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Estate planning is critical for high-net-worth individuals and family offices to protect their assets and ensure a smooth wealth transfer to the next generation. Whether your goal is to minimize taxes, secure your family’s financial future, or support causes you care about, having a well-thought-out estate plan helps ensure your assets are distributed according to your wishes.

Why Estate Planning Matters

Without a proper estate plan, your wealth could be subject to unnecessary taxes, legal battles, or disputes among heirs. Effective estate planning plays an important role in minimizing these risks.

A well-designed estate plan protects your assets and offers you peace of mind. It lets you control how your assets are distributed and ensures your wishes are honored.

Key Steps to Take in Estate Planning

If you haven’t reviewed your estate plan recently, the time to act is now. Here are some key steps to consider:

1. Review and Update Your Estate Plan Regularly: Life changes, such as the birth of a new family member, changes in your financial situation, or updates to tax law, make it essential to revisit your estate plan. Recent changes under the One Big Beautiful Bill (OBBB) expanded or even increased specific provisions introduced initially by the Tax Cuts and Jobs Act (TCJA). Reviewing your estate plan now ensures it reflects both your current goals and the updated legal landscape.
2. Establish a Will and Trusts: A will outlines how you want your assets distributed after your death, while trusts can help manage and protect your assets during your lifetime and beyond. Trusts can also offer benefits such as minimizing taxes, protecting your assets from creditors, and ensuring your assets are distributed as you intend.
3. Consider Lifetime Gifting: By gifting assets while you are still alive, you can minimize the size of your taxable estate while seeing the impact of your generosity. This could include direct gifts to loved ones, charitable donations, or setting up trusts for the benefit of your heirs. Under the OBBB, the annual gift tax exclusion remains unchanged. However, reduced income and capital gains tax rates for individuals, trusts, and estates from the 2017 TCJA were made permanent, providing predictability for irrevocable non-grantor trusts. Additionally, the gift and estate tax exemption has increased to $15 million per individual / $30 million per married couple starting in 2026, with annual adjustments for inflation. Taking advantage of these lower rates and higher thresholds can significantly reduce future tax burdens on your estate.
4. Plan for Incapacity: An estate plan isn’t just about what happens after you pass away; it’s also about what happens if you become incapacitated. Designating someone as your power of attorney for health care and finances allows them to decide on your behalf if you cannot.
5. Consult a Professional: Estate planning can be complex, especially for high-net-worth individuals and families. FLSV advisors can help you navigate your options and help you establish an estate plan that meets your goals.

Personalized Estate Planning for Peace of Mind

With provisions expanded under the OBBB, reviewing and updating your estate plan is more important than ever. You can maximize the benefits available under current tax laws, potentially saving significant amounts of your estate in taxes and preserving more wealth for your heirs. Acting proactively allows you to protect more of your wealth for the next generation.

At FLSV, our experienced team can assist you with your estate plan to ensure it is tailored to align with your values and objectives.