A recent blog post from the AICPA highlights the importance of estate planning with the story of superstar, Prince, who left no will or estate plan for his $250 million fortune. Although it’s been more than a year, the court only recently decided his six siblings are the rightful heirs.
The takeaway from the article is this: whether you have loads of money or not, it’s crucial to hire an expert to assist you with your estate planning needs. While it may seem tempting to use a do-it-yourself website, it certainly is not ideal. Even if you have few assets or no dependents, it’s still important to make sure you aren’t placing an undue burden on your loved ones by relying on an expert to prepare your trust and estate plan.
For more information on trust and estate planning, contact a ShindelRock tax professional today.