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The need for "rock-solid" planning in estate administration

A recent media article notes the obviously singular circumstances of uber-rich tycoons Bill Gates and Warren Buffett, referencing their decision to forgo simply showering future family generations with billions of dollars. The business moguls instead say that a tiny portion of their wealth will suffice for the kids, grandkids and other family members, with the bulk of their estates being used to further the aims of various charitable causes.

Many people would like to do something similar but, then again, the chance of ending up financially like Gates or Buffett is probably about the same as winning Powerball.

Notwithstanding their professed goals, though, the intent of Gates and Buffett will seek to similarly ensure what most people want to promote, namely, adequate provision for loved ones and contribution to valued projects pursuant to sound estate planning.

Whatever the goal, states a financial article in CNBC, “rock-solid financial planning” is essential to achieving it.

As noted in that piece, special problems can indeed arise in financial planning for extremely wealthy families, such as heightened jealousies, the potential for perpetual enabling that can undermine independent achievement, inappropriate estate planning instruments previously executed that can have adverse implications down the road, and so forth.

All those issues, though, are things that proven estate planning attorneys with extensive experience handling high-asset estate matters are thoroughly familiar with and can help a family work through.

And, as CNBC notes, the sooner, the better, with one article commentator noting the value of having estate planning issues “effectively dealt with before the death of a parent.”

A number of planning tools can be profitably considered and implemented in any given case, including wills, trusts and other vehicles.

An experienced estate planning attorney can provide candid and confidential information in response to planning questions and concerns.

Source: CNBC, "Smartest decision ever made by Bill Gates, Warren Buffett," Constance Gustke, June 3, 2013

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