Four Estate Planning Mistakes to Avoid

20 February 2014
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20 February 2014, Comments Comments Off on Four Estate Planning Mistakes to Avoid

4 Estate Planning Mistakes to Avoid

  1. 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.
  2. 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.
  3. 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.
  4. 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.

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