Top 10 Estate Planning Mistakes

Many of us have, at times in our lives, struggled to achieve success and find meaning to our existence. For some of us, that struggle continued for years while we learned through trial and error lessons that shaped our outlook and made us the persons that we are today.

Good advice and contacts: Usually a Lawyer can provide you complete advice in eldercare planning.Were you to do it yourself, you will have to spend a lot of time familiarising yourself with all the intricacies. There are several changes in the Law. A good Lawyer also has good contacts with Trust companies, Brokerage houses and other Professionals. The Elderly care market is a growing market with several options.

Another misconception about having a will is the idea that having a will causes your heirs to have to go through probate, and that it will be difficult and expensive. If you die without a will, the court is still going to have to oversee the distribution of your assets to your heirs. There is absolutely no reason to think that this process is made easier or less expensive by your not having a will. In fact, it will probably be more expensive. For one thing, whoever administers your estate will probably have to post a surety bond if you don’t have a will. If you do have a will, not only can you choose the person who will administer your estate, you can provide that he or she will not have to post a surety bond.

Find your private money NOW! Find your hard MONEY now. It isn’t cheap; you will pay for it, but line it up ahead of time! A normal hard money loan will cost you a nice bit of change. 12-15% is normal, along with 5 points up front. SO WHAT!

All the above issues will be sorted if you choose the right estate trusts and wills. People spend a lifetime saving up their hard earned money but very few actually take the time to see that it is well spent after they retire or die.

Some owners will come through for a buyer with a short-term loan. This mostly happens if the buyer cannot get all of his down payment but he otherwise qualifies for a mortgage. The owner will lend him the down payment-again, at a higher interest rate. The best-case scenario for the buyer is to move this loan obligation into the mortgage principal within the next year or to finance it at a lower interest rate. Then the owner has a relatively quick and high return on his investment and he’s free and clear to move on.

Personally, I’d rather have the kitchen gadgets. The joy I obtain from brewing tea in mom’s stained pot to baking a cake in the pan of a million marks is much more valuable than money.

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