So many moms have myths about estate planning.
But wouldn’t the truth set you free? Knowing the truth should make you want to plan for your family today.
Myth #1: Estate planning is only beneficial when someone DIES.
Truth: No, you plan your estate for the following:
- Guardianship Court in case of disability
- Special Needs Children
- Medicaid Qualification
Myth #2: I’m too young to die or become disabled.
Truth: Sadly, we all know the story of a friend or co-worker who has recently died or has been diagnosed of breast cancer at a young age. And so many other reasons you should be prepared:
- What if you both die in an accident
- Guardianship of minor children
- What if he REMARRIES someone who has her own set of children
- How does your portion of an estate go strictly to your children.
- You could be kept on life support in a permanent vegetative state for the remainder of your life, if your wishes aren’t clearly outlined.
Myth #3: It’s my husband’s job to handle finances and legal matters.
Truth: The number of women in the workforce has tripled in the last fifty years and median income of women has increased by 63%. This income shift changes the family dynamics and gives women a greater voice in financial matters. In fact, women control 70% of all wealth in the US and inherit about 75% of all estates. Therefore, estate planning is even more important to women than to men because they are more likely to benefit from good planning or pay the price for poor or no planning.
Myth #4: Insurance has nothing to do with an estate plan, those matters can’t impact me if my husband passes away.
Truth: Insurance counts toward a couples’ net worth even though they don’t have it in hand! So if you’re on the edge of having a taxable estate you could be sorry for not mapping out some strategies to avoid paying estate taxes!
Myth #5: Ok, but a WILL is all I need.
Truth: Where there’s a Will…there’s Probate.
- Living Probate or Guardianship in case of disability
- Death Probate is costly
- Probate Attorneys’ Fees
- Executor Fees in Probate
Myth #6: I’m too busy taking care of small children to see an attorney.
Truth: Most consultation appointments are free and can be scheduled whenever both you and your spouse can spare 1 hour and can also be scheduled via phone conference or now, even a webinar.