Estate planning is essential for those wanting to reduce federal and state tax liabilities and to control the disposition of their assets after death. A survey of wealthy entrepreneurs revealed that nearly nine out of ten had some sort of estate plan in place. Even so, 85% of these estate plans were more than 5 years old. With tax laws continuously in flux, an older estate plan may mean missed tax savings or additional, previously unforeseen tax liabilities.
See Russ Alan Prince, Most Successful Entrepreneurs Have Out Of Date Estate Plans, Forbes, October 9, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
