Many Pennsylvania residents falsely believe that estate planning is only for the wealthy, and that families with moderate levels of income and assets have little need for such measures. According to a recent survey conducted by a major media outlet, even the wealthy among us fail to properly address estate planning needs. When it comes to the reasons behind this trend, some of the logic makes perfect sense, even if the outcome is flawed.
One reason why many with a net worth between $1 million to $5 million fail to create a solid estate plan is based on a type of "planning fatigue." In recent years, these individuals and families have gone through a wide range of shifts and concerns over how estate tax changes might affect the eventual distribution of their wealth. Each proposed or actual change in tax laws prompted a call from one's financial planner or estate planning attorney. After being concerned about the issue for a long enough period of time, many people simply threw their hands up in frustration and stepped away.