You work hard to earn your money, sacrificing your time to build your wealth. When the time comes for you to pass your high-net-worth estate to your loved ones, you want to minimize your tax liability and provide for your heirs. Estate planning is an important part of protecting yourself and your assets. There are many legal estate planning strategies available to protect high-net-worth individuals under Mississippi and federal law.
What is High-Net-Worth Estate Planning?
High net worth estate planning was created to fulfill the distinct requirements and goals of people with significant wealth. It entails the strategic management of assets and the use of legal frameworks to safeguard and distribute the estate in accordance with the preferences of the individual. Lowing estate tax obligations, protecting assets from potential risks, facilitating effective wealth transfer to beneficiaries or future generations, planning for business succession, incorporating philanthropic goals, and collaborating with various professionals are key elements of high-net-worth estate planning. High net worth estate planning uses these techniques to provide a lasting legacy for the individual and their beneficiaries while also ensuring financial security and asset control. It is important to contact an estate planning attorney to facilitate the process for you.
Consult With a High-Net-Worth Estate Planning Lawyer in Mississippi
At Palmer & Slay, PLLC, we provide skilled legal counsel for high-net-worth clients who would like to protect their assets for future generations. We have an in-depth understanding of the particular complexities involved in assisting clients with high net worth. Our lawyers will anticipate any potential problems before they arise and address them in your estate plan. Contact us today to learn more about our high-net-worth estate planning services.
Minimizing Taxes for High-Value Estates
After working so diligently to grow your net worth, the last thing you want is to lose your assets through taxation. There are multiple taxes that high-net-worth individuals need to consider in their estate plans. Mississippi does not have an estate tax, inheritance tax, or gift tax. However, there are other taxes that may affect your estate and those are imposed by the federal government. Under the law for 2021, the first $11.7 million dollars of your estate will be exempt from federal estate taxes, but anything above $11.7 million that passes as a result of your death may be subject to estate tax rates up to 40%. For the millionaires in Mississippi, estate planning has long-term benefits.
Incapacity Planning in Mississippi
Incapacity planning is another critical aspect of high-net-worth estate planning. What would happen if you become incapacitated? Who would manage your assets or run your business for you? When you consult with one of our high-net-worth estate planning lawyers, we can help you develop a plan for incapacity. With an effective incapacity plan, you will not need to worry about your assets being in jeopardy if you are incapacitated and cannot make decisions for yourself.
There are various ways to plan for incapacity, including appointing an agent under a power of attorney who can manage your financial affairs should you become incapacitated. Your agent will be able to make financial transactions on your behalf, manage investments, and pay your bills. Similarly, you can create a healthcare agent under an Advance Healthcare Directive who can make important medical decisions on your behalf according to your wishes.
Business Succession Planning
Many high-net-worth individuals own their own businesses or are part of a company or corporation. If you own an interest in a corporation, you will need to decide who will inherit your interest if you passed away. We can help you review the corporate bylaws or operating agreement to determine what type of rights the person who acquires your interest will possess. Many high-end business owners want to ensure that their share of the business or their business interest will go to their surviving spouse or children.
If you are in a partnership, we can review your partnership agreement and make sure it has clear and decisive terms for succession that will benefit you. Many partnership agreements fail to cover all of the important issues related to succession. Finally, if you’re a sole proprietor, you will be able to control how you choose your successor. If you would like your business to be sold and the proceeds to go to your beneficiaries after your death, we can help you achieve that goal.
Asset Protection for High-Net-Worth Individuals in Mississippi Estate Planning
There are many different legal strategies for protecting your assets from creditors and lawsuits. Our estate planning lawyers can help you review all of your options and make informed decisions on protecting your assets.
Your asset protection strategy may include purchasing professional liability coverage or a business owner insurance policy to protect you if a customer or client sues you. Asset protection trusts and limited partnerships may also be used to provide asset protection.
Additionally, creating a limited liability company or a corporation will help protect your personal assets from liability if you own a business. After we carefully review your financial situation and learn about your goals for the future, we can present you with a comprehensive plan for protecting your assets now and in the future for your beneficiaries.
Contact a Mississippi High-Net-Worth Estate Planning Lawyer
The attorneys at Palmer & Slay, PLLC understand the unique challenges involved in working with high-net-worth clients. Our lawyers have an in-depth understanding of federal and state tax laws and all of the best strategies for effective high-net-worth estate planning. We will work with you to create a comprehensive estate plan. We serve residents in Rankin County, Flowood, East Jackson, and Brandon, MS. Contact our Mississippi law firm today to schedule your initial consultation.