Simplified
ESTATE PLANNING
Many often think that estate planning only benefits the very wealthy, but this is a common misconception. It’s something everyone needs to engage in regardless of age, estate size or marital status. If you have a bank account, investments, a car, home or other property—you have an estate—and must plan accordingly to protect your family and their future interests. Check out these stats regarding the importance of estate planning.
NX O I T A R S G E N EL L E N N I A L & MI
the Pay to of Order t
Amoun
$
T Y T R I TH
046
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AN N O I RILL Signed
D
00 100
rents a P r u o Y
000 100 0 0 0 1 000 1111
estate plans 55% have in place
h t i ew. n o y f f. . n A stu
SOURCES: Investment News: Generational Planning; July 13, 2015. 2 The Wall Street Journal: Lost Inheritance, by Missy Sullivan; March 8, 2013. 3 Pershing/BNY Mellon: 30 IN 30 report; April 2014.
of wealth that Generation X and Millennials are expected to inherit over the next 30 years.1
Famous Fortunes Gone Bust
Estate Planning AMONG U.S. CLIENTS WORKING WITH FINANCIAL ADVISORS, ONLY3
AN S D E N E A N? O H W PL E T A EST
$30 TRILLION: estimated amount
trust services 36% have in place
2
HUNTINGTON HARTFORD II Blowing through hundreds of millions, the A&P grocery heir died at 97. Among his extravagant spending: a self-named Manhattan art museum, a 145-acre California artist colony, and a Bahamian resort development with an imported medieval cloister and gold-plated bathroom fixtures estimated at $20 to $30 million.
“COMMODORE” CORNELIUS VANDERBILT Amassed more than $100 billion (in today’s dollars). His early heirs built baronial estates, including The Biltmore, a 250-room French-style chateau in North Carolina. But by 1973, according to one biographer, a reunion of 120 Vanderbilt descendants included not a single millionaire.
an estate 27% acknowledge plan is needed
BARBABRA WOOLWORTH HUTTON Nicknamed the “poor little rich girl,” the Woolworth’s five-and-dime heiress blew through half a billion (in today’s dollars), splurging on art, jewelry (including historic pieces once belonging to Marie Antoinette) and seven husbands. She died nearly broke, with a reported net worth of just $3,500.
WHAT FAMILIES WANT HELP WITH3 to know if their wills 48% want and trusts are up to date
42%
want help understanding the issues associated with multigenerational wealth transfer
41%
want help creating plans to transfer wealth to their children
1
No strategy assures success or protects against loss. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Carson Group Partners, a division of CWM, LLC, is a nationwide partnership of advisors. This content cannot be copied without express written consent of CWM, LLC. Wealth Designed. Life Defined.® is a registered trademark of CWM, LLC and may not be duplicated.
70%
70% of family money disappears by the end of the second generation1
90%
90% is gone by the end of the third generation1
SF# 97565 06-2016
Simplif ie d
Date
2 2016 -
Many often think that estate planning only benefits the very wealthy, but this is a common misconception. It’s something everyone needs to engage in regardless of age, estate size or marital status. If you have a bank account, investments, a car, home or other property—you have an estate—and must plan accordingly to protect your family and their future interests. Check out these stats regarding the importance of estate planning.
NX O I T A R S G E N EL L E N N I A L & MI
the Pay to of Order t
Amoun
$
T Y T R I TH
046
00 ,000,0 0 0 0 , 0 $3
AN N O I RILL Signed
D
00 100
rents a P r u o Y
000 100 0 0 0 1 000 1111
estate plans 55% have in place
h t i ew. n o y f f. . n A stu
SOURCES: Investment News: Generational Planning; July 13, 2015. 2 The Wall Street Journal: Lost Inheritance, by Missy Sullivan; March 8, 2013. 3 Pershing/BNY Mellon: 30 IN 30 report; April 2014.
of wealth that Generation X and Millennials are expected to inherit over the next 30 years.1
Famous Fortunes Gone Bust
Estate Planning AMONG U.S. CLIENTS WORKING WITH FINANCIAL ADVISORS, ONLY3
AN S D E N E A N? O H W PL E T A EST
$30 TRILLION: estimated amount
trust services 36% have in place
2
HUNTINGTON HARTFORD II Blowing through hundreds of millions, the A&P grocery heir died at 97. Among his extravagant spending: a self-named Manhattan art museum, a 145-acre California artist colony, and a Bahamian resort development with an imported medieval cloister and gold-plated bathroom fixtures estimated at $20 to $30 million.
“COMMODORE” CORNELIUS VANDERBILT Amassed more than $100 billion (in today’s dollars). His early heirs built baronial estates, including The Biltmore, a 250-room French-style chateau in North Carolina. But by 1973, according to one biographer, a reunion of 120 Vanderbilt descendants included not a single millionaire.
an estate 27% acknowledge plan is needed
BARBABRA WOOLWORTH HUTTON Nicknamed the “poor little rich girl,” the Woolworth’s five-and-dime heiress blew through half a billion (in today’s dollars), splurging on art, jewelry (including historic pieces once belonging to Marie Antoinette) and seven husbands. She died nearly broke, with a reported net worth of just $3,500.
WHAT FAMILIES WANT HELP WITH3 to know if their wills 48% want and trusts are up to date
42%
want help understanding the issues associated with multigenerational wealth transfer
41%
want help creating plans to transfer wealth to their children
1
No strategy assures success or protects against loss. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Carson Group Partners, a division of CWM, LLC, is a nationwide partnership of advisors. This content cannot be copied without express written consent of CWM, LLC. Wealth Designed. Life Defined.® is a registered trademark of CWM, LLC and may not be duplicated.
70%
70% of family money disappears by the end of the second generation1
90%
90% is gone by the end of the third generation1
SF# 97565 06-2016
Simplif ie d
Date
2 2016 -
