Top Estate Planning and Elder Law Attorney Michele Ungvarsky Reveals Top Myths About Estate Planning – Las Cruces, NM

Leading estate planning and elder law attorney Michele Ungvarsky, founder at Estrada law in Las Cruces, NM, outlines misconceptions about estate planning. For more information please visit https://www.estradalawpc.com

Las Cruces, NM, United States – December 30, 2018 /MM-REB/ —

In a recent interview, top estate planning and elder law attorney Michele Ungvarsky, founder at Estrada law in Las Cruces, NM, revealed common myths and misconceptions surrounding estate planning.

For more information please visit https://www.estradalawpc.com

When asked to comment, Ungvarsky stated, “Estate planning is one of the most important things you can do to ensure your loved ones’ future once you’re gone. However, several widespread myths and misconceptions about estate planning cause many to put off it off until it’s too late.”

One of the most prevalent myths is that only the rich and famous devise estate plans.

“Estate planning doesn’t discriminate: it doesn’t matter how much money is in your name or how widely known you are. The main aim of estate planning is to make sure that what you do own – no matter how much it is – is passed down to the person of your choosing,” Ungvarsky said.

Many people put estate planning on the backburner due to the misconception that they are too young to plan.

When asked to elaborate, Ungvarsky commented, “The only constant in life is change, and things happen all the time that are out of our control. But what we can control is planning for our loved ones to be looked after when we’re gone.”

Another common misguided belief is that family will make the right decisions regarding an estate.

“In my experience, when it comes to money and family, matters get complicated quickly. Estate planning provides robust legal structures that protect your assets and its beneficiaries. Allowing others to set up those legal structures often creates issues that stray from the original intent.”

That said, Ungvarsky was quick to add that planning for an estate should be thorough, not a hastily put together scheme.

“Estate planning doesn’t simply boil down to appointing a beneficiary to head a trust. Instead, the whole process is about taking into account several possible circumstances such as what would happen if your beneficiary were to become incapacitated or to pass on,” she added.

One widespread misconception is that retirement accounts and insurance policies are not part of the estate planning process.

When asked to explain, Ungvarsky said, “Taking into account life insurance and 401Ks when divvying up assets among beneficiaries is a step that people tend to overlook. Both are part of your wealth portfolio and should be treated as such.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Michele Ungvarsky
Organization: Estrada Law, P.C.
Address: 1340 Picacho Hills Dr, Las Cruces, NM 88007, USA
Phone: 575-556-2462
Website: https://www.estradalawpc.com

Source: MM-REB

Release ID: 464508