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Financial Planning > Trusts and Estates > Estate Planning

Family businesses and estate planning

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  • Nearly 1/3 of family business owners have no estate plan beyond a will.*
  • 54%: Percentage of family business owners who indicate a clear understanding of estate taxes.*
  • Fewer than 1/2 of family business owners who expect to retire in five years have selected a successor; of those expecting to retire in six to 11 years less than 1/3 have done so.*
  • 60%: Percentage of age 50+ Americans who have a will; 45% have a durable power of attorney and 23% have a living trust.
  • 51%: Percentage of Americans age 50+ with a high school education or less with a will; 80% of those with a college degree have one.
  • 39% with a high school diploma or less have a durable power of attorney, compared to 58% with a college degree.
  • 26%: Percentage of men with a living trust; 20% of women have a living trust.

Source: AARP
*Source: MassMutual