Managing a large amount of money is challenging. If you are not used to having so much money at your disposal, it can make you feel overwhelmed and highly stressed. The one thing that such money brings you is attention and lots of it. You will be approached by people you have never heard of. They will want you to finance projects, give a charitable donation to their organization, or support their political or social cause. Not all such people have bad intentions, and the projects they have in mind might have merit. However, you cannot manage your money this way—that is, giving out handfuls of it to people who may move you. It is much better to have a plan and strategy in place to shepherd your fortune, so that you can make shrewd investments and give to charities that you care about.
Working with a financial advisor Minneapolis multi family office can provide you with the expertise you need to meet such aims. Your financial advisor can create a wealth management plan that integrates promising investment opportunities, charitable donations, effective tax planning, and estate planning. A wealth management advisor can help you take control of your money before it takes control of you.
Wealth is hardest on those who have come by it suddenly. If you have unexpectedly inherited a large estate, wrote a novel that became a worldwide best-seller, or started a company that grew faster than even the best forecast predicted, you may be dazed by the sudden amount of wealth at your disposal. You will need a financial advisor to help you manage it. But your first call should be to a lawyer.
Great wealth brings with it a host of legal issues that you will need to contend with straightaway. Aside from the new taxes you will be liable for, you will become the target of lawsuits. Once people find out that you are wealthy, they will come up with the slightest pretext for suing you. The aim of such people is not to win the suit in court but to get you to settle it out of court. They figure it will cost you more in both money and negative publicity to go through a trial than to offer them a settlement, no matter how frivolous the suit.
Lawyers who handle high-value clients know how to handle such suits. You will need someone like this to step in straightaway. In most cases, you will be able to get such suits thrown out, which means you will have to pay neither the litigant nor the legal expenses that result from the suit. Indeed, your lawyer can ensure that the person who sued you is forced to pay both the court fees and their expenses.
New wealth brings different sorts of challenges, but they are manageable. The important thing is to get the right help. Working with professionals who can help you manage your money and your new life will go a long way toward making you successful and prosperous.
Protect your wealth and the inheritance you want to leave for your family. Contact a wealth management advisor with a multi family office today.