Perceptions of what constitutes a “high-net-worth” individual can greatly vary, as shown by a survey conducted by digital wealth manager Personal Capital.
Interestingly, a majority — 74% — of people do not envision themselves ever reaching this status.
In a survey of 2,209 adults asking what they perceived as high-net-worth, the median response was $400,000, significantly less than the SEC’s definition of $1,000,000. Understanding your net worth is the first crucial step towards formulating a financial plan that can assist you in achieving your financial objectives.
A Cornerstone advisor can collaborate with your legal and tax advisors to help protect and transfer your wealth using estate and legacy planning strategies that aim to:
- Effectively manage and oversee your assets.
- Ensure the financial security of your loved ones.
- Contribute to charitable causes that you deeply care about.
- Reduce your overall tax liability.
Discover more about the potential advantages of these tax-efficient vehicles for high-net-worth investors with one of our team members today.