Estate Planning Is Not Just for the Wealthy
One common misconception we frequently come across is that many people think that estate planning is only for wealthy people and families. This is definitely not true. Estate planning is for everyone, as estate planning is more than simply choosing who receives your assets upon your death. Regardless of the value of your estate, choosing who receives your assets and how they receive your assets is something everyone should consider.
As previously discussed in our post “Too Young for an Estate Plan? Think Again,” implementing an estate plan also allows you to make sure that your finances and medical care are taken care of if you become incapacitated, which can happen to anyone regardless of age.
Finally, the total value of your estate can be taxed in the state in which you live. While state estate taxes can be lower than the federal estate tax, people are often surprised when they learn that their estate is taxable in their home state – which is another reason estate planning is important.
Stay tuned to FMJ’s Trust & Estates Blog for more information on common misconceptions in estate planning.
This post was written by Trusts & Estates attorneys David Ness and Matt Jensen. If you have any questions or would like to discuss your estate planning options, contact David at firstname.lastname@example.org or Matt at email@example.com.