Michael R. Morrison, Attorney at Law - Silverdale Bankruptcy Attorney
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Dispelling key estate planning myths

| Oct 27, 2020 | Uncategorized |

Estate planning can be complicated, but it does not have to be. Essentially, it is all about planning for something that will definitely happen and not forcing one’s grieving loved ones to handle an estate administration. But, there are some prevailing myths that should not hold one back from drafting estate plans.

Youth is not an excuse!

Everyone will eventually die, which means that everyone needs an estate plan once they become an adult, at age 18. Remember, an estate plan is not just about one’s stuff. It is also about who makes health decisions if one is incapacitated, what happens to one’s body after death, etc.

Too poor for an estate plan

Again, estate planning is about more than money. It is also about what happens to us when we die or become incapacitated. And, for those with children, an estate plan allows parents to decide what happens to their kids after they pass. No one wants the state making those decisions.

But, what about gift taxes?

Some people worry that if they give a beneficiary over $15,000, that they will give their heir a gift tax bill as well. However, with property estate planning this is not the case as there is a lifetime gift and estate tax exclusion. And, there are ways that money can pass to another without even counting as a gift, like joint account holders.

As our Siverdale, Washington, readers can see, these myths should not stop one from an estate plan. While estate planning law is constantly changing and can be complex that does not mean that one should use that as an excuse. Again, since we all will pass, we all must plan for it. And, with the help of an attorney, one can easily create a customized and legally enforceable estate plan.