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Phoenix Survey Results Suggest Tax Law May Have Little Effect On Estate Planning

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NU Online News Service, Aug. 2, 4:08 p.m. – The Phoenix Companies Inc., Hartford, has published early results of a survey suggesting the new federal tax law will have little effect on the estate plans of wealthy individuals.

Although 64% of the participants in the survey said the new legislation would decrease their estate taxes, 27% believed the law would not change their tax burden, according to “The 2001 Phoenix Wealth Management Survey.”

Only 3% believed their taxes would go up.

The researchers that conducted the survey found that affluent individuals closely followed the estate tax discussions last spring. More than 60% considered themselves “very” or “fairly” knowledgeable about the subject.

Asked what action they would take in light of the new federal tax law in the survey, 41% percent of the respondents said they plan to leave existing trusts in place, and 26% said they would leave existing life insurance in place. Twenty-five percent said they would leave their current gift arrangements for charity in place.

Researchers also found that 47% plan to consult a financial advisor about the effects of the new law, while 34% do not.

Results of the survey will be complete in September, Phoenix says.


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