Busting Estate Planning Myths: Securing Your Legacy Made Simple
Estate Planning Myths: Unveiling the Truth for a Secure FutureEmbarking on the path of estate planning can be riddled with misconceptions that might be holding you back from securing your legacy effectively. In this guide, we aim to debunk common myths surrounding estate planning, empowering you with the knowledge needed to make informed decisions about your family's future. From addressing the misconception that estate planning is exclusively for the wealthy to clarifying the intricacies of wills and trusts, we're here to provide clarity and guidance. Let's navigate through the myths together, ensuring that your estate planning journey is straightforward, personalized, and tailored to your unique needs.
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Myth 1: "Estate Planning is Only for the Wealthy"
Reality: Estate planning isn't just for the wealthy elite. In fact, it's often the moderate-income families who benefit the most. Why? Because it's about preserving your most significant assets and ensuring a lasting legacy for your loved ones. Whether you have a modest home, a retirement fund, or people you care about, estate planning is for you.
Myth 2: "I Don't Have to Worry About Estate Taxes Because I Don't Have Much"
Reality: Massachusetts has a $1 million threshold for estate taxes, and it includes more than you might think. Life insurance proceeds, retirement accounts, and the value of your home all count towards this threshold, even if they don't pass through probate. Don't underestimate the value of your assets — proper planning can minimize tax burdens.
Myth 3: "The Person Holding My Power of Attorney Can Handle Affairs After I'm Gone"
Reality: This is a dangerous myth. The power of attorney loses its effect upon the individual's death. Families can find themselves unable to access funds or manage financial affairs until someone is appointed as a personal representative by the probate court. Ensure your affairs are in order for both present and future scenarios.
Myth 4: "A Will Can Specify What Heirs Do With Assets After Inheriting"
Reality: A will governs who receives assets upon your death but doesn't dictate how those assets are managed afterward. If you want control over post-inheritance decisions, like placing stipulations on property sales or asset use, you need a trust. A trust offers more flexibility and control than a will alone.
Myth 5: "I Don't Need a Health Care Proxy if I've Filled Out a MOLST Form"
Reality: A MOLST (Medical Orders for Life-Sustaining Treatment) form only addresses specific life-sustaining procedures. It doesn't authorize someone to make broader medical decisions or account for uncertainties. A health care proxy, however, empowers someone to make comprehensive decisions based on your values and preferences.
Myth 6: "Estate Planning is Complicated, and I Need Everything in Order Before Starting"
Reality: Overthinking can delay essential planning. Estate planning lawyers can guide you through the process with basic information — who's in your family, your assets, and your goals. You don't need everything figured out upfront. The process is collaborative, with details addressed as you go.
Meet Our Estate Planning Lawyers
Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
How We Can Help
Don't let these myths hinder your estate planning journey. Reach out to our experts, and let's simplify the process for you. Our expert estate planning team is dedicated to demystifying the complexities often associated with securing your family's future. We guide you through personalized solutions, ensuring that every myth is dispelled and every aspect of your unique situation is addressed with clarity and precision. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.
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