Tampa High Net-Worth Estate Planning Attorney
Many successful, high net-worth individuals choose to live in Florida due to the lack of a state income tax and other favorable legal conditions. This does not mean, however, that such individuals do not require comprehensive estate planning. To the contrary, the complexity of most high-value estate makes it even more imperative to take the time and effort to create a plan that will protect your hard-earned wealth–not just for today but your family and heirs in the future.
There is no single approach to estate planning for wealthy individuals. That is why you need to work with a Tampa high net-worth estate planning attorney who can sit down with you and prepare a custom plan tailored to your circumstances. Knudsen Law is a full-service Florida estate and probate firm that specializes in aggressive estate planning strategies designed to provide maximum asset protection for clients and their families.
What Are Your Goals with a High Net-Worth Estate Plan?
In crafting the right high net-worth estate plan, there are a number of considerations. For many individuals, their top goal is to reduce, if not eliminate, any potential federal estate and gift tax liability. For others, it may simply be to ensure the details of their estate remain private and outside of the probate process. With that in mind, here are some of the more common high net-worth estate planning goals that we can help you with:
- Trusts: A trust allows you to pass your property on to your children and other beneficiaries without going through probate. This has several benefits. First, a trust can be kept private, unlike a probate estate. So nobody other than your beneficiaries need to know the scale of your net worth. Second, a successor trustee can carry out your wishes right away upon your death without the delays of the probate process, which can take years to sort out with a complex estate.
- Tax Planning: Florida imposes no taxes on estates, inheritances, or gifts made during one’s lifetime. But as of 2024, there is still a federal gift and estate tax. While current law provides for generous exemptions from both taxes, the law itself remains in a constant state of political flux. It is therefore important to have a high net-worth estate plan that is flexible enough to adjust to potential future changes in the tax laws.
- Incapacity: Many people mistakenly assume that high net-worth estate planning is only about what happens after you die. It is not. You also need to plan for what will happen if you become incapacitated and unable to continue managing your substantial assets on your own.
Contact Our Tampa High Net-Worth Estate Planning Attorneys Today
You would be surprised how many high net-worth individuals never take the time to create a simple will, much less a complete estate plan. This often leads to time-consuming and expensive probate after they are gone. You do not want to put your family and heirs in that position. If you need to speak with an experienced Tampa high net-worth estate planning attorney, contact Knudsen Law today at (727) 398-3600 to schedule a consultation.
