Estate planning risks that can derail your financial plan and your legacy
Estate planning is a key piece to your overall financial plan. We believe that proper estate planning is crucial in protecting your current assets and also your family legacy for generations to come. We meet with clients all of the time that have outdated plans and/or plans that are not created based on their personal priorities. Many times they are generic boiler plate documents that don’t reflect the clients specific situation.
Here are three situations where your plan may not be protecting you as much as you think:
Families affected by divorce. Remarriage can add complexity to your estate planning. Protecting your new spouse is important but you don’t want to essentially disinherit your children in the process.
Closely held businesses (Family businesses). Having a succession plan in place for situations such as death, disability, divorce and retirement of key partners is crucial. Additionally, having a strategy for creating income from the business should be considered.
Outdated plans. This is especially true if you have been through a life event such as a divorce, death of a spouse or other family member or the birth of a child. The laws are constantly changing and outdated documents may have unintended consequences.
These are just three of the many situations where your estate and financial plans may not be protecting you. As our clients financial directors, we collaborate with you and your other professional advisors, such as estate planning attorneys, to help identify and manage the risks to your financial life.
