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Estate planning is undergoing a radical reformation. (Perspective).

Publication: National Underwriter Life & Health-Financial Services Edition
Publication Date: 23-DEC-02 		Format: Online - approximately 1086 words
Delivery: Immediate Online Access

Article Excerpt
Estate planning is in the midst of a radical reformation and a number of factors are driving the process.

First, there has been an explosion of wealth in the United States. Up to $136 trillion may be inherited in the next 50 years.

According to a number of studies, only 10% of today's millionaires inherited their wealth. These largely self-made millionaires who live next door often believe that being self-sufficient (as opposed to relying upon a family inheritance) is critical to the development of an heir's character. And while they may not be frivolous enough to spend their children's inheritance, they are increasingly restricting the manner in which heirs will receive an inheritance.

Second, the number of taxpayers subject to a federal transfer tax is decreasing (although the imposition of state inheritance taxes may actually increase in coming years). The result of the recent Congressional elections increases the chance that the high exemptions will remain for the foreseeable future.

With fewer taxpayers...

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