The old estate planning myth is that people don’t need the help of a knowledgeable estate planning attorney until they have amassed significant wealth or are in their older years.
This is a myth because everyone can benefit from the process of going through estate planning and discussing options directly with an attorney. All too often people realize all too late that their loved ones have been left to suffer the consequences of failure to carry out estate planning.
New studies show that younger Americans are amassing more significant wealth, and this highlights the need for advanced estate planning services such as asset protection planning. Since 2014, a survey of American investors who had $25 million or more in their possession determined that the average dropped by over 11 years.
The average age of a U.S. investor who has at least $25 million dropped to age 47. This indicates a significant generational transfer of wealth that could be beginning.
Although the sample size of this study was small, it could hold important implications for the future of estate planning. Individuals over age 65 currently hold more than one-third of U.S. wealth.
That number has not grown as quickly as the proportion of elderly Americans in the population. If you are contemplating putting together an estate plan that protects your wealth now and into the future, schedule a consultation with a lawyer today.