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Common estate planning mistakes to avoid

Estate planning is no exciting process for most Seattle residents. For some, the procedures involved in planning can become uncomfortable and stressful. Fortunately, however, there are successful ways to approach estate planning, as highlighted by the following financial discussions.

Investment News quickly recognizes the stress that can surround the stages of estate planning. While the topic itself may not make for the best dinner conversation, it is important to go about the process carefully. One common mistake involves giving large amounts of money to young beneficiaries. Doing so, in the eyes of Investment News, can open the door for trouble, as younger beneficiaries often do not spend inheritances wisely. Another mistakes has to do with insufficient liquidity -- Investment News explains that wealthier individuals with many illiquid assets need to confirm that they have the adequate funds needed to pay estate tax. By the same token, many fail to understand the full scope of generation-skipping tax. Investment News states that this type of tax is an additional charge on wealth transfers to recipients who are at least two generations younger than the donor.  

Forbes presents some other common mishaps that occur during estate planning, pointing out that many never complete these steps to begin with. Although different steps may be required when it comes to wealthier families, Forbes notes that some mistakenly believe that a documented estate plan is only necessary for the wealthy. Forbes reveals that this misconception could not be further from the truth, as anyone 18 years of age and older can benefit from such plans. Having a set plan can also protect loved ones long after one's death.

Even with the number of advantages, many believe their finances are too simple to require an estate plan. Forbes deconstructs this myth by stating that it is important to express one's wishes, no matter the level of income. Estate planning may not be a thrilling activity, but it can make life easier for the future of one's family tree.    

 

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Riach Gese Jacobs, PLLC
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