Estate Planning for Executives: Shield Your Wealth
By Matt Held, CFP®
Deciding what happens to your assets after you’re gone is difficult, both emotionally or logistically. However, if you hope to preserve your wealth and pass it down to the next generation, you need a well-grounded estate planning strategy.
Each of my clients has a unique financial situation, so I’d like to emphasize the importance of crafting a personalized estate plan. Still, I encourage many of my executive clients to incorporate some or all of the following estate planning strategies.
Create a Plan for Incapacity
When you think about estate planning, do you imagine going down your list of assets to decide who gets what? That’s part of the process, but planning for your potential incapacity is critical, too.
If you suffer a medical emergency, having a clear incapacity plan means that your loved ones understand your preferences for medical care. It also allows your family to liquidate assets to pay for your care, if needed.
In Ohio, a plan for incapacity should generally include the following:
- Durable power of attorney for finances: Appoints someone to manage your financial affairs if you cannot
- Durable power of attorney for healthcare: Nominates someone to make medical decisions on your behalf
- HIPAA authorization: Allows that person to access your medical records
Living will: Outlines your preferences for medical care
Choosing who you want to act in your place is not a decision to make lightly. Discuss your incapacity plans with your family so they are prepared in the event of an emergency.
Organize Your Assets
If you were to die or become incapacitated tomorrow, would your loved ones know what to do?
Most executives have diverse portfolios and investments. Without a well-organized estate plan, your family may not know how to access your assets.
Create a list of your major assets and their approximate values. Include access instructions, such as login credentials for online accounts. This estate planning step can reduce your loved ones’ stress in the aftermath of your death.
Here are a few examples of assets to include:
- Savings and checking accounts
- Retirement accounts
- Brokerage accounts
- Stock options
- RSUs
- Real estate
- Vehicles
- Items in safe deposit boxes
Once you create this list, you should keep it in a safe place along with your will and other estate planning documents. If you have a financial power of attorney, give your agent a copy of this document as well.
Review Your Life Insurance Policies
Life insurance may not be the first thing that comes to mind when considering estate planning. For many executives, however, carefully selected coverage in appropriate amounts can help preserve a legacy.
Life insurance policies require ongoing review and thoughtful coordination within the broader estate plan. Beneficiary designations—both primary and contingent—should be kept current, and detailed records should be maintained for each policy, including the issuing carrier, policy number, and advisor or agent contact information. It is also important to establish a clear framework for how any proceeds may be applied, whether toward satisfying outstanding liabilities, providing income, or a combination of both. Maintaining this level of organization supports an orderly and efficient estate administration process.
Coverage should be reviewed whenever there are significant changes in income, assets, or family circumstances. Going beyond simply having life insurance, confirm that each policy aligns with your broader estate planning objectives.
You Don’t Have to Handle Estate Planning Alone
As an executive, you have uniquely complex estate planning needs. At Clarity Wealth Management, we routinely work with GE executives and other corporate leaders to help them build comprehensive estate plans and support their families’ futures.
If you want to learn more about what we do and how we may be able to help, contact us today. Interested in a no-obligation, icebreaker call? Schedule online here, call (513) 278-9420, or email Info@ClarityWealth.org.
Frequently Asked Questions About Estate Planning
What documents do I need for an estate plan as an executive?
A comprehensive estate plan for an executive goes beyond a basic will. At minimum, you want a durable power of attorney for finances, a durable power of attorney for healthcare, a HIPAA authorization, and a living will; these four documents alone confirm that if something happens to you, the right people have the authority to act on your behalf. Beyond that, most executives benefit from one or more trust structures, a detailed asset inventory with access instructions, and a gifting strategy to manage estate tax exposure over time. The more complex your financial picture (stock compensation, business interests, real estate, retirement accounts), the more important it is that these documents work together as a cohesive plan rather than a collection of individual pieces.
Do executives need a different estate plan than everyone else?
In most cases, yes. Executives often have concentrated stock positions, deferred compensation arrangements, equity grants, and benefits that require specialized planning—details that a standard estate plan may not address adequately. There's also the incapacity piece: if you're a key person at your company, your family and your employer both need clarity on what happens if you're suddenly unable to work. Add in a typically larger estate, more complex asset mix, and greater exposure to estate taxes, and the stakes of getting it wrong are significantly higher. At Clarity Wealth Management, our team works regularly with GE executives and other corporate leaders to build estate plans that account for this complexity.
About Matt
Matt Held, CFP®, is the lead advisor and a founding partner of Clarity Wealth Management, a boutique firm based in Cincinnati, OH. Since entering the industry in 2006, Matt has helped corporate executives, professionals, and business owners uncover opportunities and build long-term financial strategies. Driven by a desire to control his own future and create a lasting brand, Matt co-founded Clarity Wealth Management in 2012. His mission was to build a firm that would provide truly personalized guidance—and become a legacy for his own family. Today, Clarity serves about 100 households and focuses on helping clients simplify and navigate complex financial decisions, particularly those involving equity compensation, tax planning, and executive retirement.
Matt’s approach is rooted in trust, loyalty, and hard work. As a CERTIFIED FINANCIAL PLANNER® professional, he is deeply committed to long-term relationships and believes that clarity doesn’t mean predicting the future, but having the confidence that your plan can handle whatever comes your way.
Outside of work, Matt enjoys time with his wife, Abby, and their twins, Henry and Kinsley. Whether it’s watching sports (they love their Ohio State Buckeyes), hitting the slopes out West, or squeezing in a workout, he’s passionate about staying active and present. He’s also a proud graduate of Moeller High School and The Ohio State University. Matt holds Series 7 and 66 licenses, is licensed for health insurance, and earned his CFP® certification in 2012. He has been named a Five Star Wealth Manager in the Cincinnati area since 2013.* To learn more about Matt, connect with him on LinkedIn.
*2013-2018 and 2020-2024 Five Star Wealth Manager Award, created by Five Star Professional. The 2024 award was presented in September 2024 based on data gathered within 12 months preceding the issue date. Advisors pay a fee to hold out marketing materials. Not indicative of advisor’s future performance. Your experience may vary. For more information, please visit www.fivestarprofessional.com.
Clarity Wealth Management is neither endorsed by nor affiliated with GE or GE Aerospace.
