Most families that have built real wealth have thought about what happens to it later. Far fewer have talked about it with the people who will inherit it. The paperwork is usually the easier part. The harder part is deciding what you want your money to do for your children and grandchildren, and making sure they are ready for it.
The estate tax picture is more relaxed than it used to be
For 2026, the federal estate and gift tax exemption is $15 million per person, so a married couple can shield up to $30 million with proper planning. Under current law, that exemption does not expire, and it is adjusted for inflation beginning in 2027. Florida has no state estate or inheritance tax. For many families with $2 to $10 million, a federal estate tax bill is not the main concern anymore.
That changes what good planning looks like. It is less about avoiding a tax and more about control: who receives what, when, under what conditions, and with how much protection from divorce, creditors or a lawsuit.
Tools that do most of the work
Revocable living trust.
It keeps assets out of probate and lets a successor trustee step in if you become unable to manage things. It does not reduce taxes by itself, but it makes a transition faster and more private.
Trusts for beneficiaries.
Leaving money outright to a 25-year-old is a very different decision from leaving it in a trust that pays out in stages, or that a trustee can manage on their behalf. A properly drafted trust can also protect an inheritance from a child’s divorce.
Annual gifts.
You can give up to $19,000 per recipient in 2026 without filing a gift tax return or using any of your exemption. A couple with three children and five grandchildren, each giving from their own assets, can move $304,000 a year out of their estate this way, if they choose to.
529 plans.
A donor can put five years of gifts into a 529 plan at once, which is $95,000 per beneficiary in 2026, or $190,000 for a married couple, and elect to spread it across five years for gift tax purposes.
Beneficiary designations.
Retirement accounts and life insurance pass by the beneficiary form, not by your will. Many outdated forms may still name an ex-spouse or a parent. Since the SECURE Act, most non-spouse heirs must empty an inherited IRA within 10 years, which can create a large tax bill for a child in their peak earning years. How you sequence what you spend, give and leave can make a real difference here.
Not every asset is equal for an heir
Assets outside of retirement accounts that are passed at death generally receive a step-up in cost basis, which can wipe out years of built-up capital gains. Gifting the same asset during your lifetime generally means the recipient keeps your original basis. So gifting a highly appreciated stock may cost your heir more in taxes than leaving it to them. The best choice depends on the asset, the tax situation of the recipient, and the size of your estate.
The conversation that gets skipped
Plans tend to fail for reasons that are not legal. Children find out about an arrangement for the first time at a funeral. One child is named trustee, and the others feel excluded. A family business or a vacation home is left to siblings who do not agree on what to do with it.
Some things that help:
Decide what you want the money to accomplish before deciding how to split it.
Tell your children the broad outline of the plan while you are alive, even if you do not share dollar amounts.
Choose a trustee based on judgment and availability, not birth order. If you don’t have a person in mind, there are professional trustee services and trust companies who can serve in this capacity.
Write down your wishes for items that matter emotionally, such as a family home or heirlooms. Those cause more arguments than investment accounts do.
Review the plan every few years and after any major event: a birth, a death, a divorce, a sale of a business, or a move.
Questions worth asking now
Do the trust and the will still reflect what I want, and does each beneficiary designation seem in alignment to my wishes?
If I became incapacitated tomorrow, who would act for me, and would they know where everything is?
Are my children and grandchildren prepared for what they may receive?
Which assets should I give now, and which should I leave at death?
There is no single right answer to any of these, and the right mix looks different for every family.
Let’s Talk
If you would like to think through how these decisions fit your family, Meira Wealth works with clients alongside their estate attorney and tax advisor. Contact us or call us at (305) 670-4440. ¿Prefiere hablar con nosotros en español? Contamos con miembros de nuestro equipo que hablan español.
Frequently Asked Questions
Do I need a trust if my estate is below the federal exemption?
Possibly. The exemption affects estate tax, but a trust can also help with probate, privacy, planning for incapacity, and control over how and when heirs receive assets. An estate attorney can tell you what makes sense for your situation.
How much can I give my children each year without gift tax consequences?
In 2026 you can give up to $19,000 per recipient without filing a gift tax return or using any of your lifetime exemption. If one spouse funds a gift and the couple elects to split it, a gift tax return is generally required. Check current IRS guidance and consult your tax professional.
Does Florida have an estate or inheritance tax?
No. Florida does not impose a state estate tax or inheritance tax. Federal estate and gift tax rules may still apply.
How often should I review my estate plan?
Many people review it every few years and after major events such as a birth, death, divorce, sale of a business, or a move.
This article is provided for informational and educational purposes only. It does not constitute personalized financial, investment, tax, or legal advice or a recommendation, and reading it does not establish an advisory relationship with Meira Wealth. Investing involves risk, including the possible loss of principal. There is no guarantee that any strategy or plan will achieve its objectives. Past performance is not indicative of future results. Please consult with a qualified professional regarding your specific situation. For more information about Meira Wealth, please review our Form ADV Part 2A and Form CRS, available on our website.
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