On May 24, 2010, ABC News published Estate Planning 101: Inheritance Nightmares Cost Money, Love, by Dalia Fahmy. This article explains the importance of estate planning, which is often neglected:
Estate planning is one of the least understood, and most neglected areas of personal finance. Only 35 percent of adult Americans have a will, according to a Harris Interactive Survey for Lawyers.com.
Yet billions of dollars change hands through inheritance every year, and poorly planned transfers can waste money and hurt precious relationships.
Fahmy provides readers three lessons:
- Inheritance Lesson 1: Honesty, Transparency
- Inheritance Lesson 2: Plan Ahead, Update Often
- Inheritance Lesson 3: Think It Through, Again
The article is accompanied by a video on the repeal of the federal estate tax in 2010.