In this video, you will learn about estate planning services. These are the five biggest mistakes that are made when estate planning. Addressing long-term care is a good thing to get in order before you can figure out your estate planning.
Another mistake is to not address taxes. Having to take on the federal estate tax is bad and can be expensive. The capital gains tax can also be a problem. There are ways to take care of this without leaving your loved ones in the hole. Years ago, it was forbidden for the first spouse to die and they leave the other spouse with everything. This was especially bad for tax issues. There are a lot of capital gains taxes that need to be addressed. There are other tax conversations that need to be had. Who do you need to name the beneficiary of your IRA or your 401k? Should it be your children? Should it be your grandchildren? Some people who have charitable interests will leave their IRAs to charities because they do not pay income taxes. Not addressing probate is also another problem. Getting a will created is important. Putting things in writing, in general, is also important.