Episode 13: Estate planning techniques for high net worth individuals


In episode 13 of McDonald Hopkins’ bi-weekly podcast series, MH Business exchange, host Mike Witzke talks with estate and trust attorney Katherine Wensink about how high net worth individuals should react to estate tax changes that went into effect Jan. 1, 2018, as part of the federal tax overhaul.

One of the biggest changes in the tax reform law was the increase in how much high net worth individuals can give away without paying estate tax – that number increased from approximately $5.5 million to $11 million for individuals, or approximately $22 million for married couples. In this episode, Katherine explains why individuals who are at that $11 million mark (or close to it) should have strategic conversations about their estate planning goals to avoid the 40 percent estate tax. Katherine also explains how the approach to estate planning can be different for those with established, sophisticated estate plans compared to someone who is just getting started or who has a very basic plan. Estate tax rules always seem to be changing, too, and Mike and Katherine discuss whether someone in a potentially taxable situation should wait and see how the law unfolds or take action now.
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