The Purpose of Estate Planning
Re the article on living trusts (June 21):
The statement that “serious estate planning should begin once an individual has a net worth of $600,000†is hogwash. Serious estate planning should begin with anybody who has an estate over $60,000 because that is when probate begins.
Your article is misleading. The purpose of estate planning is to eliminate the federal estate tax, as well as to eliminate all probate. Probate takes a long time. Probate is expensive. For example, Marilyn Monroe’s estate took 18 years to settle, and probate fees were in excess of $1 million. Yet her family received only $100,000.
The revocable living trust should be considered by everyone, even individuals with estates below $600,000.
Estate planning is just as important for the average person as it is for the wealthy. Estate planning means eliminating the need for probate and the need for conservatorships even in the estates below $600,000.
W. BAILEY SMITH
Newport Beach
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