Bronx High Net Worth Estate Planning Attorney

High net worth individuals and families face unique challenges when it comes to estate planning. With greater wealth comes greater complexity—including tax exposure, asset protection, business interests, charitable goals, and multi-generational legacy planning. At Cavallo & Cavallo, we offer customized estate planning services for high net worth clients in the Bronx, helping you preserve your assets, minimize tax liabilities, and protect your family’s future.

What Is High Net Worth Estate Planning?

High net worth estate planning refers to advanced legal and financial strategies used to protect and transfer wealth exceeding the basic estate tax exemption thresholds. In 2025, the federal estate tax exemption is projected to drop significantly, increasing the number of estates subject to taxation.

A high net worth estate plan often includes:

• Advanced trusts to reduce estate and gift taxes
• Lifetime gifting strategies and annual exclusions
• Succession planning for businesses and investments
• Charitable giving tools such as foundations and trusts
• Asset protection for heirs and beneficiaries
• Real estate and investment planning across jurisdictions

Unlike basic estate planning, high net worth planning is proactive, multi-faceted, and often involves coordination between legal, financial, and tax professionals.

Key Goals of High Net Worth Estate Planning

The core objectives of high net worth estate planning go beyond simply distributing assets. A well-structured plan helps you:

• Preserve wealth across generations
• Minimize or eliminate estate, gift, and generation-skipping taxes
• Protect beneficiaries from creditors, lawsuits, and divorces
• Avoid probate and ensure privacy
• Support philanthropic and family legacy goals
• Maintain control over how and when assets are used

At Cavallo & Cavallo, we develop tailored strategies that align with your personal values, family dynamics, and long-term vision.

Strategies for Reducing Estate Taxes

High net worth estates in New York may be subject to both state and federal estate taxes. Strategic planning is essential to reduce or eliminate these tax burdens.

Common tax mitigation tools include:

• Credit Shelter Trusts (Bypass Trusts): Allow spouses to fully use their individual estate tax exemptions
• Irrevocable Life Insurance Trusts (ILITs): Remove life insurance proceeds from the taxable estate
• Grantor Retained Annuity Trusts (GRATs): Transfer asset appreciation to beneficiaries with reduced gift taxes
• Charitable Remainder and Lead Trusts: Support charities while generating tax deductions and estate tax benefits
• Spousal Lifetime Access Trusts (SLATs): Provide benefits for a spouse while shielding assets from estate tax
• Qualified Personal Residence Trusts (QPRTs): Remove high-value residences from the estate at a reduced tax value

These strategies can save millions in taxes while preserving wealth for heirs.

Asset Protection for Heirs and Beneficiaries

A high net worth estate plan should include provisions to protect heirs from outside threats and personal missteps. Even well-meaning beneficiaries may face divorce, financial hardship, or legal claims.

Asset protection strategies may include:

• Dynasty Trusts: Keep wealth in trust across generations while avoiding estate taxes at each level
• Discretionary Trusts: Allow trustees to control distributions, limiting risk from creditors or spendthrift behavior
• Spendthrift Clauses: Prevent beneficiaries from assigning or pledging trust assets to others
• Trusts for Children or Grandchildren: Provide structured financial support while encouraging education and responsibility

We help you maintain control over your legacy while giving beneficiaries the tools to thrive.

Business Succession Planning for Entrepreneurs

Many high net worth individuals own closely held businesses, real estate portfolios, or investment companies. Proper planning is essential to protect these assets during life and ensure smooth succession after death.

Business-focused estate planning may include:

• Buy-sell agreements to control ownership transfer
• LLC structuring for real estate and investment holdings
• Family limited partnerships (FLPs) for tax-efficient gifting
• Succession plans that identify future leaders or key employees
• Minimization of estate tax impact on business continuity

At Cavallo & Cavallo, we work closely with your CPA and financial advisor to structure a plan that balances control, liquidity, and long-term stability.

Real Estate and Multijurisdictional Planning

High net worth individuals often own multiple homes or investment properties across different states or countries. These assets require careful planning to avoid probate, minimize taxes, and ensure efficient transfer.

We assist clients with:

• Titling properties into trusts or LLCs
• Addressing estate tax issues in multiple jurisdictions
• Coordinating with local counsel for out-of-state or international holdings
• Creating real estate trusts that protect privacy and avoid probate

Properly structured real estate ownership helps preserve asset value and avoid unnecessary court involvement.

Charitable Giving and Legacy Planning

Many high net worth families want to include philanthropy in their estate plans—whether for personal satisfaction, tax benefits, or to instill values in the next generation.

Charitable strategies may include:

• Charitable Remainder Trusts (CRTs): Provide income to your family while leaving the remainder to charity
• Charitable Lead Trusts (CLTs): Provide immediate gifts to charity, with remainder going to family
• Donor-Advised Funds (DAFs): Create a private giving vehicle with lower administrative burdens
• Private Foundations: Establish a family-controlled charitable entity for long-term giving

We work with clients to develop charitable plans that align with their mission and maximize available tax deductions.

Frequently Asked Questions About High Net Worth Estate Planning

What is the estate tax exemption in New York?
As of 2025, the New York estate tax exemption is expected to remain just over $6 million. Estates exceeding this amount may face a “cliff” tax effect, making strategic planning essential.

Will federal estate tax laws change?
Yes. The federal estate tax exemption is scheduled to be reduced from over $13 million to approximately $6 million per person in 2026 unless Congress intervenes.

Can I avoid estate taxes entirely?
With proper planning—including lifetime gifting, trust structures, and charitable strategies—many clients can significantly reduce or eliminate estate tax exposure.

What if my wealth is tied up in real estate or a business?
We can create liquidity strategies using life insurance, trusts, or planned asset sales to avoid forced sales or disruption.

How often should I update my estate plan?
We recommend reviewing your plan every 3–5 years, or sooner after major life or financial events such as marriage, divorce, business growth, or changes in the law.

Do I need a separate plan for each state where I own property?
Not necessarily. With the right legal structures (like revocable or irrevocable trusts), you can avoid probate in multiple states and centralize control of your assets.

Serving Throughout The Bronx

• Riverdale
• Spuyten Duyvil
• Pelham Bay
• Morris Park
• Throggs Neck
• Kingsbridge
• Woodlawn
• Parkchester
• Bedford Park
• Fordham

How Cavallo & Cavallo Can Help

Cavallo & Cavallo brings over 30 years of experience in estate and wealth planning for Bronx residents and high net worth families. We understand the intricacies of complex assets, tax exposure, and multi-generational wealth transfer.

Our high net worth estate planning services include:

• Advanced trust drafting and tax planning
• Business and real estate succession planning
• Asset protection and gifting strategies
• Charitable trust and foundation creation
• Multi-state and international coordination
• Family legacy and governance planning

We collaborate with your accountants, advisors, and family office to build a unified plan that works today and for generations to come.

Start Planning Your Legacy Today

The more you’ve built, the more you have to protect. Don’t leave your wealth vulnerable to taxes, conflict, or poor planning. Contact Cavallo & Cavallo today to speak with an experienced Bronx estate planning attorney and create a high net worth estate plan tailored to your values, your assets, and your future.