#23 of 25 Estate Planning Mistakes – Financial

Failing to Conduct Adequate Financial Planning
A well-drafted estate plan can fail if no assets remain to be managed or distributed. An often-forgotten part of estate planning is financial planning to make sure sufficient income and assets are available to meet your lifetime needs. Your plan needs to include guaranteed sources of lifetime income to meet your living expenses. In addition to living expenses, your financial plan needs to address things like home repairs, medical care and health insurance. You need to plan to leverage your existing assets to cover the expense of long-term care. For married couples, it needs to address the replacement of any income lost at death of first spouse.