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
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