Estate Tax Planning for High Net Worth Individuals in New York

Advanced Estate Tax & Wealth Preservation Planning

When your estate exceeds New York’s exemption threshold, every dollar you don’t protect goes to taxes. You need a high net worth estate planning attorney who focuses on tax planning for high net worth individuals. Not a generalist, not a financial advisor, but a New York tax planning lawyer who understands the state’s complex tax landscape.

Our firm helps individuals and families across NYC, Long Island, and Westchester structure their estates to minimize tax exposure. We draft trusts, coordinate wealth transfers, and implement estate preservation strategies that keep more of your wealth in your family.

Call 516-518-8586  for a confidential consultation.

Why New York Is One of the Worst States for Estate Taxes

New York doesn’t wait for you to die wealthy. The state starts taxing estates at approximately $7.16 million, far below the federal exemption of $13.61 million.

Worse, New York has a “cliff.” If your estate exceeds the exemption by more than 5%, the state taxes your entire estate, not just the excess. A $7.5 million estate could face over $500,000 in New York estate tax alone.

Add federal estate tax for larger estates, capital gains on appreciated assets, and potential gift tax complications, and the tax implications for high net worth individuals in New York become severe.

This is why high net worth tax planning requires a New York City estate planning lawyer with specific expertise, not generic financial advice.

Estate Tax Planning Strategies We Implement

We don’t use templates. Every high net worth estate planning engagement starts with your specific assets, family structure, and goals. Here’s how we approach estate and tax planning for wealth preservation.

Trust-Based Tax Planning

Trusts are the foundation of most tax planning strategies for high net worth individuals. As your NYC trust attorney, we structure and draft:

• Irrevocable Life Insurance Trusts (ILITs): Remove life insurance proceeds from your taxable estate
• Grantor Retained Annuity Trusts (GRATs): Transfer appreciating assets with minimal gift tax
• Spousal Lifetime Access Trusts (SLATs): Protect assets while retaining family access
• Qualified Personal Residence Trusts (QPRTs): Transfer real estate at reduced tax cost
• Intentionally Defective Grantor Trusts (IDGTs): Freeze estate value while you pay income taxes

Each trust serves a specific purpose. We help you determine which structures fit your situation.

Lifetime Gifting Strategies

Strategic gifting removes assets from your estate before they appreciate further. We implement:

• Annual exclusion gifting programs
• Lifetime exemption planning
• Family limited partnership structures
• Transfers of appreciating assets to younger generations

Timing matters. Gifts made earlier compound outside your estate for years.

Charitable Planning

Charitable giving can reduce your taxable estate while supporting causes you care about. We structure:

• Charitable Remainder Trusts (CRTs)

• Charitable Lead Trusts (CLTs)

• Donor-Advised Funds
• Private foundation formation

These aren’t just philanthropic tools. They’re tax optimization strategies for high net worth individuals who want to direct where their money goes.

Business Succession Planning

If you own a business, your estate plan must address succession and valuation. We handle:

• Valuation discounts for family entities
• Buy-sell agreement structuring
• Installment sales to grantor trusts
• Ownership transfer strategies that minimize tax exposure

Business interests often represent the largest asset in an estate, and the greatest planning opportunity.

Ultra High Net Worth Tax Planning

For clients with estates well above both state and federal exemption thresholds, we implement advanced strategies including dynasty trusts, private placement life insurance, and multi-generational transfer structures. Ultra high net worth tax planning requires coordination across multiple legal disciplines: estate law, tax law, and entity structuring.

Integrated Estate Planning and Wealth Preservation Strategies and Solutions

Tax planning doesn’t exist in isolation. Your estate plan, asset protection strategy, and tax approach must work together.

As estate planning lawyers for high net worth families, we coordinate:

• Estate documents and tax structures: Your will, trusts, and beneficiary designations must align with your tax strategy
• Asset protection and tax efficiency: Structures that protect assets should also minimize taxes
• Liquidity planning: Ensuring your estate can pay taxes without forced asset sales
• Life insurance positioning: Proper ownership keeps proceeds out of your taxable estate

Effective estate preservation strategies require this integrated approach. We build plans that accomplish both protection and tax efficiency.

Who We Serve

Our tax planning for high net worth individuals services are designed for people with complex financial situations who need a high net worth tax advisor with legal expertise.

