Preserving Your High-Net-Worth Estate For Future Generations
When you have worked your whole life to accumulate assets and wealth to provide your family with financial security, it is understandable that you would want to make sure you preserve those assets for generations to come, and to protect your estate from taxes and other threats. Our wealth management lawyers at Enea, Scanlan & Sirignano, LLP, in Westchester County have been protecting high-net-worth estates for families in New York for decades by using strategic estate plans that are specifically tailored to your particular asset portfolio.
Thinking Ahead For Estate Taxes In New York
The state of New York has a relatively low threshold for its estate tax exemption. If you have accumulated assets and property that exceed $5 million in value, strategic planning is necessary to avoid extensive New York estate taxes and the proverbial New York estate tax cliff. Tax minimization strategies will help to preserve your wealth for future generations.
Wealth Management Estate Planning Strategies
An experienced wealth management attorney can employ several different options as part of an estate plan strategy, including:
- The creation of family-limited partnerships
- The establishment of revocable and irrevocable trusts
- The use of strategic gifting tactics
There are a variety of trusts that are designed to offer asset protection planning. By implementing strategic estate planning methods, you can preserve your wealth for your family.
Preserving Decision-Making Power
Additionally, it is also important to consider the possibility that you might not be able to make decisions for yourself as you age. Taking steps now to delegate the decision-making power to someone you trust is critical to protecting your assets and wealth for future generations. Generally, health care directives delegate health care decisions to a trusted family member. Equally important is a financial power of attorney to delegate access to financial accounts and grant decision-making power regarding property and assets to a trusted friend or family member should the need arise.
Schedule A Consultation With A Wealth Protection Attorney
A regular review of your estate plan to be sure it is aligned with your current asset portfolio will help protect your wealth for generations to come. Our wealth management attorneys are available for consultation appointments. You can schedule an appointment by calling 914-269-2367 or by sending our office an inquiry through our online form.
