How do millionaires think?

The following are some of the key findings from the third annual Wealth in America study conducted for Northern Trust:

Millionaire households have become more advisor-oriented over the past two years, and less reliant on their own efforts.  In particular, millionaire households increasing are seeking advice on * * * tax reduction strategies [and] estate plan or asset transition. * * *

In general, millionaires have very altruistic motivations for their charitable giving: supporting causes that they personally believe in and making a difference in their community * * *.

While seemingly well-positioned for a comfortable retirement, millionaire households nonetheless have concerns about issues or events that might affect their finances.  Chief among their concerns are health related, specifically the rapid rise in health care costs and their health personally or the health of a spouse.

In addition, millionaires place a high level of importance on leaving an estate to their heirs. * * *

Lastly, almost one-half of millionaires have established a personal trust.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.