When you’re developing an estate plan, avoid these four common errors:
* Don’t give away assets too soon. Youngsters may be unprepared to deal with a great deal of wealth. If you wait until your children are 30 or older, they probably will have finished school, established careers, and be able to handle money responsibly.
* Don’t delay lifetime gifts for too long. If illness or incapacity strikes, you might not be able to create the estate plan you desire.
* Don’t impose harsh restrictions. If you attach excessive stipulations to inheritances, trying to exert control after your death, your heirs may remember you more for that than for the inheritance itself.
* Don’t give or bequeath too much to younger generations. Your heirs may fail to lead worthwhile lives, if their financial needs are already met.
COLA Count Crosses 5 Percent Mark
The count toward the January 2022 federal retirement COLA stands at 5.1 percent with three months remaining in the count, following an increase in June of 1.1 percentage points in the inflation index used to set the adjustment.