Got less than $3.5 million? Forget about a lawyer-drawn will.
Got $10 million? Not to worry. Most likely your executor can probate your estate in a matter of minutes.
For these and other stimulating insights, see Smart Money's 10 Things Estate Planners Won't Tell You.
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Notes for trust officers, private bankers and others concerned with estate and trust planning, from a Merrill Anderson Senior Editor and his retired mentor.
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1 comment:
Although there are many to pick from, my favorite quote in this article is actually attributed to a probate lawyer: “If the executor is organized, it’s possible to do a $10 million estate in minutes.” Is he serious? First, if it's a $10M estate, someone should have done some serious estate planning to begin with unless their favorite relative was their "Uncle" (Sam, that is) because this estate would pay about $2.9M in estate tax. I can't even write out a check for that much in "minutes!"
This article is ridiculous - yes, there are overreaching "professionals" that charge excessive fees and don't do what's best for clients, however, I truly find that that is the exception rather than the rule...
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