Given the complexity of your estate and the potential tax implications, it is clear that you would benefit greatly from comprehensive estate planning. Working with an estate-planning attorney, financial adviser, and CPA will help you navigate the various options available to you and create a plan that best suits your needs and goals.
Some key considerations for your estate planning may include setting up a bypass trust to minimize estate and probate taxes, naming beneficiaries for assets that don’t go into a trust, and taking advantage of the current estate-tax exemption limits. Additionally, considering trusts for your children and planning for potential changes in the estate-tax rules can also be important factors to consider.
Regular meetings with your financial adviser and estate-planning team will help ensure that your plan remains up to date and aligned with your current financial situation and goals. By taking these steps now, you can help secure the future financial well-being of your family and ensure that your wishes are carried out according to your estate plan.