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Seven Costly Mistakes in Your Estate Plan

  • South Sepulveda Boulevard Los Angeles, CA, 90045 United States (map)

Portia M. Wood, of the law firm,  Wood Legal Group, LLP, has been helping families for over 7 years. She is a sought after speaker on the topic of estate planning and has

Many more individuals are realizing that estate planning isn’t something we should do only in our later years but it is an essential process that provides a wide range of benefits for ourselves and our families while we are alive, including additional protection long after we’re gone. The problem is that thousands of people think the Wills and Trusts they have set up are protecting their families and passing on their wealth, and yet… most of them are making critical errors with traditional “bare bones” estate plans. A significant number of the documents examined on a daily basis by Wood Legal Group, LLP have serious deficiencies and are literally failing American families. These are just some of the estate planning risks that local families are taking:

Risk #1 – Which Would Be Worse To Your Estate—Death or Disability? The Census Bureau expects disability rates to double in the next decade. Many estate plans only focus on what takes place after your death and do not protect against disability. This exposes you to an expensive court proceeding known as “living probate” that can eat up your estate with attorney’s fees, court delays and costs.

Risk #2 – Will Your Loved Ones Fall Victim to Second Marriages, Divorces, Lawsuits or Inexperienced Financial Decisions? Most people give their assets outright to their heirs when they and their spouse are gone… this is a huge mistake. These are “bare bones” estate plans and they almost always fail to protect your family from these real life occurrences.

Risk #3 – Will Your Family Be Torn Apart Over Who Gets Grandmother’s Quilt? The biggest fights in families aren’t about money, stocks, or real estate… It’s about the little things that hold memories and most traditional estate plans fail to protect and pass on these valuable items.

You’ll Leave this Seminar Knowing…

  • How traditional estate planning has failed to protect most American families and why you weren’t told about this previously
  • How to preserve your estate for your kids if your surviving spouse gets remarried
  • Why most family wealth never makes it beyond the third generation and how to ensure that your children and grandchildren never face this problem
  • How to protect against a living probate if you become disabled and are unable to manage your affairs… and why most estate plans fail to deal with this
  • Why most Living Trusts don’t work, where the areas of concern and greatest risks are, and how you can correct the problems
  • Why “bare bones” documents almost never work and how to know if you have one. And how to avoid a “one size fits all” estate plan
  • If you refinanced your home in the past several years, your biggest asset may be at the greatest risk
  • How to protect your children’s inheritance in case of their own divorce…  up to 50% may walk out the door with the ex in-law
  • The downsides to Joint Tenancy and how to avoid them using a proper estate plan