Estate Planning Mistakes
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7 Common Estate Planning Mistakes to Overcome
The simplest acts often turn out to cause the most problems for estates. Beneficiary designations and titles to assets are the most likely sources of mistakes and problems. Though estate planners are aware of the common mistakes and the consequences, many people aren’t. Simple, well-intentioned actions and failures to act often result in major problems. […]
A Frequantly Overlooked Key Issue in Estate Planning
Celebrities and the wealthy often provide important financial lessons for the rest of us. Often, the lessons are more important for the rest of us, because the wealthy usually have enough assets to over-come the losses from their mistakes. For others, one or two critical mistakes can severely reduce financial security. The latest important lesson […]
Another Estate Plan Gone Bad
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 […]
Another Estate Planning Failure
A major Washington, D.C.-area business made the headlines in an unflattering way on Saturday. A lawsuit was filed over the estate plan of the owner of major auto dealerships and related businesses. According to the allegations, the daughter from the owner’s first marriage was promised a one-third interest in the business. Instead, two sons from […]
Key Estate Planning Mistakes You Need to Avoid
The important step in Estate Planning is to learn from the mistakes of others. Unlike many other areas, you don’t have a second chance with an estate plan. The major estate planning mistakes in estate planning are committed often. There would be very few problem estates if we learned from others’ errors. So, try to […]
Everyone Needs an Estate Plan, and It’s Not About Taxes
Mickey Rooney passed away last week. He was a fabulously successful movie star in his prime and continued to perform most of his life. He was pitching products through infomercials the last few years. Yet, he apparently died with few assets to his name. This report alleges that he was abused and his money pilfered […]
A Case Study in Estate Planning Mistakes
Probably more estate planning mistakes are mistakes of omission instead of commission. Failing to take action or make the hard decisions causes a lot of problems. Here’s a case study from Forbes, though the family fortunately still has time to correct the mistakes. It involves the descendants of the creator of the children’s book character […]
A Classic Failed Estate Plan
Louis Feil wasn’t widely-known, but he was a successful, prosperous real estate owner and developer in New York City. He expanded the operation, so the family owns properties well beyond New York. He died in 1999 with the intention of keeping the business in the family. One son, who already was running the business, was […]
