Estate Planning Misconceptions
It’s time to create an estate plan—but how should you distribute your assets? These common estate planning myths and misconceptions can scare off would-be testators.
While working with an estate planning attorney is the best way to ensure your estate is divided and distributed according to your wishes, understanding the truths behind these misconceptions can help you make informed decisions.
- Your estate plan must be equitable: If you have multiple children, you might be under the impression that your estate needs to distributed between your children in equal shares. That can be a nice way to do things—but sometimes one child has different needs and interests than the other. You are entitled to leave a larger share to one child, or disinherit one entirely.
- You must leave everything to your children: If you are estranged from a child or have reason to believe they will irresponsibly spend their inheritance, there are plenty of options available.
- Tax mitigation is the most important consideration: Unless your estate is worth over $12 million, you probably do not have to worry about federal estate taxation.
- Trusts will do the work for you: Trusts can do a lot, including bypass probate, but not everything can or should be left in a trust. Your attorney can help you make sensible use of a trust.
Estate planning can be confusing, which is why you need a great estate planning attorney. The trusted lawyers at BaumannKangas Estate Law in Tampa, FL can help you create a comprehensive plan. Call today to get started.