In the many years that I have been helping families find peace of mind through estate planning, I have come across several beliefs over and over again that are just not true. These "myths" of estate planning are often cited by people I speak with as reasons not to do any type of planning. Over the next several weeks I will explore these myths in greater detail. Among the myths I will look at are:
- The belief that a person does not have enough to justify estate planning.
- The belief that joint tenancy ownership is a good substitute for a properly drafted estate plan.
- The belief that a will is sufficient and that a living trust is only for the "rich".
- The belief that a special needs child needs to be disinherited because he or she cannot have any money and still receive government assistance.
- The belief that the only way to qualify for paid public benefits to pay for skilled nursing care is to go broke.
Gerald W. Cummings is an estate planning and elder law attorney in San Jose, California. He dedicates his practice to helping families find peace of mind by showing them how to avoid probate, how to find and pay for skilled nursing care without going broke, and how to provide for a disabled child. Find him on the web at www.cummingslegal.com or contact him at (408) 286-2122.
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