When people consider the estate planning process, they need to keep in mind that there is not a one-size-fits-all approach to planning for the future. Every person is different, and every person's retirement planning is different too. While many Virginia residents will have their own factors to consider, they would be hard-pressed to have as explosive a case as that of a deceased Taiwanese billionaire.

Though the man died in 2008, the fight over his estate is still brewing. His widow brought a suit in federal court in Washington, D.C., in an attempt to recoup billions of dollars that she claimed should go to her. The couple were married for 72 years but had no children. However, the late billionaire, who was among the 200 wealthiest people in the world, had nine children with two other women to whom he was not married.

To complicate matters, the billionaire left no will. The widow then accused the mother of the man's youngest children, known as the man's "third family," of diverting money that was rightfully hers into trusts in the United States and elsewhere. Members of the man's "second family," who were cordial with the man's legal wife, also accused the third family of taking money that wasn't entitled to them -- but because they felt at least some of it should have gone to the second family. Ultimately, the widow was not successful with her case, but she might be back to try again.

It seems likely that much of the drama over the estate could have been avoided with careful and thoughtful estate planning. People in Virginia who are considering their financial future owe it to themselves to come up with a comprehensive strategy for their estate planning.

Source: Legal Times, "D.C. Judge Dismisses Lawsuit Over Estate of Late Taiwanese Billionaire Y.C. Wang," Zoe Tillman, Jan. 30, 2012