The Unger Company builds elegant, efficient estate tax plans for high- and ultra-high-net-worth individuals and families.
The Unger Company, Ltd. specializes in designing and implementing elegant estate tax solutions. This is how we introduce ourselves to potential clients. But understanding what our firm does begins with understanding who our clients are. And this isn’t generally a cocktail party topic.
The Unger Company was designed to serve high net worth individuals (HNWI) and ultra-high net worth individuals (UHNWI). If someone coming from outside our world took a look at this, they’d think, “Give me a net-worth range and I’ll understand your business.” We don’t think that does this topic justice.
Currently, people and industries serving these individuals or families apply the following wealth ranges:
- A High Net Worth Individual (HNWI) has a net worth between $5 million and $30 million.
- An Ultra-High Net Worth Individual (UHNWI) has a net worth in excess of $30 million.
That’s textbook. However, because The Unger Company deals in planning estate tax solutions, the range we use is dictated by current estate tax laws. This is where things can get complicated.
Currently, the federal estate tax isn’t triggered until an estate hits the magic number of $12.92 million. The estate threshold is more than two-and-a-half times the generally accepted high net worth entry level of $5 million. For our purposes, high net worth really begins at $13 million and that does alter our scale a bit.
The chief concern in our business is wealth transfer to succeeding generations. This is where our skills shine. Mistakes when someone has a fairly small estate can be relatively inconsequential, however when someone has a $50 million estate, failure to adequately plan can be a mistake that leads to millions being handed over to the federal government. Some people think of this as a patriotic duty, but we disagree. Uncle Sam will never send you a thank you note for taxes paid.
There are many methods and many techniques that are used to construct an estate plan that will help HNWI and UHNWI minimize their estate tax profile. This is important because assets like a business or a family compound could need to be liquidated at “fire sale” prices because Uncle Sam is demanding his cut. Think of it this way: What if a parent or grandparent who owns a tremendously valuable piece of property dies when the real estate market is performing poorly? A mansion valued at $50 million could sell for a lot less, and a lifetime of careful planning and good fortune dwindle very quickly in the face of a large tax bill or two.
Preventing this from happening is what The Unger Company does. Although Harold Unger is an attorney, our firm is not a trust and estate law firm. We are not a financial advisor or an accounting firm. We are estate tax planning specialists who work with an existing team to create solutions that protect a client’s fortune and enable a smooth wealth transfer to their next of kin. This way, an asset fire sale never has to happen.
As we continue to publish articles, people who regularly visit our website will learn about such devices as an Irrevocable Life Insurance Trust or ILIT, and a Spousal Lifetime Access Trust or SLAT. We will discuss a variety of insurance products that are used to offset tax obligations and enable wealth transfer from one generation to the next.
The Unger Company was founded in 1974 by Harold Unger to provide high net worth clients with optimal solutions for estate tax problems. Our expertise and experience are there to serve you and your estate planning team. Contact us through our website or call us at 212-755-4777 to learn what we can do for you.
Directions: https://goo.gl/maps/GaiVqoLUXoxczU7s9
Harold Unger LinkedIn: https://www.linkedin.com/in/harold-m-unger-9453aa73/
The Unger Company Ltd. LinkedIn: https://www.linkedin.com/company/93617123/
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