HNW clients face big tax bills, estate liability if they fail to plan

As published in Wealth Professional Sep 24, 2026

By: David Kitai featuring Errol Tenenbaum

The article examines why failing to create an estate plan can be one of the biggest risks for high-net-worth families. Complex estates, family dynamics, and uncertainty around retirement can make clients reluctant to make decisions, even when they understand the importance of planning.

It also explores how strategies such as an estate freeze can help manage future tax liabilities. Without proper planning, a deemed disposition may result in a significant capital gains tax bill and create liquidity challenges for heirs, potentially forcing them to sell business assets—or the business itself. Errol Tenembaum, Partner in our Tax and Wills and Estates groups, notes that some clients may not want to engage in advanced planning, while others may have considered these issues without turning their thoughts into a formal plan.

The article highlights the role advisors can play in helping clients move forward. By understanding each family’s goals, asking thoughtful questions, and building trust, advisors can help clients navigate difficult conversations and develop a plan suited to their needs.

Read the full article in Wealth Professional