Experts say that in order to maintain your legacy without blowing up your family in the process, these are the things to avoid, according to a story on thestreet.com.
- Not accounting for sibling rivalry. Most times the people fighting over the estate end up in worse shape because they give lawyers so much of the money. The best way to avoid this is to discuss estate plans with your children before you die.
- Unexpected surprises. Don’t let taxes eat up what you want to leave your heirs. Make sure they don’t have to sell assets to pay the taxes.
- Letting your plan lapse. Make sure to update your will if things change.
- Avoid co-trustees. There’s a reason why teams have only one head coach or manager.
- Undue influence. Be careful that a personal caregiver doesn’t end up having undue influence over the person who is dying. Take care of your parent.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
