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Lawyer & Law Firm Network News
Patricia M. Annino is a nationally recognized authority on estate planning and a partner in the Boston law firm of Prince, Lobel, Glovsky & Tye LLP where she chairs the Estate Planning Group. As a lawyer handling estate planning for over twenty years, Patricia has seen first hand how many women do not realize the importance of planning until it is too late. She understands the way women learn and analyze. She has written a best selling book, Women and Money, A Practical Guide to Estate Planning, which has been recommended both by the Wall St Journal and Amazon.com.
Patricia discusses WHAT ARE THE COMMON MYTHS ABOUT ESTATE PLANNING?
Many people are confused and don't think that Estate Planning applies to them. Patricia explodes those old myths. Here are the myths and the reasons that aren't true.
Myth 1: Estate Planning is only for the rich ? not true ? you appoint guardian of minor children in your will, when you don't have assets estate planning is important because you can use life insurance to create the wealth your family will need if your income disappears.
Myth 2: Estate Planning is only for when you die ? not true- today it
also addresses what happens if you become disabled or incapacitated, who will make your financial and medical decisions, for any lifetime transfers how do you set up trusts, for elder care planning how you arrange your affairs.
Myth 3: if your husband dies you will receive everything ? not true ? under the laws of every state in this country the surviving spouse will receive something but is not guaranteed 100% - without planning any asset in your husband's name alone is split between you and your children.
Myth 4: Estate Planning is for when you are older ? not true ? it is important when you have children, it is important once you reach the age of majority to put medical proxies in place and state your intent ? it is important if you have assets no matter what your age is, it is important to think about it before you get married.
Too often, women ignore the state of their financial affairs and/or depend on others in their lives to keep them in order. It is only too late that they (or their dependents) realize the significance of having their affairs in order not only in case of untimely death, but with increasing life spans and advances in medical care, in case of incapacity from illness or dementia. Patricia with 20 plus years of experience in estate planning, offers a book that explains, step by step and across many different living situations, why being prepared is necessary and how to determine your specific wants and needs in order to plan appropriately.
Our show presents a lot of complicated estate planning, financial, and tax matters in easy to understand terms with clear and realistic examples that women can easily relate to whether they are single, married, divorced, or widowed. In addition to explaining the legal aspects of planning, Patricia gives great tips, hints, and practical advice throughout the entire show. In a clear and accurate way, Patricia covers virtually every issue that women face in planning their estates, precisely because it raises the right questions and provides a menu of answers.
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