BEVERLY HILLS, CA--(Marketwired - Dec 7, 2014) - According the Federal Reserve, the net worth of United States households rose 14% in 2013 to $80.7 trillion -- the highest ever recorded. Due to this record-wealth, the need for estate planning has never been greater and insurance representative and estate planner, Steven Wolt, is emphasizing its importance for high net-worth individuals.
"Those who have seen their net worths spike from recent economic growth should understand the need for estate planning in the event of unforeseen circumstances," says Steven Wolt.
"The recent and untimely passing of some high-profile entertainers has really brought this issue front-and-center. Unfortunately, the families of some of those celebrities are now experiencing the negative effects from that lack of planning," Wolt adds.
Many high-net worth individuals are also using life insurance as a tool in the estate planning process to help create liquidity so that assets can be passed from one generation to the next.
With a basic understanding of life insurance products and tax laws, Wolt notes that a variety of pitfalls can be avoided to help those with high net worth capitalize on how much can be passed down to family and loved ones
Despite the stock market and household net worth reaching all-time highs, Steven Wolt is still cautioning others to be prepared for the unexpected.
"We live in uncertain times and people should never hesitate in protecting what they've worked so hard to obtain," Wolt states. "With all the wealth being created, there has never been a more appropriate time to look at estate planning than now."
For more information, visit http://www.stevenwolt.net .
About Steven Wolt
For more than 18 years, Steven Wolt has worked closely with owners of privately held businesses, executives of publicly traded companies and affluent families on their estate planning, life and disability insurance needs. Steven specializes in designing and implementing cost-effective strategies to mitigate risk and maximize flexibility.
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