Estate Planning Myths Explained
July 1, 2013
Myth #1 – “If I have a valid Will, my estate does not have to go through probate.”
The assets in your probate estate are those that are held in the decedent’s name alone that do not have a designated beneficiary. Thus, whether probate is needed is not based upon whether you have a Will; rather, it is based upon how your assets are owned when you die. If you leave probate assets, then in order for your Will to “speak,” a probate estate must be opened.
Myth # 2 – “I can give away $10,000 to as many people as I want each year, but if I give more, then I have to pay gift tax.” …
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by: Gina M. Barry