Beware of Estate Planning Myths

A recent article in Forbes declared estate planning to be the most confusing area of law. This is unfortunate because estate planning applies to everyone, without exception. Often, confusion is based on common estate planning myths, leading to mistakes that are easily avoidable. According to Forbes, the ten most common estate planning myths are: MYTH #1. Estate planning is only for wealthy families. MYTH #2. Estate planning is only for the elderly. MYTH #3. If I were to die intestate (without a valid will) the State will take my assets. MYTH #4. If I were to die testate (with a valid will) my family will not need to go through the process of probate. MYTH #5. I need to hire an attorney for every aspect of estate planning. MYTH #6. I don’t need to hire an attorney at all during the estate planning process. MYTH #7. I need to draft a trust to avoid probate. MYTH #8. If I have a trust, I will be able to avoid estate taxes. MYTH #9. I don’t have enough money to worry about estate taxes. MYTH #10. I will have to pay a gift tax if I give a person over $13k in a single year. By being aware of these common estate planning myths, you will save not only time and money, but also the stress that so often accompanies estate planning. If you are confused about these, or any other aspect of estate planning, please contact our office to help you demystify these myths.