If you have accumulated substantial personal assets, it’s essential that you have a comprehensive and customized estate plan in place to carry out your intentions and to protect your wealth from unnecessary taxes, creditors, and the administrative costs associated with probate.
While there are a number of complex tax and legal structures that may achieve a certain outcome, each client’s personal circumstances and family dynamics are unique. Therefore, high-net-worth estate planning in the current environment is a sophisticated process that requires an experienced team of professionals who can tailor your estate planning documents to your specific goals and values.
Ready and eager to assist you in this challenge, our estate planning team at Pierro, Connor, & Strauss utilizes proven asset protection tools and tax-reduction strategies to establish and implement for our clients so that they and generations to follow continue to prosper from the wealth that they have worked so hard to build.
Wealth and Tax Planning Opportunities
Our New York estate planning lawyers take a wholistic and integrated approach to either creating your new estate plan (or improving upon your existing estate plan) so that your plan will endure for decades but have inherent flexibility that accommodates any unforeseeable circumstances in the future. Pierro, Connor & Strauss aims to ensure that your estate plan is preserved and meticulously carried out over the years. Our primary goals with high asset estate and tax planning are to:
- Create an estate plan that maximizes the estate and gift tax exemption so that you can pass on more of your wealth to your heirs instead of the Internal Revenue Service.
- Plan ahead and make strategic moves to avoid the New York State estate tax cliff, which kicks in once your estate exceeds $7,287,000 (or 5% of the 2024 exemption of $6,940,000 in New York State.)
- Prepare estate and/or gift tax returns and resolve audits with state and federal revenue departments.
We strive to maximize the wealth for yourself, children, grandchildren, and charitable organizations while shielding them from heavy tax burdens on those assets.