Estate Planning Strategies for High-Net-Worth Individuals

Samantha is a 58-year-old widow with an estate valued at $7 million. Her assets comprise a diversified portfolio of investments, a family home worth $2 million, and a vacation property worth $1.5 million. Samantha has two adult children, Jessica and Michael, both of whom are financially independent. She is concerned about the tax implications of her estate upon her passing and wishes to ensure that her assets are distributed according to her wishes while minimizing potential taxes.

Samantha's estate consists of 60% in stocks and bonds, 20% in real estate, and 20% in cash. She has recently learned about the benefits of establishing a trust and is considering this option, along with a possible charitable donation strategy to reduce estate taxes. Address how Samantha can utilize estate planning strategies to efficiently transfer her wealth to her children and possibly to charitable organizations.