Common Estate Planning Mistakes

Thank you to Epiphany Law for participating in Career Options “Make it Happen in 2017-2018” resource guide for area companies! Please see below for their response to one of the questions we addressed:  What are 7 Common Estate Planning Mistakes?

When developing an estate plan, the number of potential omissions and poor choices is almost infinite. However, people generally make seven major common errors. These mistakes can lead to major financial and personal disasters, but they are avoidable.

Mistake Number 1: Failure to plan & failure to update estate plan

Solutions:

Plan for contingencies

Review and update your estate plan

Don’t leave it to chance or to the government

Mistake Number 2: Failure to address Healthcare decisions

Solutions:

Identify who the health care power of attorney is

Provide a living will, a clear statement of intent to loved ones

HIPAA release

 

Mistake Number 3: Failure to Prepare for Incapacity

Solutions:

Living Trust

Durable power of attorney

 

Mistake Number 4: Failure to Plan for taxes

Solutions:

Marital Trust Planning

QTIP trusts to maximize deductions and protect beneficiaries

 

Mistake Number 5: Failure to Plan for your Children’s future

Solution:

Asset protection through Trusts and/or LLC

 

Mistake Number 6: Failure to plan for Tangible Personal Property

Solutions:

Personal Property Memorandum

Communication

Clearly articulated process

 

Mistake Number 7: Failure to Plan for Post-Death Administration

Solution:

Create a comprehensive estate plan

 

Epiphany Law provides personalized, common sense legal advice in the areas of business law, estate planning and litigation. Within each of these three areas, we apply the same efficient use of people, systems and technology to provide incredible service, superior work product and predictable pricing. We pride ourselves on providing a different experience – a better experience.

For more information regarding these topics, please contact:

Epiphany Law, LLC

Kevin Eismann

4211 North Lightning Drive

Appleton, Wisconsin 54913

(920) 996-0000

keismann@epiphanylaw.com

www.epiphanylaw.com

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