Myth #2 – “Only those who are ‘wealthy’ need an estate plan”
Again, not true. Yes, those who have a higher net worth have additional tax planning concerns to address in their estate planning process. However, no matter the size of your net worth, you still need to address the “who and what” questions mentioned in the first post. Each state has its own set of laws that govern various scenarios of what happens when someone dies. The estate planning process helps you consider those options and craft your own plan to be implemented upon your death.