Recent studies uncover a worrying trend: a notable decrease in estate planning across diverse demographics, including older Americans, business proprietors, and art aficionados. This decline poses significant risks, as estate planning is pivotal for orderly asset transfer and minimizing legal and tax entanglements.
Key findings reveal older Americans showing a decline in estate planning, while 85% of successful business owners possess outdated plans, and only 10% of ultra-high net worth art collectors have adequately prepared for asset transfer.
Overall, there's a 6% decline in estate planning, with lower-income Americans experiencing a 16% drop. Upholding estate planning is critical for asset distribution, financial stability, business continuity, and tax mitigation, necessitating heightened awareness and accessibility of planning services.
