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Special concerns can arise in high-asset estate planning

Estate planning can be valuable for individuals of all income and asset levels. However, this does not mean that how much in assets a person has is irrelevant when it comes to estate planning matters. It is one of the things that can heavily impact what sort of estate plan is best for a person.

There are many different ways estate plans can be tailored to meet a person's specific estate planning concerns. One of the things that can affect what sort of estate planning issues are present for a person is their asset level. For example, having high amounts of assets can raise some special estate planning concerns. Some such concerns are:

  • Estate taxes: Having a particularly large estate can lead to federal estate tax exposure upon one's death. There are planning strategies that may be able to help high-asset individuals with avoiding such exposure.
  • Complex assets: It can be fairly common for high-asset individuals to have some very complex assets. Sometimes, specialized estate planning devices, such as specialized trusts, can be very helpful with the distribution of such assets. 
  • Large assets: Sometimes a person is a high-asset individual because they have a particularly large asset that carries a large amount of value on its own, such as a successful business or a large real estate holding. When a person has such an asset, they generally will have some very strong views on what they want to happen with it when they die.

Our firm can help individuals with all different sorts of estate planning concerns, including concerns related to high-asset estates. We work hard to understand the goals and overall financial and family situation of our estate planning clients to help match them with the right type of estate plan. We have significant experience with many different kinds of estate planning matters, including high-asset estate planning.

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