Estate Tax Minimization Strategies for Martin

Martin, a 70-year-old high-net-worth individual, has recently been diagnosed with a terminal illness. He has a net worth of $20 million, a primary residence valued at $5 million, and an extensive investment portfolio that includes a retirement account and various stocks. Martin is concerned about the tax implications of his estate upon his passing and wants to ensure that his wealth is passed on effectively to his two children, both of whom are financially responsible adults. However, he also wishes to consider the effects of potential estate taxes and the benefits of maintaining a balanced estate for future tax efficiency.

In conversations with his estate planning attorney, Martin is presented with several options for structuring his estate. He is particularly interested in minimizing the impact of estate taxes and ensuring that his children receive the assets in the most advantageous manner possible.