Estate planning can be intimidating. For one thing, estate planning is essentially planning for what will happen after you die. In American culture, in particular, this can be difficult to confront. For this reason, many Americans are not properly taught about the ins and outs of estate planning. They’re told to fear it, rather than embrace it. As such, you probably won’t be able to handle estate planning on your own, and should instead work with an estate planning law firm.
Part of the reason why people don’t get active about estate planning is that they simply have a lot of misconceptions about the process. These misconceptions can also lead to consumers making mistakes when estate planning on their own. With that in mind, let’s look into some of the main myths surrounding estate planning, and how we can debunk them.
1. Estate Planning Is For The Wealthy
You may feel like you don’t need to confront estate planning if you don’t have a lot of money. But this is not actually the case. In fact, about 77% of the population indicates that they think estate planning is wise regardless of your wealth. A good estate planning law firm can help you determine how to best plan for your estate’s future regardless of your wealth.
2. Estate Planning Is For The Old
Many people don’t get in touch with an estate planning law firm until they are older, simply due to the myth that estate planning is for the elderly. You never knew when you might need to handle estate planning Anything can happen in life, and in particular, if you have children, you should start planning soon.
3. I Don’t Need A Lawyer
Even if you aren’t legally required to work with an estate planning law firm, you still need to work with a lawyer of some kind when planning. This is because estate planning is a complex legal process. You need to make sure that you are handling your estate correctly, and you can only do so with the help of a lawyer.
4. Taxes Aren’t Issues
If your estate is large enough, you may have to worry about not only standard estate taxes, but federal taxes. In addition, there are gift taxes to consider.
Take your estate planning seriously, and know what you’re talking about, or talk to a lawyer who does! Contact us today with any questions.