Top Estate Planning Mistake #7: Over reliance on one estate planning tool

Top 10 mistakes in estate planning

  1. Not having an estate plan at all
  2. Not planning for disability
  3. Using online forms for your estate planning
  4. Not transferring your life insurance policies into a trust
  5. Failing to fund your trusts
  6. Underestimating the power of trusts
  7. Over reliance on one estate planning tool (TOD)
  8. Not updating your estate plan.
  9. Putting your child’s name on the deed
  10. Not planning for business succession

We make mistakes, as people that fact is one of our defining characteristics.  The secret to being successful is:  (1) learning from your mistakes to ensure you don’t make the same one twice, and (2) learning from other people’s mistakes so you don’t have to make the same one once.  Over the next few weeks, we will be looking at the top 10 mistakes that people make with estate planning in the hopes that we can support each other to learn from the mistakes of others, so they stay ONLY the mistakes of others.

Top Estate Planning Mistake #7:  Over reliance on one estate planning tool

I often refer to an estate plan as a wall.  It is a wall that is used to protect your loved ones and your property, so truthfully, it isn’t […]

By | November 17th, 2016|0 Comments

7 Biggest Mistakes Federal Employees Make in Estate Planning

 

As federal employees you have kept us safe, gotten us educated, and kept us moving. Please remember, that while you are working hard to take care of us, you also need to take care of your loved ones with a good estate plan. The following list of mistakes is not in any particular order or importance or priority.

Mistake #1: Failing to make a plan.

Failing to plan is planning to fail. You specifically, NEED an estate plan.

Mistake #2: Failing to update your plan.

If you have a will, you are head and shoulders ahead of your peers, but if your plan isn’t complete or isn’t up to date it may not do what you need it to.

Mistake #3: Underestimating the power of trusts.

A trust is a powerful tool. It can avoid probate, it can make sure you don’t have to call 18 different places to make sure your beneficiary designations are up to date, and in some cases it can protect your property from creditors AND stupidity.

Mistake #4: Not understanding the tax consequences of your actions.

There are some actions you can take in an attempt to provide for your loved ones are provided for can create a huge tax bill and a […]

By | August 19th, 2016|0 Comments

Top Estate Planning Mistake #9: Putting your child’s name on the deed

We make mistakes, as people that fact is one of our defining characteristics.  The secret to being successful is:  (1) learning from your mistakes to ensure you don’t make the same one twice, and (2) learning from other people’s mistakes so you don’t have to make the same one once.  Over the next few weeks, we will be looking at the top 10 mistakes that people make with estate planning in the hopes that we can support each other to learn from the mistakes of others, so they stay ONLY the mistakes of others.

Top Estate Planning Mistake #9:  Putting your child’s name on the deed

Land is a strange thing in the eyes of the law.  Really, all property in the world can be classified into two groups:  (1) Real estate, and (2) everything else in the world.  Because land is different, a lot of us feel a special connection with our real estate and we want to make sure that the “family home” stays in the family.  Even folks who don’t do any other types of estate planning at all will often try to do something to provide for the way any real estate they own should pass.

Many times, I […]

By | June 21st, 2016|0 Comments

Top Estate Planning Mistake #10: Not Planning for Your Business

We make mistakes, as people that fact is one of our defining characteristics.  The secret to being successful is:  (1) learning from your mistakes to ensure you don’t make the same one twice, and (2) learning from other people’s mistakes so you don’t have to make the same one once.  Over the next few weeks, we will be looking at the top 10 mistakes that people make with estate planning in the hopes that we can support each other to learn from the mistakes of others, so they stay ONLY the mistakes of others.

Top Estate Planning Mistake #10:  Not Planning for Your Business

When starting a business, I was told that there isn’t a lot of different between a newborn business and a newborn baby.  It didn’t take me long to understand what was meant, and I bet every entrepreneur reading this post is head nodding thinking back to startup.  My business started as a whining, sometimes smelly, little nothing that grew into a real accomplishment.  It took up way more of my time than I could have ever imagined.  It required sacrifice and work.  It grew as a result of the care I gave it and in the shape of […]

By | May 4th, 2016|0 Comments