Today’s Hack:
Not everyone wants to leave behind a financial legacy, but for those that do, it’s important to eliminate some of the common estate planning mistakes. Today we’ll identify five of those and explain what you need to do to keep your plan on track.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
One important piece of a comprehensive retirement plan is making sure your estate is in order so you can leave behind the financial legacy you’ve worked diligently to create.
There are some people that want to pass anything along, but if you’re someone that does, let’s talk about the critical areas that you need to focus on. These areas are often overlooked or mishandled and that can have a negative impact on your estate.
We’ll identify five mistakes on this episode of Phil’s Tax Hacks and help you understand why they’re so important to your plan. Each of these is critical to your legacy but they are also easy to correct and manage. Phil has worked with many clients on estate planning and has seen these first-hand. He’ll share his perspective along with his advice on how to handle these key areas.
Before we get rolling, we’ll talk about the ongoing impeachment hearings from a financial perspective. How much will these proceedings impact financial markets?
Listen to the entire episode or click on the timestamps below to learn how to address some of these awkward financial conversations.
0:43 – Excited for the holidays and getting some time with family.
1:45 – In the News: Any market effects from the impeachment hearings?
3:38 – Moving into our main topic this week and that’s estate planning mistakes.
4:00 – Failing to plan for expenses that you can expect to happen, like healthcare.
5:34 – When is the last time you’ve updated your beneficiary designations?
8:02 – Failing to take steps to avoid conflict for your heirs and family.
10:17 – We had a family that held an auction with fake money that family could bid on items.
11:11 – Don’t make the mistake of transferring real estate while living rather than at death.
13:12 – Don’t forget to consider the tax implications of your estate.
A Quotable Moment:
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Additional Resources:
- Phone: 248.888.7530
- Email: pputney@afswealthmgt.com
- Schedule A Visit With Phil
