Ten Biggest Estate Planning Mistakes
- Failing to use the annual $12,000 gift tax exclusions.
- Making no plans to shelter taxable life insurance proceeds.
- Making gifts to someone who uses the monies to pay for medical or educational expenses.
- Saving the unified credit to shelter estate assets at your death.
- Not keeping your beneficiary designations up to date.
- Holding all assets jointly.
- Constructing an estate plan that uses the marital deduction when a spouse who is not a U.S. citizen will inherit property.
- Omitting foreign-owned assets from your estate plan.
- Overusing the estate tax marital deduction.
If you have made any of the above mistakes, we may be able to suggest a solution or alternate estate plan.
