TOP TEN MYTHS ABOUT ESTATE PLANNING:
- I do not need estate planning because I am not wealthy, sick or old. Incorrect, there are many reasons and circumstances that require you to have an estate pla What if you were to become suddenly disabled? How about providing a guardian for your children? Do you want instructions if you become ill and are unable to direct medical professionals on how or whether you wish to continue treatment?
- I have enough time to plan. Everyone who is old enough (18) years old should have an estate plan. Problem is that these individuals are unaware they already do have an estate plan. That estate plan is designed under your current state law It is not until a person understands their specific state law to understand the importance of an estate plan.
- You do once and never again. EFFECTIVE Estate Planning requires a regular review of your personal circumstances to work. Further, there are many changes that can occur in the law that you need to be in contact with your attorney. Additionally, as you age and gather more assets, you need to have a plan in place to accomplish your personal goals.
- I only need a will. A will is a document in which a person specifies the method to be applied in the management and distribution of his/her estate after his/her death. There are many other documents that are required to have an estate plan works and meets personal go More specifically, what about a living which provides direction to medical professionals on whether to continue to treatment when you are suffering from a terminal condition? What about planning how you want your beneficiaries to receive property and whether there should be protections for those beneficiaries?
- I am not rich enough for planning. This is a more common myth than most realize. Estate planning has to do with your personal goals and wisdom being transferred in addition to any wealth. Wealth is only aspect of planning for your death. It is important to note that many people are unaware of what happens to their property (house, car, personal property), when they pass away. Have you considered or asked what the cost of settlement would be to your estate? Have you planned for that cost so as not to inconvenience any of your loved ones? There are variety of other reasons that disprove this thought process.
- Trusts are for tax purposes only. This is only partially true as trusts can serve many purpose Trusts are the desired planning technique of many because of the advantages offered. More specifically, they can direct the effective administration of an estate, plan for cost, disability, and provide long term protections for your loved ones.
- Leave Assets Outright to Beneficiaries. Leaving assets outright can only be explained as one of the most ineffective estate plans that exist. There have been studies that indicate most inheritances are squandered within the first 12-18 months of reception. There are many better ways to provide for long term protection and financial well being of your loved ones.
- Married People Do Not Need It. Actually, married people do need it and need it just as much or more than individu Many married people do not consider the implications of creditor protection, remarriage protection, or divorce protection. What would happen to the estate if a creditor seeks to take all of the property from you spouse after you pass away? Your future beneficiaries (i.e. children) will likely receive nothing when your spouse dies. There many reasons outside of tax planning that married people should be focused on an estate plan.
- A Trust Will Guarantee Probate Avoidance. Another common myth or misconception is that a Trust will avoid probate. This is true if you have properly titled your asset If there are any assets not properly titled, they will be subject to probate which can be greater than 6 months in time. It is better to join forces with an attorney who has a regular review and red check process to be sure your assets will be transferred according to your wishes. This type of long term planning is the only effective way to ensure the efficient and effective transfer of your assets.
- You don’t need an estate plan because your family will do the right thing. This myth is more common than people realize. You will very frequently see probate disputes on the new Think of the more recent one involve the estate of Robin Williams.
**The next step would be to schedule an appointment or attend a workshop explaining the Truth About Estate Planning at no cost.** Book on calendar below or call 877-606-1222.
If you already have a plan but are unclear how it is designed or should be designed to meet your personal goals, it is important you consider attending a workshop.
Workshops are offered on a monthly rotation and are subject to seat limitations. You can sign up for a consultation or workshop in the following ways: Book it on the calendar widget below or call 877-606-1222.
Upcoming Education/Orientation Dates for the Truth About Estate Planning are September 16, 2015 and October 7, 2015 at 6:00pm.
Law Offices of Roger J. Yehl
125 Half Mile Road, Suite 200
Red Bank, NJ 07701
Call us: 877-606-1222