Good Estate Planning Requires Time, Money, and Coordination of Professionals

A recent article posted on the Washington Post’s website urges wealthy entrepreneurs who are often too busy to make an estate plan to consider doing so for the sake of their children.  After offering a few estate planning tips, such as making annual gifts, titling assets correctly, and updating the will, the article concludes with the following, which is often missing from many articles that over-simplify estate planning techniques:

While the principles of estate planning sound straightforward, putting a good estate plan in place requires close coordination among you, your financial planner, your attorney, your accountant and other advisers. Estate planning will require an investment of time and money, but it may very well be the best investment you ever made.

Entrepreneur.com, The Parental Responsibility of Estate Planning, Wash. Post, Jan. 19, 2010.