Comprehensive Estate Planning for High-Net-Worth Individuals

Anna and Michael are a married couple in their late 50s with a combined net worth of $10 million. They have three children, all of whom are adults and financially independent. Anna is a successful partner at a law firm, while Michael is a retired entrepreneur who successfully sold his business a few years ago. They are considering how to structure their estate plan not only to manage their wealth during their lifetime but also to facilitate an effective transfer of wealth to their children in a tax-efficient manner after their passing. Additionally, Anna and Michael are interested in philanthropic strategies they can adopt while maximizing their tax benefits.

Given this context, outline and discuss the key considerations Anna and Michael should account for in their estate planning. Address aspects such as the use of trusts, charitable giving strategies, tax implications, and potential challenges they may face in ensuring their wishes are met.