350 Old Country Road, Suite 205, Garden City, NY 11530
877-791-8076 / StoberLaw.com
It is important to take
care when planning your estate. A simple
oversight can leave you vulnerable and compromise the amount your loved ones
will inherit when you pass away. There are
a few common mistakes that everyone should avoid when planning their estates.
Common Estate Planning Mistakes:
- Trustworthy Power of Attorney – Pick someone who you trust and who is capable the most capable of putting your estate plan in place. Many people make the mistake of picking someone out of obligation, when maybe another person is actually more likely to make better decisions on your behalf. Don’t forget to ask their permission before naming them power of attorney, too!
- Keep Your IRA Separate – Do not name your estate as your IRA beneficiary. If you do, the account is subject to claims and creditors during the settlement. When you pass away, the IRA will be used to pay off any remaining debts in your name. If any money remains in the account, it will get distributed to your loved ones, but not in a timely fashion. The probate process can take years. It is better to name a living person as your IRA beneficiary to keep your savings away from creditors.
- Update Beneficiaries – Keep your beneficiary forms updated! Many people make the mistake of forgetting to change the IRA designation, leaving money to an ex’s family rather than their own children. It is important to review your beneficiaries after every important life event.
- Living Trust – Don’t forget to put assets into your living trust. While living trusts are a valuable part of estate planning, they won’t be useful until you put assets into the trust.
- Don’t Delay – Many people delay estate planning, but this is a mistake – especially for those with small children. If you don’t have an estate plan, you are letting the courts decide how to divide your assets. Creating a plan will maximize the amount that you leave to your heirs and make the process easier for everyone involved.
The Law
Offices of Louis D. Stober Jr.
are experienced in comprehensive legal cases, including estate planning.
Our experience, combined with our successful track record makes us Long
Island’s premier law firm. Contact our office for a consultation by
calling 877-791-8076. You can also like us on Facebook and follow us on Twitter for the latest news
stories and legal tips.
