High & Ultra High Net Worth Estate & Tax Planning
Strategic High Net Worth Estate &
Tax Planning Solutions
While a properly structured estate plan holds value for all individuals, its significance escalates notably for those with substantial wealth. Families classified as high net worth or ultra-high net worth encounter distinctive challenges, prompting the necessity for more sophisticated and nuanced approaches to ensure the preservation and protection of their substantial assets. Our experienced estate planning attorneys specialize in high net worth estate planning and can guide you through the intricacies of this process.
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McDowell Law Group
Estate planning for individuals with significant wealth typically starts with the same foundational principles that apply to smaller estates. However, due to the increased scale of larger estates, they face heightened exposure to potential challenges such as estate taxes, creditor claims, and familial or business conflicts. Consequently, a more extensive and nuanced planning approach becomes essential to effectively mitigate these risks and ensure comprehensive protection.
For estate planning purposes, it proves advantageous to classify estates according to their vulnerability to estate taxes. This stems from the fact that estate taxes come into play once an estate surpasses the designated estate tax exemption threshold, which presently stands at $13.61 million for individuals or $27.22 million for couples in the year 2024.
What Is Considered A High-Net-Worth Estate?
Following the expiration of the estate tax exemption sunset in 2026, the threshold for estate taxes is anticipated to decrease by approximately half of the current amount, adjusted for inflation. This implies that individuals foreseeing their estates surpassing $8 million should proactively consider planning for potential federal estate taxes in the future. Additionally, it is critical for individuals with such wealth to recognize they need more advanced estate planning strategies to reduce their estate tax liability of high net worth and ultra-high net worth estates. Accumulating wealth up to $8 million is undoubtedly noteworthy; however, the landscape of estate planning undergoes a substantial shift beyond this threshold and goes to the next level of ultra-high net worth estates.
Ultra-High Net Worth Estates
The imperative for legacy planning at the ultra-high net worth level typically arises when an estate reaches the $25 million threshold. While this threshold may vary for each client, it often signifies a pivotal juncture where the client’s priorities transition from sustaining their own lifestyle to a strategic focus on minimizing estate taxes and orchestrating plans for multigenerational wealth transfer. Business succession planning also becomes a critical consideration for high-net-worth individuals with family-owned businesses.
The primary considerations for individuals with substantial wealth encompass providing adequate capital for their loved ones, mitigating conflicts among heirs, and minimizing tax obligations. This holds true for Ultra High Net Worth (UHNW) individuals as well.
Seeking the assistance of an experienced attorney in high and ultra-high net estates can address the distinctive challenges encountered by individuals with significant assets which include but are not limited to:
Minimizing Family Conflict
Family discord over inheritance is a common occurrence, and a well-crafted estate plan can help mitigate these issues by clearly outlining your wishes and minimizing ambiguity.
Privacy and Creditor Risk Protection
High net worth individuals are often concerned about protecting their privacy and assets from potential creditors. Asset protection planning strategies, can be implemented to shield assets from lawsuits and judgments.
Liquidity for Estate Settlement Expenses
Ensuring there are sufficient liquid assets readily available to cover estate settlement costs.
Effective Business Succession Planning
For individuals with family-owned businesses, a well-defined business succession plan is essential to ensure a smooth transition of ownership and leadership to the next generation.
Addressing Charitable Aspirations
Many high-net-worth individuals wish to leave a lasting legacy through charitable giving. Your estate plan can be crafted to incorporate your philanthropic goals and maximize the tax benefits of charitable contributions.
What Makes Us Stand Out
Our comprehensive approach to high-net-worth estate planning incorporates a robust array of legal instruments and strategies designed to safeguard your assets and fulfill your wishes. Here’s a glimpse into what sets us apart:
Experienced Team
Our attorneys are experts in estate planning for affluent clients, keeping up with the latest tax laws and legal changes to ensure your plan is effective.
Tailored To You
We get to know you — your family, financial goals, and dreams for the future. This personal touch means your estate plan perfectly matches your life and ambitions.
Collaborative Approach
Your financial team and ours work together, ensuring your estate plan fits seamlessly within your overall financial strategy.
Business Succession
For clients with a family-owned business, we’ll help develop an estate plan that mitigates risks and ensures continuity.
Trusts & Will
Our wills and trusts are crafted just for you, helping protect your wealth, and ensure your legacy lives on as you wish.
Schedule A Consultation Today
The McDowell Law Group is dedicated to empowering you to protect your legacy and ensure a smooth transition of wealth to your loved ones. We invite you to schedule a consultation with our team to discuss your unique estate planning needs and explore how our expertise can benefit you. Call our Virginia location at (757) 863-4890, our North Carolina location at (252) 390-4690, or complete our confidential form. Together, we can craft a comprehensive plan that provides peace of mind for you and your family for generations to come.
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