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NEW HAMPSHIRE ESTATE PLANNING Separating Fact from Fiction
Think estate planning isn’t something you need to do?
Estate planning is for everyone, NOT JUST THE WEALTHY
Here are a few of the biggest misconceptions associated with estate planning
1 I’m not wealthy enough.
1 I’m not wealthy enough. Estate planning covers far more than just your finances
If you have minor children, you need a guardianship to ensure they’re properly cared for in the event of your death or incapacitation
This is a decision you don’t want the state to make for you
2 I’m not wealthy enough to justify an estate plan.
Who would make your medical decisions if you are unable to communicate your wishes? 2 I’m not wealthy enough to justify an estate plan.
Remember, new HIPAA laws make it extraordinarily difficult, if not impossible, for even close family members to learn from doctors your condition
Having a medical power of attorney ensures they’re not blocked access to you
Who would make your financial decisions if you are unable to communicate your wishes?
A financial power of attorney ensures those bills aren’t unpaid
Just as HIPAA laws have strict compliance considerations, so does the Patriot Act
3 I’m young. What’s the hurry?
3 I’m young. What’s the hurry? A quick Google search reveals thousands of well known people – celebrities, sports figures, artists, inventors, investors – who all died in their thirties
One of the biggest mistakes a person can make is to believe there is always time
If you have children, it’s even more important
4 I’ve heard that unless my estate is worth $5.12 million, I don’t need an estate plan.
That $5,120,000 number you’re hearing so much about is the magic number for 2014 for estate taxes 4 I’ve heard that unless my estate is worth $5.12 million, I don’t need an estate plan.
That number does take into account any State estate taxes that may be due upon death
If your state has a state estate tax, the number is typically much lower than $5,120,000
Even if you don’t have to worry about an estate tax, estate tax planning is typically is altogether different from an estate plan
5 What’s the big deal? I can download the forms online and fill them out anytime.
5 What’s the big deal? I can download the forms online and fill them out anytime. THAT’S TRUE
You can find estate planning documents, including wills, living wills and even guardianship papers, online
But how confident are you in that they’ve been completed properly?
One small mistake can wreak havoc in ways you can only imagine
Steer clear of your third cousin’s oldest son, who is in his first year of law school, and who insists he can “look it over” for you during the next family reunion
6 My spouse and I co-own everything. He/She can take care of it.
6 My spouse and I co-own everything. He/She can take care of it. MAYBE NOT
These dynamics don’t address how your assets are distributed, especially when the surviving spouse passes
It’s important that you put into place adequate mechanisms for a surviving spouse
7 I have a will. Isn’t that enough?
7 I have a will. Isn’t that enough? NOT USUALLY
Again, it goes back to ensuring guardianship dynamics are in place, powers of attorney, any charitable giving you hope to leave behind and a host of other life events that aren’t covered in a traditional will
We invite you to contact us today to learn more about estate planning and why it’s an important task that shouldn’t be taken for granted
Your first consultation is free and with a bit of insight, you can make a better decision moving forward
www.dadlawoffices.com (603) 894-4141 OR (978) 686-4645