Estate planning requires navigating a number of challenges.
Estate planning may seem simple enough.
You set up a will.
You name a few agents to take care of things if you can no longer do so yourself.
You are done.
According to a recent Insurance News Net article titled “Family Conflict Reigns As Greatest Threat To Estate Planning, Survey Finds,” it is not so simple.
Neither does your estate plan.
There are a number of common life challenges to be considered when it comes to your estate plan.
What are there?
The first is family conflict.
According to a recent survey by TD Wealth, 46 percent of participants found this to be the greatest issue in estate planning.
Why so high?
The prominence of blended families is one issue.
Providing for your loved ones without tearing apart a family is challenging—especially when all are not related by blood.
And, if they are all related by blood, well, that is just creepy.
As you plan, you must be open with everyone.
If everyone understands the “why” behind your choices, the likelihood of conflicts will be reduced.
Another challenge to estate planning is market volatility.
When it comes to planning for retirement and what you leave behind, the fluctuating market can be frightening in its unpredictability.
Working with a financial advisor with a long-term investment plan can help you better plan for and reach your estate planning goals with a balanced portfolio.
Another major concern in estate planning is taxes.
Tax laws seems to change constantly.
Working with an experienced estate planning attorney will help you to establish the most tax-efficient plan for your state and your current circumstances.
Fortunately, here in Kansas and in Missouri we have no state estate tax and no inheritance tax.
Review your estate plan periodically with your attorney to ensure your plan continues to satisfy your goals.
While it is true estate planning requires that you consider many potential challenges, an experienced estate planning attorney can help you navigate them safely.
Reference: Insurance News Net (March 13, 2019) “Family Conflict Reigns As Greatest Threat To Estate Planning, Survey Finds”