Estate Planning Strategies for High Net Worth – Irrevocable Trusts

Today we look at estate planning strategies for high net worth.  As you likely have heard, if you have money, you can make money.  Well, once you have made it now what?  How do you plan for your future?  How do you protect your estate from taxation, rather protect your estate from estate taxes.

There certainly are strategies out there.  I recently read an article that triggered me to start sharing ideas in this forum. It is an article about the CEO of a Broker Dealer.  He is moving about $14 million dollars into an irrevocable trust.

Estate size

Estates of this size certainly need some careful planning.  There are many variables and options to consider.  Estate taxes, planning for charities, planning for retirement, planning for college, planning for future generations and even planning for your legacy.

When I look at legacy planning I think of the surviving spouse first, then about what mark I wish to leave behind.

All too often there is an issue when the first spouse passes.  The expense don’t drop too much, however the income is cut by the lower Social Security benefit.  It is also possible that any pension could be cut or disappear.

What is next

Getting in action, determining for yourself that this is a priority.  However being a priority without the action – well, that doesn’t work.