Peck Ritchey, LLC > Elder Law Blog > Estate Planning > A third of the affluent have not established estate plans

A survey among 750 individuals with investible assets of at least $1 million revealed that 38% of the affluent in the country have failed to establish an estate plan, CNBC reported on June 29.

The study showed that wealthy families with estate worth between $1 million and $5 million were less likely to plan for their financial future compared to those with assets reaching $5 million or more. Democrats and independents were also less likely to seek financial advice for their estate needs.

Experts believe that the reluctance of many wealthy families to plan for their estates lies on the ever-changing federal-estate tax law, which was only made permanent in 2013. Because of the changes, many affluent families have grown weary of keeping their estate documents up-to-date.

However, planning for your estate should never be an exhausting, endless legal task. Our team of Chicago probate attorneys at Peck Ritchey, LLC, can help you draft an accurate and compliant estate plan. Call us at (312) 201-0900 and start securing the financial future of your family today.

Categories: Estate Planning

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I solicited Peck Ritchey, LLC for assistance with a living trust for which I became the beneficiary. I needed assistance with understanding the details of how it all worked. However, I was especially concerned because there were threats of allegations made by family members and a lawsuit was filed against me. I needed a solid professional who had my best interests in mind. Peter Brady took my case and he managed it flawlessly. He explained everything in a way I could understand, he knew the law inside and out, he was always available to answer questions, and even offer support when things seemed like they could become extremely problematic. In addition to this, he had a plan. He navigated the course as if he already knew the next move by the opposing attorney. He made me feel like everything was in control and that’s because he knew exactly what he was doing and he consulted with me about everything. We ended up settling out of court and ultimately the court officially dismissed the lawsuit. I honestly believe if it wasn’t for Peter and his expertise this could have gone in an entirely different direction. Peter did a stellar job and I couldn’t be more pleased and impressed with his performance.

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