According to a new study in the book Preparing Heirs, Victor Preisser and Roy Williams note that 70% of family wealth transfer and business succession plans fail. This statistic should encourage those who are looking to make an estate plan to pay special attention and seek professional advice when they are creating these plans. There are a multitude of trusts that exist and each have their advantages and disadvantages. Examining those trusts and determining which is the most applicable to a situation is an important task in any estate planning process.
See Mitch Kauffman, "Avoiding Wealth Transference Failure," kauffmanwealthservices.com (April 2007).
h/t Gerry W. Beyer, "Avoiding Estate Plan Failure," Wills, Trusts & Estates Prof Blog (Dec. 18, 2011).
Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal.
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