More Money More Problems
In the article 'The more money a family has, the more complicated estate planning will be' by Noelle Boughton, Canadian tax consultant, Lorn Kutner, told Wealth Professional "estate planning that needs to be done, and updated, applies to everyone, regardless of how much wealth he or she will pass on. “But,” he added, “typically, the more money a family has, the more complicated the estate planning is going to be.” Complications like businesses, stock portfolios, and real estate, can lead to hefty taxes owed, especially if the estate is not kept up to date with the constantly changing tax laws.
"He also recommended that advisors start that tax planning early, even when clients are in their 20s, although older clients may have more accumulated assets, especially if they’ve started a business, had a successful professional career, or received an inheritance that they’ve invested."
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