A survey among 750 individuals with investible assets of at least $1 million revealed that 38% of the affluent in the country have failed to establish an estate plan, CNBC reported on June 29.
The study showed that wealthy families with estate worth between $1 million and $5 million were less likely to plan for their financial future compared to those with assets reaching $5 million or more. Democrats and independents were also less likely to seek financial advice for their estate needs.
Experts believe that the reluctance of many wealthy families to plan for their estates lies on the ever-changing federal-estate tax law, which was only made permanent in 2013. Because of the changes, many affluent families have grown weary of keeping their estate documents up-to-date.
However, planning for your estate should never be an exhausting, endless legal task. Our team of Chicago probate attorneys at Peck Ritchey, LLC, can help you draft an accurate and compliant estate plan. Call us at (855) 328-5787 and start securing the financial future of your family today.