Comprehensive Estate Planning Strategy for High-Net-Worth Individual

James is a 65-year-old divorcee living in New York, with a net worth of approximately $8 million. He has three adult children, each with different financial circumstances: Sarah, a successful attorney; Thomas, a teacher with a modest salary; and Emily, a stay-at-home mom with limited income. James has been thinking about how to ensure an equitable distribution of his assets upon his death, as well as how to minimize the tax burden on his estate and his heirs. Furthermore, he wishes to designate specific assets to support his children's unique financial situations and future needs.

In the context of James's situation, create a comprehensive estate planning strategy that addresses the following considerations:

• How to distribute his wealth among his three children
• Strategies for minimizing estate taxes
• Consideration of potential conflicts among heirs and how to mitigate them
• Appropriate use of trusts or other financial instruments
• The importance of specifying contingencies and future intentions related to his estate

Provide a detailed discussion of each element, including recommendations for implementing the strategies over a timeline leading up to his expected passing, while also considering the dynamics of his family relationships.