Tuesday, September 12, 2017
Not having an estate plan means the government gets to decide how your assets will be distributed. For many decedents, the government structure for intestate succession would not match their desire for distribution while living. This issue can be avoided with a current estate plan. For those with significant assets though, this may not be enough. Changes in the laws can open opportunities for tax savings or can possibly create negative tax repercussions under new laws. Because laws are always in flux, it is especially important for the wealthy and super-rich to update their estate plans regularly.
See Russ Alan Prince, Why Continuous Estate Planning Is Essential For The Rich And Super-Rich, Forbes, September 6, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.