Four Common Estate Planning Mistakes and How to Avoid Them

In the Press · November 17, 2011

In the
November 2011 issue of Wealth Management Insider, Patricia discusses how people
are often hesitant to discuss the issue of estate planning, because it involves
“facing death.” And those who do end up creating an estate plan make some
common mistakes, such as:

  1. Having
    outdated or unsigned documents
  2. Having a lack
    of coordination among the estate planning documents, the titling of assets, and
    the apportionment of estate taxes
  3. Not understanding that “selling” real estate to a child for $1 is a sale, not a
    gift
  4. Not understanding that life
    is a movie, not a snapshot – estate planning is an ongoing process

As laws change, families grow and age, health
changes occur, and tax laws change, it is important to work with clients, guide
them through these changes, encourage them to keep their plan updated, and make
sure that the process is not so complex or cost-prohibitive that they avoid moving
on to the next phase of their planning.

Click here to read the complete article.