According to a survey released by Phoenix Investment Partners, while a majority of high-net-worth individuals believe recent changes to federal tax laws will decrease the amount of estate taxes they will pay, only a small percentage of that group is considering changes to their estate plans.

Of those surveyed, 64 percent said the new legislation would decrease their estate taxes, 27 percent believe the law will not change their tax burden, and three percent believe their taxes will go up. The survey also said 47 percent plan to consult a financial advisor about the implications and impact of the new law, while 34 percent will not. 19 percent said they were unsure whether they will approach an advisor.

'The group is knowledgeable about the tax law changes, but they are not responding with dramatic changes in their estate plans,' said Walter Zultowski, senior vice president of marketing and market research for Phoenix Life Insurance Co. 'In fact, fewer than five percent said they anticipate dropping life insurance, terminating one or more trusts, decreasing gifting to children and charities, or changing business succession plans, in light of the new law,' he said.

The annual Phoenix Wealth Management Survey studies financial issues facing high-net-worth individuals, those with a net worth in excess of $1 million minus debt and excluding primary residence. Results from the survey will be complete in September.

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