A financial writer notes in a recent Forbes article that some estate planning commentators are improperly focused on the potentiality of what is termed a “wealth tax” for the nation’s richest individuals and families.
Virtually any ongoing source of estate planning information -- including our blog at the long-tenured Bay Area Law Offices of Connie Yi -- will occasionally restate a fundamental point concerning the planning community.
Regular readers of our blogs in the Bay Area and across California know that we strongly endorse the clear utility of tailored and well-drafted trusts at the Pleasanton Law Offices of Connie Yi. We note on our established firm’s website that, “Trusts can be an integral piece of estate planning for many individuals, couples and families.”
Michelle Herting is a California business adviser and writer on estate planning topics. She makes two quick child-centric points in a recently penned article that are relevant to the planning process. We note them immediately below for readers.
We’ll get straight to the point regarding subject matter that we introduced in our immediately preceding blog post (please see our September 6 entry).
So, what’s it going to be, a will or a trust?
A financial planner notes in a recent Forbes piece that, rather than being an anomaly, trusts are common fixtures in the plans he creates for clients. In fact, states Rob Clarfeld, it is unusual for him "not to recommend incorporating one or more trusts" in the work he does for varied individuals and families.
An estate planning insider recently writing on that topic for Forbes sought to underscore a point on self-drafted wills by making an analogy to an electrician.
A recent Forbes financial article stresses that financial planning “can become intricate and emotionally fraught for high-net-worth families that have a lot at stake.”
Many people in the estate planning world will eagerly offer arguments opposing a writer’s stated view that a revocable trust “is essentially a will replacement.”