Help Sought for Estate Planning

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Help Sought for Estate Planning

Building a sizable portfolio and minimizing income taxes may be important objectives, but ultra-high net worth individuals are most likely to consult advisors about protecting their estates from taxation.

Slightly more than half (51%) of ultra-high net worth individuals, defined as those who have a net worth of at least $5 million, say they sought the advice of a professional in determining how to minimize estate taxes. By comparison, 46% consulted advisors about building a sizable portfolio, and 44% asked for help in reducing income taxes.

Most likely to have talked to advisors about estate taxes are senior corporate executives (70%), individuals who have a net worth of $25 million or more (61%) and business owners and individuals who are 51 to 64 years old (57%).

While ultra-high net worth individuals are most apt to consult advisors about protecting their estates from taxation, they are much more likely to conduct research on other objectives important to them. Building a sizable portfolio (41%) and reducing income taxes (32%) both are more common research subjects than minimizing estate taxes (24%)

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