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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In this episode, we cover topics ranging from poor expense planning to outdated beneficiary designations and family conflict triggers.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.
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