Welcome to the Fun Side of Finance!

Navigating Your Financial Future Doesn't Have to be a Headache

Let’s talk about you—specifically, how you can avoid the most common and costly estate planning mistakes I see ALL. THE. TIME .

Whether you’re planning for your parents, yourself, or both, these missteps can cause unnecessary taxes, confusion, and—let’s be honest—more family drama than a Thanksgiving dinner where Aunt Martha took it upon herself to make cauliflower mash instead of the real deal.

Here are 3 pitfalls I help clients dodge on a regular basis:

❌ Mistake #1: Waiting too long to start
Estate planning isn’t just for the elderly or ultra-wealthy. Life happens fast—and without a plan, the court gets to decide what happens with your assets (and sometimes your kids). Not ideal.

✅ What to do instead:
Start simple. Get a will, powers of attorney, and a plan that reflects your actual wishes.
Bonus: Your family will thank you someday!

❌ Mistake #2:

Naming the wrong people
From ex-spouses still listed on retirement accounts to the one adult child who’s “good with money” suddenly being responsible for everything—it’s more common than you think.

✅ What to do instead:
Review your beneficiaries and decision-makers regularly. Life changes, and so should your plan.

❌ Mistake #3: DIY-ing it with generic online forms
Google is great—for recipes. But when it comes to your estate plan, what works for your cousin in Ohio may not work in Alabama (or wherever you call home).

✅ What to do instead:
Have your retirement planner (hi 👋) work WITH your estate attorney to create a seamless, coordinated strategy for your family. You can also check out my friends at Trust & Will for user-friendly, affordable, state-specific online estate documents (Click HERE for my 10% off code - and no, I don’t receive a kickback from them).

Estate planning can feel overwhelming, but I promise—it doesn’t have to be. In fact, I wrote a short book on how to navigate it with clarity and confidence, especially if you’re helping your parents through the process.

Grab a copy of The Inheritance Playbook here

Got questions? Just hit reply. Seriously—I read them. Or if you’re ready to chat, schedule a quick call here. And, hey, if you like what you see and think a friend might benefit, please forward them this email!

Talk soon,

Chad Holmes, CFP®, CPA, CPWA®

Founder | Financial Planner | Author

www.formulawealth.com

(901) 262-1281 Cell

Check Out The Inheritance Playbook

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