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Estate Planning Mistakes and How to Avoid Them

by AOG Wealth Management

Proper estate planning can save those you leave behind a lot of trouble. It can ensure that your wealth ends up going to the right parties. It’s important to work with an estate planning expert like AOG Wealth Management if you want to avoid taxes eating up your wealth after you have passed on. Today, we will discuss some common estate planning mistakes and explain how to avoid them:

Estate Planning Mistakes

No Life Insurance

Life insurance is crucial to single-income and lower income families because the death benefit from a life insurance policy may be the only way to provide for your loved ones. You need to calculate how much yearly income you will need to replace to determine how much life insurance you will need to carry. You also need to factor in how much debt you have and your future obligations. You will need to redo those calculations when your financial or personal situation changes.

No Will or Trust

A will or trust is essential if you want to alleviate the financial impact of your death on those you leave behind. It will allow you to control the distribution of your assets and state your final wishes. To begin the estate planning process, you will need to determine your assets and liabilities, determine the distribution of assets upon your death, check and update your current beneficiaries, and review the current federal estate tax exemption limits. As a financial planning expert, we can help you with estate-reduction and planning techniques if your estate is more than the tax exclusion.

Not Paying Attention to Details

You need to pay attention to the details when estate planning. For instance, you need to make sure that the beneficiaries on your retirement plans are up to date, and you need to set funeral arrangements. You also need to find a guardian for living dependents, make sure that you choose a reliable executor, and set up a durable power of attorney to direct assets and investments. That’s why it helps to start estate planning early and work with a financial expert like AOG Wealth Management. We will help you through the process.

AOG Wealth Management can help you make sure that your wealth gets distributed according to your wishes. We are an expert in tax planning, estate planning, investment management, and wealth management. We provide customized solutions that can help you reach your financial goals and fulfill your promises to your loved ones. We are the trusted name in our industry in Washington DC and the surrounding areas. Call us at (866) 993-0203 to learn more about estate planning. You can also ask for a complimentary consultation.

Securities offered through TD Ameritrade Institutional Services located at 7801 Mesquite Bend Drive, Suite 112, Irving, TX 75063-6043. Investment advisory services offered through AOG Wealth Management, Inc. AOG Wealth Management, Inc. is neither an affiliate nor subsidiary of TD Ameritrade Institutional Services.

The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual.  We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.

AOG Wealth Management does not provide tax or legal advice.  Please consult with your tax and/or legal advisor for such guidance.

Category: Wealth Management