Today's episode is all about avoiding estate planning mistakes so that you can ensure your loved ones benefit as you intend and in a tax efficient manner. The title of today’s episode is “The 5 Estate Planning Mistakes You Are Probably Making, and How to Fix Them.” We have the privilege today to hear from Emily Taylor, an estate planning attorney here in the valley who also happens to be the “Taylor” in Taylor & Lihn, PLLC, a law firm here in Phoenix.

Emily has built her practice focusing on long term care planning, special needs trusts, guardianships, conservatorships, trust administration, probate, estate planning and much more. She earned her bachelor’s degree from Arizona State University and earned her law degree from the James E Rogers College of Law at the University of Arizona. Emily sits on the Board of directors for The Opportunity Tree, which is a nonprofit organization that provides individualized support for adults and children with intellectual or developmental disabilities, and she volunteers with the Maricopa County Bar Association’s Probate Lawyers Assistance Project. I can tell you that Emily is a pleasure to works with, she has a wealth of knowledge and experience and she has been gracious enough to take some time out of her busy schedule to speak with us.

5 Mistakes Discussed Today:

1) Not having all of the proper estate planning pieces that you need.

2) Not updating your estate plan regularly.

3) The improper ownership of assets and not accounting for the different tax situations of your beneficiaries.

4) Not establishing or the improper establishment of guardians for minor children and those with disabilities.

5) Failing to communicate estate planning details with those who will be affected by those details.

Bonus Mistake) Not having an estate plan because you don't feel like you currently need one. 

Resources:

Taylor & Lihn, PLLC - https://www.taylorlihn.com/

Resources:

Book – I’m Dead, Now What?

https://www.amazon.com/dp/1441317996/ref=cm_sw_r_cp_api_i_qPyZEb08H5PD7

Book – Peace of Mind Planner

https://www.amazon.com/Peace-Mind-Planner-Information-Belongings/dp/1441317295/ref=nodl_

Resource – “The Conversation Project”

https://theconversationproject.org/

Game – “The Death Deck”

https://thedeathdeck.com/

Game – “Go Wish”

http://gowish.org/