Today’s Mission:

Not everyone chooses to leave a financial legacy, but if you’re someone who would, then estate planning is crucial. Make it a part of the conversation when you’re working on retirement, but make sure you avoid these critical mistakes.

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

Strategy Points:

Have you thought much about the legacy you want to leave behind? Some people have no interest in passing on an estate, but others want to leave as much as they can to family or friends.

If you fall in the second camp, then estate planning needs to be a priority when building your retirement plan. It has to be a part of that process and that discussion to make sure your legacy goals are met.

On this episode of Your Financial Mission, J’Neanne turns her attention to this important financial topic. Maybe you don’t like having this conversation because of what it means personally, but J’Neanne makes this a part of her client’s planning process. And with that, she’s seen mistakes made that really impact a person’s ability to leave the legacy of their choosing.

Today we’ll identify five critical mistakes that people make and help you understand the importance of taking care of each of these things. It’s not just about being certain that everything you want to leave behind actually will be, but also that your legacy is being left to the people you prefer.

Let’s jump into the discussion to kick of the new year. Now is a great time to have this conversation with an advisor so let’s help you get prepared for that.

Listen to the full episode or click on the timestamps below to hear a specific segment.

0:56 – Happy New Year! How were the holidays?

4:08 – It’s a great time to start talking about your estate plan.

4:59 – How many of J’Neanne’s clients have an interest in leaving an estate?

6:39 – No matter what your plans are, you need to have a plan for your exit.

9:41 – First estate planning mistake: Failing to plan for expenses that can be foreseen, like healthcare.

12:14 – Second mistake: Failing to update beneficiary designations.

13:26 – J’Neanne shares a story of someone that didn’t finish updating his beneficiaries.

15:20 – Third mistake: Failing to take steps to avoid conflict between family and heirs.

17:55 – Fourth mistake: Transferring real estate while living rather than upon death.

20:35 – Final Mistake: Failing to consider the tax obligations of your estate.

23:10 – How often are you discussing estate planning with clients?

27:00 – Remember that your legacy doesn’t always have to be monetary.


The Grand Plan:

[spp-tweet tweet=”If you don’t put some type of instruction or some explanation for why you’re dividing up your estate or if there isn’t a thorough understanding of how you’re doing things and why, you open the door to create tremendous amount of hate and discontent and that tears families apart.  -J’Neanne Theus“]

Related Content: 

Ways That We Sabotage Our Retirement

Are You Having Awkward Financial Conversations?


The Spy Kit:

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More Intel:

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