There are so many myths about estate planning that it would be hard to pick out the Top 10 Myths that deserve debunking. But writer Gina Barry took a pretty good shot at the Top Four recently , writing for BusinessWest Online.
Here are Gina’s Top Four Estate Planning Myths:
- Myth No. 1 – “If I have a valid will, my estate does not have to go through probate.”
- Myth No. 2 – “I can give away $10,000 to as many people as I want each year, but if I give more, then I have to pay gift tax.”
- Myth No. 3 – “I can give away assets when I enter a nursing home and still obtain Medicaid benefits.”
- Myth No. 4 – “If I need nursing home care, Medicare will pay for my care.”
Despite their wide reputation as fact, each of these are indeed myths. I would encourage you to read the entire article to get the real “skinny” on these myths. Then, hop on over to our website and check out our February e-newsletter: Five Common Estate Planning Mistakes, for another take on how mythology can undermine your estate planning goals.
Contact me at 702.384.3767 to answer your questions and dispel those myths before it's too late!
Warmest Regards,
Lizette B. Sundvick, Esq.
Despite their wide reputation as fact, each of these are indeed myths. I would encourage you to read the entire article to get the real “skinny” on these myths.
Posted by: James Morgan - Puritan Financial Advisor | 09/09/2010 at 02:30 AM