113: 10 Estate Planning Mistakes to Avoid with Tim Denker

06/11/24 • 34 min

Dean Barber could talk for hours about estate planning mistakes to avoid. On Episode 113 of The Guided Retirement Show, Dean decided to cover some of the most common estate planning mistakes that he and Tim Denker of Denker Law Firm, LLC have witnessed. Tim founded Denker Law Firm, LLC in 2006 and has practiced estate planning and business law since 2003.1 Dean and Tim want you to be informed when it comes to estate planning and are going to 10 mistakes to avoid.

10 Estate Planning Mistakes to Avoid

Not preparing an estate plan
Not understanding the dangers of will-based trusts
Improper asset titling
Using free resources without understanding the details
Not getting the right people involved—attorneys, CPAs, advisors
Doing a disservice to your family, not yourself
Knowing the difference between an IRA and 401(k) in estate terms
Taking a Set-It-and-Forget It Approach with Your Estate Plan
Business owners without a succession plan
Not considering beneficiary-controlled trusts

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/113

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

10 Estate Planning Mistakes to Avoid

Not preparing an estate plan
Not understanding the dangers of will-based trusts
Improper asset titling
Using free resources without understanding the details
Not getting the right people involved—attorneys, CPAs, advisors
Doing a disservice to your family, not yourself
Knowing the difference between an IRA and 401(k) in estate terms
Taking a Set-It-and-Forget It Approach with Your Estate Plan
Business owners without a succession plan
Not considering beneficiary-controlled trusts

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/113

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

Previous Episode

112: Tax Planning Tips from CPAs with Marty James & Corey Hulstein

How can you pay less taxes over your lifetime? That’s a question everyone wants to know the answer to, but there isn’t a one-size-fits-all answer. Everyone’s financial situation is different. Along with explaining the importance of having a forward-looking tax plan as a part of your personalized financial plan, Corey Hulstein, CPA and Marty James, CPS, PFS joined Dean Barber on The Guided Retirement Show to share some tax planning tips.

In this podcast interview, you’ll learn:

The Dynamic of the CFP® Professional and CPA Working Relationship
The Difference Between Tax Preparation and Tax Planning
Considerations When Creating a Distribution Strategy
The Difference Between Charitable Remainder Trusts and Charitable Lead Trusts

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/112

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

Next Episode

114: 10 Questions to Ask Before You Retire with Chris Rett

It’s our Season 10 finale of The Guided Retirement Show, which means it’s time for Chris Rett, CFP®, AIF® to join Dean Barber as the featured guest. Chris and Dean are going to review 10 questions that everyone should ask themselves before retirement. If you’re planning to retire around three to five years from now, make sure to take some notes and to ask yourself these questions before retirement. Let’s review the questions and then we’ll explain why everyone should think about them before retirement.

10 Questions to Ask Yourself Before Retirement

10. When should I/we start Social Security?

9. What types of insurance do I need in retirement?

8. What healthcare and other unexpected costs can I expect in retirement? And how do I plan for them?

7. How do I plan for inflation and other uncertain economic changes?

6. When was the last time I reviewed my estate plan? Do I need to make changes? Are my beneficiaries up to date?

5. Am I emotionally ready to retire? How will I maintain my health in retirement? Have I considered how the transition from work to retirement will affect my mental health and sense of purpose? Do I have hobbies or interests I want to pursue?

4. How do I account for/plan for taxes in retirement?

3. How will I generate income in retirement and what is my distribution strategy?

2. What will my lifestyle be in retirement and have I saved enough money to retire?

1. What do I want my legacy to be?

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/114

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com