Unequal distribution of wealth is the unbalanced division of wealth, or assets with monetary value, across a population. According to Inequality.org, wealth is defined as the sum of the monetary value of a person's assets minus liabilities or outstanding payments and loans.Know More
As of March 2012, Forbes notes how the unequal distribution of wealth is defined in real numbers. The top 1 percent of the American population is worth approximately 70 times the amount the remaining part of the population is worth financially, or about $84 million. In the same article, Forbes reports that the average income of the upper class is $717,000, while the average income for the remaining 99 percent of the country is around $51,000 per year. Within the top 1 percent of the population, there is an even wealthier subset, approximately 0.1 percent, that has an average yearly income of over $27 million, approximately 540 times the national average. This unequal distribution of wealth limits the amount of resources, causing a vast difference in the living conditions between classes.
The New York Times notes that even though American productivity has risen since the 1930s, the value of wages in correlation with work has not. Profits make up the largest sector of the national income, encouraging the unequal distribution of wealth.Learn more about Financial Planning
The Industrial Revolution changed labor patterns, wealth, material production and population distribution. The rise in industrial labor opportunities led to a population shift from rural areas to cities.Full Answer >
An irrevocable living trust is used in estate planning to reduce the amount of an estate subject to estate taxes by transferring ownership of assets to the trust, reports Bankrate. Different types of irrevocable trusts exist to meet specific estate situations, according to CNN Money.Full Answer >
A living trust is a document that places a person's assets into a trust throughout his lifetime. The assets are given out to beneficiaries designated by the person who created the trust at the moment of his death. A living trust is similar to a will.Full Answer >
If a beneficiary dies, the assets in a person's will go next to a secondary beneficiary, when applicable. If a person has no secondary beneficiary or if that person dies, the executor of a will is responsible to distribute assets in line with the will or state law, reports Nolo.Full Answer >