How Sudden Loss Exposes Estate Planning Gaps

Private Wealth Services attorney Brent Berselli spoke with Citywealth about estate planning for ultra-high-net-worth individuals. He emphasized early, comprehensive planning to avoid liquidity crunches, tax liability and succession disputes, especially where illiquid, closely held businesses and name, image and likeness (NIL) assets are involved.

"Ultra-high-net-worth clients tend to have incredibly complex asset holdings, and not everyone is equipped to direct the management and ultimate disposition of those assets," he commented, advising clients to appoint capable fiduciaries and build plans that address management succession and cash-flow mechanisms for heirs.

READ: How Sudden Loss Exposes Estate Planning Gaps