In light of recent news about tax law changes, some people are worried about how the changes could affect future plans, but a survey shows that even more people are concerned about family issues. Due to the changing and expanding nature of families, estate planning has become more of a challenge for some individuals. A thorough look at the needs and values of a family can help a person plan for his or her needs and wishes in regard to his or her Florida estate.
A new survey published by TD Wealth shows that 44 percent of the estate planning professionals who were survey respondents believed that family drama was the greatest barrier to estate planning. Tax concerns also made the cut, and some other planners had concerns about the stock market. Experts do believe that, as the tax changes settle in, more families will have questions and concerns about this major change.
The professionals surveyed revealed that guardian documents and beneficiary designations posed the biggest difficulty for individuals creating an estate plan. Greater numbers of blended families, second marriages and family businesses all potentially add to the confusion. The struggle to treat everyone fairly is a real concern in estate planning but can be achieved as long as individuals can focus on long-term goals.
Family drama is a real concern and can pose even more of a challenge when individuals are dealing with grief. A person creating a plan may wish to come together with his or her family to clarify the family goals and to make a cross-generational financial plan. For more help in Florida, many people choose to consult with an estate planning attorney who has experience with such issues.
Source: investopedia.com, "TD Wealth: Forget Tax Reform - Family Drama Creates Most Estate Planning Headaches", Donna Fuscaldo, March 29, 2018