PrinceThere are four primary mistakes that individuals make with regard to their planning and it appears that the late artist Prince, could have been guilty of one of them. These include:
• Having no will
• Forgetting to plan ahead for disability
• Failing to update estate plans regularly
• Failing to set up a trust
It has come to light in recent news that Prince’s sister knows of no existence of a will and this means that Prince’s estate could pass through Minnesota intestacy laws. Without any proper estate planning his estate may have a tax bill of approximately 50% of its worth which is estimated to be about $300 million.
Consulting with an experienced Massachusetts estate planning attorney can help address your concerns not just as it relates to passing on assets to your loved ones but also for identifying strategies that can help minimize your tax bill. Frequently, individuals are surprised to learn that they need more than a will to accomplish their estate planning goals which is where strategies like trusts can be important.
Outlining your estate planning wishes after an initial consultation with an attorney is important but it is just as important to update these estate plans as your life changes. For example, a birth, death, marriage or divorce may be cause for updating your estate planning documents. Set up a regular meeting with your Massachusetts estate planning attorney to learn more about what needs to be updated and the strategies and tools you can use to minimize tax bills.

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