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New York Times article makes common estate planning mistake

This New York Times article makes the common mistake of believing the people who create estate plans won't get the benefit of their plans; only their heirs will.  This columnist, like so many other people, assumes that tax planning is the only reason to do estate planning.  This is a huge mistake.

Fewer than 2% of our country is potentially subject to the estate tax.  The number is probably smaller still with the recent increase in the estate tax exemption amount to $3,500,000 per person and the steep declines in the stock, bond and real estate markets.  Still, estate planning is important to most people.

Everyone, regardless of their financial status, is at risk of becoming mentally disabled or impaired as they age.  This can come from illness,  disease, or just the normal symptoms of advanced age.  A well designed estate plan gives you the opportunity to determine what the standard will be to determine if you are disabled and no longer able to control your own affairs.  If you are disabled then through your estate plan you can choose who will control your finances and health care decision making.  This may sound simple or obvious but the details of this type of planning are crucial to its success. 

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