Estate planning for high-net-worth families: beyond the numbers
Coordinate family goals, complex assets, and the people responsible for carrying out your plan.
Start with the family’s goals
A larger estate can bring more decisions, but a useful planning conversation still begins with people. Who depends on you? Which assets should remain in the family? Are there business interests, charitable priorities, or beneficiaries who need ongoing support? Write down those goals before discussing particular documents. A shared picture helps your attorney, tax professional, and financial adviser identify where their work needs to connect.
Map the assets and responsibilities
Prepare an inventory of property, accounts, business interests, insurance, debts, and existing trusts. Include ownership information, beneficiary designations, and the people who can locate important records. Ask how an executor or trustee would manage expenses and family needs during a transition. Review whether the people you have selected have the time and experience to handle those responsibilities, and identify backups.
Review tax questions without losing sight of the plan
Federal estate and gift taxes can be relevant when transferring substantial wealth. Ask your advisers to review the current rules, applicable state taxes, and the consequences of a proposed gift or trust before acting. A strategy should fit your family’s needs as well as its tax objectives. Revisit the plan after a business sale, a major change in assets, a move, or a change in the family. No single trust or document guarantees a particular tax result.