I recently made a presentation at a conference of estate planners. After I left the podium, Kim, a successful estate attorney, walked up to me carrying an opened copy of The Millionaire Next Door.
I read this book when I was a senior in college, and the information right here on page 214 changed my life. Up until that time I was not sure about my future. After reading about the opportunities as an attorney specializing in estate law, I decided to go to law school. I was impressed with the caliber and integrity of the “millionaire next door.”
Kim is not only an estate attorney. She has discovered that there is much more involved with serving the needs of the affluent. Kim is a family advisor, mentor, psychologist, arbitrator, counselor, minister, friend and coordinator of other service professionals. Kim’s vocation as an estate planner gives her great satisfaction.
Often those who provide professional services to the low profile millionaires in America become wealthy themselves. Some may ask how this can be possible given the frugal nature of these millionaires. However, they are not frugal when it comes to spending money or paying fees related to high grade estate planning.
Over the next 20 years, I estimate that millionaires and their heirs will allocate approximately $40B to estate attorneys for developing and implementing estate plans. This does not include fees earned by estate attorneys who are asked to act as executors or co-executors of estates. Attorney fees in this regard will exceed $50B.
In four out of five cases among the millionaires next door, the husband will pass away before his wife. Women, like Kim, are especially sensitive to the needs/emotions of wealthy widows.