More than a third of millionaires have not consulted with a financial planner to set up an estate plan. Procrastination is a problem that has an effect on people in all income groups. Recent changes in tax policies have created a sense of “estate planning fatigue” with some wealthy families. Not having an estate plan can result in “complete chaos” as loved ones who are left behind fight over the estate. It is a good idea for wealthy individuals to consult with a professional estate planner so that they can be prepared for the future.
See Alex Padalka, One-Third of Millionaires Have No Estate Plan, Financial Advisor IQ, July 2, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
