I know that most folks out there think that now that the estate tax exemption is just over 5 million dollars, they don’t need to worry about doing any planning. While it is true that the 5 million dollar estate tax exemption means that probably 99% of people will not have to worry about estate taxes, it doesn’t mean there is no reason to plan.

I tell people all the time that estate planning is not just death planning. Estate Planning is as much about disability planning as it is about what is going to happen to your stuff when you die. Whether you are young, old, single, married, healthy or not so healthy, we all need to engage in at a minimum some basic estate planning. Certainly not everyone is going to need a dynasty trust or a family limited liability company but we all need to plan for what is going to happen to us and for us at any point we become no longer able to take care of ourselves and manage our own affairs. That reality affects 100% of people and has absolutely no bearing on how much you may or may not be worth.

No matter where you live or how much you think you don’t have, this article is worth reading.