Ten Pitfalls to Avoid with Your Estate Plan

You probably were diligent in creating an estate plan decades ago. A lot occurred during the past 30-40 years, and it may be time to reevaluate the decisions you made at that time. Updating your estate plan allows you to gauge how new laws may affect it. 

As mentioned HERE, it makes sense to review if your executor is still a good fit. As your children age, they could be old enough now to take on the role. 

Have you retired to a different state? Appraise that state’s income tax laws and estate tax and plan appropriately.  There are significant differences among states with regards to transferring assets. 17 states impose an inheritance tax, and each state has different exemption amounts. An attorney can help you reduce federal and state estate taxes wherever you live. 

Is your life insurance policy on life support? It is an easy item to ignore over the years as you keep paying the monthly fees. Not only should you ensure it’s still competitive with what is available today, but your financial situation may change, which could impact distributions.  

You’ll learn HERE ten essential issues to address when you update your estate plan.