Myths about Estate Planning
The Law Office of Wendy S. Marcus
Top 6 Myths about Estate Planning
For most people, their only interaction with the law is either through planning their own estate or taking care of an estate for someone who has passed. There are many myths about estate planning. Let us dispel some of them.
Myth #1: I will have to pay estate taxes
For the vast majority of people, this is FALSE. As of 2018, only estates worth more the $22 million for a married couple, or $11 million for a single person, are subject to the Federal Estate Tax.
Myth #2: If I have a trust I don’t need a will
FALSE. If you have a trust you need a will as well. You can have a will without a trust.
Myth #3: Trusts are difficult to set up and maintain
FALSE. Trusts are a popular estate planning tool that can accomplish many goals. With a lawyer's guidance, it is not a difficult process.
Myth #4: If I have a power of attorney, I don’t need a will or trust
FALSE. A power of attorney is only valid as long as you are alive. It cannot distribute your property, nor is it able to help manage your affairs after your passing.
Myth #5: I can make medical decisions for my spouse if they are incapacitated
FALSE. Without a healthcare power of attorney, your spouse’s entire family gets to weigh in on the medical care received if your spouse becomes incapacitated.
Myth #6: I don’t need a will because my children have God parents, so the God parents automatically become the legal guardians
FALSE. God parents are not automatically made the legal guardians of your children. If you don’t have a will, a court will decide who the legal guardians of your children will be. A will is the only way to name a legal guardian for your child, in the event of your passing.
If you would like to learn more, I can help with your estate planning. Please contact my office to set up an appointment.
© 1993-2021, The Law Office of Wendy S. Marcus