Law Offices of Connie Yi, PC
Tell Us About Your Case
888-312-6978

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at (925) 484-0888 or email us directly at [email protected] to schedule the consultation.

View Our Practice Areas

Even a fortune can disappear without sound estate planning

Some figures baffle.

Like the speed of light. Like the age and size of the universe.

And like estimates pegging the personal fortunes of America's richest families.

Consider this imagery relevant to the storied Vanderbilt family for a moment: a pile of money equaling one million dollars stacked next to a similar pile stacked next to a similar stash ... 216,000 times.

The math calculation producing a total amount on that wealth reveals a dollar amount of $216 billion. That is reportedly the ballpark figure for the fortune amassed by tycoon Cornelius Vanderbilt in the 1800s when extrapolated to today's dollars.

As astounding as that nearly incalculable amount of money is, an investment strategist underscores in a recent national news article something just as remarkable linked with it.

That is this: It's mostly gone now. As writer Wes Moss notes, failed estate planning steadily worked to erode the family's massive wealth over time.

"In just one century," Moss states, "the largest estate America has ever known had dwindled to a shell of its former self."

How could such an outcome be remotely possible?

Moss points to a select few culprits that commonly feature where asset dissipation is concerned, even where differing levels of wealth are on display.

At the core is an inability of a wealth creator to timely get family members on board regarding the management aspects of an estate. Wealth can hardly be sustained and augmented when heirs and business successors lack knowledge concerning all key estate pieces and how they must work in concert to promote an overall plan. Those people need to be involved and prepared at an early juncture, or it is likely they will never be able to ensure continued estate prosperity.

Moss prominently recommends input from a proven estate attorney. "Plan ahead," he says, "and your estate will stand the test of time."

No Comments

Leave a comment
Comment Information

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response

Office Locations

Law Offices of Connie Yi, PC
323 Ray Street
Pleasanton, CA 94566

Phone: 925-484-0888
Pleasanton Law Office Map

Cupertino
19925 Stevens Creek Blvd
Suite 100
Cupertino, CA 95014

Toll Free: 888-312-6978
Map & Directions

San Francisco
490 Post Street, Suite 508
San Francisco, CA 94102

Toll Free: 888-312-6978
Phone: 415-433-3350
Map & Directions