Ultra High Net Worth
An ultra-high-net-worth individual is normally somebody with a minimum of $30 million in cash or assets that can easily be transformed into cash. The HNWI term is mainly utilized by the financial services industry to designate their richest customers for exclusive services. This indicates cash you have at hand or assets you can quickly offer for cash with little or no diminishment of its worth.
Assets 30+ Million
If you`re trying to see if you`re a UHNWI, you can generally count the following liquid assets:
- Checking accounts
- Savings accounts
- Money market accounts
- Stocks
- Bonds
- Mutual Fund shares
Real Estate Investments and Land are not factored in as they are harder to liquidate.
Tax-efficient strategies for very-high-net-worth families
Planning is important for UHNWI financiers. Here`s how tax and insurance coverage techniques can ensure your wealth is maintained for future generations.
High net worth individuals face a different set of financial challenges and opportunities than most other Canadians. Typically, their concerns are less about funding their way of life in retirement and more about how to protect and grow their wealth and pass it on to the next generation.
Life Insurance
Insurance coverage is a tax-efficient way to ensure wealth is passed from the estate to successors. That’s why UHNW individuals frequently count on insurance to pass on wealth far more than typical Canadians. The secret is to reduce the fiscal effect and transfer as much money as possible in an organized and structured method.
Insurance Carriers
- Manulife Financial
- Canada Life
- Sun Life
- RBC Insurance
- BMO Insurance
- Canada Protection Plan (CPP)
- Industrial Alliance
- Ivari
- Equitable Life
- Empire Life