5 Ridiculous Myths About Estate Planning
There are a lot of myths and misconceptions surrounding the topic of the Estate Planning Process. Most of these myths and misconceptions are the product of careless communication between clients and the media.Others are from the mistake of some of our most basic laws. Estate planning is a commanding tool that people with properties large and small should know to make sure that their inheritance is awarded to their chosen recipients when they die.
The following are five of the most common myths about estate planning:
Estate Planning Is Just for the Rich People
This is usually an expensive assumption for those who most in need of protection. The misconception comes from the effort on estate taxes by financial advisors and attorneys, but most people won’t have to worry about difficult estate tax issues by means of they affect million-dollar properties. Planning itself is important to every body as it involves allocating your health care as well as assets to the people of your option in the event you become disabled or die. visit https://www.omsarch.com for more details.
I Don’t Have Enough Money to Collect Inheritance Tax
Though this may be true these days, properties over $5.5million dollars are expected to be charged a 35% federal tax in 2016. Even though this appears like an outrageous figure, consider the value of your home, your life insurance, as well as your retirement accounts. At the present for a growing number of Americans, inheritance tax is a real option.
I Am Too Young to Plan
You are not too young if you are of legal age. We can never expect when we will die or become physically unable to make our own decisions. Saint George Estate planning is still really important if you have possessions or assets at all, regardless of your age.
If I Don’t Have a Will, the State Can Take My Assets
When a person dies without a will, the state will give in to its intestacy laws. These are state laws that govern who gets what. Laws can vary from state to state, country to country, so find out what the laws are in your state of residence. You should write a will to make sure that the right people receive your assets,even if you are comfortable with the laws.
Estate Planning Protects My Assets
A family trust will not protect your properties from commercial risks or law suits. Most states organize family trusts or living trusts as Transparent, so your properties are exposed to lawsuits as well as other losses as if you never planned your estate. Car insurance and Homeowner’s liability insurance are some simple examples of true asset protection. Hire a Saint George estate planning attorney to protect specific assets.
There are many harmful myths about estate planning. Whether you want to ensure that your loved ones are cared for after you are gone, or that you will be cared for in the event of helplessness, speak with a qualified Saint George Estate Planning Attorney.