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Are Any of These 11 Mistakes Lurking in Your Estate Plan?

by Lynette Williams / Thursday, 15 August 2019 / Published in Estate Planning

1) Lack of Healthcare and Disability Planning. The majority of deaths occur in hospitals or other institutions. Patients may be incapacitated to the point where they can no longer communicate their healthcare wishes. Advance Directives and a Healthcare Power of Attorney can identify healthcare proxy decision-makers, specify wishes for end-of-life care, and provide a formal plan to control financial and property matters.

2) No will or estate plan. Without proper planning, your estate may be tied up in probate court for months or years after your death, at a great emotional and financial cost to your family.

3) Lack of attention to digital assets. Without a plan for digital assets and social media, you may lose critical documents, photos, memories, and family records.

4) Lack of attention to your children’s possible future divorces or lawsuits. It’s not fun to think about, but if your children divorce or are sued at some point in the future, their inheritance may be decimated and end up in the hands of those you never intended. A trust can help protect your legacy and your children’s inheritance.

5) Lack of attention to the conscious transfer of family values. Comprehensive estate planning can include family meetings, a family mission statement, and custom planning for children.

6) IRA funds wasted. Retirement account beneficiaries often receive these account funds in a lump sum, creating the potential for a huge and unexpected tax bill. A standalone retirement trust (sometimes called an IRA trust) can protect these funds while still providing for your beneficiaries.

7) Chaotic record-keeping. Good planning is essential to make sure your heirs do not spend months or years trying to make sense of what you left behind. A comprehensive estate plan provides you with a framework for maintaining your vital legal and financial records.

8) Surviving spouse creditors and predators. If your surviving spouse remarries and then divorces, your estate could end up in the hands of people you never intended. Likewise, if your surviving spouse is victimized by financial predators – something increasingly common as the population ages – your family may discover too late that your legacy is gone. A trust can ensure family money stays in and benefits the family.

9) Family feuds over sentimental items. This problem can be avoided with a Personal Property Memorandum, which can account for tangible items like artwork, family heirlooms, and jewelry. In addition to the financial assets, your plan should include careful consideration of important family items.

10) HIPAA privacy lockout. If incapacity leaves you unable to communicate, family members—even your spouse—may not be able to access your medical records because of HIPAA privacy rules. Executing a HIPAA authorization ensures access to medical information.

11) Outdated Estate Plan. You may have a will and estate plan already. Does it reflect your current circumstances, goals, and needs? A comprehensive review by an estate planner ensures that your estate plan reflects your current situation, desires, and needs.

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About Lynette Williams

Ms. Williams counsels clients to produce estate plans customized for their unique and specific circumstances. Her focus is on estate planning utilizing a variety of transfer tools and advanced planning techniques, including: Living Trusts, Durable Powers of Attorney, Advance Health Care Directives, Pour-over Wills, Nominations of Guardians, Pet Trusts, Asset Protection Plans and Gift Planning.

Categories

  • Capital Gains Taxes
  • Children
  • Elder Care
  • Estate Planning
  • Home Ownership
  • Pets
  • Physicians
  • Taxes

ABOUT US

Lynette Williams advises individuals and families on all aspects of estate planning, probate, minimization of capital gains taxes, delaying or preventing future estate taxes. planning for long term care, and setting up a plan for those other members of your family - your beloved pets. She specializes in creating estate planning opportunities for LGBTQ+ individuals and married couples.

CONTACT US

323 251-6011

lynette@lynettewilliams.com

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