California Estate Planning Attorney Explains How Poor Estate Planning Can Destroy A Family

By: Kevin Von Tungeln

We have all heard the stories about the individuals who died without an estate plan and the state and federal taxes consumed most of their estate. What is less commonly heard are the stories of individuals who had an improperly designed or incomplete estate plan that created unnecessary strife among the beneficiaries of the estate plan.

With the federal estate tax rules under revision and the recent tumult in the financial markets, now is a good time to sit down with an estate planning attorney and review all the components of your estate plan. The assumptions built into your estate plan just five years ago may no longer be true, and the intricate estate plan that you created to pass along you business, property and other assets may not be nearly as effective as you had hoped.

Many people use life insurance trusts to cover the estate taxes that will be due on the assets in their estate plans. With the recent financial market meltdown, many of those life insurance policies are not generating the returns that were advertised a few years ago, and may not be able to cover the taxes due. This may force your heirs to sell off portions of your estate to cover the taxes. This is an unfortunate situation caused by incomplete estate planning.

Staying up-to-date is another important California estate planning tool. With the plummeting price of real estate in California, reviewing your estate plan every year or two is wise. During that consultation with your estate planning attorney, review any life changes that have occurred, including newly purchased property, additional children, and any new business ownership interests. Actor Heath Ledger did not have an up-to-date estate plan, and subsequently his daughter was not named in the will. Because of that omission, a family battle broke out over custody of her and the assets that belong to her. A properly updated estate plan can prevent this kind of bickering after your death, when you can no longer fix the problem.

If you would like more information concerning well-conceived estate planning options, check online for comprehensive resources for personal wealth management solutions for personal wealth management solutions through estate planning, wills, and revocable trusts.

Whether your estate planning goals are immediate or long-term, a qualified California estate planning attorney will be able to counsel you on the best options available to you to meet your individual needs.

Article Source: http://www.newarticledaily.com

Kevin Von Tungeln is the Managing Partner of EstatePlanningSpecialists.com and Thompson Von Tungeln, P.C. Kevin practices in the areas of estate planning, probate, wills, and trust administration. Visit www.EstatePlanningSpecialists.com or www.linkedin.com/in/kevinvontungeln.

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