Facts revealed about wealthy seniors

We may think that older, wealthy Americans already have developed their estate plans, but research shows that 40 percent of them have not.

That’s one of the surprising statistics revealed in a research report from U.S. Trust, Bank of America Private Wealth Management. Fundraising consultant Michael Rosen sifted through the report and pulled this and other interesting facts about seniors we probably didn’t know.

Among his other discoveries from the report:

  • Of those with net worth of $3 million or more, 40 percent do not consider themselves “rich.”
  • Older, wealthy Americans believe the most important use of wealth is to ensure financial security for themselves and their families.
  • Only about one-third (34 percent) of parents agree strongly that their children will be able to handle the inheritance they plan to leave them.
  • 52 percent of older, well-off Americans have not fully disclosed their wealth to their children.
  • 19 percent of older, wealthy Americans who were surveyed do not have children.
  • Among older, wealthy Americans, 44 percent have never discussed their philanthropic aspirations with their financial advisor.

Michael expands on these in his blog. The full report from U.S. Trust is here.

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