VIEWS: 12 PAGES: 1 CATEGORY: Legal POSTED ON: 11/1/2012
According to recent surveys, only 35 percent of Americans have completed their estate planning and only 21 percent have created a trust
The Decline in Estate Planning According to recent surveys, only 35 percent of Americans have completed their estate planning and only 21 percent have created a trust. According to the experts, this decline started to show as the housing market and economy slowed. Some Americans feel with the unpredictability of the economy, it is too hard to focus on estate planning. After all, a lot of Americans do not know if they will keep their assets through the down economy or not. Additional information released from the study concluded that: 7 out of 10 Americans believe it is more important to save money than worry about the long- term planning aspects of their estate. About three-quarters of American consumers have stated that the economy’s current condition has barred them from planning their future. 44 percent of consumers without an estate plan feel they need to focus on the essentials such as paying their bills and buying food rather than worrying about estate planning. One out of five consumers does not have an estate plan because they do not think they will have any assets to pass to their spouse or children. Even when economic times are down, consumers need to keep in mind that they eventually go back up. Without estate planning serious issues can arise, especially if assets a person expected to sell not only go up in value, but remain in the possession of the individual. Experienced estate planning attorneys Brooklyn NY of the Minko Law Office offers estate planning and business planning resources to residents of Brooklyn NY. To learn more about these free resources, please visit www.minkolaw.com/ today.
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