Upcoming Election Can Motivate Changes to Personal Finances, Agrees Fairfax Estate Planning Attorney

Law Firm Newswire



FairFax, VA (Law Firm Newswire) August 31, 2012 – According to a recent survey, 90 percent of Americans polled will be making significant changes to their savings, investment and estate plans within the next six months plan.

The research, conducted by Opinion Research Corp for Edward Jones & Co., L.P., surveyed respondents on how they view the potential financial impact of both domestic and international events. Of the more than 1,000 people surveyed, 39 percent cited the U.S. presidential election as their largest concern, while 30 percent indicated health care as their main issue, and 21 percent were most concerned about a global crisis. Just 5 percent stated that they planned to make no changes. [1]

“Whenever there is a major change in your professional or personal life, it is advisable to look at your current estate plans to see if they meet your future needs,” suggests Fairfax estate planning attorney Lisa McDevitt. “And many clients find this is exactly when they want to change and update their plans.”

There were divides along gender lines, with 36 percent of women more concerned about healthcare costs, and 24 percent of men reporting the same. Men were more apt, at 27 percent, to report concern about global economic issues, while women were at 15 percent. Both men and women, at 40 percent and 38 percent, stated that they were concerned about what the U.S. Presidential election could do to affect their finances. [2]

Other findings from the survey indicate that Westerners, some 30 percent, were more concerned about global economic issues, while only 16 percent of Midwesterners worried.

“Each state’s legal system can be confusing and intimidating, with a unique set of rules and a language of its own,” advises McDevitt, “Work with an experienced estate planning lawyer who knows the specific laws for your state.”

Most middle-aged Americans and those over 65 surveyed, both men and women, self-identified as most concerned by how the U.S. Presidential election will impact their investment plans, while those between 18 and 34 were less concerned with the U.S. election and more concerned with healthcare costs as they relate to investment choices. Also, some 96 percent of affluent respondents who self-identified as making $100,000 or more per year reported as being the most likely to reexamine either savings or investment strategies within the next six months, while healthcare costs were most important to those surveyed who reported an annual income between $35,000 and $50,000.

Lisa Lane McDevitt
2155 Bonaventure Drive
Vienna, VA 22181
Phone: 571-223-7642
Toll Free: 866-602-7850

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