“I don’t have enough assets to need an Estate Plan.”
This estate planning myth comes from the focus of so many attorneys and financial advisors on estate tax, which may not be an issue unless your estate surpasses $12.06 million, a problem many of us would love to have!
The Truth:
There are two things that will pull your Estate into Probate: (1) owning any real property; house, land, or mineral interests and/or (2) having more than $70,000 in total assets (a lot more likely than that $12.06 million). If either of those pertain to you, you need an Estate Plan. Some other things to consider on whether or not you need an estate plan is if you own more than one property, especially in multiple states, or if you have any minor children.
Estate planning is about so much more than how much money you have. It is about naming a Guardian for your children, making sure that your finances are taken care of if you’re incapacitated, that decisions about your health care are carried out the way you’d like, and that your children and other heirs are taken care of when you pass away.
That’s why estate planning isn’t only for the lottery winners, it is for anyone who has loved ones and wants to ensure they are cared for. In other words, estate planning is for everyone!
To Learn More About Estate Planning:
Contact our office to schedule your complimentary initial consultation to learn more about how we can help you to plan for your family and loved ones, so that what you’d do while living happens, even if you’re gone.