Nearly 40 Percent of Wealthy Americans Have No Estate Plan
According to a recent survey from cable news network CNBC, more than one-third of America’s wealthiest individuals have not taken the proper steps to plan financially for their passing. The survey included 750 millionaires and found that 38 percent of participants had not created a will or otherwise acted to protect their investments or provide for their families.
In an attempt to explore why a sizeable portion of participants did not have plans in place, experts stated that those with significant wealth experienced “estate planning fatigue” from constant changes to federal and state laws. With continuous changes and uncertainty surrounding estate taxes and other issues, wealthy U.S. citizens routinely have to meet with financial advisors to update their plans. This hassle has caused many individuals to simply stop planning altogether, perhaps waiting for more stability in federal policymaking.
Additionally, in 2015 the Internal Revenue Service raised the estate tax exemption amount to $5.43 million. Some advisors believe that those whose property does not exceed the threshold believe they do not need to develop an estate plan because their estates will not be taxed. However, this is not usually true. There is more to estate planning than the estate tax.
An important step to take
Developing an estate plan is an effective way to protect the assets you have accumulated throughout your life, while ensuring your family is provided for if you pass away. Without an estate plan in place, the state of Florida will decide which parts of your property are passed down and who will act as a guardian to any minor children you might have.
For the legal guidance and advice you need when it comes to estate planning in Florida, meet with a skilled Tampa attorney at BaumannKangas Estate Law.