High net worth estate planning

A different type of estate planning is required for high net worth individuals. Estate planning options for these clients will involve managing wealth and protecting assets for the transferring of wealth to future generations. The goals of estate planning for high-net worth clients should involve protecting inheritances for heirs and beneficiaries, working to minimize estate taxes, avoiding probate, and ensuring that the right trustee is appointed.

A living trust can help you avoid the probate process which is costly and time-consuming. You still have control of your assets during your lifetime, and you have the ability to appoint a successor should you become incapacitated. A revocable living trust provides you with the ability to amend, modify, or even revoke the original document. You also have the ability to move assets in and out of the trust without paying taxes.

Assets and family

It’s in your best interest and that of your family and beneficiaires to have a living trust lawyer help you with setting up a plan for transferring the assets of your estate. Estate taxes and wealth transfers can be complicated and can vary from state to state. There are some common strategies that can help you to transfer your assets to your spouse and children without burdening them with a sizeable estate tax.

Some of these strategies include annual lifetime gifts to family and friends of up to $14,000/year to an unlimited amount of recipients. Charitable gifts to qualified 501(c)3 organizations are another way to minimize estate taxes.

By establishing a living trust you can set limitations on how a beneficiary can use his or her inheritance. An independent trustee can be appointed in order to approve all asset distributions. You can create a specially-designed trust that prevents a spouse from transferring your assets to children from a previous marriage or to a new spouse.

A lawyer specializing in estate planning can provide invaluable advice on creating a plan tailored to fit your specific needs — to help maximize your estate so it’s used as effectively as possible. If you need a living trust lawyer in San Diego, consider the Law Office of David W. Foley, California Living Trusts.

Working with the right legal team

According to a survey conducted by CNBC.com, more than one-third of high net-worth families haven’t take the basic steps needed to protect and provide for their loved ones upon their death. High net-worth estate planning is not only important when it comes to minimizing the financial burden of estate taxes, but also to help manage and protect your “lifetime wealth” including non-liquid assets such as real estate properties and liquid assets such as investments – stocks, mutual funds, and bonds.

At California Living Trusts, we specialize in creating living trusts as part of a comprehensive estate plan. The goal is to avoid the cost and time of probate for your family and beneficiaries and to protect inheritances for future generations. Schedule an appointment for a free in-person consultation with one of our attorneys to discuss your estate planning concerns.

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