Common Estate Planning Errors for All Americans
October 31, 2012 By Hippo, Fleming & Pertile
Common estate planning errors do not just apply to those who do their own estate plans. Even those who pay thousands of dollars to create an estate plan can open the door to errors. Most Americans postpone updating their estate plans, especially with so much uncertainty in the air surrounding estate tax.
Though there is a lot of uncertainty, waiting for Congress to pass a rule about estate tax is a bad idea, especially if your estate needs to be updated.
Estate tax is not the only thing you need to plan out or update on a regular basis. Estate plans are highly complex; therefore, they should be reviewed annually by advisors and professionals to ensure their accuracy and applicability to your current estate.
When an estate planning attorney reviews your estate plan, they can find errors regarding beneficiaries, titles and gifting. For example, if your estate plan lists a spouse who you are now estranged from, your estate planning attorney can help you replace that spouse with a beneficiary more applicable to the times.
One of the biggest mistakes you can ever make regarding your estate plan is to wait. Waiting opens the door to not only tax issues, but issues regarding distribution and beneficiaries.
ABOUT THE AUTHOR: Jeff Fleming
Experienced estate planning attorneys Altoona PA of the Hippo, Fleming & Pertile offers estate planning and business planning resources to residents of Altoona PA.
Copyright Hippo, Fleming & Pertile
More information about Hippo, Fleming & Pertile
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
Estate tax is not the only thing you need to plan out or update on a regular basis. Estate plans are highly complex; therefore, they should be reviewed annually by advisors and professionals to ensure their accuracy and applicability to your current estate.
When an estate planning attorney reviews your estate plan, they can find errors regarding beneficiaries, titles and gifting. For example, if your estate plan lists a spouse who you are now estranged from, your estate planning attorney can help you replace that spouse with a beneficiary more applicable to the times.
One of the biggest mistakes you can ever make regarding your estate plan is to wait. Waiting opens the door to not only tax issues, but issues regarding distribution and beneficiaries.
ABOUT THE AUTHOR: Jeff Fleming
Experienced estate planning attorneys Altoona PA of the Hippo, Fleming & Pertile offers estate planning and business planning resources to residents of Altoona PA.
Copyright Hippo, Fleming & Pertile
More information about Hippo, Fleming & Pertile
View all articles published by Hippo, Fleming & Pertile
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
