fbpx

How much does your financial legacy mean to you? It’s not for everyone, but if it’s important to you, make sure you’re eliminating these common estate planning mistakes we see from clients.

Everyone has different goals in retirement including what we plan to do with our assets when we are no longer around. You might decide to spend everything, but many people want to leave behind a financial legacy for family, friends, or charity.

If that’s important to you, then pay close attention to this episode of No Payne, No Gain. Ryan and Bob will discuss four different estate planning mistakes that they commonly see when working with clients. The goal is to eliminate these missteps so we can leave behind the legacy we’ve worked hard to create.

We’ll also spend some time on awkward conversations. Yes, you should be having them with your financial advisor. Let us explain below.

Common Estate Planning Mistakes

Today we identify four mistakes people make when putting together an estate plan and later executing it. Whether it’s overlooking expenses that will likely come our way or not taking the necessary steps to protect our assets and keep them from becoming a hassle when we pass on. Each of these items can keep you from leaving the legacy you envision but now you’ll be aware and can avoid these common mistakes.

1:15 – Let’s talk about the most common estate planning mistakes we see.
1:36 – The biggest mistake is not planning for the cost of healthcare.
2:09 – What percentage of people of 65 will need long-term care?
2:46 – The next mistake is failing to update your beneficiaries.
4:15 – Keeping everything consolidated can help a lot.
4:50 – What are some ways to cover these long-term expenses?
5:51 – Another big estate planning mistake is failing to take steps to avoid conflict with heirs and family members.
7:16 – The last thing is to consider the tax implications of your estate.

Awkward Financial Conversations

You might not have been told this before but you should be having some awkward conversations. What we mean by this is there are topics that are uncomfortable to discuss, but the only way to build a retirement plan that meets every need is by being candid with your advisor.

Let’s talk about what conversations you need to be having, and if you’re not, make it a priority with your advisor.

9:06 – Sometimes advisors have to address uncomfortable topics with uncomfortable conversations.
9:24 – Tough conversation: Dealing with finances after a spouse dies.
11:16 – Tough conversation: What if you need long-term care?
12:39 – Tough conversation: When are you going to stop working? What if you can’t work anymore?
13:58 – Tough conversation: You are moving to a different phase of life and your advisor doesn’t fit your needs anymore.

Financial Propaganda of the Week

We close out today’s show with the financial propaganda we’ve found online. Bob actually tracked down some positive news on Black Friday and will explain why Cyber Monday has become an even bigger economic day. Ryan found the latest doom and gloom about the market and that’s thanks to the tariff news that happening currently. Don’t let the fear of a market downturn push you into carrying to much cash.

17:00 – Time to look at the latest Financial Propaganda
17:25 – Bob found some great information on Black Friday.
18:22 – The bigger news for Ryan is all the tariff conversation and fear it’s going to hurt the market.

“I don’t care if your 30, in your 40s, in your 50s, in your 60s, or an old dog like me in your mid-60s, planning is so critical and you have to have these tough conversations.”

– Bob Payne

Let’s talk

Contact us for a consultation with our financial advisors to start a personalized plan

Get Started

IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Payne Capital Management, LLC), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Payne Capital Management, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Payne Capital Management, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Payne Capital Management, LLC’s current written disclosure statement discussing our advisory services and fees is available for review upon request.