In a recent interview, top estate planning and elder law attorney Fred Haiman, partner at Haiman Hogue in Frisco, TX, revealed common myths about estate planning. —
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When asked to comment, Haiman stated, “Estate planning, and more importantly total Family Protection planning, is one of the most important things you can do to ensure that you and your loved ones are taken care of, both during life and once you’re gone. However, several widespread myths and misconceptions about estate planning cause many to put it off until it’s too late.”
One of the most prevalent myths is that only the rich and famous devise estate plans.
"Estate planning doesn't discriminate: it doesn't matter how much money is in your name or how widely known you are. The main aim of estate planning is to make sure that what you do own – no matter how much it is – is handled properly if you ever become incapacitated and is passed down to the person of your choosing when the time comes,” Haiman said.
Many people put estate planning on the backburner due to the misconception that they are too young to plan.
When asked to elaborate, Haiman commented, “The only constant in life is change, and things happen all the time that are out of our control. But what we can control is planning for our loved ones to be looked after when we're gone."
Another common misguided belief is that family will make the right decisions regarding an estate.
“In my experience, when it comes to money and family, matters get complicated quickly. Estate planning provides robust legal structures that protect your assets and its beneficiaries. Allowing others to set up those legal structures often creates issues that stray from the original intent. If you want to know how truly dysfunctional your family can be, die without a plan.”
That said, Haiman was quick to add that planning for an estate should be thorough, not a hastily put together scheme. This is a DIY project that you should attempt on your own.
“Estate planning doesn’t simply boil down to appointing an executor for your will or trustee to manage a trust. Instead, the whole process is about taking into account several possible circumstances such as what would happen if your beneficiary were to become incapacitated or to pass on,” he added.
One widespread misconception is that retirement accounts and insurance policies are not part of the estate planning process.
When asked to explain, Haiman said, “Taking into account life insurance and 401Ks when divvying up assets among beneficiaries is a step that people tend to overlook. Both are part of your wealth portfolio and should be treated as such.”
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC.
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
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Release ID: 88943049