Ep 14: 5 Critical Estate Planning Mistakes to Avoid

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Ep 14: 5 Critical Estate Planning Mistakes to Avoid

The Concept:

Not everyone wants to leave a financial legacy behind, but for those that do, it’s important to eliminate the common estate planning mistakes. We’ll identify five key missteps that people make when building and managing an estate plan so that you’ll be able to leave exactly what you want to the people that mean the most to you.

The Reality of the Matter:

How much have you thought about what you’ll do with your estate when it’s time to pass it on? Some people want to give as much to their heirs as possible while others want to spend every dollar they have while they’re alive.

Whatever you’re thinking about doing, it’s important to get an estate plan in place to accomplish your goals. If you’re someone who’s prioritizes leaving a financial legacy, your plan will be a bit more intricate. There are many more things to consider but ultimately you’ll be able to pass along your assets to those that mean the most to you.

On this episode of the Retirement Reality podcast, we want to focus on the steps you need to take to ensure your estate plan is buttoned up and exactly how you want it. There are five critical mistakes that we see people make a lot of the time when planning and we’ll talk about why you need to pay attention to these.

The five we’ll cover today are:

  • Planning for expenses
  • Updating beneficiaries
  • Avoiding conflict between heirs and family
  • Transferring real estate
  • Taxes

This is a topic that Mike Kojonen is well-versed in after working with clients for years to build estate plans that meet their wishes. He’ll share his perspective as an advisor, some strategies he implements with clients, and ways to minimize the burden on your beneficiaries.

Just The Facts:

1:20 – It’s been a busy but great year.

2:22 – Today our topic is avoiding estate planning mistakes.

2:45 – Mistake 1: Failing to plan for expenses that can be foreseen like healthcare.

4:30 – Mistake 2: Failing to update beneficiary designations.

6:18 – Which accounts should you be starting with when you go back to update beneficiaries.

7:34 – Mistake 3: Failing to take those steps to avoid conflict among heirs and family members.

11:01 – Mistake 4: Transferring your real estate while you’re still living instead of at death.

13:56 – Mistake 5: Not considering the tax implications of your estate.

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