Over the years we have assisted many of our clients with putting in place an estate plan that will achieve their personal goals and objectives.
Estate planning is a serious financial matter; however, there are substantial personal benefits available to you by putting such comprehensive planning into place. In addition to probate avoidance and estate tax savings, a proper estate plan should allow you to plan for yourself and your loved ones without giving up control of your affairs. Your estate plan should also allow you to plan for your disability, and, at the same time, allow you to give what you own to whom you want, when you want, in the way you want. Finally, your estate plan should save every last tax dollar, professional fee and court cost legally possible.
It is important to us that we are able to advise you about how proper estate planning may benefit your situation. We have listed some pitfalls associated with common planning techniques in the hope that you will review your situation and seek to learn more about the personal and financial benefits proper estate planning may provide you.
The Pitfalls of Jointly Owned Property
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 | Your will or trust does not control joint tenancy property. |
| Joint tenancy does not allow for estate tax planning. |
| Your joint tenancy property can pass to unintended heirs. |
| Joint tenancy may create unintended gift or estate tax consequences. |
| Joint tenancy may result in increased income taxes for your heirs. |
The Pitfalls of Planning with a Beneficiary Designation
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| Often, a will or trust will not control life insurance and retirement plan benefits. |
| Beneficiary designations do not enable you to leave instructions or provide guidance to your loved ones. |
| If your beneficiary is your estate or will, probate is necessary. |
| Beneficiary designations do not allow for estate tax planning. |
| The opportunity to pass your retirement plan to your children and/or grandchildren may be lost. |
| A beneficiary designation will not protect your spouse and children from creditors or unscrupulous people. |
The Pitfalls of Wills
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| Wills are often bare bones form documents written in hard-to-understand language. |
| Wills guarantee probate, which may generate unnecessary fees and time delays. |
| Once probated, wills are often open for inspection by anyone. |
| Wills offer no planning or direction for your family in the event of your disability. |
| Wills may not be effective if you move or own property in other states. |
The Pitfalls of Living Trusts
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| Most living trusts are not fully funded and will not avoid probate. |
| Most living trusts do not control life insurance and retirement plan benefits. |
| Most living trusts do not fully achieve the goals and objectives of their maker. |
| Most living trusts do not take full advantage of the personal and financial benefits available to the maker. |
Other Pitfalls
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| Most people do not understand their estate plan or how it will be administered upon their disability or death. |
| Often, life insurance is part of your taxable estate even if you have taken steps to remove it from your estate. |
| Business owners frequently fail to plan for business succession or would be disappointed by the actual results from the planning they have done. |
