Whether you’re starting a family at 30 and dipping your toes into estate planning or are close to retiring and updating your will, the process can be hard. After all, you’re dealing with terms like “fiduciaries,” “trusts,” and “power of attorney,” so it’s easy to lose track. At Fryer and Hansen, our McAllen lawyers want for you to stay on track by recognizing three common estate planning mistakes that people make.
Don’t Ignore the Possibility of Long-Term Care
Life can come at you in ways that you never expect. This can include long-term care services like nursing homes or in-home care. These services are expensive which is why it’s so important that you consider costs and allocate assets to cover them. Failing to do so can mean that paying for them could come out of the assets you designated to loved ones!
Don’t Miss Important Tax Situations
You might’ve meant nothing but the best when you designated your assets to a loved one or non-profit, but it’s important to be mindful of the tax repercussions these designations can have. While some organizations can receive your assets without worrying about taxes, your other beneficiaries may not have the same luck.
Don’t Forget to Reassess Your Plan
Your entire life can change in a few moments. Maybe you welcomed home a new family member or suffered some sizeable financial losses. No matter the case, it’s important for you to revisit your estate plan and update it often in a manner that prioritizes your family’s needs.
Contact Our McAllen Estate Planning Lawyers Today!
At Fryer and Hansen, we take pride in being thorough and highly effective with our services. It’s helped our clients since our inception and continues to do so. Contact us today to discuss your estate planning needs.