Friday, July 30, 2010 Ten Common Estate Planning Mistakes
As heard on our radio show on July 31, 2010.
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Discounting the importance of your plan. Many people think they only need a “simple will”, Period. Every family requires an attorney who will carefully analyze their situation.
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Not hiring a “specialist” – letting a general practice attorney handle your estate plan.
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Thinking that you can break the rules and get away with it – for example, not probating a will or not paying inheritance taxes.
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Not planning at all.
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Avoiding dealing with conflict within family that could effect the plan later on.
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Joint ownership to avoid probate.
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Using a revocable living trust to avoid taxes. Living trusts do NOT help you avoid taxes.
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Waiting until you are in poor health to complete your estate plan.
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Not reviewing your estate plan at least every few years.
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Assuming “things will work out” or your kids will “do the right thing.”
If you need estate planning assistance, please do not hesitate to give our firm a call at (215) 706-0200 or email us. |