Piecemeal estate planning, where wills, trusts, insurance policies and other instruments are created in isolation, often leads to conflicts and inefficiencies.
The heartbreaking story of a retired therapist who lost nearly $600,000 to an elaborate scam underscores the need for asset protection strategies to safeguard seniors from increasingly sophisticated financial fraud schemes.
This is the perfect time to get an estate plan in place, or if you have one already, to make sure your plan is updated for changes in the law and that it reflects your current intentions.
You need to keep it up-to-date and make changes after certain events occur to ensure that your assets will be distributed according to your wishes when you pass.
While most Americans aren’t in the market for tax shelters, the allegations in this case are a reminder of what can happen when taxpayers ignore professional advice and common sense on taxes.
