FYI: Each year, high-net-worth families spend huge sums preparing their assets for transition to their heirs, engaging high-powered estate and tax planners who set up complex vehicles like family limited partnerships, life insurance, charitable remainder, charitable lead and various other kinds of trusts. Yet, despite the best efforts of top-notch professionals, according to Roey Williams and Vic Preisser in their 2007 book Estate Planning for the Post-Transition Period, “70% of estates lose their assets and family harmony following the transition of the estate.” Given the talent engaged, it doesn’t seem likely that the failure is due to poor design. So why do the majority of plans fail?
Regards,
Ted
https://www.advisorperspectives.com/articles/2019/08/14/why-are-baby-boomer-wealth-transfers-failing
