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Focus: business owners, wealthy families and estate updates

A writer at Forbes magazine whose focus in on articles that discuss "the creation and management of exceptional wealth" says that many top wage and income earners across the United States unquestionably do a good job on the creation prong.

Conversely, though, just as many are making rather dismal efforts in the wealth-management sphere, often neglecting to protect their assets via timely and smart estate planning strategies.

Ironically, contends writer Russ Alan Prince, "Not having an estate plan is in fact having one," given that lack of an administration strategy will toss wealth questions and considerations over to the government.

That is, the time-consuming, often complex, expensive and public process of probate can come to the fore regarding wealth that wasn't duly attended to by effective estate planning.

Prince's observation that, "Death will trigger a transfer of assets whether professionally planned for or not" comes with a strong recommendation that a "solicit a professional" strategy is definitely the way to go where wealth that needs safeguarding exists.

Unfortunately, note multiple commentators contributing to Prince's recent Forbes piece, many successful business principals and truly wealthy families are clearly doing a poor job in employing timely and sound strategies to preserve and maximize assets. Their failure to do so, says one business website founder, can easily result in their wealth "being distributed in ways that don't reflect their current wishes."

Relevant statistics on the matter are telling. Reportedly, close to 90% of wealthy business owners' estate plans haven't been significantly addressed -- that is, updated in important areas -- in more than five years. Various studies show the same to be true for about one-fourth of "exceptionally wealthy families."

Notwithstanding such data, Prince contends that there is "good news" to offset the dark clouds relevant to lax planning.

And it is as simple as reaching out to a seasoned high-asset estate administration attorney with a demonstrated record of working successfully with diverse clientele to implement and update their wealth portfolios.

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The Law Offices of Kimberly Butler Rainen
21 Central Street
Andover, MA 01810

Phone: 978-494-6730
Phone: 978-409-1928
Fax: 978-849-8212
Map & Directions

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We are in a 1700s Colonial located on the intersection between Brook Street, Central Street and Essex Street in historic downtown Andover, Massachusetts. The parking lot entrance is located on Brook Street, which is a one-way. From Central, turn down Essex Street. Before reaching the railroad tracks, when you see the St. Augustine Church on your right, take a sharp left turn on to Brook Street, which will turn you back toward Central Street. As you ascend the hill back toward Central Street, you will see large stone pillars on either side of the entrance to our parking lot. We have assigned parking spaces numbered 7 and 10.

From the parking lot, you may take the stairs located on the rear, left-side of the building up to the garden area, where the foyer entrance to our office is located. You can also follow the sidewalk on Brook Street up to Central Street, walk along Central Street past the main house entrance (with a wrought iron gate across the walk way) to an opening in the wrought iron fence, in to the garden area where the foyer entrance to our office is located.