of tax consequence\nassociated with a sale or distribution of the assets. That&#8217;s why you&#8217;ll want to\nwork closely with your tax advisor to project how withdrawals or sales of these\nassets may affect your future income tax liability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_planning_opportunities_for_high-net-worth-individuals\"><\/span><strong>Tax planning opportunities for\nhigh-net-worth-individuals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>HNWIs need to seek realistic tax planning as well as follow\na sensible investment plan to sustain their wealth. Let&#8217;s look at some of the\ncurrent options to achieve this:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Max_out_your_401k_contributions\"><\/span>1. <strong>Max out your 401(k) contributions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Having a 401(k) account is one of the easiest ways to\nsave for retirement. The money deposited in a 401(k) account is tax-deductible\nand grows tax-free &#8211; a factor that can play out well for\nhigh-net-worth-individuals. Besides being a great retirement planning tool, a\n401(k) account allows for a hefty tax deduction in the income of the taxpayer.\nFor high-net-worth-individuals, this solves two purposes: 1) it reduces your\ntaxable income, and 2) the deducted contribution grows tax-free in your 401(k)\naccount. Therefore, you get a retirement benefit and a tax benefit.<\/p>\n\n\n\n<p>The IRS allows taxpayers to contribute a maximum of\n$19,500 each year and an extra $6,500 for those over the age of 50. With this\nlimit, it may be a wise decision for high-net-worth-individuals to max out the\ncontributions that can be made to a 401(k) account. <\/p>\n\n\n\n<p>However, note that 401(k) may be a ticking time bomb. A\n401(k) is a tax-deferred account and not a tax-free account. In this sense,\nmaybe, it makes sense for you to roll over your savings in the 401(k) to a Roth\nIRA that takes in post-tax dollars and then makes withdrawals tax-free. Of\ncourse, this exercise should be undertaken while you still are in your earning\nyears. Speak to your wealth manager or retirement planner about such options.<\/p>\n\n\n\n<p><strong><em><a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/should-i-roll-my-401k-into-an-ira\/\">Should you roll over your 401(k) into an IRA?<\/a> <\/em><\/strong><em>Read our article in the Paladin Registry blog.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Make_maximum_contributions_to_your_Health_Savings_Account_HSA\"><\/span>2. <strong>Make maximum contributions to your Health Savings Account (HSA)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Just like 401(k) funds, the contributions made to a Health\nSavings Account (HSA) also grow tax-free and can be used for medical expenses\nin your lifetime. The money continues to grow over the years and offers triple\nbenefits to the account holder: HSAs allow for pre-tax contributions, there is\nno taxation upon withdrawing the money, and it acts as an investment instrument\nto cover your medical expenses in the future. <\/p>\n\n\n\n<p>Until 2021, the IRS allowed taxpayers to make a maximum\ncontribution of $3,600 per year for self-care and $7,200 for the family. In\n2022, the IRS raised the limit to $3,650 for self-care and $7,300 for families.\nThose above the age of 55 can contribute an extra $1,000 to the HSA.<\/p>\n\n\n\n<p>Make maximum contributions to your HSA as the tax benefits\nfor an HSA are more than the tax benefits for an IRA or a 401(k) account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Explore_investment_tax_planning_opportunities\"><\/span>3. <strong>Explore investment tax planning opportunities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Investments can generate wealth in the long term; however,\nselling investments can generate capital gains tax. With President Biden\nreportedly proposing to raise taxes on long-term capital gains for individuals\nearning $1 million or more to 39.6%, investment tax planning takes center stage\nnow. Added to the existing 3.8% investment surtax on higher-income investors,\nthe tax could rise to 43.4%, excluding state taxes.<\/p>\n\n\n\n<p>There are two types of capital gains tax &#8211; short term and\nlong term. Short-term capital gains tax rates are applied to equity investments\nheld for less than one year, while long-term rates are applied to equity\ninvestments held for more than a year. Short-term capital gains tax is the same\nas an ordinary income tax rate, while long-term rates are taxed at either 0%,\n15%, or 20%, based on your taxable income level.