Today’s Mission:

Estate planning mistakes can come back to haunt your surviving family. J’Neanne will cover some of these mistakes and teach you how to avoid them.

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(Click the featured times below to jump forward in the episode)

The Briefing:

  • 1:18  – Mailbag: Danica asks whether to use life insurance as an investment.  

Strategy Points:

6:38 – Estate Planning Mistakes: Putting Someone On Your Deed Or Bank Account. 

  • Let’s say you put your son on your deed or bank account and he gets in an auto-accident. If the plaintiff wants more than the policy limits of the auto-insurance, they can garnish your accounts. Because your son’s name is on your bank account, that account is now his asset. Of course, we’re not saying not to put anyone on your accounts. We’re just saying to be careful who you choose. Let’s say you along with your son get into an accident and are incapacitated. Because your assets are now his assets, your son’s power of attorney (most likely his wife) will also have access to your accounts.

10:48 – Estate Planning Mistakes: Family Drama. 

  • Let’s say you die, and you’ve put your son on a deed or bank account. Your spouse could technically sue your son for his spousal elective share and homestead rights to your home….uhhhh What? Basically, your spouse can sue your children to become the co-owner of your home with them. Now, what’s more typical is you die, your surviving spouse remarries, and they give your property and accounts to their new spouse. If your children are also on the deed or listed as beneficiaries, and especially if they’re not, your family could be due a whole heap of trouble.

12:58 – Estate Planning Mistakes: A Plethora Of Wrong Turns.

  • Estate planning sounds easier than it is. If your goal is to avoid probate (probate court determines who gets what), your mistakes could cause you a headache. Probate is a lengthy process, and it’s also a public matter. If you’re trying to make things as simple as possible, you’ll want to get an attorney to make sure your legal documents are in order. The same is true of your finances. Work with an advisor to help you plan out your future and your family’s financial future.

Other Objectives:  

  • 7:33 – Estate Planning Mistakes: Estrangement.
  • 7:52 – Estate Planning Mistakes: Gift Tax Audits.
  • 8:15 – Estate Planning Mistakes: Double Tax.
  • 9:31 – Estate Planning Mistakes: Your Child’s Bankruptcy Could Cost You.
  • 9:41 – Estate Planning Mistakes: IRA Liquidation.

The Grand Plan:

[spp-tweet tweet=”Estate planning is not as easy as it looks. Family issues are sensitive matters, and it’s important you work with an attorney as well as an advisor to make sure your estate is planned accordingly. – Your Financial Mission“]


The Spy Kit:

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More Intel:

The host: J’Neanne TheusContact – Call: (443) 718-6310


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