If you’re like many people of considerable means, much of your financial focus is on building and protecting your wealth. It’s easy to tell yourself that estate planning is important — but you’ll get around to it eventually.

For high-net-worth individuals and families, however, estate planning is far more complex than for the average person. It takes time and thoughtful reflection to craft a plan that will serve your family’s needs for generations to come.

The Importance of a Nuanced Estate Plan

Here are some of the key reasons basic estate planning strategies aren’t sufficient if you have a very high net worth:

You May Have to Account for Estate Tax

In 2025, the federal estate tax filing threshold is $13.99 million. Most people leave behind far less, so for the majority of people, there’s no need to plan to offset the federal estate tax. But for families that reside in the District of Columbia or one of the twelve states that still have a state estate or inheritance tax, the threshold is often significantly lower.

An estate planning attorney who doesn’t work with people of means may be unfamiliar with the best strategies for minimizing federal estate taxes and state estate taxes, and preserving wealth for the next generation.  There are so many possible strategies that families with taxable estates might use.  Some of the more common tools include:

  • Domestic Asset Protection Trust 
  • Spousal Limited Access Trust
  • Family Limited Partnership
  • Limited Liability Company
  • Defined Benefit Pension Plan
  • Irrevocable Defective Grantor Trust
  • Self-Cancelling Installment Note
  • Private Annuity
  • Tax Exempt Trust
  • Net-Net-Net Lease
  • Grantor Retained Annuity Trust
  • Qualified Personal Residence Trust
  • Private Foundation
  • Supporting Organization
  • Deferred Payment Contract
  • Life Insurance
  • IRA Strip Out
  • Split LI Ownership
  • Irrevocable Life Insurance Trust
  • Family Bank Trust 
  • Health Education Exemption Trust

 

You Likely Have People Counting on You

It’s wise for anyone to have a power of attorney and a plan in case they become incapacitated. However, if you have a high net worth, you may own businesses or serve on the boards of multiple companies. You may also have properties that need to be managed.

Any solid estate plan must contain detailed (and up-to-date) steps outlining how to proceed if you’re suddenly unable to manage your own affairs.

Avoiding Probate Is of Prime Importance

Probate can be messy, complex, and costly. This is doubly true if you have considerable assets. Your attorney can help you employ tools like living trusts to protect your family and keep your assets out of probate.

Your Assets Are Diverse 

The average person’s estate plan includes a home, bank account, and investment portfolios. However, if your net worth is high enough, your assets are likely spread across many different classes. Your estate plan may need to account for assets like the following:

  • Businesses and business interests
  • Real estate
  • Stocks
  • Mutual funds and ETFs
  • Private equity
  • Retirement Plans (like IRAs, 401(k)s and Roth IRAs)
  • Cryptocurrency
  • Patents, copyrights and other intellectual property
  • Gold and other precious metals
  • Fine art
  • Jewelry
  • Cash
  • Life Insurance
  • Annuities
  • Promissory Notes and Mortgages

A comprehensive estate plan will protect all of your assets and preserve as much as possible for the next generation.

Work With a High-Net-Worth Estate Planning Attorney

To create a sophisticated estate plan, you need ample time and an estate planning attorney familiar with the needs of high-net-worth families. Boyd & Boyd, P.C. is committed to helping families like yours. Contact us online or call us at (508) 444-9688 today to discuss how we can help you achieve your goals.

FAQ

Why Do I Need High-Net-Worth Estate Planning Services?

Just because a firm focuses on estate planning doesn’t mean its lawyers are familiar with the planning needs of high-asset families. The right attorney will understand which strategies to use to lower your tax burden and preserve your wealth.

How Often Should I Update My Estate Plan?

As a general rule of thumb, you should review your estate plan every six months and revisit your estate plan with your attorney annually. Some form of update is common every three to five years, as well as after significant life events. Ensuring that your estate plan reflects your current needs and wishes is just as important as creating one in the first place.