Three myths about estate planning debunked

When many people think of estate planning, they assume that it is something only the very old or wealthy do. However, everyone, regardless of their health, age or wealth, can benefit from setting aside the time to draft a comprehensive estate plan.

Some of the common misconceptions about estate planning include:

1. Estate planning is only for the wealthy. This myth likely comes from the fact that many financial advisors and attorneys focus on minimizing and avoiding estate taxes (which is only for estates over $5.1 million). However, estate planning is more than this. It also is about ensuring that your assets are distributed in the way you want them to be, ensuring that someone is there to make healthcare decisions for you if you are incapacitated, and making certain that someone you approve of will raise your children, if your spouse dies along with you.

2. Estate planning is only for the old. Although it may seem morbid to think about your death at an early age, it is an eventuality that can happen when you least expect it. The news, both past and present, is full of stories about young celebrities that died without an estate plan, leaving their estates in disarray for their loved ones to deal with.

3. I don't need an attorney. It is true that there are several "do it yourself" resources online. However, without exception, these resources take a "one size fits all" approach to estate planning. Unfortunately, this can leave you unprepared for contingencies that the online resource did not address (or even contemplate). As a result, it is important to involve an attorney in the estate planning process. An attorney can ensure that the documents in your estate plan are tailor made for your needs and every likely problematic scenario is avoided.

These misconceptions are only a few of the many myths floating around out there about estate planning. At The Law Firm of James M. Miskell, our goal is to ensure that you have a complete understanding your estate planning options before you make any decisions. Once educated of your options, we can help you determine which estate planning tools would best accomplish you goals.

No Comments

Leave a comment
Comment Information

Upcoming Workshops

3 Easy Steps To Protect Your "Stuff" This workshop addresses frequently asked questions and common misconceptions on Wills & Trusts, Asset Protection, Nursing Home Issues, and Medicaid Qualification.

Join Now! More Workshops

Call Us Today To Schedule A Consultation

We are ready to help you start planning. To schedule an initial consultation, call us at 770-822-2723 or 866-735-9628. You may also contact us online.

ESTATE PLANNING LAW GROUP OF GEORGIA,

Johns Creek Office
11555 Medlock Bridge Road, Suite 100
Johns Creek, GA 30097

Toll Free: 866-735-9628
Phone: 770-822-2723
Fax: 770-573-3379
Map & Directions

Lawrenceville Office
1755 North Brown Road, Suite 200
Lawrenceville, GA 30043

Toll Free: 866-735-9628
Phone: 770-822-2723
Fax: 770-573-3379
Map & Directions

map

How can we help you?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close