<\/p>\n\n\n\n<p>HNWIs belong to the highest tax bracket; they have to pay\nmore in short-term capital gains than in long-term capital gains. So, it serves\nthem to consider their holding period and the tax rate they will apply before\nselling off any investments in their portfolio. If HNWIs would like to work\ntoward eliminating a capital gains tax bite, they may consider using a tax-loss\nharvesting strategy. It\u2019s a way to offset profits by also selling some of their\ninvestments at a loss.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Consider_estate_and_gift_tax_planning\"><\/span>4. <strong>Consider estate and gift tax planning<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After the Tax Cuts and Jobs Act (TCJA), the gift, estate,\nand generation-skipping transfer tax (GSTT) exemptions doubled from 2017. The\ntax rate for all three remains at 40%, but the increased exemptions for 2021\noffer significant opportunities. For example, the current estate tax exemption\nis $11.7 million per person (against $11.58 in 2020), and the annual exclusion\nlimit for the gift tax is $15,000 per person.<\/p>\n\n\n\n<p>Higher lifetime exemptions offer you a greater opportunity\nto leave behind wealth for your children and grandchildren and minimize\ntaxation during your lifetime. To fully leverage these benefits, you\u2019ll need to\nconsider whether your estate plan is structured in such a way as to take\nadvantage of the higher estate tax limit. You\u2019ll also want to ensure you won\u2019t\nbe passing on more or less of your wealth to your heirs than you intend to\nwhile you\u2019re alive.<\/p>\n\n\n\n<p>The increase in the estate tax exemption is currently set to\nexpire at the end of 2025.&nbsp; If there are\nno changes to the existing law between now and 2025, the exemption will drop\nback to what it was before the TCJA, which was $5 million. When adjusted for\ninflation, the exemption will be somewhere between $5.4 and $6 million. This severely\nrestricts the amount you can gift to your heirs to pass on your wealth or\nestate without tax implications. According to news reports, some in Congress\nand the Biden administration are keen to bring down this level earlier than\n2025. <\/p>\n\n\n\n<p>What\u2019s more, under current law, investment assets held at\ndeath aren&#8217;t subject to capital gains tax. This is known as the &#8220;step-up\nin basis.&#8221; The Biden administration is also looking to limit this benefit.\n<\/p>\n\n\n\n<p>In this purview, now may be a great time to reach out to\nyour investment manager or wealth advisor to create a comprehensive plan to\nhelp you tide through the expectant tax changes without a significant impact on\nyour wealth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Make_use_of_charitable_giving_tax_planning_opportunities\"><\/span>5. <strong>Make use of charitable giving tax planning opportunities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you want to do good while also enjoying a tax break,\ncharitable giving can be an attractive strategy for high-net-worth individuals.\nThe IRS allows you to deduct cash contributions to eligible charitable\nentities, with a maximum deduction of 60% of your adjusted gross income (AGI).&nbsp; With the passage of the Consolidated\nAppropriations Act (CAA), for 2021, the maximum deduction for qualifying cash\ncontributions is up to 100% of AGI.<\/p>\n\n\n\n<p>If you are a high net-worth individual and you itemize your\ndeductions, these higher limits on charitable deductions can be quite\nmeaningful to your tax planning. Consider, for example, that you could make a\nlarge, tax-free transfer of wealth by putting some assets into a charitable\nlead annuity trust.<\/p>\n\n\n\n<p>If you&#8217;re over age 70\u00bd , you can also take advantage of an\nadditional benefit. You can avoid paying income tax on up to $100,000 annually\nby making qualified charitable contributions (QCD) from a traditional IRA.&nbsp; For individuals that are already taking\nrequired minimum distributions (RMDs) from their traditional IRAs, amounts\ndistributed as a QCD will be counted towards satisfying your RMD for the year,\nup to the $100,000 maximum.<\/p>\n\n\n\n<p>For Individuals with highly appreciated stocks, you may want\nto consider opening a donor-advised fund (DAF).&nbsp;\nIf you are eligible to claim itemized deductions for federal and\/or\nstate income purposes, contributions to the DAF are considered tax-deductible\ncharitable contributions.&nbsp; Transferring\nshares to a DAF allows you to receive a tax deduction in the year you transfer\nthe stock, but you can make grants to your preferred charitable organizations\nat any point in the future.