If you’re looking into high networth estate planning Jacksonville professionals can help with, the short version is this: a larger estate mostly adds complexity, not a different set of rules. You’ll want a will or trust, current beneficiary designations, powers of attorney, and a plan for any federal estate tax exposure. Florida has no state estate tax, which simplifies things, but a local estate attorney and CPA should tailor every piece.
High networth estate planning Jacksonville: why Florida law matters
Estate law is mostly state law, so where you live shapes the paperwork. Florida residents benefit from a few features that come up constantly in planning conversations:
- No state estate or inheritance tax. Florida doesn’t impose its own, so the question is almost always about the federal tax.
- No state personal income tax. That affects how heirs and trusts are taxed on ongoing income.
- Homestead rules. Florida’s constitution gives a primary residence unusual protections, including limits on who it can be left to if you have a spouse or minor children. These rules surprise people.
Probate for Jacksonville residents generally runs through the Duval County court system, though property in other counties or states can add separate proceedings. That’s one reason many people with real estate in several places use a trust.
Q: At what point does an estate count as “high net worth”?
There’s no legal line. Industry reports often use roughly $1 million in investable assets for a high-net-worth individual and much higher figures for ultra-high-net-worth. For estate planning, a more useful marker is the federal exemption. For 2025, the basic exclusion was about $13.99 million per person, and legislation passed in 2025 set it at $15 million per person starting in 2026, indexed afterward. Check the current figure with the IRS before you rely on it, since thresholds can change. Our plain-language explainer on what a high networth individual is covers the labels.
Q: If I’m under the exemption, can I skip planning?
No. Tax is only one reason to plan. Even modest estates run into problems like outdated beneficiaries, a business with no succession plan, a child with special needs, a blended family, or a home that heirs can’t agree on. Probate also tends to be public, slow and sometimes costly. People often want privacy and speed more than tax savings.
The core documents
- Will. Names guardians for minor children and directs assets that aren’t otherwise covered. Florida has strict signing and witnessing requirements, so a homemade version can fail.
- Revocable living trust. Often used to avoid probate and keep details private. It only works for assets actually retitled into it, and that follow-through is where plans commonly break down.
- Durable power of attorney. Lets someone you pick handle finances if you can’t.
- Health care surrogate and living will. Florida’s forms cover medical decisions and end-of-life wishes.
- Beneficiary designations. Retirement accounts, life insurance and payable-on-death accounts pass by designation, overriding your will.
Tools wealthier families often discuss
Irrevocable trusts
These can remove assets from an estate, and life insurance trusts are a common example. The trade-off is giving up control. They need careful drafting and are not something to set up from a template.
Gifting strategies
Annual gift exclusions and lifetime gifting can move assets to heirs over time. Gifts carry their own reporting and basis consequences, so a CPA should weigh in.
Business and real estate succession
Jacksonville has a lot of closely held companies, family property and waterfront real estate. Valuation, buy-sell agreements and liquidity matter here, because heirs can inherit an asset without the cash to pay the bills that come with it.
Charitable planning
Donor-advised funds, charitable trusts and similar vehicles can fit people with philanthropic goals. They have specific rules and aren’t right for everyone.
Common mistakes
- Naming an ex-spouse or a deceased person on an old account.
- Creating a trust and never funding it.
- Ignoring digital assets and passwords.
- Choosing an executor or trustee based on affection, not ability or willingness.
- Not reviewing the plan after a marriage, divorce, birth, move or big liquidity event.
How to choose help
Look for a Florida-licensed attorney who focuses on estate and trust work, and ask whether they are board certified in wills, trusts and estates through The Florida Bar. Ask how fees work, who will actually draft your documents, and how they coordinate with your CPA and financial advisor. Bring a current list of assets, debts, account titles and beneficiaries. If you aren’t sure where you stand financially, start by calculating your net worth, since a clear balance sheet makes the first meeting far more productive.
Bottom line
Florida’s lack of a state estate tax is a real advantage, but it doesn’t make planning optional. Review your documents every few years and after major life changes. Laws and exemptions change, so rely on your own advisors for current rules.
This article is general information, not financial advice.
Photo: “Jonathan Zander (Digon3)”, CC BY-SA 3.0, source.
