By Ric Martin, CFP®, MS, NSSA | Founding Partner, Bluestone Wealth Partners
After decades of working with successful families, I've learned that estate planning is one of those things people know they should address, but often find remarkably easy to postpone.
There is always another year. Another business decision. Another investment opportunity. Another reason to wait.
My advice is simple: doing nothing is never the right decision when it comes to estate planning.
When Should You Start Estate Planning?
You don't need a $10 million net worth to need an estate plan.
If you have children, own meaningful assets, or simply care about who will make decisions on your behalf if you're unable to make them yourself, there are foundational documents worth having in place. That may include a will, powers of attorney, healthcare directives, and properly coordinated beneficiary designations.
As wealth grows, however, the conversation changes.
Estate planning becomes less about simply documenting where assets should go and more about thoughtfully controlling how wealth is transferred, protecting the people you care about, managing potential tax exposure, and deciding what you want your money to accomplish after you're gone.
For families approaching or exceeding a $10 million net worth, I believe it becomes increasingly important to have a more sophisticated conversation with your financial, legal, and tax advisors.
The $10 Million Estate Planning Conversation
One of the mistakes successful people make is looking at their net worth today without considering what it could become.
Imagine you're 60 years old with a $10 million or $15 million estate. If you live another 20 or 30 years, that wealth has significant time to compound. A family that isn't particularly concerned about federal estate taxes today could find itself in a very different position later.
That's when we begin asking harder questions.
Do you have enough to comfortably support yourself and your spouse for the rest of your lives? When does it make sense to begin transferring assets? How much can you give without compromising your own financial security? Which assets should you transfer, and which should you retain?
These aren't decisions I believe families should make based solely on a tax calculation. They require understanding the entire financial picture.
Why the Federal Estate Tax Exemption Matters
For 2026, the federal basic exclusion amount is $15 million per individual. For married couples, proper planning can potentially allow both spouses' available exclusions to play a role in the estate plan.
That is a significant amount, but history teaches us something important: tax laws change.
There was a time when the federal estate tax exclusion was only $600,000. Today's rules are considerably more generous, which makes understanding the opportunities available under current law especially important.
For families with substantial and appreciating estates, failing to plan can mean giving up strategies that may have helped preserve more wealth for children, grandchildren, charitable causes, or other priorities.
Estate Planning Is About More Than Estate Taxes
Taxes tend to get the attention, especially when we're discussing high-net-worth estate planning. Yet some of the most important conversations have very little to do with tax.
What do you want your wealth to do?
How much should your children inherit, and when? Would giving during your lifetime allow you to see your family benefit from what you've built? Are there charitable organizations you want to support? Who should be responsible for making financial or healthcare decisions if you cannot?
Good estate planning creates clarity around those questions.
At Bluestone Wealth Partners, our role is to help clients understand how estate planning fits into their larger financial life. We work alongside their estate attorneys and tax professionals so investment strategy, retirement income, gifting, tax planning, and legacy goals aren't being considered independently of one another.
It's Never Too Late to Start
I've worked with families at many different stages of wealth, and I don't believe there is a perfect age or dollar amount when suddenly everything needs to be figured out.
There is simply a point when waiting starts creating unnecessary risk.
If you've spent decades building a successful business, career, investment portfolio, or family legacy, your estate plan deserves the same level of thought you've given to building that wealth in the first place.
You don't have to have every answer before you begin.
You just have to begin.
If your net worth has grown significantly or it's been several years since you've reviewed your estate plan, we welcome the opportunity to have a conversation. Contact Bluestone Wealth Partners to discuss how your investment, tax, retirement, and estate planning strategies can work together.
This material is for general informational purposes only and is not intended to provide specific legal or tax advice. Bluestone Wealth Partners and its financial professionals do not provide legal or tax advice. Clients should consult their attorney or tax professional regarding their individual circumstances.
