When you are talking about a matter that is as important as estate planning you have to be sure you start with valid information and accurate thinking. There are certain misconceptions regarding inheritance planning and it is very important to steer clear of them. With this in mind let’s take a look at a few of these myths.
First off, there are Internet marketing sites that want you to believe planning your estate is as simple as making an apple pie. The truth is that your legacy is comprised of the totality of your assets, monetary resources and personal possessions that have taken a lifetime to accumulate. The recipients of inheritances are the people that you love the most. Don’t you think that a matter of such importance requires professional advice? Estate planning is not a do-it-yourself project and you would do well to recognize this first and foremost.
Secondly, there are those who are under the mistaken impression that estate planning is only something that applies to people who are extremely wealthy. This is simply not the case. You may be surprised to find out that even people who consider themselves to be of relatively ordinary means can actually be exposed to the estate tax. The estate tax exclusion is scheduled to be reduced to just $1 million in 2013, and there are over 8 million households in the United States with assets exceeding $1 million in total value.
The last thing I want to mention is the mistaken impression that engaging the services of an estate planning attorney is costly. When you invest money and get a positive return for your investment you are reaping a net gain. When you plan your estate carefully with expert assistance your heirs will invariably benefit in a manner that justifies any investment you may incur while crafting your legacy.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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