Survey Says: You Need To Update Your Estate Plans!

Rothstein Kass, one of the nation's leading professional services firms that provides accounting, auditing, and tax services has recently conducted a survey that found a majority of wealthy families have out of date estate plans.

They found that most extremely wealthy clients had estate plans that were at least three years out of date. Even more disturbing is that nearly 95% had experienced some kind of significant life change within that time period without making the necessary updates to their estate plans. They also found that 84% of life insurance plans had not been reviewed for three or more years and 53% of families had no asset protection plans formalized.

Out of 74 families studied, more than half had been involved in a divorce or lawsuits. On top of that 90% were concerned about family members becoming involved with a divorce at some time in the future.

These are some pretty alarming percentages. And if they are an indication of estate litigation on a broader scale, there are going to be some very big headaches for wealthy families.

Please consult with a professional estate litigation Attorney as soon as possible to get all of your estate needs up to date.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.

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