Making a will and estate planning are not the most pleasant topics to lots of people because they just don’t want to think about the prospect of their own demise. In spite of repeated requests from a spouse or children, these individuals continue to procrastinate about estate planning and this can be a costly mistake. Successful people who have a sizable estate that they will leave behind have worked long and hard for their assets yet, without proper estate planning, these hard-earned assets can and do disappear without benefits to family or charities.
Elvis Presley was and remains “The King” to thousands of loyal fans. Upon his untimely death at an early age in 1977, his estate was worth about ten million dollars and it cost over seven million dollars to settle it. That’s right, over 70% of his estate was lost in legal fees, taxes and who knows what other overhead. Granted, there were lots of complexities involved in his estate due to royalties, movie and recording contracts and the like, but the bottom line remains that the majority of his assets were lost in the process of settling the estate. The media covered the struggles of his divorced wife Priscilla as she attempted to retain as much of his legacy as possible for his heirs.
It’s true that there are only a few legendary figures in each generation but if our idols can fall, so can we. Let the experience of Elvis’ family end the procrastination about estate planning. Preparing a will and performing other necessary planning under the guidance of a competent estate planning attorney can preserve your hard-earned assets for your heirs. Stop procrastinating and prepare an estate plan that insures your assets will be distributed the way that you wish.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.