With advances in medical technology, it’s increasingly possible to live a long and active life. Experts in longevity planning use advanced medical testing to create healthcare plans that maximize longevity and help people live longer, more rewarding lives.
Forbes’ recent article, “Estate Planning For The Ultra-Wealthy When Living To 120 Or Beyond,” says that as far as estate planning for the wealthy, the potential to live much longer is becoming a potential issue for the families. When and how should high-net-worth families transfer assets to future generations?
Among very wealthy families, a critical question is when the next generation will be able to benefit and control the assets they are intended to have. If a wealthy father—thanks to medical advances—is living past 100, it will be some time before his children take control. Perhaps they’ll be in their 70s or 80s. Unless families carefully contemplate all of the possibilities and take proactive estate planning steps, there could be potentially disastrous consequences lurking.
Controlling wealth until death is a common practice with self-made millionaires. However, this can lead to poor estate plans—especially when they live a long time. With wealth holders living a very long time, they must create estate plans that clearly define what’s going to happen. It some cases, it’s prudent to transfer assets before death. This can eliminate possible problems such as family disputes and lawsuits and assets strangely disappearing. Due to the possibility of dementia or older wealth holders being exploited, moving some of the wealth before death can be very beneficial for everyone.
With medical breakthroughs that may help affluent people live longer fruitful lives, there are critical implications. In order to have an effective wealth transfer of a high-net-worth estate, speak with an experienced estate planning attorney to work through the timing and disposition of your assets.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today to schedule a time for us to sit down and talk about your estate plan, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: Forbes (January 18, 2017) “Estate Planning For The Ultra-Wealthy When Living To 120 Or Beyond”