VIEWS: 14 PAGES: 1 CATEGORY: Legal POSTED ON: 11/1/2012
According to a recent study, a majority of American families who are wealthy enough to have a full-time accountant and legal representatives on staff have extremely outdated estate plans
America’s Wealthy Have Outdated Estate Plans According to a recent study, a majority of American families who are wealthy enough to have a full-time accountant and legal representatives on staff have extremely outdated estate plans. In fact, more than three quarters of American wealthy families had outdated estate plans, even though 95 percent of them had significant life changes that required some form of updating to their plan. Creating a Will Requires Routine Maintenance Once you have created a Will, you still have to maintain it. A Will you create today does not always apply to your life one or ten years from now. Consider this: you could get married, buy more property or even have another child – all of these things impact the status of an estate plan. Creating a Will is the first step in managing your estate and the welfare of your loved ones, but keeping your estate up-to-date is crucial if you plan on taking full advantage of estate planning. Combining Estate Planning Techniques For those with significant estates, creating a will is not enough to protect their assets. Instead, a person with a larger estate needs to work with an estate planning attorney to create asset protection and tax protection – two common errors also missed by America’s wealthiest families. Experienced estate planning attorneys Brooklyn NY of the Minko Law Office offers estate planning and business planning resources to residents of Brooklyn NY. To learn more about these free resources, please visit www.minkolaw.com/ today.
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