There is a limit to how much wealth individuals can pass to others without tax consequences. As of 2026, during their lifetime, an individual can transfer up to about $15 million tax-free to their heirs without paying federal taxes. Any amount above those limits will be taxed.There are certain tax rules to keep in mind regarding transfers of wealth. They will impact how much beneficiaries receive and influence the inheritance strategies families implement."Millennials and Gen X will inherit the largest shar ...

If you’re one of the richest people in the world, a lot of your wealth is probably in trusts. (via @opinion) https://t.co/ysnLghyzNs ...

Core Insights - The number of billionaires has increased significantly from 2,000 in 2017 to over 3,000 today, indicating a growing concentration of wealth [1] Group 1: Wealth Protection Strategies - Billionaires employ various legal tactics to protect their wealth, which can also be applicable to individuals with lower net worths [2] - Portfolio diversification is a common strategy to mitigate risk and maximize returns, with suggestions to diversify beyond just financial portfolios into international real estate and investments [3] - Investing internationally helps reduce country-specific risks, as exemplified by investors like Ray Dalio who advocate for global investments and gold holdings to hedge against inflation and political instability [4] Group 2: Trusts and Asset Protection - Trusts, including irrevocable trusts, grantor retained annuity trusts, and dynasty trusts, are utilized by billionaires to safeguard assets from lawsuits and ensure wealth transfer to descendants [5] - The cost of setting up an irrevocable trust is estimated to be around $1,500 or more, while revocable trusts typically start at approximately $1,000, making these strategies accessible to a broader audience [7]

Estate Planning - Trusts are important for estate planning, especially for high-net-worth individuals [1] - Family offices utilize trusts to mitigate estate taxes [1] - Estate taxes are not a primary concern for sophisticated investors due to trust utilization [1]

Estate Planning Basics - Estate planning is an emotional process requiring organization and key documents [1] - Core estate planning documents include power of attorney, health care proxy, living will, and last will and testament [1] - Strategic gifting can impact estate taxes [1] - Estate plans should be revisited periodically [1] Key Documents & Considerations - Power of attorney allows someone to act on your behalf [1] - A health care proxy designates someone to make health care decisions [1] - A living will outlines your wishes for medical treatment [1] - A last will and testament outlines how your assets will be distributed, probate may be required [1] - Wills and trusts serve different purposes in estate planning [1] Resources - Fidelity provides resources for creating an estate plan and avoiding common pitfalls [1] - Money Unscripted releases new episodes bi-weekly on Tuesdays [1]

General Observation - British trusts, companies, and partnerships remain attractive to financial wrongdoers [1]