IRS Says California Home to Most Multi-MillionairesMarch 8, 2012 9:32 pm Asset Protection, Estate Planning
According to recently released statistics from the IRS, California is home to the most multi-millionaires (those with a net worth of over $2 million) — adding further luster to our nickname as “The Golden State”.
Here is the Top 10 list:
- California – 329,000 (1.2 percent of total adult population)
- New York – 160,000 (1.1 percent of the adult population
- Florida – 155,000 (1.2 percent of total adult population)
- Texas – 100,000 (.6 percent of total adult population)
- Illinois – 83,000 (.6 percent of total adult population)
- New Jersey – 71,000 (1.1 percent of total adult population)
- Pennsylvania – 57,000 (0.6 percent of total adult population)
- Massachusetts – 51,000 (1.0 percent of total adult population)
- Ohio – 50,000 (.6 percent of total adult population)
- Virginia – 49,000 (.8 percent of total adult population)
Beyond the obvious advantages, being a multi-millionaire means you also have a responsibility to protect what you have accumulated, which is why it is important to consult with a California estate planning attorney. Here are five very good reasons you should not delay in creating an estate plan:
- California has a plan for your estate if you don’t – and it entails a lengthy and expensive probate process.
- If you don’t make a plan for your minor children, California will make that for you as well. They could end up with a relative or whoever volunteers…or, in a worst case scenario, they could be placed in foster care.
- Depending on estate tax law at the time of your death, Uncle Sam will happily take a big chunk out of your estate for taxes if there is no plan to protect assets.
- Your ex stands to benefit if they are still listed as a beneficiary for your retirement accounts or life insurance policies and you haven’t changed those in years.
- Your private financial information becomes very public once it enters the probate process. You can prevent this through careful estate planning.
Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.