Short excerpt from a YouTube video ("Underrated Estate Planning You're Not Doing" by Jayson Lowe, Dec 1, 2022) arguing that while a few wealthy people assume their heirs will “figure out” taxes, most high-net-worth individuals want to ensure their estate is transitioned efficiently. The speaker stresses that successful clients prioritize efficient estate transfer over leaving unresolved tax burdens to children.
I'm leaving the kids so much they can figure out how to pay the taxes. I don't think that's true. I've worked with so many clients that have made it, that have done well, and when you talk about what the next important thing is in their life, it's making sure that they transition as efficiently as possible. Do I get some of these people that truly don't really care that truly their kids will figure it out? Yes, I do get a few of them, but for the most part, high net worth individuals, successful individuals create a very nice estate and they want to make sure that they transition it as efficiently as possible.
