Wealth Transfer Planning Strategies

Wealth Transfer Planning Lawyer

Have you ever thought, “What will happen to my wealth when I’m gone?” Yes, it may be a tough question, but it’s definitely an important one. Without a plan, your hard-earned assets could end up in the wrong hands, buried in legal disputes, or drained by taxes.

How to prevent this? You may need a wealth transfer plan to ensure your legacy is honored and your loved ones are cared for.

“Wealth transfer planning? But I don’t consider myself that “wealthy” though,” you might be thinking. Wealth transfer planning isn’t just for the ultra-wealthy—it’s for anyone who wants to control how their assets are passed down.

At Lappin Estate Planning, we help clients take the stress out of planning ahead. With our guidance, you can make sure your wishes are clear, your property and family members are protected, and your wealth continues to make an impact for generations to come.

Let’s discuss what kind of wealth transfer plan you should create (and if you need one in the first place) during a consultation. Call us at 561.778.8590 or submit a contact us form to us.

Understanding Wealth Transfer Planning

Think of it like this: You wouldn’t build a house without a blueprint. The same goes for your estate. A strong wealth transfer plan ensures your loved ones receive what you have worked so hard for—without unnecessary stress, delays, or financial losses. It also allows you to control how and when your assets are distributed, so your heirs are set up for success.

Many people don’t understand this, but if you don’t make a plan, the government will do it for you. That could mean costly estate taxes, court involvement, and unintended consequences for your family members. But with the right legal guidance, you can create a plan that keeps your wealth where it belongs.

Let Us Help

Your legacy is your story, your hard work, and your loved ones’ future. We make estate planning simple, personal, and built around what matters most to you. Our lawyer is here to help you create a clear plan that gives you confidence today and security for tomorrow.

Wealth Transfer Strategies

How you transfer your wealth matters. The right strategy can reduce taxes, avoid legal headaches, and protect your heirs. Here are a few powerful options:

Trusts – Control when and how to manage and distribute your assets.
Life insurance policy – The added death benefit of life insurance pays tax-free dollars to beneficiaries.
Gifting – Reduce estate taxes by giving assets during your lifetime.
Family Limited Partnerships – Preserve wealth and offer tax benefits.
Charitable giving – Support causes you care about while lowering taxes.

Every family’s situation is unique. Let’s find the best strategy to secure your legacy and protect your loved ones even in complex situations.

Navigating Estate Taxes for Wealth Transfer Tax Strategies

The government has rules in place to tax wealth transfers, but with the right strategies, you can minimize these costs, protect your legacy, and set the stage for future growth. It’s all about tax efficiency.

There are three major tax consequences that may impact your wealth transfer:

1. Estate Tax

Often called the “death tax,” the estate tax applies when your total estate reaches a certain value set by the government. This tax is imposed before your assets are passed down to your beneficiaries. It applies to everything you own, including real estate, investments, bank accounts, personal property, and other assets.

The good news? Not every estate is subject to federal estate tax. If your estate’s value falls below the federal exemption limit, your heirs may not owe anything. In 2025, for example, that limit was set to $13,990,000, according to the website of the Internal Revenue Service (IRS).

Note: If your assets exceed this threshold, your estate could be taxed at a high rate before inheritance is distributed to your loved ones.

2. Gift Tax

Want to give money or assets to your children, grandchildren, or other family members while you are still alive? Then you should be aware of the gift tax. Unlike the estate tax, which applies after death, the gift tax is imposed on large financial gifts made during your lifetime.

The person giving the gift—not the one receiving it—pays the tax. However, not all gifts trigger a tax. The IRS allows you to give a certain amount each year to an individual without it being taxed. This means you can pass down wealth little by little over time, reducing your taxable estate and avoiding unnecessary taxes. In 2025, for example, the annual exclusion for gifts was $19,000.

3. Generation-Skipping Transfer Tax (GSTT)

Thinking about passing your wealth directly to your grandchildren? The government has a tax for that too. Who would have thought, right? The Generation-Skipping Transfer Tax (GSTT) applies when you transfer assets to someone who is at least 37.5 years younger than you.

