Common Estate Planning Myths and the Truths Behind Them

There are a number of misconceptions that exist about the estate planning process. People who have not talked to an attorney about planning their estate may be under false impressions about what the process involves, or whether it’s truly worthwhile.

Here are a few examples of some common estate planning myths and the truths behind them.

MYTH: Estate planning is only for old people. 

Anyone who has assets to their name can benefit from estate planning, regardless of age. It’s especially important for people who have children. It is still important, however, for individuals without any children to create an estate plan to control how their assets will be distributed upon their death.

MYTH: Estate taxes are the most important consideration in estate planning. 

While tax mitigation can be a very important aspect of planning your estate, the vast majority of taxpayers will not have an estate that exceeds the federal estate tax threshold of $11.7 million.

MYTH: I have to leave everything to my children, and equally. 

Unless you have a surviving spouse or minor children, you can do nearly anything with your assets. If you wish to disinherit any of your children or provide for gifts of differing values to your children, you can do so. If you wish to have additional heirs other than your children, such as friends, relatives or charities, you can do so as well. You have a lot of flexibility with your estate planning.

For more common estate planning myths and what you should know about them, contact a trusted Florida estate planning lawyer at BaumannKangas Estate Law.