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Estate Planning Ideas for Ultra-High-Net-Worth Individuals With Michelle Lerman

Michelle Lerman

Michelle Lerman is an attorney specializing in estate planning, real estate law, and business law, with a focus on serving high-net-worth and ultra-high-net-worth individuals, business owners, and real estate investors. Michelle and her husband co-founded Lerman Law Partners, LLP and recently joined forces with Cunningham Legal to enhance their collective expertise. She has been named a Top Attorney and received the Top Women Attorneys award in Northern California by San Francisco Magazine multiple times. In 2018, Michelle released the third edition of her book, Create Your Best Legacy: What Every Homeowner, Real Estate Investor, and Parent Must Know About Estate Planning, Living Trusts, and Probate.

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Here’s a glimpse of what you’ll learn:

  • [4:42] Michelle Lerman defines ultra-high-net-worth individuals and explains why estate planning is critical
  • [6:54] How estate planning complexity increases as wealth grows
  • [12:33] Estate tax law changes under the 2017 Tax Cut and Jobs Act and what could happen when it sunsets
  • [16:50] Why setting up an irrevocable trust now can help protect wealth before tax laws change
  • [23:13] Safeguarding family wealth from divorce
  • [29:06] The importance of liquidity in estate planning

In this episode…

Increased wealth brings increased options and opportunities — but also complexities, especially when it comes to estate planning. With recent tax law changes and potential changes on the horizon, ultra-high-net-worth individuals need proactive strategies to safeguard their assets and minimize estate taxes. What key planning techniques should affluent families consider right now to protect their wealth for future generations?

According to Michelle Lerman, a renowned estate planning attorney with over 35 years of experience, ultra-high-net-worth individuals must act to give themselves options in advance of any significant estate and gift tax changes. She highlights the importance of irrevocable trusts as a powerful tool to preserve wealth while maintaining flexibility. Strategic gifting, life insurance planning, and entity structuring can also help minimize tax burdens and protect family assets. Without a proactive approach, wealthy families risk losing millions to unnecessary taxation and legal complications.

In this episode of the Pillar6 Podcast, host Roman Polnar sits down with Michelle Lerman, an Attorney at Cunningham Legal, to discuss advanced estate planning strategies for ultra-high-net-worth individuals. They explore the impact of upcoming estate tax changes, why now is the time to establish irrevocable trusts, and how to protect family wealth from divorce or legal risks. Michelle also shares key liquidity strategies, including how life insurance can cover estate taxes.

Resources mentioned in this episode:

Quotable Moments

  • "If you don't have a plan, the government has one for you, but you're going to be a lot better off with the plan you create; I guarantee that."
  • "Estate planning isn't just about what happens if I die; it's also what happens upon incapacity.”
  • "We really don't know what the tax laws will be 10 years from now, so planning now is important."
  • "Ultra-high-net-worth individuals should act now before estate tax exemptions sunset and opportunities disappear."
  • "If your children get divorced, wouldn’t you want their inheritance protected? That’s what smart planning does."

Action Steps

  1. Review your estate plan regularly: Estate laws and personal circumstances change, so updating your plan ensures it remains effective and tax-efficient.
  2. Establish an irrevocable trust early: Setting up an irrevocable trust before tax laws change can protect wealth and maximize tax benefits.
  3. Consider gifting strategies now: Transferring assets strategically while exemptions are high helps reduce taxable estate value and secures generational wealth.
  4. Ensure estate liquidity with life insurance: Life insurance can provide the necessary funds to cover estate taxes and prevent forced asset liquidation.
  5. Protect family wealth from legal risks: Using dynasty trusts and proper trustee selection safeguards assets from divorce, lawsuits, and financial mismanagement.

Sponsor for this episode

This episode is brought to you by Pillar6. Pillar6 is a wealth advisory firm for successful individuals and families with active lifestyles.

Our clients appreciate having clarity and control over their finances and the peace of mind in knowing that their financial decisions are aligned with their core values, goals, and priorities. We provide financial planning services and wealth management services.

Schedule your complimentary discovery call to talk to us.

To learn more, go to www.pillar6.com or you can email us at hello@pillar6.com.