The news media likes to vilify “the 1%” when discussing income inequality. It’s a deceptive idea because the same people are not in the top 1% every year. There are, however, a small group of very powerful, very wealthy families who are able to maintain substantial wealth across generations. My law practice does not represent “the 1%” because their wealth requires much different estate planning techniques than others. They use very large and expensive law firms. They hire armies of attorneys, investment advisors and lobbyists to reduce their tax burden. They wield enormous political power in Washington DC.
If you are reading this, you are probably in the top 20%-30%, not the top 1% or the bottom 70%. Why? Because those in the bottom 70% have very little or no wealth to protect (so why read this) and those in the top 1% have battalions of wealth advisors surrounding them (they don’t need read this).
Your estate planning War Chest should include knowledge of the fact that we are a divided nation. If you are in the top 30%, you are sandwiched between the economic and political power of the top 1% and, by virtue of their vast numbers, the political voting power of the bottom 70%.