Estate Planning Mistakes
Found 34 Articles.
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Grasping the Risks of Estate Planning Neglect
Many people have their estate plans on the backburner. They know the estate tax changed a lot in recent years, is scheduled to change next year, and after that probably will change again. Many believe that since today’s generous estate tax exemption exceeds the value of their estate, they don’t need to worry about an […]
How to Avoid the Worst Estate Plan Mistakes
Taxes no longer are the main focus of Estate Planning, and they really never should have been. The broad goals of an estate plan should be to avoid chaos and discord among beneficiaries; to avoid or minimize probate; to protect assets from mismanagement by the children; and to protect assets from creditors and others. Many […]
How to Fill Gaps in Your Estate Planning
Most estate plans are deficient. Even wealthy people who consult with high-priced lawyers have key gaps in their plans. I’m not even talking about people who don’t bother to develop an estate plan. I’m considering only people who developed plans. Too many of them have plans that aren’t going to meet their goals, preserve their […]
Avoiding a Major Estate Planning Pitfall
Estate Planning mistakes fall into two major categories. Retaining too much control for too long is the first category of major mistakes. Detailed “incentive trusts” are a sign this mistake may be in the offing. These trusts parcel money over the years only as beneficiaries achieve detailed milestones. Incentive trusts sometimes try to control a […]
Why Most Estate Plans Fail
A large percentage of estate plans fail to achieve one or more of their goals, and many of them fail for a surprising reason. In past visits we discussed the ways trustees, heirs, changed circumstances, and new laws upend estate plans. What we have not discussed is the most surprising and perhaps most frequent reason […]
How to Save Your Estate Plan
Too often what seems like a great estate plan fails to achieve its goals. Sometimes the execution is wrong. Other times the owner failed to take one or more key steps. One often-overlooked step is to ensure that the estate prevails in any audit by the IRS or state tax authorities. Estate tax returns are […]
Four Estate Planning Mistakes to Avoid
Estate Planning and tax reduction will be returning to the front burner for many people. Congress was unable to pass a permanent estate tax reduction in 2006, and the makeup of the new Congress makes permanent repeal of the estate tax unlikely. Any permanent change in the estate tax exclusion could be less generous than […]
How Simple Estate Planning Can Avoid Family Dramas
A family drama has been playing out in the pages of major New York newspapers. The stories revolved around 104-year-old Brooke Astor, an heir of perhaps the first “richest man in America,” John Jacob Astor. The story became public when her grandson sought to have his father removed as caregiver and guardian, claiming that his […]
