If you’re a high net worth individual, chances are you have worked very hard to amass your wealth. Now, it’s vital to work equally as hard to manage that wealth to continue to benefit you and your family. That means paying close attention to your unique circumstances and being thoughtful and diligent about your high-net-worth financial planning.

Wealth Creation

The United States boasts 6.6 million high net worth individuals, referred to as HNWIs in the Wealth Opportunity Index.  This means there are more HNWIs in America than in Canada, the UK, mainland China, Hong Kong (SAR) and Singapore combined. The ability of Americans to generate wealth is unmatched, yet these opportunities can be easily squandered when HNWIs fail to properly save for the future. The best way to protect your wealth is to determine a financial plan you can follow over the long-term.

SEE ALSO: Understanding the ‘Rich Person Roth’

Future-Proofing Your Savings

No two financial plans are alike, as they take into account your particular circumstances and goals. Though you may have been focused on wealth creation in the past, your financial plan will usually prioritize protecting your wealth over increasing it. If you want to ensure your long-term financial wellbeing and pass your wealth along to your children, then a long-term strategy is necessary. This is particularly important because of the construction of the U.S. economy, which monetizes and commoditizes all our needs – needs that increasingly require more money. For example, the amount needed to retire without being a burden on your children means planning for health care and long-term care needs, both of which can cause worry for retirees afraid of running out of money.

Perhaps, this is why so many HNWIs view saving for retirement as a top goal, with the secondary goal of preserving some of their wealth for their heirs, too. Frustratingly, many of the obstacles to these goals are outside of your control, even if you are a high net worth individual. The rising cost of living and raising a family, the steady increases in college tuition costs, possibly needing to care for children and aging parents simultaneously, and increasing health care costs are among the most common. Given all these factors, it can be difficult to feel financially reassured.

Planning Fundamentals

In your quest for more confidence in your long-term financial outlook, there are a few essential areas you’ll want to attend to as part of your high net worth financial planning process:

Tax Planning

Everyone must deal with taxes, but proper planning is crucial for HNWIs. When you have amassed a large amount of wealth, there is more to think about than just your income tax. If you don’t have an intelligent tax strategy on your side, you can easily end up paying more than you need to. A tax professional can help you with your planning for capital gains taxes and gift and estate taxes, in particular.