Leading Estate Planning Lawyer Doug Newborn founder of Doug Newborn Law Firm, PLLC, in Tucson, AZ, highlights the mistakes people often make when it comes to elder law and estate planning. For more information please visit https://dougnewbornlawfirm.com
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Failing to address key decisions in life can create far deeper impacts after a person's death, Arizona Estate Planning Attorney Doug Newborn has warned.
For more information please visit https://dougnewbornlawfirm.com
The Founder of Tucson's Doug Newborn Law Firm, PLLC, revealed in an interview this week the mistakes people often make when it comes to elder law and estate planning.
Often left unattended, a person's best intentions for their estate could quickly go awry if they don't nail down their wishes and clarify in writing, backed up with documents, to whom their assets should be allocated.
Failure on multiple levels can often lead to expensive lawsuits that will sap loved ones’ funds to more outright battles between family members.
Newborn said: “Very few want to think about death or declining health, but failing to plan for the unexpected, such as suffering an accident or health-related event, the death of a beneficiary, or their divorce, can all factor into future estate planning issues.”
"Rather than shy away from the topic, people should take responsibility to address certain matters in life. Consider how assets should be distributed after you die. Plan with the help of a qualified estate planning attorney as it is better than leaving a grieving family to try and pick up the pieces.”
One way to keep control of the flow of assets after death is to place assets in a trust, so beneficiaries receive distributions on significant birthdays or at specific times, such as for education or health-related matters, he advised.
"People need to regularly review their estate plan and ensure it is fit for their purposes for today.”
Failing to plan for the death of a beneficiary is an error people often commit. Those wanting to ensure equal distribution should consider their wording carefully so that all their children or grandchildren could benefit, rather than assets heading in one direction due to the death of a beneficiary and failure of an explicit declaration.
He added, "Forgetting to keep documents updated, such as retirement plans and insurances, and not naming a contingent beneficiary could well have tax implications in the long run."
Other mistakes he has encountered include failing to consider guardianship or conservatorship rights when leaving significant value assets to minors; covering all the angles of a well-intentioned gift and its tax effects on beneficiaries, and not equally distributing assets that could have a negative financial impact on a spouse.
He concluded, "An estate planning attorney will be able to walk a person through all the issues and address the likes of a residuary clause that is often forgotten in a will, to ensure their last will is legal and effective after death."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Doug Newborn
Email: Send Email
Organization: Doug Newborn Law Firm, PLLC
Address: 7315 North Oracle Road, Suite 230 Tucson, AZ 85704
Phone: 520-636-1152
Website: https://dougnewbornlawfirm.com
Release ID: 89088621
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