Families engaged in sophisticated wealth transfer planning benefit from proactive advice as they consider a more thoughtful and comprehensive approach to achieving long-term financial success. Within that approach there are generally five consistent practices—invest, borrow, spend, manage and protect—that, when followed, help families build, manage and sustain their wealth across generations and market cycles.

As a family evaluates how to best protect their assets, various estate planning options utilizing opportunities to maximize after-tax wealth are typically a top priority. With the federal estate and gift tax exemptions (currently $12.06 million per person) scheduled to be reduced by half in 2026, strategic estate and trust planning may now be even more valuable. Following the 2017 Tax Cuts and Jobs Act, which effectively repealed the state and local tax deduction, New Yorkers have become increasingly interested in changing their domicile from New York to Florida. As a result of recent legislation, Florida, a state that has long been favoured by high-net-worth families because it imposes no state income or estate tax, has set itself up to become an even more attractive destination for establishing trusts and transferring wealth. Importantly, Florida residency is not a statutory requirement to take advantage of certain opportunities.

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