Ep 30: Don’t Make These Estate Planning Mistakes
PlanningOn This Episode
Some people don’t care about leaving a financial legacy to their family, but for those who do, it’s important to eliminate some of the common estate planning mistakes. We’ll explain what they are.
Takeaways
On today’s Saving With Silverman podcast, Mark Silverman CFP® explains some of the common estate planning mistakes people make as they plan for their financial legacy.
Failing to plan for expenses
Some of these expenses can be foreseen, such as health care expenses. We have real conversations with our clients. Sometimes the conversations aren’t fun, but they’re important to have. Health care is one of them.
Paying for health care is a reality, and you need to have a strategy, whether it’s to self-insure or have a traditional long-term care policy. There are more options now than ever.
Failing to update beneficiaries
You have to review your beneficiary designations. We see this happen from time to time, where money would go to an ex-spouse instead of a new spouse or children. Who you want as a beneficiary now may change in the future, so keep these records updated.
Failing to avoid conflict and litigation
Seeing a family in conflict or litigation over financial assets is one of the more difficult things to see. Families can change when money is involved and people die. Where it gets ugly is when people don’t have a plan. It’s important that you have this all laid out in a plan and have it updated at least every five years.
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
We have real conversations with our clients. Sometimes the conversations aren’t fun, but they’re important to have. Health care is one of them.
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
2:35 – Failing to plan for expenses
3:49 – Failing to update beneficiaries
5:12 – Failing to avoid conflict and litigation
6:37 – Transferring real estate
8:06 - Taxes
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