Although have wealth and financial savvy, more than one-third of rich families have not even established an estate plan.
A survey on cnbc.com showed that 38 percent of those with invested assets of $1 million or more have not used a planner to set up an estate plan.
Those with $5 million or more were more likely to do so — 68 percent had estate plans, the survey showed.
An expert said he was not surprised because constant changes to the estate tax laws up until 2013 left many with “estate planning fatigue.”
Now that the federal exemption has been set at $5.43 million per person, it has made estate planning less of a priority for many wealthy families, said Mitch Drossman, national director of wealth-planning strategies for US Trust.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
