Myths and misunderstandings dominate the public consciousness when it comes to estate planning. Some are the result of incomplete media reports, while others arise from half-truths and exaggerations put forth by “advisors” interested in generating a quick fee or commission. Further, labels such as “death tax” and other politically charged mischaracterizations are given life by politicians “spinning” estate-planning issues to stimulate political support in close elections.
Your estate plan should be motivated solely by family considerations and sound legal analysis, not by imaginary monsters under the bed. A brief description of these myths is set forth below. By reading them, and then forgetting them once and for all, you can find your way to an estate plan that is based on reality and meets your goals and your family’s needs.
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