Whether you are single, newly married, young or reaching your golden years, having an estate plan is important. But not just any plan will do; it is important to make sure you have a plan that works for your situation and avoids the common pitfalls of probate and estate administration.
Not Planning At All
It’s no secret that we’re all going to die someday. Even if you don’t care what happens to your assets when you are gone, you can think of estate planning as a gift to your loved ones. Dying without a plan can leave them with a mess of legal and financial issues to resolve during their time of grief.
Not Keeping Up With The Times
Like shag carpeting, an estate plan will not always hold up over time. As you go through life changes such as getting married, having children, and buying property, it is important to make sure your will, trusts and other documents reflect the new reality of your situation.
Failing To Consider The Tax Implications
From not making gifts to reduce your estate tax to “gifting” tax burdens to your heirs, failing to consider taxes can quickly eat away at the value of your estate. Proper estate planning can limit the share of your estate that goes to Uncle Sam.
Not Taking Advantage of Trusts
From life insurance trusts and exemptions trusts to special needs trusts, these estate planning devices can make a world of difference for you and your heirs.
The best time to make sure you have an estate plan is yesterday and the second best time is right now. There are no benefits to procrastination but many potential pitfalls to not having an estate plan in place.
The skilled attorneys at Brown Borkowski & Morrow, PC can help you with all of your estate planning needs.