Britney Spears makes headlines today for very different reasons than she did a few years ago. James Spears, Britney's father, became his daughter's conservator five years ago after the singer exhibited bizarre public behavior.
The Taxpayer Relief Act of 2012 was the subject of a recent meeting of estate planners from Los Angeles and across the country. Estate planning specialists spent much of last year bolstering trusts for clients in anticipation of less-generous gift and estate tax changes in 2013. The changes were not as dramatic as expected.
A surprising number of people in California and throughout the country give little thought to long-term financial planning. Young adults may be more concerned with wealth building than wills, trusts and estate administration.
Life improvements are almost always the subject of New Year's resolutions. The declarations to get fit, change relationships and improve career or financial prospects that are sincere on Dec. 31 often become diluted or forgotten by spring.
Everyday people are not the only ones who fail to plan future strategies for their assets. Famous people with great wealth including musicians and reclusive billionaires have been guilty of inadequate estate planning.