4 Estate Planning Mistakes to Avoid
- Delay – Individuals who often wait to start the planning process do so until there is insufficient time to implement a well thought out plan. It is always best to make planning a priority, and work with the client to be sure that their estate plan is updated periodically to reflect any change in circumstances.
- Too Many Amendments – Try to limit any amendments to one or two. Any additional amendments should include an amended and restated document that revokes all prior amendments to eliminate any confusion.
- Forgetting to Retitle Assets – The number one estate planning mistake to avoid is not retitling assets to a trust. Failure to retitle assets to the trust renders the document useless.
- No Prenuptial or Postnuptial for Re-Marriage – In Florida, a surviving spouse has the right to take an elective share in the deceased spouse’s estate. A client can avoid this when re-marrying by entering into a prenuptial or postnuptial agreement where the subsequent spouse waives their right to the elective share and other rights a surviving spouse is entitled to under Florida Statute. This is especially important if the re-marrying spouse has children from a prior marriage or desires to limit the amount to which the surviving spouse is entitled.
If you have a question about how to avoid these and other estate planning mistakes, please contact the Law Offices of Bryan S. Kessler, P.A. at phone (941) 786-1579 for a free consultation to discuss your tax issue.