Financial Advice for Retirement, Social Security, IRAs and Estate Planning

Estate Planning Mistakes

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Estate Planning

Understanding the Risks of Estate Plan Mistakes and Neglect

March 17, 2020

Many people have their estate plans on the backburner. Two fairly recent cases show why procrastinating about or neglecting an estate plan is dangerous. In the first case, a family corporation’s ownership was divided among the husband, wife, and two adult sons. The wife passed away first. There apparently was no will, and no estate […]

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Estate Planning Mistakes: Why Most Estate Plans Fail, Part II

November 12, 2019

In last week’s edition of Retirement Watch Weekly, we began revealing a list of reasons why most estate plans often fail. Please read on for the rest of the list… Clients generally need an estate planner who will spend some time getting to know about their families, their finances, and their general goals and values. […]

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Estate Planning Mistakes – Why Most Estate Plans Fail

November 5, 2019

A large percentage of estate plans fail to achieve one or more of their goals, and many of them fail for a surprising reason. One cause is the most surprising and perhaps most frequent reason estate plans fail: The estate owners do not implement their plans. The failure to implement an estate plan is surprising. […]

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Can You Afford these Estate Planning Mistakes?

December 10, 2018

In Part 1 of this article, we reviewed some classic Estate Planning mistakes that are fairly common among retirees. Today, let’s continue the discussion with four more oversights, so you can  evaluate your own estate planning process.   Leaving assets outright to adult children. Many people believe trusts are needed only when minor children inherit. […]

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7 Estate Planning Mistakes That Could Be Costing You

December 3, 2018

If you’ve never seen an Estate Planning professional… Or if your estate planning hasn’t been revised within the last three years… Then your plan is likely to have at least one of these classic mistakes. Today let’s go through these estate planning mistakes, one by one…   1. Relying only on a will. A written […]

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Avoiding the Most Common Causes of Failed Estate Planning

July 27, 2017

Many estate plans end in failure, and most of those failures were preventable. Estate planners know that many plans don’t produce the results the owners intended. The failures usually don’t spring from the tax strategies or language in the will. The failures most often result from the human side, or soft side, of estate planning. […]

Family Finances Miscommunication in Estate Planning

February 7, 2017

A new survey from Fidelity confirms what we already knew. Parents don’t tell adult children much about their finances or estate plans, but the parents think they’ve presented full details. Not having the discussions or delaying them leads to confusion, hampers planning, and eventually costs the family a lot of money and missed opportunities. The […]

Another Estate Plan Gone Bad

March 5, 2015

The Benihana restaurant chain is not what it once was. One reason is that its founder had a poorly-thought-out estate plan that was rife with conflicts and sowed dissension and unhappiness. Here’s the story, another cautionary tale about the importance of taking the time to do an estate plan properly, especially when a business is […]

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