In an interview with Financial Advisor magazine, estate planning expert, Gary Altman, was asked about how tough economic times can impact people’s decisions about estate planning.
Gary admitted that he’s seen some people – whether out of fear or out of necessity – try to access money that had been set aside in an estate plan (i.e. borrowing money from a trust).
However, Gary believes that probably the biggest impact of an economic downtown is that people, reluctant to spend money, avoid planning altogether. They may understand the risks of doing so, (i.e. estate taxes), but they are reluctant to spend any money because unsure of what will happen next.