Essential Florida Estate Planning Tips for High-Net-Worth Families

By George P. Jackson, MBA, CPA, CFA, CFP®, CMT, CLU, ChFC

Estate planning is never a one-size-fits-all exercise, and in Florida, high-net-worth families face unique considerations. Between state laws, federal estate tax rules, and the nuances of family dynamics, the wrong strategy can create unnecessary tax exposure, delays in asset distribution, or even disputes among heirs. 

The good news: with proactive planning, you can preserve your wealth and protect your legacy without the headache.

1. Take Advantage of Florida’s Homestead Protections

Florida offers some of the strongest homestead protections in the country. Your primary residence may be shielded from certain creditors, and it qualifies for favorable property tax treatment. But homestead property also comes with restrictions on how it can be devised to heirs. If not planned correctly, this can create unintended consequences for surviving spouses or children. A well-structured trust or deed arrangement can ensure your property passes according to your wishes without conflict.

2. Use Trusts to Streamline Wealth Transfers

Revocable living trusts, irrevocable trusts, and dynasty trusts are powerful tools for Florida families with significant wealth. Trusts can:

• Avoid probate (which can be lengthy and public in Florida)
• Provide asset protection for beneficiaries
• Allow for ongoing management of family wealth across multiple generations
• Reduce exposure to federal estate and gift taxes

Choosing the right trust type depends on your family’s goals, including shielding wealth from creditors, minimizing taxes, and maintaining control over how and when heirs receive assets.

3. Address Business Succession Early

For families who own closely held businesses, estate planning must include succession strategies. Florida law defaults may not align with your intent, and without a buy-sell agreement, continuity can be disrupted. Consider:

• Structuring ownership through family limited partnerships or LLCs
• Establishing clear rules for transfer of shares or management rights
• Funding succession plans with life insurance to provide liquidity

This ensures your business continues smoothly while protecting both active and non-active heirs.

4. Plan for Liquidity to Cover Estate Taxes and Expenses

While Florida has no state estate tax, high-net-worth families are often subject to federal estate tax. Illiquid estates, where most assets are tied up in real estate or business interests, can force heirs to sell assets quickly to cover tax obligations. Solutions may include:

• Life insurance held in an irrevocable life insurance trust (ILIT)
• Gifting strategies during your lifetime
• Creating cash reserves or liquid investment buckets

5. Review Beneficiary Designations Regularly

Retirement accounts, life insurance, and annuities all transfer by beneficiary designation, not by will. In Florida, these designations override any will provisions. Outdated or inconsistent designations can derail even the most carefully crafted estate plan. Regular reviews, especially after major life events, help ensure your assets flow exactly where intended.

6. Protect Heirs with Asset Protection Planning

Florida is known for strong asset protection laws, including exemptions for retirement accounts and homestead property. But high-net-worth heirs may still face risks from lawsuits, divorce, or poor financial habits. Structuring inheritances through discretionary or spendthrift trusts can help safeguard assets long after they leave your estate.

7. Keep Family Communication at the Center

Even the most technically sound estate plan can unravel if heirs are surprised. While you don’t need to disclose every detail, open communication reduces confusion, minimizes conflict, and sets expectations. Family meetings with your advisors present can help align everyone on the vision.

Partner with Estate Planning Professionals

Florida’s estate planning environment offers powerful protections, but it also contains pitfalls that can frustrate your goals if left unaddressed. For high-net-worth families, careful use of trusts, homestead planning, tax-efficient strategies, and clear communication can preserve wealth and ease the transition for future generations.

The best next step? Partner with an experienced estate planning attorney and wealth advisor who understand Florida law and the complexities of affluent families. With the right plan, you can safeguard your legacy and give your heirs the gift of clarity and security.

The Jackson Wealth Management team is here to help you navigate the intricacies of estate planning. Ready to take control of your financial future? Schedule a consultation today or calling (407) 585-0235, emailing gj@jacksonwm.com, or booking online.

About George

George P. Jackson is the CEO and CIO of Jackson Wealth Management, LLC, based in Lake Mary, Florida. With over 33 years of experience in the financial services industry, George is passionate about making a meaningful difference in his clients’ lives through comprehensive, integrated wealth management. He specializes in helping clients make confident financial decisions by serving as their trusted “one-stop shop” for anything money related, from investments and retirement planning to taxes and estate strategies.

George obtained his Bachelor of Business Administration as well as his Master of Business Administration (with an emphasis in quantitative analysis) from University of Cincinnati. His designations include Certified Public Accountant (CPA), Chartered Financial Analyst®, CERTIFIED FINANCIAL PLANNER®, Chartered Market Technician®, Chartered Life Underwriter®, and Chartered Financial Consultant®. Outside the office, he enjoys tennis, flying airplanes, traveling, spending time with his adult children, Christina and Matthew, and anything to do with the ocean. To learn more about George, connect with him on LinkedIn.