| According to Slate magazine, there are now | | | | to better their environment. These are the |
| 8.9 million American households with assets | | | | philanthropists. Think: David |
| over $1 million, excluding their homes and | | | | Rockefeller.While these millionaires vary |
| retirement funds. Dr. Larry Samuel of the | | | | considerably from one another, they all have |
| consulting group Culture Planning breaks them | | | | one thing in common: planning. It has been |
| down into five basic groups:- Thrillionaires. | | | | said that those who fail to plan, plan to |
| These millionaires live on the edge, | | | | fail. Whether you are a millionaire or |
| consuming conspicuously. They're more likely | | | | aspire to be one, planning is the way to |
| to be found rolling the dice in Las Vegas | | | | achieve your financial and life goals.As with |
| than taking a family vacation. While they're | | | | most endeavors, planning is essential when it |
| not impulsive, they take calculated risks. | | | | comes to deciding what should happen when you |
| Think: Donald Trump.- Coolionaires. These | | | | are gone and how to deal with that |
| millionaires live in the cultural centers and | | | | eventuality. Will the kids be taken care of? |
| support fine art, architecture, and other | | | | What if my spouse remarries? Will I pay too |
| expressions of creativity. They probably | | | | much in taxes or expenses? What if my family |
| acquired their wealth through a combination | | | | fights over my estate? If you start now, you |
| of innate talent and an extraordinary amount | | | | can make that eventual transition smoother |
| of hard work. Think: Steve Jobs, founder of | | | | and less traumatic emotionally and |
| Apple Computer.- Realionaires. These | | | | financially for you and your family.A |
| unassuming millionaires live ordinary lives. | | | | qualified estate planning attorney can help |
| They do not like to spend money | | | | you set up a plan that will put your mind at |
| unnecessarily. However, they do spend money | | | | ease. Taking care of matters now can avoid |
| on their priorities, like education. These | | | | big messes down the road when you are |
| millionaires may be the "Millionaire Next | | | | incapacitated or after your death. You will |
| Door" as described in the book by Drs. | | | | know that things are taken care of and you |
| Stanley and Danko a few years back. They are | | | | can concentrate on more important things, |
| hard working and down to earth. Think: | | | | like creating memories with your |
| Warren Buffet.- Wellionaires. They value | | | | family.William K. Hayes is a member of the |
| their spiritual, mental, and physical health. | | | | prestigious American Academy of Estate |
| They are open to new ideas and methods, | | | | Planning Attorneys and has been engaged in |
| which may be how they acquired their wealth. | | | | the practice of law for the last 31 years. |
| Think: Mark Hughes, founder of Herbal | | | | The Hayes Law Firm specializes in Trusts, |
| Life.- Willionaires. Their wealth is often | | | | Probate and Asset Protection Planning for |
| inherited and they view it as a sacred trust. | | | | professionals and small business owners. |
| They view their wealth as a responsibility | | | | |