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David Boren, vice president of Chisholm Trail Financial Group providing financial services in Central Texas, spoke with Community Impact about best practices for estate planning. He has 40 years of experience as a certified financial planner.
What are the most common mistakes people make when estate planning?
The state intestate laws say that if you don't have a will, then if you have a spouse, significant other or someone that you are in a legal relationship with, 50% goes to them. And for any children, 50% goes to the children whether you want it to or not. So it's important that someone take the steps necessary to start this process.
What are some things that people should know when starting their estate planning?
How do you want your assets distributed?
And, what's the most efficient way to distribute them without leaving a lump sum to the IRS?
How can families help each other during the estate planning process?
Ask the question. Don't be afraid to say, “What have you done?”
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