Takeaways:
- The 2026 federal estate tax exemption is $15 million per person, with anything above taxed at 40 percent, and a married couple can combine exemptions through a portability election to shield up to $30 million.
- California doesn’t impose its own estate tax, but probate is still required for estates with more than $208,850 in personal property or $750,000 in real property, which can keep assets tied up in court for 9 to 12 months or longer.
- A revocable living trust keeps your estate out of probate and preserves privacy, while irrevocable trusts, charitable distributions, ILITs, and lifetime gifting can reduce your taxable estate.
- Business interests, real estate, and other illiquid assets need extra planning, since federal estate taxes are generally due within 9 months of death, the tax reporting deadline can force a sale without proper succession planning in place.
Building substantial wealth in Los Angeles takes decades of hard work, smart decisions, and a fair amount of risk. Protecting that wealth for the individuals and causes you care about deserves that same level of care. High-net-worth estate planning isn’t only about deciding who inherits what. It’s about minimizing taxes, avoiding court battles, and ensuring your business, real estate, and investments pass smoothly to the next generation. Our Los Angeles estate planning attorneys at Weiner Law guide families across Southern California through this process, starting with a straightforward conversation about your goals.
What Sets High-Net-Worth Estate Planning Apart
When an estate is modest, planning can be simple. Larger estates bring added layers: federal estate tax exposure, business interests, along with multiple properties and assets that aren’t easy to divide or sell.
For 2026, the combined federal estate and gift tax exemption is set at $15 million per person, and the taxable portion of an estate above that is taxed at 40%. A married couple can combine their exemptions through a portability election and can shield up to $30 million. Going forward, that exemption is indexed for inflation and will continue to grow. California doesn’t impose its own estate tax. For most families, the federal estate tax is not a primary concern. Still, tax laws change, and an estate that’s comfortably under the threshold today could face exposure in the future.
How Trust-Based Planning Helps You Avoid Probate
California is a community property state, which generally means assets acquired during a marriage are owned equally by both spouses. This affects how property is characterized and how it passes upon death.
It also matters because of probate. In California, probate is generally required for estates with more than $208,850 in personal property or $750,000 in real property. That process isn’t quick. A straightforward probate can take 9 to 12 months, while complex or contested estates can run one to three years or even longer. Probate is also a public process, and for high-net-worth families, that loss of privacy is a genuine concern.
A revocable living trust is one of the most effective tools for keeping your estate out of probate. Assets held in the trust pass directly to your beneficiaries without court involvement, saving time, money, and preserving privacy. A complete plan also includes a pour-over will, durable powers of attorney, and an advance healthcare directive, so someone you trust can step in if you’re ever unable to manage your affairs.
Strategies To Reduce Estate Tax Exposure
A revocable trust helps you avoid probate, but it doesn’t remove assets from your taxable estate. For that, high-net-worth individuals often turn to irrevocable trusts. Once you transfer assets into an irrevocable trust, they’re generally no longer counted as part of your estate, which can reduce or even eliminate estate tax.
Other approaches our attorneys at Weiner Law discuss with clients include:
– Lifetime gifting to move assets, and their future growth, out of your estate.
– Irrevocable life insurance trusts (ILITs) that keep policy proceeds out of your taxable estate, which can be used by the beneficiaries of your estate to pay future estate taxes.
– Family entities that let you transfer business or investment interests over time.
Many of these strategies work better when you start early, because gifts and trusts have more time to move appreciation out of your estate, giving you peace of mind that your assets and family are protected long-term. The right combination depends on your assets, your family, and your long-term goals. No single approach fits everyone.
Planning For Business Interests, Real Estate, And Illiquid Assets
If you own a business, a succession plan protects both your company and your family. Without one, a thriving business can stall or lose value during a transition. We help clients structure buy-sell agreements, transfer ownership, and plan for leadership beyond their lifetime.
Real estate and other illiquid assets bring a different challenge. Estate taxes are generally due within nine months of death. If most of your wealth is tied up in property or a closely held business, your heirs may struggle to cover that bill without a forced sale. Planning ahead, through life insurance, liquidity reserves, or structured gifting, helps your family hold on to the assets you built.
If you’re not sure how your business or property fits into your plan, our attorneys at Weiner Law can walk you through the options. Call 866-273-8652 when you’re ready to talk.
Charitable Giving That Reflects Your Values
For many high-net-worth families, giving back is part of the plan. Charitable vehicles let you support the causes you care about while reducing your taxable estate. Available options include charitable remainder trusts, which can provide income during your lifetime, as well as donor-advised funds and private foundations. Charitable gifts can be deducted from the estate without limit. A well-designed giving strategy can benefit both your community and your heirs.
Coordinating With Your Financial And Tax Advisors
Estate planning for high-net-worth individuals doesn’t happen in isolation. The strongest plans come from collaboration between your estate planning attorney, financial advisor, and tax professional. Our team works closely with your existing advisors so your legal documents, investment strategy, and tax planning all point in the same direction. It’s also worth revisiting your plan after major life events, such as a marriage, the sale of a business, the birth of a child or grandchild, or a significant change in the law. That coordination is where focused, prepared, and relentless advocacy makes a real difference.
Talk With A Los Angeles High-Net-Worth Estate Planning Attorney
Your estate reflects a lifetime of work, and it deserves a plan built around your specific assets, your family, and your wishes. Whether you’re creating a plan for the first time or updating one that no longer fits your life, our attorneys at Weiner Law are here to help you think it through, without pressure.
We serve clients in Los Angeles, San Diego, and throughout Southern California. Our Los Angeles office is at 445 S Figueroa St, Suite 3100, and the San Diego office at 402 W Broadway, Suite 400-B.
If you’re planning for a high-net-worth estate, our attorneys at Weiner Law can help you build a strategy. Call 866-273-8652 for a consultation.
