A Complete Guide to High Net Worth Estate Planning

Conoscienti, Ledbetter & Archer
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Trusted Estate Planning Lawyers

Estate planning can be challenging when you have a high net worth. Learn how to protect your assets, plan for your family’s future, and more with this guide.

Blake Ledbetter Atlanta AttorneyAuthor: J. Blake Ledbetter, Partner, Conoscienti, Ledbetter & Archer

Mr. Ledbetter specializes in civil litigation in metropolitan Atlanta, Georgia, and possesses vast experience in wrongful death lawsuits. Mr. Ledbetter was recognized as a SuperLawyers Rising Star in 2018 and 2019 in the area of Civil Litigation. Published on August 01, 2022.

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Estate Planning for High Net Worth Families

Many view estate planning as a depressing topic to think about. The well-off, however, will agree that estate planning is a necessary step. Estate planning is the process by which a person makes arrangements for the distribution of their assets after they die.

Estate planning attorneys can assess your business or real estate assets and long-term needs. By hiring the right law firm, you can protect your assets and avoid probate proceedings for your loved ones.

 

What Does Estate Planning for High Net Worth Individuals Include?

 

Estate planning for high-net-worth individuals can be complex and involve a lot of planning, but it’s important to take the time to plan and document your wishes.

Estate planning is the process of making decisions about how you want to manage your assets and distribute them after you die. There are many steps involved in estate planning, including:

  • Determining who will be your beneficiaries
  • Deciding which bank accounts and assets should be included in your estate plan
  • Determining what type of estate plan best suits your needs
  • Naming an executor to carry out your final wishes

Atlanta lawyers can help you with many complex issues when it comes to getting the right information and making the right decisions.

Financial Planners for High Net Worth Individuals

As part of their duties, wealth planners help individuals or families plan for their personal finances and create transactions to manage those funds safely and effectively. Estate planners offer advice in a variety of areas related to estate planning, including:

  • Investment management, such as helping with asset allocation, portfolio construction, and risk management
  • Estate planning, including inheritance, tax minimization, and compliance
  • Retirement saving plans
  • Education savings
  • Family limited partnerships
  • Life insurance policies and living wills

 

Costs of High Net Worth Estate Planning

 

There are a variety of factors that determine the cost of hiring an estate planning lawyer, such as the complexity of the plan, the size of the estate, the kind of assets, and the location of the practice.

Speak with trusted Estate Planning Lawyers today, for free.

How an Estate Planning Attorney Can Help High-Net-Worth Individuals

An estate planning attorney can help a high-net-worth individual with many complex issues, such as:

  • Making sure that your assets are distributed according to your wishes and that they are not subject to probate or other legal challenges
  • Drafting your will or irrevocable life insurance trust, and other documents that ensure your property goes where you want it to go after you die
  • Settling disputes among family members about who should inherit property when someone dies without a will or trust
  • Helping people with disabilities plan for their future care needs
  • Providing guidance on tax laws related to estates and trusts and minimizing tax liabilities

Wills, living trusts, and joint tenancies with the right of survivorship are the most common types of estate plans. An experienced civil lawyer from a reputable law firm, such as Conoscienti, Ledbetter and Archer, can help you get an estate tax exemption.

Conoscienti, Ledbetter & Archer: Your Estate Planning Lawyers

Your Estate Planning Lawyers

Ultra-high net worth estate planning is important because it protects your assets, ensures that your wishes are carried out, and also helps to avoid any confusion or conflict among heirs. It is designed to make sure that your wealth will be passed down to your heirs and beneficiaries in the manner that you want.

An asset protection lawyer from a reputable law firm can provide advice and assistance on a range of matters, including tax planning, family limited partnerships, personal loans, and provide other legal services.

For comprehensive asset protection services, contact Conoscienti, Ledbetter & Archer today!

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    High Net Worth Estate Planning FAQs

    How Do Billionaires Avoid Estate Taxes?

    The answer is simple. Billionaires are known for their wealth and the best way to avoid estate taxes is by giving wealth away. They can do this by donating to charities, funding schools, or setting up foundations in their name.

    It is also important to note that the more assets they donate, the fewer taxes they will have to pay on the inheritance they leave behind. A skilled attorney from Conoscienti, Ledbetter and Archer can explain how to further reduce:

    • Capital gains tax
    • Estate tax
    • Gift tax
    • Income tax

    In some circumstances, the right financial advisor may be able to help you obtain a lifetime gift tax exemption.

     

    How Do You Distribute Money to Your Heirs Tax-Free?

    The process of making tax-free distributions of money to heirs is relatively simple. There are many ways to do this, but the most common way to do it is by having an irrevocable trust set up.

    A trust is an entity that has been created and funded with assets in order to provide for the beneficiaries of the trust once they come into possession of all or some of those illiquid assets. The beneficiary will have a right to use, consume, or enjoy all or part of the assets in accordance with the terms and conditions set out in the trust document.

    In this case, a trust would be set up for your children, who will inherit your estate when you die. The trustee would then distribute those funds as specified by you in your will or trust agreement. Your local law office can offer additional information and support.

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