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And nowhere is this more relevant thanestate planning.
But lets back up.
To the uninitiated, what exactly is estate planning?
Given the natural aversion to thoughts of ones inevitable death, many avoid learning about estate planning.
And it is for this reason that myths and misconceptions run wild regarding the process.
Unfortunately, one never knows when they are going to die.
If you have minors, everything may be subject to court order, stated Smith.
Not only must these accountings be frustratingly meticulous, but they can lead to costly legal fees.
If not executed properly, theyre not valid.
Its not that easy to do online.
Ive seen things go wrong.
In the absence of kids or a spouse, assets may pass to siblings, parents, etc.
The state will only get your assets ifno living relativesare found.
And, according to Smith, everyone should want a say in that.
These things do happen.
Smith advocated for making sure your estate plans are always current.
And, for most, that is undesirable.
Myth: A Will Avoids Probate
A will involves probate by definition, stated Smith.
If the lifetime gift exemption is exceeded, the gift giver will be taxed.
*Caleb Smith is a pseudonym.
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