When you contact a Katy, TX high net worth estate planning lawyer, you’re taking an important step to securing your legacy. At Stuart Green Law, PLLC, we offer boutique legal support for clients at home and abroad. From asset protection trusts to tax planning, we’re happy to help protect whatever you’ve built for yourself, and for your loved ones.
But how does estate planning differ for high net worth estates? And what can your lawyer do to keep estate management simple and easy (both before and after your death)? Read on to learn more about high net worth estate planning, and get in touch with us today to get started.
Estate Planning At A Glance
At its most basic, estate planning involves managing your existing assets and beneficiaries. Most people assume it’s just deciding who gets what after your death, but there’s a lot more to estate planning than just material goods and properties.
Guardianship and powers of attorney also fall under the estate planning umbrella. If you have elderly parents, children, or disabled family members that are relying on you for care and financial support, it’s important to talk to an estate planning lawyer to decide on who should be declared their legal guardian when you’re no longer able to fill that role.
Similarly, with a power of attorney, you’re granting a trusted individual the right the act on your behalf, both legally and financially. Powers of attorney are a must-have if your family has a risk of mental health issues such as dementia – but they’re also good to have in case of emergencies.
Estate Planning For High Net Worth Estates
High net worth estate planning comes with its own challenges, but the basic goal is still the same: Protecting what you’ve earned, protecting your loved ones, and making sure there’s plenty left over for them when you’re no longer around.
However, high net worth estates also require some important attention and legal support when it comes to additional tax burdens. Once you have a certain amount of money in your estate, (as of 2024, $13.61 million dollars) you’ll have to pay federal estate taxes. Fortunately, your Katy high net worth estate planning lawyer can help you reduce your tax burden.
As with any other estate, it’s also important to take steps to avoid probate. With a high net worth estate, there’s a lot of money on the line, and your loved ones shouldn’t have to fight each other in court over the division of your assets. Once again, a Katy high net worth estate planning lawyer can come to the rescue. With proper legal support, you can leave an easier roadmap for your family when you’re no longer around to guide them.
Contact Us Today
Your estate represents everything you’ve built for yourself and your loved ones. It’s important to make sure your legacy is protected, and it’s equally important to make sure your estate is properly managed during and after your lifetime. If you’re ready to get started, reach out to Stuart Green Law, PLLC, and see how a Katy high net worth estate planning lawyer can help.