Estate Planning Mistakes You Need to Avoid

Rockin’ Retirement with J’Neanne Theus

Not everyone chooses to leave a financial legacy, but if you’re someone who would, then estate planning is crucial. Make it a part of the conversation when you’re working on retirement, but make sure you avoid these critical mistakes.

Show notes and additional resources: https://theuswealthadvisors.com/2020/01/estate-planning-mistakes-you-need-to-avoid/

Today's rundown:

0:56 – Happy New Year! How were the holidays?

4:08 – It’s a great time to start talking about your estate plan.

4:59 – How many of J’Neanne’s clients have an interest in leaving an estate?

6:39 – No matter what your plans are, you need to have a plan for your exit.

9:41 – First estate planning mistake: Failing to plan for expenses that can be foreseen, like healthcare.
12:14 – Second mistake: Failing to update beneficiary designations.

13:26 – J’Neanne shares a story of someone that didn’t finish updating his beneficiaries.

15:20 – Third mistake: Failing to take steps to avoid conflict between family and heirs.

17:55 – Fourth mistake: Transferring real estate while living rather than upon death.

20:35 – Final Mistake: Failing to consider the tax obligations of your estate.

23:10 – How often are you discussing estate planning with clients?

27:00 – Remember that your legacy doesn’t always have to be monetary.