Estate Planning at All Levels of Wealth – Don’t the Wealthy Deserve As Much Attention to Competence Planning As Those Who Seek Medicaid Planning?

 by Patricia Annino for The Wealth Strategies Journal 2.0

One only has to read news stories like those about Doris Duke, Brooke Astor and Lilianne Bettencourt to understand that incompetence planning should be as important to those with financial means as it is to those without.  In fact, as the population ages and medical science advances, “Estate Planning” may need a new name, one that has a direct correlation to protecting oneself and one’s estate while still alive.  The questions to ask are not only “Who will you leave your assets to?” and “What will the estate tax consequences be?” but also “How will you protect yourself so that when you are no longer able to make your own medical and financial decisions, your wishes concerning your care and your assets will be implemented the way you intend them to be?”

Estate planning as we know it today evolved generations ago when people lived, became ill and died. What mattered was planning for death.  But now planning for the middle and upper…

Read the entire article here:  http://www.wealthstrategiesjournal.com/articles/2010/11/estate-planning-at-all-levels.html

Speak Your Mind

*

css.php