Advances in medical technology are allowing people to maximize longevity, which creates the possibility for more rewarding lives. Personal, family, and societal consequences, however, can ensue for those living past 100. These difficulties are heightened for ultra-wealthy families in how and when they transfer assets to subsequent generations. By not planning out your estate properly, disastrous family confrontations can occur. Sometimes transferring assets before death will solve several possible problems because of the possibility of dementia and elderly exploitation. In the near future, those affluent individuals who live longer rewarding lives will create gaining implications for wealth managers and tax professionals in planning their estates.
See Russ Alan Prince, Estate Planning for the Ultra-Wealthy When Living to 120 or Beyond, Forbes, January 18, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
