on Investopedia by Dan Moskowitz
Updated November 17th, 2024
Estate planning can be tricky and challenging, especially if you’re a high-net-worth individual (HNWI).
From tax laws to tax liabilities to other issues that affect the family, there are so many things you have to consider. Some of the goals of HNWIs include protecting inheritances for heirs, minimizing estate taxes, avoiding the probate process, and appointing the right trustee. But how do you navigate this complex process?
This article serves as a quick guide to planning your estate and it should be helpful when hiring an estate planning attorney.
KEY TAKEAWAYS:
Dan Moskowitz
- Check with your estate planner on the best way to avoid probate.
- Estate planning can be complicated, but there are ways to help make the process go much smoother.
- When you’re ready to plan your estate, make sure you hire someone familiar with estate laws and planning.
- Be sure to minimize your estate taxes by knowing your gift, estate, and generation-skipping transfer tax limits, which may change yearly based on inflation.
- Consider provisions like a power of attorney, a living will, or a revocable trust if you become incapacitated.
