Advanced Estate Planning Strategies for Private Wealth Management

Ms. Jane Thompson, a 62-year-old successful entrepreneur residing in California, is considering her estate planning options as she approaches retirement. She has substantial assets, including a family-owned business valued at $3 million, real estate holdings worth $1.5 million, and a diversified investment portfolio of $2 million, along with cash savings of $500,000. Jane has two adult children, both of whom are involved in the family business and have expressed interest in taking over operations upon her retirement. However, Jane is concerned about the potential tax implications of transferring her business and minimizing estate taxes upon her passing.

Additionally, Jane is considering her charitable giving strategy, as she has always been inclined to support local educational initiatives. She wishes to incorporate philanthropy into her estate plan without sacrificing her children's inheritance. Discuss the various estate planning strategies that Jane should consider to achieve her financial goals while also addressing her concerns regarding tax implications and the future of her family business. Be sure to analyze the impact of each strategy on her estate and heirs.