As I’ve often said, the fewer assets you have, the more important asset protection is — but the public has no idea what estate planning can do for them because the media is just not interested and they have no idea where to turn for advice.
It’s not just that Americans think estate planning is for the rich, it’s that many Americans simply don’t understand the topic. In fact, the survey found that three-quarters (74 percent) of Americans believe estate planning to be a confusing topic, and more than half (53 percent) said it’s difficult to find an advisor they trust to create an estate plan.
While the survey shows Americans are receptive to learning more about estate planning—46 percent said they are interested in learning more about creating an estate plan—only one-quarter (27 percent) of those without a will or trust have even talked with their families about creating an estate plan, and only 1 in 10 has sought the advice of an attorney or other professional advisor. The internet, which has now become the default source of information for everything from financial advice to cooking tips, is the one place where Americans are not turning for estate planning advice. In fact, only 8 percent of those with an estate plan used an online legal service when first seeking advice on how to develop their plan.
Source: Half of America Sees Estate Planning as Tool of the Ultra-Rich
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David R. Duringer, JD, LL.M, is a concealed firearm instructor and tax lawyer specializing in business and estate planning; licensed to practice law in the states of California and Washington. He is managing shareholder at Protective Law Corporation, serving Southern California from its Laguna Hills (Orange County) headquarters and satellite offices in San Diego County (Coronado and Carlsbad).
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