Avoid These 7 Common Estate Planning Mistakes!

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On this episode of The Money Guy Show, we go over the seven common estate planning mistakes you need to avoid! Leave your comments and questions below.

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Comments

kiana maxwell says:

Great information! Love this show.

kiana maxwell says:

I like this show, but the one guy always cuts Bo off and over talking him. Am I the only one that notices this?

Dave Merton says:

Great info, as usual. I just subscribed. Was I the 30,000th? Did I win a free t-shirt? – haha

Really appreciate your message Money Guys!

Angry Arkie says:

Firstly, great video and great channel. I disagree with the notion that getting life insurance is easy. My wife and I heard that too, but because of BMI alone we either can’t find or can’t afford term life.. we are currently on our second round of physicals. And we are no where near considering $1 million in coverage.. we just want $500,000. So it’s complex and unaffordable because it is, in fact, complex (in terms of the process) and unaffordable.

blade643 says:

I don't understand how adding someone to your account (young adult child to parent checking account as the example you guys used) counts as gifting them money? An authrorized user to an account all of the sudden has that income? that logic is extremely flawed! I was trying to get my dad to add me to his business account to help take care of the bills because they are basically incompetent. but now I'm glad I haven't gotten that far lol

J BULLIONAIRE says:

Good video as usual. I've been bingeing a load of your episodes over the past couple of weeks. Can't believe you don't get more views. Thanks from the UK!

Roberta Loufek says:

Giving cash before dying is great but only up to a certain amount is tax-free per year. My mom gave my brothers each more than that a few months before she passed away and they had to pay tax on the difference. If she'd waited they would have inherited it tax-free. One of my brothers had been so sure if she wrote "Inheritance" on the check he wouldn't have to pay tax on it. Wrong since she was still alive when she gave it to him.

Also, she took it from a traditional IRA and didn't leave enough money to cover her taxes on it – so I got to pay it out of my own pocket as the executor (note: I got the paid-for house so wasn't too upset.) Please, if you -have taxable investment accounts and withdraw before your death to give as gifts then set enough aside to pay the taxes that you (your estate) will owe. It has to come from somewhere.

Shane Hummus - The Success GPS says:

True, that's why dont make a decision if you don't know anything and if you are sad. Most likely you will fail or regret it.

Danny says:

As an insurance agent I can tell you every person regrets not buying a 30yr term life policy 5-10yrs after buying their 20yr policy. You'll want to cover your 22yr old kid for another 10yrs.

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