Estate planning for millionaires is crucial, as wealthy families have more to protect and pass on to the next generation. Larger estates tend to be more complicated, with multiple homes, business interests, bank and investment accounts, cars, boats, jewelry and other assets.
Proper estate planning helps organize your financial affairs so your heirs aren't left with a complicated mess after you're gone. “A well-thought-out plan can be a gift in and of itself to your heirs,” said Matthew Fleming, senior wealth adviser at Vanguard. "It also ensures that your beneficiaries get what you set aside for them and minimizes the tax liability for everyone."
