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