Business
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.