High Net Wealth Estate Planning

Protecting Your Assets for Future Generations

You have worked hard your entire life to provide your family with great opportunities and luxuries. Now looking ahead you want to preserve your capital while insulating your assets from judgments, taxes and other threats. Our team of New York wealth management lawyers and strategists can sit down with you to ensure your family’s assets are passed down through the generations as intended. We will create a plan that will limit your exposure to both Federal and State estate tax liability as well as money judgments.

Every estate plan always starts with a will. However, for those fortunate individuals who have built a substantial legacy through hard work a more elaborate estate strategy is required.

Our NY estate lawyers would be happy to sit down with you and your financial planner to customize your financial strategy. Through an combination of simple to more sophisticated trusts and wills, we are able to protect our clients most valuable assets.

If you have $5 million of assets or more in your estate you should start thinking about forming one of the following:

  • Family Limited Partnership
  • QTIP (State Qualified Terminable Trust)
  • Irrevocable Trust
  • Revocable Trust
  • Testamentary Trust
  • Totten Trust

Start Planning Today

It is never too soon to start planning for the future. However most clients put off estate planning because they are afraid of the unknown. As a Queens estate planning attorney, many of our high net worth clients’ biggest fears are losing control of their assets. The fact is with the help of experienced lawyers you can create a family limited partnership, which insulates any and all of your assets from both judgments and estate tax liability when set up properly. Most importantly, as the creator of the family limited partnership you retain all control over the assets within the partnership and can even dissolve it at any time if you change your mind.

Unlike the Federal Estate Tax Exemption which is $11.4 million per individual and $22.8 million for married couples NYS will be a mere $5,740,000.00 per individual in 2019.  What is worse is unlike the exemptions contained within the federal estate tax, New York State does not provide portability of exemption between spouses.  What this means is, without proper planning in the form of exemption trust formation any and all assets may be subject to the estate tax in estates larger than $5,740,000.00 at the time of this writing.  However, with some preventive measures there are many ways a married couple can safely pass $11,480,000.00 outside the NYS estate tax.
If your wealth continues to grow over the years, it may be a good time to sit down with our legal team at the Law Offices of Jason W. Stern & Associates. Our offices are conveniently located on Queens Boulevard at the corner of 71st Avenue in The Cord Meyer Building. We represent estate clients in Queens, Manhattan, Brooklyn, Bronx, as well as Nassau, Suffolk, Rockland, Westchester, Dutchess and Orange Counties. Take the right steps to protect your wealth by contacting our firm today.