Mistakes made when making final estate plans that can easily be avoided. Here are some of the top tips to help you navigate estate planning.
Mistake # 1 – Not Having an Estate Plan
1. The first mistake is simply not having a plan. Estimates put 70 percent of Americans as failing to have a will. Without a will, your assets will be decided for you by the state, which would only handle it its way and not the way you would have.
Having a will also ensures all children will be guaranteed their inheritance in writing. Life insurance policies can also be added to a will to guarantee payment. Legalities of out-of-state properties and businesses are also fully handled by the team of Palm Springs estate planning attorneys.
Mistake # 2 – Not Having an Attorney to Help with Estate Planning
2. The second mistake is not having an attorney. With a Palm Springs estate planning attorney, you can have peace of mind knowing your final plans will be taken care of. Estate planning is having a living trust, which is the best way to make sure you are leaving your treasured possessions and hard-earned assets to those nearest and dearest to you.
Mistake # 3 – Not Planning for Taxes
3. Not planning for taxes. Tax planning for retirement assets such as accumulated wealth is in many cases considered part of one’s taxable retirement. For this reason, careful planning is needed to keep it from being confiscated by the IRS, which is just wrong.
The annual gift exclusion is an excellent planning opportunity. This allows one to give up to $13,000 a year to as many individuals as desired without any gift taxes due. This removes the value of the gifted asset from your estate and any future appreciation. However, be warned, because lifetime gifts can be subject to future capital gains taxes.
Not protecting your family and your assets could not be more important than in these uncertain times. Never leave anything to chance and make sure you have a plan that ensures your family and assets are protected.
How an Estate Administration Attorney in the Local Palm Springs Area Can Help
What makes a Palm Springs estate administration attorney different is that its clients have a 100 percent success rate in avoiding a probate using the estate planning experience, a 98 percent client satisfaction rate and a 95 percent client referral rate. Contact us at 760-322-2275 to schedule a consultation with our estate planning attorneys.