"If you're in a terrific position where you have millions of dollars put away for retirement, the first thing you should do is remember to be grateful. The second thing you should do is start considering some of the impacts and worries of being among the wealthiest Americans. This includes planning your estate, protecting your assets, and hiring a financial advisor."
"One of the most important things to know about your millions is estate taxes. To be more specific, it's about who pays and how much. In 2024, estates valued over $13.61 million per person (or $27.22 million per married couple) are subject to federal estate tax on the excess amount. In these cases, heirs could see up to 40% in federal estate tax on the taxable portion above the exemption, though most estates pay much less after deductions."
Mass affluence requires specific planning to protect assets and legacies. Individuals with millions should implement estate plans, consider trusts, and hire financial advisors to manage wealth. In 2024, federal estate tax applies to estates over $13.61 million per person ($27.22 million per married couple), with taxable amounts potentially taxed up to 40% after exemptions and deductions. Annual gifting rules allow $18,000 per recipient without IRS reporting and coordinated gifts from spouses can increase sheltering. Certain irrevocable trusts can reduce estate taxes and trusts can dictate distribution timing and conditions. Potential healthcare costs remain a material risk to address in planning.
Read at 24/7 Wall St.
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