You spend a lifetime earning, saving, acquiring. But the old adage is true—you can’t take it with you. So, what do you do with your assets when you’re gone? How do you want them distributed? That’s where a good estate plan comes in. However, some estate plans are based on ideas that just aren’t true. Plans are made based on emotion rather than logic, and that’s where the best-laid estate plans can go wrong.
Christopher D. Wright, JD is a CPA at Marks Paneth LLP. In more than 30 years of helping clients develop estate plans, he’s discovered 5 common misconceptions that should be avoided.
Myth #1:  An estate plan should be based solely on tax mitigation
No one likes to pay taxes and when you’re gone you want to leave as much to your heirs as possible, but escaping

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Alhambra CEO Joe Calhoun and Alhambra’s Bob Williams look at data from the past month and discuss what it means for the economy.

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“Will I outlive my money?” That’s one of the biggest concerns for most retirees. There’s the high cost of medical care, which gets more expensive all the time. There’s inflation, which raises the cost of goods and services, eating into your retirement budget. And then, there’s taxes, which are as certain as death, and the politicians who want to raise them.
So, if taxes are an issue where you live, and you’re thinking about moving to a place that’s more economically friendly to your retirement savings—where do you go?
There are nine states that have no state income taxes:  Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.
With no state income tax, you don’t have to worry about paying taxes on distributions from

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