What are the Latent Gaps, Errors and Omissions Surrounding NHL Activity?
If players are continually changing geographic regions and find themselves acquiring assets in various states, many financial complications can and will ensue years later if proper estate planning work flow systems are not in place: Lack of Notice(s) to Estate Planners. Many client management systems fail to give notice(s) to estate planners to amend or create a new “Estate Plan” (“EP”) after being traded. This omission if repeated throughout the players career, can result in an outdated EP plan with old state laws governing the newly (after acquired) assets located in the new domicile state. Assets Falling Out of Trust. Stated differently, failing to have a reliable Estate Planning “Document Assembly System” in place can cause the traded players’ newly (after acquired) assets to fall outside or out of trust (and eventually into probate). This creates additional substantial estate taxes that are unduly burdensome to beneficiaries. Failing Fiduciary Appointments. Failing to have an Esta
