At what point do you think you’d finally reach the point where you thought having a Will or other end-of-life legal documents was an important part of your planning? Would you say that if you had a million dollars that you would for sure make sure to have documents outlining who your beneficiaries were? A CNBC.com report found that 38 percent of all millionaires didn’t have an estate plan. The report found that of those with $5 million or more, 32 percent didn’t have an estate plan. Even those who do have estate plans in place often don’t revisit them once they are done but laws change frequently enough and people’s circumstances change as well that an old Will may not be any better than not having a Will at all.
CNBC.com suggests that the frequency of those changes in the past may have caused estate-planning fatigue among clients. However, the permanent change in 2013 to federal estate-tax law should have been enough to make people consider finally putting their estates in order. One expert suggests that the reason people aren’t creating Wills and other documents is that they think of estate planning as a means to reduce estate taxes and with the federal estate tax exemption set at $5.43 million, many people may think they no longer have to worry about their estates.
However, federal estate taxes while being a significant reason to address end-of-life concerns isn’t the only reason to have legal documents in place. Just ask the families of Robin Williams or Casey Kasem if their fathers’ planning resolved all their problems when they died.
Attend one of our seminars and find out for yourself why traditional planning fails and what you can do to protect your assets, avoid institutional care and not be a burden on your family.