The CNBC Millionaire Survey has found that 38 percent of 750 millionaires surveyed have not consulted a financial expert to establish an estate plan. The poll conducted by Spectrem Group for CNBC revealed estate planning was the most prevalent among individuals with investable assets amounting to at least $5 million, with 68 percent having worked with a financial advisor.<\/p>\n
Despite being business-savvy, wealthy Americans have demonstrated a reluctance toward thinking about estate planning. The lack of estate plans can be attributed in part to the constant changes in federal estate tax law, which has resulted in what estate planning attorney Michael Gilfix calls \u201cestate-planning fatigue.\u201d<\/p>\n
A higher federal estate tax exemption of $5.43 million per person this year could be another reason high-net-worth families have placed a lesser priority on estate planning, holding the view that it is primarily a way to reduce estate taxes. There is more to estate planning, however. The CNBC Millionaire Survey has found that 38 percent of 750 millionaires surveyed have not consulted a financial expert to establish an estate plan. The poll conducted by Spectrem Group for CNBC revealed estate planning was the most prevalent among…<\/span><\/p>\n
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