Estate planning can be quite confusing to people. In most cases, it is not a do-it-yourself project. The mistakes and myths about estate planning philosophy are numerous and often costly to you and/or your beneficiaries. Consider the most common myths about estate planning.
- Estate planning is only for rich, old people.
- All you need is a will to avoid probate court.
- Create a living trust to avoid all estate taxes.
- Putting an adult child on your home title is wise.
- It’s not necessary to fund a revocable trust.
- You needn’t coordinate your insurance, IRAs or pensions with your estate plan.
- Always leave your assets to your children.
- Using a living trust complicates your affairs.
- Beneficiaries get your life insurance proceeds tax-free.
- Set up an estate plan once and it’s done forever.
These myths about estate planning generate costly mistakes if you neglect to review, coordinate or get solid advice for your plan. While these are the most common mistakes people make, there are others that experienced advisors can help you avoid.
The Phocus Companies have been helping clients avoid these mistakes for over 25 years. Along with being a trusted independent insurance agency in Arizona, the Phocus Companies offer knowledgeable financial and estate planning services from experts.
When you want to avoid these costly estate planning mistakes, contact the Phocus Companies. Their advice and assistance has helped many Phoenix-area individuals and companies for over two decades. Their professionals can help you, too–but first, you must contact them.
