Estate planning for high-net-worth individuals and families is not a commodity service. The difference between an estate plan that efficiently transfers wealth across generations and one that creates unnecessary tax exposure, family conflict, or administrative complexity is largely determined by the skill and experience of the attorney who designed it.
These are the questions that distinguish an estate planning attorney who is right for your situation from one who is simply available.
Do you focus exclusively on estate planning and trust law, or is it one of several practice areas?
Estate planning at the high-net-worth level requires deep, specialized expertise. An attorney whose practice is 80% estate planning will bring a different level of sophistication than one for whom it is 20% of a general practice.
What is the largest estate you have planned, and what planning vehicles did you use?
This reveals both experience level and technical sophistication. Attorneys working with very large estates routinely use planning vehicles — GRATs, SLATs, IDGTs, QPRTs, family limited partnerships, dynasty trusts — that attorneys working with smaller estates may rarely encounter.
Do you have experience with the specific planning issues relevant to my situation?
Estate planning needs vary significantly based on the composition of the estate. Business owners need succession planning expertise. Executives with significant equity compensation need specific knowledge of restricted stock, stock options, and performance units. Families with international assets need cross-border planning knowledge. Make sure the attorney's experience matches your actual situation.
How do you work with other advisors — accountants, financial planners, investment advisors?
Sophisticated estate planning is a team effort. An estate planning attorney who regularly collaborates with CPAs, financial planners, and family office advisors will produce better integrated results than one who works in isolation.
How often do you recommend updating an estate plan, and what triggers a review?
Tax laws change. Family circumstances change. Business values change. A good estate planning attorney will have a clear philosophy on plan maintenance and proactive triggers for review.
Are you an ACTEC Fellow?
Fellowship in the American College of Trust and Estate Counsel is an invitation-only credential reserved for attorneys recognized by their peers for exceptional skills, reputation, and substantial experience in the fields of trusts, estates, and tax law. It is not a guarantee of quality, but it is a meaningful signal of peer recognition.
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FAQ
Q: What is the difference between a will and a revocable living trust?
A: A will takes effect at death and goes through probate — a court-supervised process that is public record and can take months or years. A revocable living trust holds assets during your lifetime, allows you to manage them and change the terms at any time, and transfers assets to beneficiaries at death without probate. For high-net-worth individuals, a revocable living trust typically offers privacy, speed, and continuity of management that a will alone does not.
Q: When should I update my estate plan?
A: Major life events that warrant review include marriage or divorce, birth or adoption of children or grandchildren, significant changes in net worth, business ownership changes, relocation to a different state, changes in tax law, and the death of a beneficiary or trustee named in the plan.
This article is for informational purposes only and does not constitute legal advice. Consult a licensed estate planning attorney regarding your specific situation.