High-Net-Worth Individuals and Families

• Estates approaching or exceeding New York’s $7.16 million threshold
• Families with multi-generational wealth to protect
• Individuals with diverse portfolios including real estate, investments, and business interests

Business Owners and Executives

• Founders planning exits or ownership transitions
• Executives with concentrated stock positions or deferred compensation
• Professionals with high income and growing estates

Real Estate Investors

• Owners of commercial or residential property portfolios
• Investors considering 1031 exchanges
• Those facing significant capital gains exposure on appreciated property

If your situation is complicated, that’s exactly what we handle.

Our Tax Planning Process

Step 1: Tax Exposure Analysis

We review your complete financial picture:

• Current asset values and ownership structures
• Projected estate tax liability (federal and New York)
• Existing estate planning documents
• Identification of immediate risks and opportunities

You’ll leave this meeting knowing exactly where you stand.

Step 2: Strategy Development

Based on your goals and risk tolerance, we develop a customized plan:

• Recommended trust structures
• Gifting strategies with projected tax savings
• Timeline for implementation
• Coordination requirements with your CPA and financial advisor

We explain every recommendation in plain English.

Step 3: Implementation and Documentation

We handle the legal work:

• Trust drafting and execution
• Entity formation where appropriate
• Asset retitling and trust funding guidance
• Documentation for your records and advisors

Step 4: Ongoing Review

Tax laws change. Your assets change. We recommend periodic reviews to ensure your plan stays optimized.

Why Clients Choose NY Wills & Estates

New York Trusts & Estates Focus

We practice in New York’s Surrogate’s Courts regularly: Manhattan, Brooklyn, Queens, Nassau, Suffolk, and Westchester. As NYC estate planning attorneys with experience across Long Island, we know the judges, the procedures, and the local requirements that affect how your estate will be administered.

Attorney-Led Planning

You work directly with experienced high net worth attorneys, not paralegals. We explain your options, answer your questions, and make sure you understand every document you sign.

Track Record With Complex Estates

We’ve helped individuals and families protect significant wealth through proper tax planning. Our experience includes complex situations involving business interests, real estate portfolios, and multi-state assets.

Frequently Asked Questions

How do high-net-worth individuals reduce estate taxes in New York?

Through strategic use of trusts, lifetime gifting, charitable planning, and business structuring. The most effective estate planning strategies for high net worth individuals require years to implement fully, which is why starting early matters. Working with a New York estate attorney ensures your plan addresses both state and federal exposure.

When should I start estate tax planning?

Now. The most powerful tax planning strategies for high net worth individuals, especially irrevocable trusts and gifting programs, need time to work. If your estate is approaching New York’s threshold, delaying costs you money. We recommend beginning serious planning at least 5-10 years before you expect to transfer significant wealth.

What’s the difference between estate planning and tax planning?

Estate planning determines who gets your assets and how. Tax planning determines how much actually transfers versus going to taxes. For high net worth individuals, these must be integrated. Your estate plan should minimize tax exposure while achieving your distribution goals.

Do you work with my CPA or financial advisor?

Yes. Effective estate tax planning for high net worth individuals requires coordination between your legal, tax, and financial advisors. We communicate directly with your team to ensure all strategies are implemented and reported correctly.

How much does estate tax planning cost?

Fees depend on your estate’s complexity and the strategies required. We discuss costs upfront during your consultation. For most clients, the tax savings generated by proper planning significantly exceed the legal fees.

What if I own property in multiple states?

Multi-state asset ownership creates additional complexity and additional exposure. Each state where you own real property may impose its own estate or inheritance tax. As wealth transfer planning attorneys, we structure plans that account for multi-state holdings.

Schedule Your Confidential Consultation

Facing significant estate tax exposure in New York? Our firm provides tax planning for high net worth individuals and families throughout New York State.

We serve clients in:

• Manhattan
• Brooklyn
• Queens
• The Bronx
• Staten Island
• Nassau County (Long Island)
• Suffolk County (Long Island)
• Westchester County

Whether you need a tax lawyer on Long Island, an asset protection attorney in NYC, or help with estate planning in New York, we have the experience to protect your wealth.

Don’t wait until tax law changes or asset appreciation makes your problem worse. The best time to plan was years ago. The second best time is now.

Call 516-518-8586 or contact for a confidential consultation.