New Hampshire Estate Planning: Separating Fact from Fiction

NEW HAMPSHIRE

ESTATE PLANNING

Separating Fact from Fiction

Think estate planning isn’t something you need to do?

Think again

Estate planning is for everyone, NOT JUST THE

WEALTHY

Here are a few of the biggest misconceptions

associated with estate planning

1 I’m not wealthy enough.

1 I’m not wealthy enough.

Estate planning covers far more than just your finances

If you have minor children, you need a guardianship to ensure they’re

properly cared for in the event of your death or incapacitation

This is a decision you don’t want the state to make for

you

2 I’m not wealthy enough to justify an estate plan.

Who would make your medical decisions if you are unable to communicate your

wishes?

2 I’m not wealthy enough to justify an estate plan.

Remember, new HIPAA laws make it extraordinarily

difficult, if not impossible, for even close family

members to learn from doctors your condition

Having a medical power of attorney ensures they’re not blocked access to

you

Who would make your financial decisions if you are unable to communicate your

wishes?

Would there be someone to pay your utility bills?

Pay tuition for your son’s school?

Balance your checkbook?

A financial power of attorney ensures those bills

aren’t unpaid

Just as HIPAA laws have strict compliance

considerations, so does the Patriot Act

3 I’m young. What’s the hurry?

3 I’m young. What’s the hurry?

A quick Google search reveals thousands of well known

people – celebrities, sports figures, artists, inventors,

investors – who all died in their thirties

One of the biggest mistakes a person can make is to believe there is always

time

If you have children, it’s even more important

4 I’ve heard that unless my estate is worth $5.12 million, I don’t

need an estate plan.

That $5,120,000 number you’re hearing so much about is the magic number for 2014

for estate taxes

4 I’ve heard that unless my estate is worth $5.12 million, I don’t

need an estate plan.

That number does take into account any State estate taxes that may be

due upon death

If your state has a state estate tax, the number is typically much lower than

$5,120,000

Even if you don’t have to worry about an estate tax,

estate tax planning is typically is altogether

different from an estate plan

5 What’s the big deal? I can download the forms online and

fill them out anytime.

5 What’s the big deal? I can download the forms online and

fill them out anytime.

THAT’S TRUE

You can find estate planning documents, including wills,

living wills and even guardianship papers, online

But how confident are you in that they’ve been completed properly?

One small mistake can wreak havoc in ways

you can only imagine

Steer clear of your third cousin’s oldest son, who is

in his first year of law school, and who insists he can “look it over” for you

during the next family reunion

6My spouse and I co-own

everything. He/She can take care of it.

6My spouse and I co-own

everything. He/She can take care of it.

MAYBE NOT

These dynamics don’t address how your assets are distributed, especially when the surviving spouse passes

It’s important that you put into place adequate mechanisms for a surviving

spouse

7 I have a will. Isn’t that enough?

7 I have a will. Isn’t that enough?

NOT USUALLY

Again, it goes back to ensuring guardianship dynamics are in place, powers of attorney, any charitable giving you hope to

leave behind and a host of other life events that aren’t covered in a traditional will

We invite you to contact us today to learn more about estate planning and why it’s an

important task that shouldn’t be taken for granted

Your first consultation is free and with a bit of insight, you can make a better decision moving

forward

www.dadlawoffices.com(603) 894-4141 OR

(978) 686-4645