According to a study reported in Forbes in 2010, only 35% of Americans have a will,1 and many of those who do spent less time planning for it than they did their last vacation. In neglecting estate planning, though, they run the risk of losing a sizable portion of their estate to taxes and fees.
In establishing objectives for transferring your estate, it is important to develop a wealth management plan that matches your priorities.
Your most important planning objective is likely to preserve your financial independence. One of the major obstacles to effective planning can be the gap between the perception of wealth and reality of wealth. Thus, you should clearly define what is required to maintain your current lifestyle – the annual income needed for personal consumption and material assets – while keeping adequate liquidity