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There are some people who don’t care at all about leaving a financial legacy, but for those who do, it’s important to eliminate some of the common estate planning mistakes.
In this episode, we cover topics ranging from poor expense planning to outdated beneficiary designations and family conflict triggers. We also shed light on some misconceptions about transferring real estate and explain the impact of tax implications on your estate. If you want to leave a legacy without regret or legal turmoil, this episode is a great starting point.
Here’s some of what we discuss in this episode:
• For expenses that are significant but not frequent, we don’t know exactly when we’ll encounter them, but we know that they’ll happen eventually, so we need a plan for them.
• Too many people make the mistake of failing to update beneficiary designations and it can cause some big problems.
• Communication is key for everything we do and estate planning is no different. It’s best to make sure your loved ones know your wishes.
• Why it’s usually best to transfer real estate at death rather than while you’re still living.
• As always, we need to pay attention to the tax implications of the estate and we’ll share some of those.
Want to connect with us?
Sean P. Lee
Salt Lake City
Dave Ramsey is known for doling out financial advice, but a lot of it is broad and general. Some of it is sound advice and some of it might be more for the benefit of building up likes and views on social media. Today, we talk through what’s what and see what Sean thinks as a financial advisor. Make sure your financial strategy is customized to your unique needs and goals.
Here is the financial advice we discuss to see if it rings true:
- “Don’t invest in anything if you can’t tell me how it works.”
- “Don’t invest in something if you’re excited. If your pulse rate goes up too high, maybe you’re getting conned.”
- “Do not jump in and out of investments based on what you hear on the news.”
- “If you’re not careful, you make short-term decisions which keep you in a short-term solution.
- “People that retire wealthy, well it wasn’t an accident.”
For more, visit us online at https://retirementelevatedpodcast.com/