Many harbor the mistaken belief that estate planning is a privilege reserved for the wealthy or a task designed for the elderly. Such unfounded myths create a cloud of confusion around a topic that is essential to financial and personal security.
Let’s illuminate the real world of estate planning by debunking these common misconceptions.
It’s For the Rich
The leading myth we need to break down is the idea that estate planning is an exclusive domain of the affluent. This myth is a complete fallacy. Estate planning is less about the size of your wealth and more about protecting what you have for yourself during your lifetime and for those you love after your demise.
The estate planning toolkit, featuring wills, trusts, and power of attorney, is available for everyone from a startup founder to a single parent, to a retiree – rich or not.
It Doesn’t Affect Your Life
Another myth we need to dispel is the belief that estate planning solely concerns asset distributions after death. Contrary to this belief, a comprehensive estate plan addresses other crucial aspects.
In particular, it includes provisions for situations in which you might become incapacitated. For example, advance medical directives allow you to decide your end-of-life care, and a durable power of attorney permits a chosen individual to make financial decisions on your behalf should you become unable to do so.
It’s for Old Folks
A common fallacy is the notion that only older adults need to worry about estate planning. This misperception ignores the reality that every adult, particularly those with minor children, should have an estate plan in place.
In the unfortunate event of both parents dying prematurely, an estate plan with a designated guardian can save children from becoming embroiled in legal complications.
A Will Is All You Need
A myth that frequently surfaces is that a will is the be-all and end-all of estate planning. While wills can be integral to some estate plans, they don’t cover everything. Plus, there are other asset transfer methods, and a trust can actually be preferable in many instances.
One and Done
The idea that estate planning is a set-it-and-forget-it task is also misleading. Life is full of changes – marriages, births, divorces, deaths – and your estate plan should adapt to these milestones. Regularly reviewing and updating your estate plan ensures it continues to reflect your current circumstances and wishes accurately.
You Can Do It Yourself
Lastly, the belief that estate planning can be effectively tackled as a do-it-yourself task is a dangerous one. While online resources may provide a basic understanding, they cannot replace the nuanced advice a skilled attorney offers. Each individual’s circumstance is unique, requiring an estate plan tailored to their specific needs and legal landscape.
Attend a Free Webinar
At the end of the day, planning is a necessity, not a luxury. It extends beyond post-death asset allocation and should be a dynamic reflection of your life’s evolution. Despite prevailing myths, estate planning isn’t a solitary endeavor, and professional guidance can mean the difference between a basic plan and one that robustly safeguards your legacy.
We have explained the value in this post, but if you would like to take a step further, attend an upcoming webinar. A great deal of very useful information will be conveyed, and it will prepare you to work with us to put a plan in place.
Simply click the following link and follow the instructions to access the webinar: Manhattan, NY estate planning webinar.
While he was in law school, he worked as an aide to the late John Sparkman, Senior Senator from Alabama. This gave him the opportunity to gain intimate knowledge of the workings of government, and this background has served him well.
He started his private practice in New York in 1974, the first Sikh to be admitted to the bar in the state of New York.And in 1995, when he narrowed his legal focus to the areas of estate planning and elder law, the prestigious American Academy of Estate Planning Attorneys accepted him into their membership.
Special needs planning is an important aspect of the field, and Mr. Khalsa has intertwined his empathy with his expertise to become a leading advocate in this area. Shortly after the Education for All Handicapped Children Act was enacted in 1975, he won the first case in New York that was adjudicated under this law.
S.J. Khalsa has a penchant for philanthropy, and he has raised well over $20 million for charities nationwide. He is a deeply spiritual man who represents the Sikh religion at religious and interfaith gatherings all over the globe.
He believes that successful professionals should contribute to the fabric of their communities, and to this end, he works with law enforcement in New York.
Mr. Khalsa is a graduate of the FBI Citizens Academy program, and he is active in their Alumni Association. He is a member of the FBI/New York Police Department Joint Task Forces on Civil Rights and Hate Crimes, and he sits on the Community Engagement Council that advises the FBI Assistant Director for New York.
He is the author of the highly acclaimed book, Estate Planning Essentials: A Guidebook for Modern Families. Lawyers of Distinction recognized him for his excellence in 2020, naming him a 2020 Power Lawyer, and he is a member of the prestigious American Academy of Estate Planning Attorneys.
Mr. Khalsa lives in Manhattan with his wife, and he has two grown children and four grandchildren. He likes to travel, and he is an avid golfer. As the co-owner of Kundalini Yoga East in New York along with his wife, he instructs practitioners and aspiring yoga teachers.
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