Although many wealthy individuals are relatively business and financially savvy, according to a recent survey on CNBC.com, approximately one third of these high net worth families have not even taken the most essential steps for providing for protecting loved ones after death.
The CNBC Millionaire Survey concluded that 38% of those individuals with investible assets of $1 million or higher have never used a financial expert in order to put together an estate plan.
Individuals with assets of $5 million or more were more likely to engage in this process compared to those individuals with $1 million to $5 million in assets, and may believe that estate planning is primarily a vehicle for reducing estate taxes.
People who participated in this study felt that if they did not meet the estate tax threshold they may assume that the estate planning is not necessary.
However, there are numerous tools and strategies that can still be beneficial for planning during your life as well as for what will happen to your assets after you pass away. Consulting with a committed New Jersey estate planning attorney now regardless of your net worth is strongly recommended.