It used to be that most people in the U.S. couldn’t imagine becoming a millionaire unless they won the lottery or a generous relative they didn’t know about died. In 2026, many people who might consider themselves solidly middle class have well over a million dollars in assets. That’s particularly true in states like New York, where the price of real estate and the cost of living in general can be extremely high.
A lot of these “hidden millionaires” are more focused on the rising cost of living and often feel like they’re just trying to keep up. A survey by the investment management company Vanguard found that nearly 30% of millionaires “feel their finances control their lives.”
Between their home, 401(k)s and other retirement accounts, inheritances from Baby Boomer parents, investments and more, they don’t fully realize just what assets they have – and how best to protect them for their own future and to pass down to their children.
A quarter of all millionaires have no estate plan
Vanguard also reported that almost 25% of millionaires have no estate planning documents in place. That can cause significant complications for spouses, adult children and other loved ones if someone passes away before putting anything in place.
One advantage of estate planning is that it requires people to take a thorough inventory of their assets. That can help them determine their net worth. From there, they can decide how they want to divide it among their family members and how much, if any, to leave to charitable organizations, their alma mater and other entities.
Planning for incapacitation
Estate planning isn’t just about deciding who will receive your assets when you’re gone. It’s about having a plan in place should you become incapacitated and unable to make decisions for yourself. That means creating advance directives and choosing people to be your health care proxy and have durable power of attorney to make non-healthcare decisions regarding your finances, taxes and more.
Whether your assets run into the millions or not, by not having an estate plan, you’re leaving decisions that you have the opportunity to make to people you may not even know and in some cases to state law. With experienced estate planning guidance, you can put an individualized plan in place that will protect your wishes and your family’s future.