45.7% of Wealthy People (>$5MM) do NOT have estate plan

Can you believe that almost half of the high net worth with over $5 million in assets do NOT have an estate plan. (Statistic from the book Rainmaker by Russ Alan Prince and Brett Van Bortel). That's astonishing. They don't have any written plan for transferring wealth to the next generation. That means there's a likelihood that the children may fight over the money. There's no plan to give to charity. There's no plan for asset protection from kids' bad business dealings or potential divorces. The assets will be distributed according to state law, which is usually not in line with the decedent's wishes. It's astonishing to me that people could be smart enough to become multi-millionaires, yet dumb enough to not have a plan to distribute their assets at their death. Worse yet, they don't even have a plan to manage their estate once they become incapacitated due to illness or disease, such as from a stroke or Alzheimers. It's painfully clear to me that this statistic is still true and relevant as we read this month that Prince left a $300 million estate with no estate plan so that the government will decide who inherits those assets. What amazing things he could have done with his estate through charitable gifting. Instead, there will be massive fighting, family battles, and the lawyers will get rich. I could have set up a wonderful plan for Prince for just $400, or for $600 we could have kept it all private and avoided the courts. Instead of Purple Rain it's Purple Pain. Plan now. Mike Massey the Affordable Austin Lawyer can build you an estate plan for just $400.

Organize your estate like you organize your suits

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