You are kind of running out of time. Your focus should on estate planning with an eye on taxes (or intergenerational taxes). I have been coaching a friend in a similar situation as you. I have collected some ideas here: Estate and Tax Planning Ideas
A non-qualified trust (often referred to as a non-qualified deferred compensation trust or NQDC trust) along with Roth/traditional 401(k) can help you manage tax better in your situation.
I am copy/pasting my commentary from spreadsheet here for everyone's benefit. The tax planning needs to start while you are building you estate, not after you have an estate. Too little, too late.
A non-qualified trust (often referred to as a non-qualified deferred compensation trust or NQDC trust) along with Roth/traditional 401(k) can help you manage tax better in your situation.
I am copy/pasting my commentary from spreadsheet here for everyone's benefit. The tax planning needs to start while you are building you estate, not after you have an estate. Too little, too late.
| Goal: | Minimize lifetime or generational taxes |
| Commentary: | There is no free lunch. Saving tax today may mean paying same or even more tax in the future (either in your lifetime or your children's lifetime). |
| Estate planning and tax planning are intertwined subjects. Planning for one without another may backfire on you very late in your lifetime. | |
| It is best to project what your estate and income may be in the future and start planning backward from there. | |
| Couple "time points" you may want to project: When you stop gainful employment activity (if any), Upon your death |
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