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.