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3 Common Estate Planning Misconceptions
By Brittany L. Littleton
According to a recent survey, nearly two out of three adults have not implemented an estate plan to provide for their loved ones and settle their final affairs after their death.
As an estate planning attorney, I was honored to be a featured contributor in the book Estate Planning Strategies: Collective Wisdom, Proven Techniques.
The book, which contains advice from over 70 experienced estate planning attorneys from across the United States, is designed to educate people from all economic backgrounds about the importance of estate planning.
An estate plan can help anyone minimize taxes, protect assets, appoint guardians for minor children, care for families in the event of incapacity, and pass assets on to the next generation. However, there are many misconceptions when it comes to estate planning.
3 Common Estate Planning Misconceptions:
- You do not need a will or a trust unless you are elderly or wealthy.
- Truth: Adults of all ages, income levels, races, and economic statuses can benefit from comprehensive estate planning. In fact, estate planning is often more impactful for those with modest assets.
- It is too uncomfortable to think about death or bad things happening in the future.
- Truth: Failure to plan will leave your family scrambling to navigate the legal and financial consequence of your death at a time when circumstances are already challenging. A well-prepared estate plan is one of the most loving things you can do for your family.
- Business owners don’t really need to create a succession plan.
- Truth: It is common for there to be conflict between what an owner wants for their business, for their family, and what the owner’s heirs want to do with the business once the owner is deceased. That’s why your estate plan must align with your business succession plan.
My chapter, “Why a Buy-Sell Agreement Is a Critical Piece of a Business Owner’s Estate Plan,” offers guidance for creating succession plans for family-owned businesses. However, the book addresses many of the solutions I encourage my clients from all backgrounds to implement.
My hope is that the knowledge people gain from this book prompts them to take action to empower themselves during their lifetime and to strengthen their legacy after they are gone.
If you have any questions about the book or if you are ready to create an estate plan, please contact me at (918) 608-1836 or schedule an appointment at https://littletonlegal.com/schedule-an-appointment/.
About Brittany Littleton
Brittany Littleton is the founder of Littleton Legal PLLC, a boutique estate planning and business law firm based in Broken Arrow and serving clients all over Oklahoma. Her law firm’s mission is to provide expert legal solutions for individuals, families, and business owners who are planning for successful futures. To learn more, visit https://www.littletonlegal.com.