Episode 86 – Common Missteps for Estate Planning

In this episode, Laura Lee, Jeremiah Lee and Randy Barkley, break down some of the intricacies of estate planning, highlighting common missteps and offering practical advice to avoid them. They discuss the importance of having a trust over a will, the pitfalls of adding children to property titles, and the complexities of managing illiquid assets. The conversation also touches on the significance of coordinating estate plans with other assets and understanding community property laws.

Takeaways

• Avoid common estate planning missteps to prevent future inconvenience.
• A trust is more effective than a will in avoiding probate.
• Adding children to property titles can lead to tax and liability issues.
• Plan for illiquid assets like property and businesses carefully.
• Coordinate estate plans with other financial assets for consistency.
• Understand community property laws and their impact on estate planning.
• Beneficiary designations can override estate plans if not aligned.
• Estate planning should include discussions with family members.
• Tax implications of inheritance can be significant and need planning.
• Regularly review and update estate plans to reflect current situations.