New Hampshire Estate Planning: Separating Fact from Fiction

  • View
    854

  • Download
    7

Embed Size (px)

DESCRIPTION

Estate planning is for everyone, not just the wealthy. Here are a few of the biggest misconceptions associated with New Hampshire estate planning.

Text of New Hampshire Estate Planning: Separating Fact from Fiction

Uncertainty with New Budget Proposals

NEW HAMPSHIRE ESTATE PLANNING

Separating Fact from Fiction

Think estate planning isnt something you need to do?

Think again

Estate planning is for everyone, NOT JUST THE WEALTHY

Here are a few of the biggest misconceptions associated

with estate planning

1

Im not wealthy enough.

1

Im not wealthy enough.

Estate planning covers far

more than just your finances

If you have minor children, you need a guardianship to ensure theyre properly cared for in the event of your death or incapacitation

This is a decision you dont

want the state to make for you

2

Im not wealthy enough to justify an estate plan.

Who would make your medical decisions if you are unable to communicate your wishes?

2

Im 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 theyre not blocked access to you

Who would make your financial decisions if you are unable to communicate your wishes?

Would there be someone to pay your utility bills?

Pay tuition for your sons school?

Balance your checkbook?

A financial power of attorney ensures those bills arent unpaid

Just as HIPAA laws have

strict compliance considerations, so does the Patriot Act

3

Im young. Whats the hurry?

3

Im young. Whats 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,

its even more important

4

Ive heard that unless my estate is worth $5.12 million, I dont need an estate plan.

That $5,120,000 number youre hearing so much about is the magic number for 2014 for estate taxes

4

Ive heard that unless my estate is worth $5.12 million, I dont 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 dont have to worry about an estate tax, estate tax planning is typically is altogether different from an estate plan

5

Whats the big deal? I can download the forms online and fill them out anytime.

5

Whats the big deal? I can download the forms online and fill them out anytime.

THATS TRUE

You can find estate planning documents, including wills, living wills and even guardianship papers, online

But how confident are you in that theyve been completed properly?

One small mistake

can wreak havoc in ways

you can only imagine

Steer clear of your third cousins 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 dont address how your assets are distributed, especially when the surviving spouse passes

Its important that you put into place adequate mechanisms for a surviving spouse

7

I have a will. Isnt that enough?

7

I have a will. Isnt 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 arent covered in a traditional will

We invite you to contact us today to learn more about estate planning and why its an important task that shouldnt 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