Planning For Your Future (Part 2)
We know we need estate planning when we have children who are minors, children who are gifted or expected to have their own wealth, spouses or children who cannot or do not want to handle money, securities or a business.
We know we need estate planning if we have closely held business interests, property in more than one state, or if we have charitable objectives.
We know we need estate planning for special property such as fine art, or a collection, pets that are particularly important and for asset protection.
Our next discussion is the ten most common estate planning mistakes. Part 3 will start with how to avoid them.
Top ten common estate planning mistakes are:
- Improper use of jointly held property
- Improperly Arranged Life Insurance
- Lack of Liquidity
- Choice of Wrong Executor
- Will Errors
- Leaving Everything to your Spouse
- Improper Disposition of Assets
- Failure to Stabilize and Maximize Value
- Lack of Adequate Records
- Lack of a “Master Strategy” Game Plan
If you have questions regarding your estate plan, please contact Gayla Austin, at ALG Law.
The ALG Law blog on estate planning is posted at the beginning of each month.