New York Among States With Highest Density of Millionaire Households — Estate Planning Critical

It’s possible that the number of millionaires in the United States will double over the next decade as numbers reach and exceed pre-recession levels, CNN Money reports.

The wealthy tend to their money like one might tend to a garden: thoughtfully, frequently and with great care. A New York probate law attorney can help you plan for the future, deal with changing tax laws and maximize your financial potential.According to the article, overall, the United States and Europe have the greatest concentration of millionaires, while China, Brazil and Russia will grow at the greatest rate in the next decade.

In the U.S., California will have the greatest number of wealthy households in 2020, while New Jersey will have the highest density of millionaires. The study predicts New York will have the fourth-highest density of millionaire households in 2020, while Connecticut had the highest in 2010.

The study defined wealth as financial assets, such as stocks, bonds and other investments and non-financial assets such as real estate, automobiles and art.

Consult an experienced New York trust and estates lawyer who can guide you through the process of protecting your assets. For instance, New York state estate taxes are some of the highest and most complicated of anywhere in the United States. There are ways to save on taxes, but it will be difficult to navigate the law alone.

As the study suggests, more than three million millionaire families were knocked off the map between 2006 and 2008 during the country’s recession. Taking the steps to properly protect your money, whether through securing correct Manhattan real estate contracts or finding the right executor for your will in Brooklyn, choosing the right lawyer may be the most important thing you do.

Jules Martin Haas represents clients dealing with New York trust and estates, real estate and guardianship. Please call me at 212-355-2575 for a free consultation.

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