SageTrust Law Group was pleased to speak at the recent Lansdowne Woods Wellness Expo in Lansdowne, VA on the topic of “Hidden Risks and Mistakes to Avoid in Estate and Long-Term Care Planning,” with Buckley Kuhn Fricker, JD, CMC as a co-author/presenter.
We discussed the importance of pre-planning vs. crisis planning, and focused on 3 key goals of estate and long-term care planning which lead to Peace Of Mind, Protecting and Preserving Wealth, and Family Harmony:
- Maintaining control and protecting assets during life, including incapacity;
- Efficient and orderly wealth transfer at death; and
- Protecting beneficiaries from others and themselves.
Here is our list of Top Ten Mistakes (in no particular order):
Mistake #1: Failing to Address Health Care Decisions
Mistake #2: Access to Medical Records – Failing to Plan for HIPAA
Mistake #3: Failing to Plan for Control of Financial Matters During Incapacity
Mistake #4: Failing to Fully Utilize Estate, Gift or Generation-Skipping Transfer (GST) Exemption and/or Annual Gift Tax Exclusion
Mistake #5: Failing to Organize and Consolidate
Mistake #6: Putting Children’s Names on Your Accounts
Mistake #7: Failing to Properly Name and Update Beneficiaries of Retirement Plans and Life Insurance Policies
Mistake #8: Failing to Protect Inheritance of Children from a Prior Marriage
Mistake #9: Failing to Protect Beneficiaries from Themselves
Mistake #10: DOING NOTHING, OR DOING IT YOURSELF!
If you are interested in us hosting a similar presentation at your retirement community or other event, please contact Melinda Merk, Co-Founding Partner of SageTrust Law Group, PLLC. Don’t Worry, We’ve Got This!