Estate Planning Myths | Part One of Four
Hi there. Bridget Mackay, the Law Offices of Bridget Mackay in Petaluma, California. We practice in the area of estate planning and elder law and these next series of blogs I’m going to do are on sort of the four myths about estate planning.
One of the biggest ones I run across is you have to have a lot of money or things to make a trust or an estate plan. And that really is simply not true. Many people get trusts that aren’t multimillionaires or billionaires because there are other reasons you want to trust than just avoiding probate. It certainly does that. And if you have questions about a probate, we’ve done several brought blogs on what those are, what it means.
Trust to avoid probate, but they do a lot of other things for your family. It protects your family when you pass away or you’re incapacitated. It allows someone to take over your life if you’ve lost capacity and take care of your spouse, your children. All of those people that you love and have worked so hard to earn what assets you have to take care of them. It can manage your estate taxes if you’re exposed to it.
And probably one of the biggest reasons, I see in my practice mostly, is this moment of incapacity. We are living longer. Diseases of aging are becoming more prevalent. Care is a huge topic in the news today. You see it probably in your own daily life? I’m sure you know someone or know someone who know someone who’s had an elderly parent and needed care. All of those things can be handled with your direction of how they’re handled in an estate plan.
Gone are the days that folks who, you know, have huge estates and houses and assets and a stock portfolio are the only ones needing estate planning. In our opinion, everybody needs estate planning for, to protect you and to protect your loved ones.