Estate Planning Errors: Flawed Asset Ownership

by | Mar 13, 2024

When it comes to end-of-life planning, oversights related to asset ownership can come to light. For example, opting for joint ownership of property with your spouse can provide creditor protections and streamline the property transfer process after the first spouse’s death. However, a similar decision to include your children as joint owners may seem appealing now, but in reality, it could expose them to potential liabilities for capital gains taxes. Alternatively, employing specific deeds can be a strategic move to ensure your children inherit the property while enjoying a significant tax advantage known as a “step-up in basis.”

Estate Planning Errors

Neglecting the significance of asset ownership or mishandling its execution can lead to complications in your estate and end-of-life planning. Whether all of your assets are in Missouri, or you have property in multiple states, it is vital to address everything.

Solution:

Begin by identifying the nature and location of your assets. Next, grasp how they integrate into your estate plan. In our client-oriented approach, we furnish a Questionnaire to assist clients in recognizing assets, ownership structures, and beneficiary designations. This tool enables us to present clients with a comprehensive overview of the destination of their assets upon their demise and offer recommendations on necessary measures to guarantee the assets reach their intended recipients. You can schedule your complimentary initial consultation online or reach out to our office at 816-399-2757.