Advertisement
YOU ARE HERE: LAT HomeCollections

Estate Planning

July 19, 1987

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

Advertisement
Los Angeles Times Articles
|
|
|