Estate Planning for High-Net-Worth Individuals in Palm Springs

When you’ve spent years building wealth, protecting it becomes a priority. Whether your assets include multiple properties, a business, investment portfolios, or valuable collections, estate planning helps you prepare for the future with confidence.

Without a clear plan, taxes, legal disputes, or probate delays could diminish what you’ve worked hard to preserve. We’re here to help you put strategies in place that align with your long-term goals and family needs. At Heritage Legal, PC, we work with individuals and families in Palm Springs who want to protect their legacy and transfer wealth on their terms, while minimizing risk and avoiding unnecessary complications.

Why a Standard Will Isn’t Enough 

A simple will may be fine for some people, but if you’ve accumulated significant assets, it often falls short. High-net-worth individuals face added concerns, including estate tax exposure, ownership structures, charitable giving, and succession issues.

Without careful planning, your heirs could face a lengthy and public probate process, or worse, unexpected tax liabilities. If you own a business, you’ll also want a clear business succession strategy to ensure operations can continue smoothly.

Estate planning at this level often requires a broader set of tools. We help clients like you think beyond the basics to build a plan that protects your assets, honors your wishes, and maintains family harmony for the long run.

Common Planning Strategies for High-Net-Worth Clients

There’s no one-size-fits-all solution. However, there are proven strategies that can be part of a solid estate plan for high-net-worth individuals:

• Revocable and irrevocable trusts – These tools provide privacy and control over how and when assets are distributed. Irrevocable trusts can also help reduce estate taxes.

• Gifting strategies – We may recommend using the annual gift tax exclusion or making lifetime gifts to transfer assets outside of your estate.

• Family limited partnerships or LLCs – These structures allow you to retain control while gradually shifting ownership to family members.

• Charitable planning – For those with philanthropic goals, vehicles like charitable remainder trusts or donor-advised funds can be useful while also reducing tax burdens.

• Life insurance trusts – These help keep life insurance proceeds out of your taxable estate and provide liquidity for estate expenses.

We’ll work with you to determine which options align with your financial and personal goals. 

How We Tailor Your Plan

At Heritage Legal, PC, we don’t believe in boilerplate plans. We start by learning about your assets, your values, and what matters most to you. Whether you’re concerned about caring for a surviving spouse, funding your grandchildren’s education, or preparing your business for a future sale, we’ll create a plan that supports those goals.

We’ll also coordinate with your other advisors, such as your accountant or financial planner, to ensure your estate plan fits smoothly into your overall financial picture.

Your plan should grow with you. We’re available when life changes, whether that means updating a trust, adding a new beneficiary, or preparing for retirement.

Why It Pays to Plan Early

The sooner you begin planning, the more options you’ll have. Starting early allows you to take full advantage of strategies that require time to be effective, like gifting or establishing certain types of trusts.

If you’re preparing to sell a business, buy a second home, or retire, these are perfect times to reevaluate your estate plan. Planning ahead also helps avoid family conflict later on by making your wishes clear. We’re here to guide you through the process with clarity and purpose, so you can protect what you’ve built and make the most of your opportunities.

Contact Our Experienced Palm Springs High-Net-Worth Estate Planning Attorneys

We understand the responsibility that comes with significant wealth. You want to protect it for yourself, your loved ones, and the future. Let’s have a conversation about where you are today and where you’d like to be.