Estate Planning Pitfalls to Avoid
• No Will- If you don’t have a will, the estate may go into costly probate.
• Choose an Executor Wisely- Inheritance theft is a growing problem in the US, and sometimes family members are the culprits. Have perhaps two executors, one being an attorney or accountant outside the family.
• Not Giving Now- The more you leave behind, the more taxes you’ll pay. An individual can give $13,000 each year to anyone under the annual gift exclusion.
• Failing to Use a Trust- A living trust can protect your assets and make the process of passing them easier. For substantial assets find a trust attorney to explain what trust is right for you.
• Be Aware if Not Married- A divorcee, widow/widower, or non-married person does not have the ability to transfer an unlimited amount of wealth to a survivor. Make special provisions to provide for those you love.