Estate Planning
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Your June 21 article, “Living Trusts: A Shortcut Around Probate to Help Heirs,” was very misleading. The statement that “serious estate planning should begin once an individual has a net worth . . . of $600,000” is hogwash! Estate planning is just as important for the average person as it is for the wealthy.
Serious estate planning should begin with anybody who has an estate of more than $60,000 because that is when probate begins. The purpose of estate planning is to reduce or 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.
W. BAILEY SMITH
Newport Beach
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