10 Estate Planning Myths You Shouldn’t Believe

In my experience, estate planning is one of the areas of personal finance with the most widespread confusion. Unfortunately, this can lead to costly mistakes in time, money, and stress on people’s families. Here are 10 of the estate planning myths I hear most often.

1) Estate Planning Is Just For The Wealthy

This myth comes from the focus of so many attorneys and financial advisers on the federal estate tax. This isn’t an issue until your estate surpasses $12.92 million, an amount that most of us would characterize as pretty well-off, if not downright rich. The focus makes sense for estate planning professionals since so much of their business is centered on the estate tax.