Having concerns about creating end-of-life wishes is normal. This topic is extremely sensitive, and even though the subject relates to a time in which a person passes, the individual may still feel worried about what impacts estate planning decisions will have on his or her family. In particular, conflict and taxes may be among the concerns of West Virginia residents
Professional estate planners often see which areas of planning tend to give their clients the most concern. When a survey was conducted among 109 of these professionals, 44 percent of them indicated that they believed family disputes would cause the most issue for planning this year. In fact, over half of the individuals stated that their clients struggled most when it came to appointing guardians and naming beneficiaries for their assets.
Another issue that professional planners believe may cause some confusion relates to recent tax reforms. While 49.5 percent of the survey participants felt that the new laws in regard to estate plans would benefit their clients, others were not sure what impacts the changes could have or felt that they could prove negative. Of course, taxation of estates is often a point of concern under any circumstances, and individuals looking to create their estate plans may wish to learn how the specific conditions of their estates may be impacted by taxes.
The exact concerns a person feels in regard to estate planning may depend on personal circumstances. Of course, family affairs are often a concern for anyone. If West Virginia residents believe that their end-of-life wishes may cause strife later on, they may wish to find out how they could potentially work to prevent disputes.
Source: wealthmanagement.com, "Family Conflict Tops the List of Estate Planning Challenges in 2018", David H. Lenok, March 28, 2018