The idea behind this tax is simple: The government doesn’t want families to skip a generation to avoid estate taxes. Without this tax, someone could leave their entire estate to grandchildren, avoiding estate taxes on their children’s generation. To prevent this, the IRS imposes the GSTT on certain transfers to younger heirs.

Steps in the Wealth Transfer Planning Process

So, what goes into a comprehensive wealth transfer plan? It’s more than just a will. A good plan takes into account estate taxes, family dynamics, financial goals, and long-term asset protection. Here’s what creating one entails:

Minimize tax liabilities: Estate, gift, and generation-skipping transfer taxes can take a chunk out of your wealth. And you don’t want that. With certain legal strategies (gifting within tax-free limits, setting up irrevocable life insurance trusts, making charitable donations, etc.), you could reduce what you owe.

Identify your goals: Who do you want to inherit your wealth? Do you have specific wishes for how your assets should be used? Maybe you want to provide for your spouse, set up a trust for your children, or support a favorite charity. Your goals shape the entire plan.

Choose the right legal instruments: There are many ways to transfer wealth, and each has its own benefits. A will is essential, but it may not be enough to avoid probate or reduce taxes. Trusts offer more control, gifting strategies can lower your taxable estate, while life insurance can provide immediate financial support to loved ones. Again, the choice depends on your goals.

Protect your assets: A well-structured plan can shield assets from lawsuits, creditors, and even financial mismanagement by heirs. There are legal tools for pretty much anything you want to accomplish.

Plan for the unexpected: Life is unpredictable. A strong plan should include powers of attorney, healthcare directives, and contingency plans to ensure everything runs smoothly, no matter what happens.

Keep your plan up to date: Creating a wealth transfer plan isn’t a one-time task. Life changes can impact your estate plan and may require changes. It’s best to review and update your plan regularly to ensure it still aligns with your wishes and current laws.

At Lappin Estate Planning, we help families create customized, legally sound plans that protect their wealth and their loved ones. Start planning today by contacting us now.

Work with an Experienced Estate Lawyer

Wealth transfer planning is too important to leave to chance. Unnecessary taxes, court battles, and financial confusion can rewrite your legacy in ways you never intended. Why take that risk?

At Lappin Estate Planning, we don’t do cookie-cutter solutions when we consult our clients. We provide legal guidance and craft strategies as unique as your legacy. Whether you want to protect a family business, create a trust, or minimize taxes, we are here to make it happen.

Frequently Asked Questions About Wealth Transfer Planning

A revocable trust can be changed or canceled during your lifetime, while an irrevocable trust cannot be modified once created.

Trusts allow you to control when, how, and to whom your assets are distributed. They can help minimize taxes, protect a beneficiary or beneficiaries, and avoid probate.

Commonly used strategies include trusts, lifetime gifting, family limited partnerships, and charitable giving to reduce taxes and protect assets.

Review your plan every 3-5 years or after major life events like marriage, divorce, births, or financial changes.

Look for experience in estate and tax law, personalized planning, and a track record of helping families protect their wealth.

Without a plan, your estate may go through probate, face higher taxes, and cause disputes among family members. The government, not you, will decide how your wealth is distributed.

An estate planning lawyer helps create a business succession plan to ensure a smooth transition, protect assets, and minimize tax burdens.

Lawyers use strategies like trusts, tax-free gifting, charitable donations, and proper asset structuring to lower tax liability.

Minors can’t directly inherit large assets, so setting up trusts or custodial accounts ensures responsible management until they come of age.

Key documents include a will, trusts, powers of attorney, healthcare directives, and business succession plans to cover all aspects of your estate. But the selection of documents may vary from person to person.

Contact Us

Your future needs a plan—one that makes the most sense for your unique situation. At Lappin Estate Planning, we’re here to guide you through every step, from wills and trusts to asset protection and probate matters. Let’s build a strategy that fits your needs. Contact us today to start planning.