When your estate includes significant assets, thoughtful planning becomes even more critical. Whether you’ve built your wealth over decades or inherited it, protecting what you’ve acquired—and ensuring it’s passed on according to your wishes—requires more than a basic Last Will and Testament. At The Law Offices of Patricia Bloom-McDonald, we help high-net-worth individuals and families throughout Massachusetts take a proactive, personalized approach to estate planning. We’ll work closely with you to understand your goals and design a plan that reflects your values, preserves your wealth, and supports your loved ones long after you’re gone.
Why High Net Worth Families Need Tailored Planning
If your estate includes multiple properties, business interests, large investment accounts, or valuable personal collections, you already know that your planning needs go beyond the basics. High-value estates come with added considerations, including:
- State and Federal estate taxes
- Liquidity needs for heirs
- Ownership and control of closely held businesses
- Long-term care planning
- Planning for second marriages or blended families
Without a tailored approach, your estate could face unnecessary tax burdens, legal delays, or family conflicts. We help you avoid those outcomes by crafting a plan that accounts for your specific concerns. Our goal is to make sure your wealth supports the people and causes you care about, both now and in the future.
Key Tools We May Recommend
Every estate is different, so no two plans look exactly alike. That said, we frequently work with clients to implement strategies designed to reduce taxes, preserve privacy, and support long-term goals. Depending on your situation, we may recommend:
- Irrevocable trusts – These can move assets out of your taxable estate, provide asset protection, or support long-term care planning.
- Grantor Retained Annuity Trusts (GRATs) – A GRAT allows you to transfer appreciating assets to your beneficiaries at a reduced gift tax cost.
- Family Limited Partnerships or LLCs – These structures can help you manage family assets, reduce estate taxes, and maintain some control while transitioning ownership.
- Life insurance – We can structure life insurance within your estate plan to provide liquidity, cover estate taxes, or create a tax-free inheritance for your heirs.
- Charitable planning options – If charitable giving is part of your legacy, we can help you use tools like Charitable Remainder Trusts (CRATs), Charitable Lead Trusts (CLATs), or donor-advised funds to maximize the impact.
- Gifting strategies – We can help you make tax-efficient gifts during your lifetime to reduce the size of your taxable estate and support your loved ones now.
We’ll walk you through the pros and cons of each option and help you choose the ones that align with your goals. Our role is to simplify the process and give you a plan that works for you, your family, and your future.
Planning for the Next Generation
Many of our clients want to do more than just transfer wealth—they want to provide stability and support for the next generation. That often means thinking ahead and building in protections to make sure your children or grandchildren can benefit from your legacy without unnecessary risk.
We can help you:
- Set up Generation-Skipping Trusts to reduce taxes over time
- Provide guidelines for how and when funds can be used
- Add protections to keep inheritances safe from divorce, creditors, or lawsuits
- Create flexible structures that can adjust to your family’s changing needs
By planning carefully, you can pass on more than assets—you can pass on values, guidance, and a strong foundation for the future.
Contact Our Experienced Westport High Net Worth Estate Planning Attorney
We understand that estate planning is a personal process. You want peace of mind knowing that your affairs are in order and that your wishes will be honored. That’s why we take the time to listen, explain your options clearly, and create a plan that truly fits your life.
At The Law Offices of Patricia Bloom-McDonald, we’ve helped many high-net-worth individuals and families throughout Massachusetts make informed decisions about their legacy. We can do the same for you. If you’re ready to build a thoughtful, tax-conscious estate plan tailored to your specific goals, contact us today.
Located in Westport, The Law Offices of Patricia Bloom-McDonald proudly serves clients across Massachusetts, including all of Bristol and Norfolk Counties, Plymouth, and the southern coast. Specific areas of service include New Bedford, Fall River, Dartmouth, Acushnet, Taunton, Dighton, Berkley, Swansea, Somerset, Seekonk, Fairhaven, Marion, Raynham, Easton, Mansfield, Attleboro, North Attleborough, Rehoboth, Lakeville, Bridgewater, Rochester, Norton, Assonet, Stoughton, Canton, Sharon, West Bridgewater, Brockton, Whitman, Maynard, Quincy, and Cape Cod. If you cannot come to us, we will come to your home, office, or a convenient location of your choosing. The initial consultation is complimentary.