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Avoid These Common Mistakes

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P TLANNING ODAYAvoid These Common MistakesHere are a number of common planning mistakes that you can easilyavoid with proper planning. The last thing you want is to leaveconfusion and disputes among your loved ones. Yet that is often theThe result when estates are not thoughtfully planned.Legacy1. Waiting Too Long — It is human nature to procrastinate aboutsomething as unpleasant as planning for what happens after your ownSocietydeath. Yet it is critically important to put your plan in place while youare still healthy and thinking clearly. While we always seem to believethat we have plenty of time to take care of our final affairs, the fact ofthe matter is that we never know for sure when our time will come. Ifyou do not go ahead and take care of it now, you may never get anotherchance.2. Failing to Review Your Plan Regularly — Once you haveyour estate plan in place, it is important to have it reviewed periodicallyto make sure it continues to reflect your wishes. A review is alsoimportant when changes in the law may affect your plan. A general ruleis to have your plan reviewed every three years, or sooner, if you havehad a major change in your circumstances, such as the death of yourspouse, a divorce, a large inheritance or the death of a major beneficiary.3. Trying to Do It Yourself — If you want your estate plannedproperly, do not try to do it yourself. Instead, visit a qualified attorney.KEEPINGAttorneys are trained to understand your ...
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The Legacy Society
KE E P I N G
YO U
IN F O R M E D
PLANNINGTODAY
Avoid These Common Mistakes
Here are a number of common planning mistakes that you can easily avoid with proper planning.The last thing you want is to leave confusion and disputes among your loved ones.Yet that is often the result when estates are not thoughtfully planned.
1. WaitingToo Long— It is human nature to procrastinate about something as unpleasant as planning for what happens after your own death. Yetit is critically important to put your plan in place while you are still healthy and thinking clearly.While we always seem to believe that we have plenty of time to take care of our final affairs, the fact of the matter is that we never know for sure when our time will come.If you do not go ahead and take care of it now, you may never get another chance.
2. Failingto Review Your Plan Regularly— Once you have your estate plan in place, it is important to have it reviewed periodically to make sure it continues to reflect your wishes.A review is also important when changes in the law may affect your plan.A general rule is to have your plan reviewed every three years, or sooner, if you have had a major change in your circumstances,such as the death of your spouse, a divorce, a large inheritance or the death of a major beneficiary.
3. Tryingto Do It Yourself— If you want your estate planned properly, do not try to do it yourself.Instead, visit a qualified attorney. Attorneys are trained to understand your situation and develop a plan that will carry out your wishes.Do not try to save money by using pre-printed forms or computer software kits.While these programs may produce a document for you,they do not provide the professional skill and experience of a trained attorney who will take responsibility for making sure your estate plan is suitable.Do not risk a lot to save a little.
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4. Failingto Communicate— Make sure you discuss your estate plans with your immediate family.This is especially importan if you plan a distribution they may find surprising or unexpected,such as leaving much more to one child than another, leaving a large charitable gift, or leaving a large gift to a non-family member.It is important for your family to know your intentions ahead of time, so they will be less likely to suspect that you had been unduly influenced to make these decisions. Otherwise, they may challenge your Will.
5. YourPersonal Property— Make sure your Will clearly states how your personal property will be distributed.This is especially important for items of sentimental value.Sometimes the most important items in an estate are family heirlooms, antiques, collectibles and jewelry, which your heirs may hope to one day receive.Without clear directions in your Will,your loved ones may end up in unpleasant disputes over who gets what.The only way to avoid such disagreements is by clearly stating your wishes in your Will.
6. NotProtecting Your Documents— Shortly after your death, your heirs will need to find your Will,your life insurance policies and information about all of your financial assets,such as bank accounts and investments. Itplaces an unnecessary burden on them when these documents are difficult to locate.Keep copies of all of your legal documents and your financial statements in a safe place, such as a filing cabinet or a 3-ring binder.Keep your original documents in a safe deposit box at your bank or credit union.Make sure your closest family members know where everything is located.
7. OverlookingCharitable Giving— Without making specific arrangements in your Will, in your trust, or in your beneficiary designations, you may pass up the opportunity to leave gifts to your favorite charities such as the American Air Museum in Britain.If you are like many people,you would like to leave something for the charities you have supported during your lifetime,yet that will not happen if you do not take action to arrange these gifts.Your charitable gifts can easily be arranged when your attorney drafts your Will.
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How To Include the American Air Museum in Britain In Your Estate Plans
Including the American Air Museum in Britain in your estate plans is a thoughtful way of insuring that this wonderful museum is available for future generations — generations for whom the air battles of WWII and beyond have slipped into history.The American Air Museum will help insure that the aircraft, air battles and brave men of this era will never be forgotten.
To include the American Air Museum in your Will or trust,bring this wording to your attorney:
“After fulfilling all other specific provisions, I bequeath ____% of the rest, residue and remainder of my estate [or I bequeath $____] to the American Air Museum in Britain, a US 501-c-(3) charitable organization (IRS Tax ID# 52-1326048) incorporated under the laws of the state of Maryland with offices presently located at Hamilton, Altman, Canale and Dillon, 4600 East West Highway, Suite 201, Bethesda, MD 20814”
We hope you have found this issue ofPlanning Todayuseful and interesting. If you have any questions, please contact your professional advisor, or give us a call. Thank you for your continued support.
Michael Brodie American Air Museum in Britain Legacy Office 7920 Norfolk Ave, Suite 605 Bethesda, MD 208142525 8002977679 Email: info@legacysociety.org.uk Website: www.americanairmuseum.com/planningtoday
This publication has been prepared as an educational resource to help the reader identify areas of potential concern. The publisher is not engaged in rendering legal, accounting or other professional services. The information contained in this publication should not be acted upon without first obtaining the advice of a professional advisor.
© Florida Philanthropic Advisors, LLC
Material may not be used without permission.
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