There are two trends developing in America. One trend is that after years of increasing, life expectancy is beginning to decrease for unknown reasons. The other trend is that wealthy people are still continuing to live longer. This has led to rich people over 80 having as much total wealth as rich people under 50, according to IRS data as Bloomberg reports in "Octogenarians Rule the Rich."
The eventual implications of this could have a significant impact.
Wealthy elderly people will not live forever. In the next couple of decades, an astounding amount of wealth will be transferred from oldest Americans to younger generations.
If those transfers are done poorly, then considerable wealth could be wasted.
While some might assume the wealthy have the wisdom to get good estate plans to facilitate the transfer of their wealth, that is not always the case.
Many do not get those plans or they get plans that contribute to costly legal challenges to their plans by family members.
An estate planning attorney can advise wealthy Americas on creating estate plans that fit their unique circumstances. Contact us for a consultation today if you have any questions about your unique circumstances regardless of your age.
Reference: Bloomberg (Aug. 23, 2017) "Octogenarians Rule the Rich."