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Explore_pass-through_entity_income_deduction_opportunities\"><\/span><strong>6. Explore pass-through entity income deduction opportunities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The final tax opportunity we encourage high-net-worth\nindividuals to consider relates to the 20% deduction on business income\nfor&nbsp;pass-through entities. A pass-through entity (also known as a\nflow-through entity) is a business structure in which the business income is\ntreated as the personal income of the owners. Specifically, it means that you\nmay be able to deduct 20% of your qualified business income off the top of your\nearnings (with certain limitations). If you\u2019re a high-income earner and you own\na business, you may find advantages in forming an LLC to take advantage of this\nsignificant deduction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_conclude\"><\/span><strong>To conclude <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Generally speaking, the investment industry quotes returns\nand yields without including their client&#8217;s various tax situations. Especially\nas high-net-worth-individuals, you and your advisors not only need to be aware\nbut also be proactive in managing your tax liability. This means being\nstrategic about the particular asset classes and investment products you use as\nwell as opportunistically capturing losses to offset gains.<\/p>\n\n\n\n<p>With all the intricacies of the US tax code and penalties\nfor underreporting income or claiming excessive tax deductions, it is important\nto work with a trusted tax professional. As you do, be sure to discuss the four\ntopics explored in this article: investment tax planning, estate, and gift tax\nplanning, charitable tax planning, and pass-through entity deduction planning.\nDoing so will ensure you can create the best tax planning strategy for your\ncircumstances while also ensuring you remain on the right side of the IRS.<\/p>\n\n\n\n<p><em>Visit Paladin Registry to find experienced and certified financial fiduciaries suited to your financial requirements. <a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\">The free match tool connects you with 1-3 financial advisors that may be able to help you with your financial goals and needs. <\/a><\/em><\/p>\n\n\n\n<p>To learn more about the most suitable tax-saving strategies for your specific financial requirements, visit&nbsp;Dash Investments&nbsp;or email me directly at&nbsp;<a href=\"mailto:dash@dashinvestments.com\"><strong>dash@dashinvestments.com<\/strong><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_Dash_Investments\"><\/span><strong>About Dash Investments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.dashinvestments.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Dash Investments<\/strong><\/a>&nbsp;is privately owned by&nbsp;<a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/jonathan-dash-founder-cio-dash-investments\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Jonathan Dash<\/strong><\/a>&nbsp;and is an independent investment advisory firm, managing private client accounts for individuals and families across America. As a Registered Investment Advisor (RIA) firm with the SEC, they are fiduciaries who put clients\u2019 interests ahead of everything else.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/financial-advisory-firm\/woodland-hills\/california\/dash-investments\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Dash Investments<\/strong><\/a>&nbsp;offers a full range of investment advisory and financial services, which are tailored to each client\u2019s unique needs providing institutional-caliber money management services that are based upon a solid, proven research approach. Additionally, each client receives comprehensive financial planning to ensure they are moving toward their financial goals. CEO &amp; Chief Investment Officer&nbsp;Jonathan Dash&nbsp;has been covered in major business publications such as Barron\u2019s, The Wall Street Journal, and The New York Times as a leader in the investment industry with a track record of creating value for his firm\u2019s clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The broad scope of tax legislation that has become law over the past several years has prompted many higher-income taxpayers to take a closer look at their tax situation. With the legislation tipping towards taxing the wealthy even more, the time is ripe right now than ever before for investors to introspect and put in place tax-efficient strategies to strike a balance between protecting their wealth and seeking capital appreciation<\/p>\n","protected":false},"author":125,"featured_media":10926,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[765],"tags":[],"class_list":["post-10924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Plan Your Taxes if You&#039;re a High-Net-Worth-Individual<\/title>\n<meta name=\"description\" content=\"high-net-worth individuals, you and your advisors not only need to be aware but also be proactive in managing your tax liability.\" 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