Barbara Little of Obermayer, Reman Maxwell & Hippel, writes about who needs estate planning. Her article begins as follows:
A recent survey found that nearly 50% of individuals with children do not have a Will and over 40% of individuals over the age of 55 do not have one. Whether a person is 18 or 98 with net assets of $200,000 or $20 million, an estate plan is one of the best gifts we can give to our families. I like to think of an estate plan in terms similar to building our home – everyone wants a solid and complete home.
Similar to the foundation of a house, the foundation of our estate plan is our legacy – – to whom do we want our assets to go upon our death: family, friends or the community. Building up from this foundation we have four walls, two walls support us during our lives and the other two support our family, friends and community upon our death.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.