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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    Oct 11 12

    Wealthy Family, Outdated Estate Plans

    Newport Beach Law Firm

    A majority of families wealthy enough to
    have their own financial offices may have estate plans that are sorely out of
    date, according to a survey by Rothstein Kass, a leading national professional
    services firm providing accounting, auditing and tax services.

    An estate plan is a living
    document. It has to be. After all, you’re a living person.

    Unfortunately, Congress and the
    White House are constantly shifting. As a result, your estate plan must adapt,
    improvise and overcome. For wealthy families in particular, many of their
    estate plans are simply out of date, and that’s not something you can afford to
    let slide.

    According to a Private Wealth article titled, “Estate Plans Of Rich Families Out Of Date,
    Survey Says
    ,” and a study conducted by Rothstein Krass, “More than
    three quarters of the estate plans of the ultra-wealthy clients studied were at
    least three years old despite the fact that nearly 95% of them have experienced
    significant life changes since the estate plans were drawn up.” However you
    spin that finding, it’s a sad state of affairs for many families, and your
    family need not become part of that sad statistic.

    Simply put, if your life (or the
    lives of your loved ones) changes, for better or worse, you need to adjust your
    estate planning accordingly. The past few years have been devastating to families
    building wealth between generations and to families working hard to build
    wealth in this generation. As a result, just about every family needs to make
    some adjustments in its estate planning.

    Contact Meier Law Firm to discuss all of your Estate Planning needs. 

    Reference: Private Wealth
    (September 25, 2012) “Estate Plans Of Rich Families Out Of Date,
    Survey Says

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