Westchester High Net Worth Estate Planning Attorney

For individuals and families with substantial wealth, estate planning involves more than simply deciding who gets what. It requires thoughtful strategies to protect assets, reduce taxes, ensure business continuity, and preserve your legacy across generations. At Cavallo & Cavallo, we provide sophisticated estate planning solutions for high net worth clients in Westchester, helping you maintain control of your wealth while planning for the future with confidence.

What Is High Net Worth Estate Planning?

High net worth estate planning addresses the complex needs of individuals whose assets exceed federal or state estate tax exemptions. This type of planning goes beyond a basic Will—it often includes trusts, business succession plans, charitable giving, and tax mitigation strategies.

Typical concerns for high net worth clients include:

• Reducing estate, gift, and generation-skipping transfer (GST) taxes
• Transferring wealth to heirs in a controlled, tax-efficient manner
• Protecting assets from creditors, lawsuits, or divorce
• Planning for closely held businesses or real estate
• Supporting philanthropic causes
• Coordinating multiple advisors and financial entities

We design plans that align with your goals and reflect your unique personal, financial, and family circumstances.

Estate Tax Exposure in New York

New York is one of the few states that imposes a separate estate tax, in addition to federal estate tax. Understanding these rules is critical for high net worth individuals.

As of 2025:

• The federal estate tax exemption is set to drop to approximately $6 million per individual (subject to change under tax law revisions)
• The New York estate tax exemption is just over $6 million, with a “cliff” that can cause the entire estate to be taxed if the exemption is exceeded by 5%

These thresholds can easily be exceeded when you consider:

• Primary and vacation homes
• Investment and retirement accounts
• Business equity
• Life insurance policies
• Artwork, collectibles, and valuables

We help you analyze your estate’s tax exposure and implement strategies to reduce or eliminate unnecessary taxation.

Strategies for High Net Worth Estate Planning

Every high net worth plan we design is customized, but some of the most common strategies include:

Irrevocable Trusts

• Irrevocable Life Insurance Trusts (ILITs) – Removes life insurance from your taxable estate
• Grantor Retained Annuity Trusts (GRATs) – Transfers appreciating assets with minimal gift tax
• Spousal Lifetime Access Trusts (SLATs) – Allows indirect access to assets while removing them from your estate
• Qualified Personal Residence Trusts (QPRTs) – Protects your home while reducing gift tax

Charitable Planning

• Charitable Remainder Trusts (CRTs) – Provides lifetime income and a charitable deduction
• Charitable Lead Trusts (CLTs) – Supports charities now, with remainder to heirs
• Donor-Advised Funds (DAFs) – Offers flexibility for strategic philanthropic giving

Business Succession Planning

• Establishes a framework for transferring ownership to heirs or partners
• Reduces estate tax through valuation discounts
• Prevents disruption in business operations
• Clarifies management responsibilities across generations

Gifting Strategies

• Use of the annual gift tax exclusion ($18,000 per recipient)
• Lifetime exemption planning
• 529 plans and educational gifts
• Family Limited Partnerships (FLPs) or LLCs for wealth transfers

We work alongside your financial advisor, CPA, and other professionals to implement a coordinated and legally sound plan.

Asset Protection for High Net Worth Families

Preserving your wealth isn’t just about taxes—it also means safeguarding assets from litigation, divorce, or market risk.

Tools we use for asset protection include:

• Irrevocable trusts with creditor shields
• Domestic asset protection trusts
• Prenuptial and postnuptial agreements
• LLCs and partnerships to separate personal and business assets
• Spendthrift provisions in trusts to protect heirs’ inheritance

We help you reduce risk and ensure that your wealth stays protected for generations to come.

Planning for Family Legacy and Governance

High net worth families often prioritize values and legacy as much as financial preservation. We help you:

• Establish multigenerational trusts (such as dynasty trusts)
• Educate heirs about stewardship and responsibilities
• Include Letters of Wishes or family mission statements
• Use trusts to incentivize education, charitable work, or entrepreneurship
• Create family foundations for long-term giving and involvement

Your legacy is more than numbers—we help shape a lasting framework for future generations.

International and Cross-Border Considerations

For clients with foreign assets, international heirs, or global business interests, additional planning is needed to address:

• Tax treaties and foreign inheritance laws
• Reporting obligations under FATCA or FBAR
• Currency and jurisdictional risks
• Foreign real estate and business ownership

We collaborate with international counsel to ensure full compliance and strategic coordination.

Frequently Asked Questions About High Net Worth Estate Planning

What is the biggest risk to a high net worth estate?
Estate taxes, family conflict, lack of liquidity, and inadequate planning for business interests are among the most common risks.

Can I avoid estate tax completely?
With the right combination of trusts, gifting, and planning strategies, many clients significantly reduce or eliminate estate taxes.

Is life insurance taxed as part of my estate?
Yes—unless owned by an ILIT or otherwise structured outside your name.

What if my children aren’t ready to inherit large sums?
We use trusts to stagger distributions or include incentive provisions, ensuring heirs are prepared and protected.

Do I need to plan differently if I own a business?
Absolutely. Business succession planning is critical to protect both your company and your family.

How often should I review my plan?
At least every 2–3 years, or after major life, legal, or financial changes.

Serving Throughout Westchester, NY

• Scarsdale
• Bronxville
• Larchmont
• Rye
• Chappaqua
• Pelham
• Armonk
• Mamaroneck
• Dobbs Ferry
• Tarrytown

How Cavallo & Cavallo Can Help

Cavallo & Cavallo has decades of experience helping Westchester’s high net worth individuals and families navigate complex estate and tax planning. We combine in-depth legal knowledge with practical insight to craft forward-thinking strategies that preserve wealth, minimize tax liability, and support family goals.

Our services include:

• High net worth estate and tax planning
• Trust creation and asset protection
• Business succession planning
• Charitable giving strategies
• Coordination with financial and tax advisors
• Legacy planning and family governance

We provide the discretion, sophistication, and personal service you expect when managing significant wealth.

Speak With a Westchester High Net Worth Estate Planning Attorney

When the stakes are high, your estate plan deserves the attention of experienced professionals. Contact Cavallo & Cavallo today to speak with a Westchester high net worth estate planning attorney and begin building a plan that protects your assets, honors your values, and secures your family’s future.