Masahiro Hashiguchi, the long-time friend of the late collector Robert Ellsworth, filed a $25 million suit Monday against the lawyer who drafted the will.

Source: news.artnet.com

I’m always amazed when the wealthy like Ellsworth have such poor estate planning.  This man was a savvy deal maker, but he and his attorney appear to have overlooked some basic financial fundamentals in planning the estate.  My question is:  did Ellsworth have a team of professional advisors to help him think through everything?  

This kind of problem is not just for the wealthy, however.  Even if your estate is not in the “taxable” range, you still need to have a solid estate plan to protect the vision you have for your loved ones and your community in the event of your disability or death.  And it often takes more than a simple will or trust to cover everything. You need to understand how all of your assets affect your lifestyle and legacy financial plans, and that takes the involvement from experts in different areas of financial services.

Have a plan that involves a good team that is looking out for your comprehensive interests.  Make sure they consider all the rules, regulations and options.  Then check it all again.