Estate planning is the act of preparing how your assets will be distributed at death. It is often touted as money planning. Who gets what and when do they get it? But the real issue is people and the problems they face at your death. Spouses, children, grandchildren, dependents, business partners, and others will suffer not only emotionally but also economically if you fail to plan. Taking care of people problems is the main objective in estate planning. Estate planning is people planning.
In our business we meet wealthy people daily. We’ve always had a difficult time understanding why a large number of affluent American’s with huge estate tax liabilities refuse to address planning their estates. But even if your estate isn’t as large as Michael Jackson’s, the last thing you want is to leave behind a frenzy of loved ones fighting over your estate. When done correctly, you can leave a clear, concise and well managed plan to distribute your assets so your family and loved ones can focus on bonding and start the healing process.
We spend a lifetime raising families, creating income, taking care of people, and planning for the future, and in an instant it can end. We lose our opportunity for a plan of continuation if we fail to plan before death. Estate Planning is really living planning. Generally, the planning takes time, thought, and guidance and can appear complicated and confusing. But take heart, it can be simplified.
We’ve spent years trying to make estate planning easy. Here’s how to get started:
By David T. Phillips, CEO
Estate Planning Specialists
My intentions for writing this article were to draw upon my 42 years of experience in planning estates and outline the 10 most common mistakes I see daily. It became apparent that to list all ten at one time would take up too much space, so I will begin with the first 5.
I will be listing only the mistakes. To find the solutions to each problem, and the last 5 mistakes you will want to call our offices, 1-888-892-1102 and request a copy of my recently revised book, The Ten Most Common Estate Planning Mistakes and How to Avoid Them, at a discount of $5.00 ($49.95 on Amazon) or click here to be taken to the request page.
While it is true that planning one’s estate isn’t an exciting event – it’s vital to the sanctity of the family. Archeologists have proven the ancient Egyptians wrong – YOU CAN’T TAKE IT WITH YOU! We all need an estate plan, so it is important that you avoid making mistakes. So what are the 10 most common estate planning mistakes?