Preheader

 

Home Page Get A Quote About Client Login Reviews

Annuity Life Wealth Management Medicare
Home > Blog > 10 Common Estate Planning Mistakes
Wolfgang Financial and Insurance Agency, LLC. BBB Business Review
  • Main Menu
    • Home Page
    • Secure File Area
    • Calculators
    • Refer a Friend
    • Join Our Newsletter
    • Important Links
    • Insurance Glossary
    • Location Map
    • Contact Us
    • News Center
    • Privacy Policy
  • Social Security
    • Custom Social Security Guide
  • Medicare/LTC
    • Long-Term Care/Medicare Home
    • Quote
  • Life
    • Life Insurance Home
    • Life Insurance Quote
  • Annuities
    • Annuities Home
    • Annuity Quote
  • Wealth Management
    • Wealth Management

Wolfgang Financial and Insurance Agency, LLC. BBB Business Review
WEDNESDAY, APRIL 22, 2015

10 Common Estate Planning Mistakes











10 Common Estate Planning Mistakes

1.       Procrastination.  Simply failing to get around to it.

 

2.       Believing that estate planning is only for the wealthy.  When taking into account the people are often surprised at the size of their “estate.”

 

3.       Not reviewing or updating your beneficiaries and will.  Life changing events such as births, deaths of family members, divorces, and changes in general in your family structure can have a significant impact on how your assets are distributed.

 

4.       Not having a tax-planning strategy in place.  Current tax laws are complex and ever changing.  There are strategies available to help you minimize taxes and avoid estate tax penalties.  Sit down with your tax professional to implement advanced tax and estate planning strategies.

 

5.       Take advantage of gifting.  The government allows tax-free annual gifting of $13,000 per individual or $26,000 per couple annually to as many individuals as you choose.  This is a means of giving away some of your estate tax free to family members.

 

6.       Joint titling of assets.  It is true that joint titling of assets may allow you to avoid probate, but do not overlook the additional risks; misappropriation of assets by the joint title holder, exposing of assets to a divorcing spouse of the joint account holder, exposing assets to creditors of the joint       account holder.

 

7.       Failure to provide someone you trust with the location of important documents.  All of the work you have gone through in planning the distribution of your assets is worthless if nobody can find the documents.

 

8.       Leaving everything to your spouse.  The government offers an estate tax credit (repealed for 2010) by leaving all of your assets to your spouse you are sacrificing their share of estate tax credit.

 

9.       Doing it yourself.  Not seeking out expert advice. 

 

10.   Naming your estate as the beneficiary.  By directing your assets to be paid to your estate   “pursuant to the terms of your will” assets that would normally avoid probate-will become subject to probate which can be both time consuming and expensive. 


         

 


Posted 4:21 PM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2016
  • 2015
  • 2014


View Mobile Version
  Newsletter
Home
About Us
Get A Quote
Careers
Newsletter
Contact Us


Mailing Address
28765 Single Oak Drive, Suite-150
Temecula, CA 92590
CA License# 0K07551
Contact Us
Ph:  951.200.5084
Fx:  951.200.5093

Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Wolfgang Capital, Wolfgang Financial and Insurance Agency or any of its employees are stated or implied. Appearances in media outlets 1290 Newstalk were a paid placement. All written content on this site is for information purposes only. Opinions expressed herein are solely those of Wolfgang Financial and Insurance Agency and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Fee-based financial planning and investment advisory services are offered by Wolfgang Capital, a Registered Investment Advisor in the State of California. Insurance products and services are offered through Wolfgang Financial and Insurance Agency. Wolfgang Capital and Wolfgang Financial and Insurance Agency are affiliated companies. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of California or where otherwise legally permitted. Neither Wolfgang Financial and Insurance Agency nor Wolfgang Capital provide legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Wolfgang Capital, Wolfgang Financial and Insurance Agency and Zachary Herzog are not affiliated with or endorsed by the Social Security Administration or any other government agency. This content is for informational purposes only and should not be used to make any financial decisions. Exclusive rights to this material belongs to Wolfgang Financial and Insurance Agency. Unauthorized use of the material is prohibited.

Social
Who Shall We Send it to?
or call us at
951-200-5084
Get A Quote Confidential Insurance Questions Location Google Plus Insurance Website Builder Newsletters Google Plus Newsletters