More sophisticated estate planning may be appropriate for people that: have sufficient net worth to consider tax planning; own assets in more than one state or jurisdiction; highly prize privacy; have blended families, and/or have a history of family discord (“Complicating Factors”).
In 2022, the net amount a person can have without paying estate tax is slightly more than $12 million per person. Current legislation will reduce that amount to about $6 million per person in 2026.
If any of these Complicating Factors exists, more sophisticated estate planning may involve:
Contact a knowledgeable estate planning attorney to discuss the best options for you and your family. The Strong Firm P.C. is available to consult with you today!
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