Most successful business people are aware that they need an estate plan.
A recent survey found that 9 out of 10 of entrepreneurs have at least a will, if not more estate planning documents. However, there can still be a problem, according to Forbes in "Most Successful Entrepreneurs Have Out of Date Estate Plans."
The survey found that 85% of the entrepreneurs have estate plans that are more than five years old. That is not always a problem but certainly can be.
Newly acquired property can sometimes be accounted for in old estate plans. Tax laws often change though.
If a significant tax law has changed, the way in which an old estate plan handles an estate can be less than ideal. The plan may no longer do what was intended.
What that means is the estate plans of wealthy people need to be reviewed regularly to make sure those plans still do what was intended.
At Heritage Elder Law, we offer our clients one free year of updating and changes to their documents. After the first year we have a program called The Heritage Club where for a small fee, we will make any necessary updates as you need them. We also will include you in educational and recreational activities throughout the year when you are a Heritage Club Member.
Our attorneys at Heritage Elder Law can advise you on creating an estate plan that fits your unique circumstances and then advise you on keeping the plan up to date. Call (724) 841-0004 to schedule for a free workshop to learn more. You can also visit www.HeritageElderLaw.com to learn more or to register for an upcoming workshop.
Reference: Forbes (Oct. 9, 2017) "Most Successful Entrepreneurs Have Out of Date Estate Plans."