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Your Will Could Lead to Millions in Lost Inheritance, Says Estate Street Partners |
Boston, MA (PRWEB) May 15, 2007 -- "A will is worth little more than the paper it's written on," claims Rocco Beatrice, Managing Director of Estate Street Partners, a firm that specializes in estate planning, advanced tax services and asset protection strategies. Anna Nicole Smith signed a will back in 2000 with Howard K. Stern named as executor at the time. Rocco warns if a will was the only thing that was signed and no other estate planning measures were in place at the time or before her death then her surviving daughter, Dannielynn, could potentially lose millions of Dannielynn's rightful estate.
"Many people do not realize, including very affluent and prominent people in the U.S., the fact that a will does not offer probate avoidance nor does it offer any sanctions against the estate taxes. There is a misconception that a will transfers all property to the appropriate persons and beneficiaries and that is sufficient," explains Rocco.
The cost of estate taxes and probate fees which include court fees, judge fees, attorney fees, accountant fees and appraisal fees could be disastrous and lose as much as seventy-five percent of the inheritance's original value. Additionally, a will is a public document whereby anyone can rightfully view the written contents. There is no privacy in a will. A will's primary purpose is to notify publicly who will take care of your children and ill-suited to protect the value of the estate and transfer of the estate value.
"The best advice I can give is to properly set up an irrevocable trust with an independent trustee for a complete asset protection system. If you have millions of estate value then I'd add the importance of a trust protector. These can and will eliminate the expensive probate process and estate taxes. One of the key components here is the independence of the trustee," advises Rocco.
However, he further adds to this advice with clear warnings. "What I've personally found is that many people have relied on their attorney to give them a $2,000 trust to protect all their money. It really baffles me to think that some people believe that a $2,000 trust can help them save millions of dollars. It's not reality. One should think that if an attorney charges such a nominal fee he simply wouldn't be able to spend the time needed to do a good job given the complexities of what's involved in a family trust."
When millions are at stake an irrevocable trust with an independent trustee and trust protector needs to be a carefully and strategically, well-laid estate plan. A surefire financial and asset protection plan needs to be thought-out and the intricate details cannot simply be laid out on a few pages of paper. Details need to be discussed amongst family members as to the who, when, where, what and how the beneficiaries will be paid or apportioned what part of the estate.
Rocco exhorts, "Find a good attorney and financial planner that specializes in these sorts of things -- especially when you have millions at stake. Don't be foolhardy. Saving a few thousand now can easily cost the heirs tens of thousands, if not millions later on down the road. Good... To read the press release in full goto http://prweb.com/releases/2007/5/prweb525208.htm
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