Estate Planning Mistakes That Could Cost You Millions
VIDEO TRANSCRIPTION – Estate planning mistakes that could cost you millions. Hi, I’m Steven D. Cooper, your master tax strategist with Coopers Accounting Service, because your financial freedom matters.
If you’d like to learn more great tax tips, download our popular financial guide at our website, your financial freedom matters.com, or click on this link below this video. I have a client who recently lost his wife? Sadly, she was asleep, had a blood clot, and died in her sleep. This devastated him.
Because she was the one who, you know, orchestrated everything, meaning talked she would talk to me for the taxes, she’d talk to the estate lawyer, she’d talk to the financial advisor. So that was one of the mistakes that we’re getting ready to cover.
Some people are just not in the finances. We get this, but you should at least attend an annual meeting with all of these people so that they know who you are and you know was also involved. He shared with me that he spoke to the financial advisor.
Financial advisor said, said my deepest condolences. Can I still manage your multi-million dollar retirement account? Obviously he was like, mm so that he knows what y what he cares about.
Tip number two. I told the client, share with him. Say you have a rental property, multi-million dollar rental property, you have a multi-million dollar home. There’s over quarter of a million dollars in cash in a bank account.
Lex turn around and let you breathe and grieve.That way I don’t want you to rush to any decisions. So we turned around and referred him to a property management company. We’re in the process of referring him to another financial advisor that will look after his best interest along with the financial side of it as well, too.
So remember, two big tips we want you to get out of this. Last one that we talked about is get someone close to you that’s going to look after your best interest than the money. The second one is make sure that you get involved at least once a year.
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If you’d like a free 20-minute smart money consultation, give us a call at 562-436-2600. Well, again, I’m Steven D. Cooper, your master tax strategist with Coopers Accounting Service. Don’t miss our next video.
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