Estate planning can be tricky in any circumstances but can be particularly demanding if you are a high-net-worth individual. Considerations like protecting inheritances, minimizing estate taxes, appointing the best trustees, and avoiding probate are crucial when significant wealth is involved. How can you navigate this complicated process? When you work with The Millman Law Group to comprehensively navigate high-net-worth estate planning, you can trust that we are helping you make the best decisions for your personal and financial interests.
Selecting the Right Trustee
Trusts can be an excellent way to manage your estate and pass on wealth and assets to your children and grandchildren. However, you want to select the best trustee to manage the trusts properly. Research to find someone who will work well for you and understand your needs. When handling a high-net-worth estate, selecting family members can sometimes become contentious. On the other hand, if you select the wrong professional to manage your assets, you may find someone more interested in increasing their own income. At The Millman Law Group, we always put our clients’ needs first and act as a neutral third party outside the family who can advise the best actions.
Minimizing Estate Taxes
If you aren’t strategic about your high-net-worth estate planning, taxes can significantly reduce the wealth you leave to your beneficiaries. The experienced estate planning lawyers of The Millman Law Group will help you navigate and consider every kind of tax scenario for your estate, including income taxes, gift taxes, estate taxes, and taxes imposed by both the federal and state governments.
If you were to become incapacitated due to an accident, illness, or other scenarios, you would want to ensure that you can still provide care for your dependents, guarantee management of your property, and specify your end-of-life treatment.
To accomplish these goals, you will need your lawyer’s help in:
- Appointing a durable power of attorney: This allows the chosen agent to take care of your financial or legal matters after incapacitation.
- Establishing healthcare power of attorney: This document outlines your preferred medical treatment, doctor and hospital, long-term care, and more if you are incapacitated.
- Completing a living will to outline your end-of-life treatment when you cannot communicate yourself.
- Establish guardianship for any minors in your care.
Avoid Probate with a Living Trust
If you want to avoid unnecessary costs, you will want to avoid the probate process. One of the best ways to do this is to opt for a revocable living trust. Because it’s a trust, not everything is in your name, which helps you bypass probate. Despite not everything being in your name, you still retain control of your assets while alive. You can also appoint a successor in the case you become incapacitated.
Additionally, if you are concerned with how a beneficiary will behave with their inheritance, you can set limitations on how they can use the funds in the trust. The Millman Law Group can help you navigate each decision necessary for successful high-net-worth estate planning.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.