There are plenty of nuances about the estate planning process that can cause complications if not navigated properly. However, the single biggest mistake you can possibly make with estate planning is to not have a plan at all. While death is a fact of life, many people postpone dealing with estate planning issues because it seems like a morbid activity that is far too complicated to approach. This is not necessarily the case if you approach the task with an open mind and work with the right estate planning attorney in Las Vegas.
Don’t Make These Estate Planning Mistakes
After you have a plan in place, it is important to evaluate your plan after each major life event. Don’t make the mistake of forgetting to evaluate your plan after these major events. For example, if you have another child after your original will is drafted, this means that your assets may not presently be disposed of as you ultimately intend. Marriage, divorce, death and changes in wealth are all serious life events that should cause you to take a second look at your existing will and make any necessary changes.
Another often overlooked consideration is how you will plan for a major life event that does not necessarily result in death. Long-term disability is an equally complicated matter that can have a serious impact on your financial situation and relationship with your loved ones. You should most certainly have a plan in place for how your health and financial affairs will be managed in the event that you cannot make sound decisions on your own.
A good estate plan will also consider the tax consequences of the gifts you are making upon your death and how you are handling your major assets throughout your life. For example, if you plan to leave your home to a family member, you should not necessarily have his or her name added to the land records before your death because this could trigger tax liability. Instead, that person should be passed your home as an inheritance.
If you are interested in finding out more about how you can avoid some frustrating and expensive mistakes in your estate planning, call Sean Tanko, an experienced estate planning attorney in Las Vegas, at 702-463-8700 today.