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Why Middle Class Families Need an Estate Plan

June 19, 2013 by Timothy P. Murphy Leave a Comment

If you’ve read anything about the estate tax under the new Tax Law, you probably know that it won’t apply to you as an individual unless you have more than $5.25 million. If you are a married couple, your estate has to be larger than $10.5 million before you even begin worrying about having to pay an estate tax.

So if the estate tax exemption limit is so high, do middle-class families need an estate plan?

Absolutely. And here are three reasons why.

Guaranteeing Inheritances

Estate planning is important for all persons, but especially important for blended families. If one or more spouse has children from a previous relationship, both spouses need an estate plan to ensure that all the couple’s children receive inheritances that their parents desire. Further, you need to make sure you update your estate plan if your previous plan had taken your previous spouse into consideration.

Protecting Assets

Estate planning isn’t only about protecting your assets from possible estate taxation, it’s also about guarding against unnecessary expenses. A good estate plan will allow you to pass property outside of probate, while not having a plan will almost guarantee that you will lose at least some money to the probate process.

Protecting Your Choices

All estate plans are essentially about making choices. California allows you to make medical choices ahead of time against the possibility that you could become incapacitated. A good estate plan addresses this possibility and not only protects your medical choices, but also protects your financial desires as well.

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Timothy P. Murphy

Timothy P. Murphy

Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
Timothy P. Murphy

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Filed Under: Estate Planning, Parents of Minor Children, Tax Avoidance Tagged With: Estate Planning

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Upcoming Seminars

    Previous Seminar Topics:

    • 8 Deadly Mistakes: How Clients Destroy Their Estate Plans and What You Can Do About It (June 2019)
    • Beneficiary Planning: Tailoring Your Estate Plan To Meet Your Goals And Their Needs (March 2019)
    • Long Term Care Planning In A Changing World (February 2019) (March 2018) (January 2016) (July 2016)
    • The Trustee Workshop: Keeping Things In Good Order Now and In the Future (January 2019) (February 2018)
    • The New Tax Law: What It Means For You (January 2018)
    • Effective Estate Planning Strategies: What You Need to Know” (Dante Club, May 2018)
    • “Taking Care of Business: Planning Guide and Resources for Older Adults” (Carmichael Presbyterian Church, May 2017)
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    • “Protecting Your Retirement Accounts from Excess Taxes, Penalties and Problems Now and in the Future” (January 2016) (January 2017)
    • New President, New Tax Laws? (January 2017)
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