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The 10 Costliest Estate Planning Mistakes and How to Avoid Them

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Essentially the costliest estate planning mistakes have two causes lack of knowledge and lack of action* This booklet provides you with information that will enable you to avoid the mistakes and show you how to avoid the pitfalls if you take the steps necessary to protect yourself and your loved ones. But the motivation to lead you to take those steps will have to come from you. It is my hope that this brief overview of common mistakes will inspire and motivate you to initiate your estate pla ...

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What is the biggest mistake people make with their wills?

Mismatching beneficiaries Even if they have an updated will or living trust, many people forget to update their beneficiary designations on other thingssuch as pension accounts, individual retirement accounts and other investments, and life-insurance policies.

What is the 5 by 5 rule in estate planning?

Hear this out loud PauseA 5 by 5 Power in Trust is a clause that lets the beneficiary make withdrawals from the trust on a yearly basis. The beneficiary can cash out $5,000 or 5% of the trusts fair market value each year, whichever is a higher amount.

Why should you put your assets in a trust?

A trust is a legal contract that ensures your assets are managed ing to your wishes during and after your lifetime. Among the many benefits trusts offer are potential tax benefits and the ability to set parameters for how and when your assets will be used and distributed.

What are the 3 main priorities you want to ensure with your estate plan?

Hear this out loud PauseA: The three main priorities of an estate plan are to ensure that your assets are distributed in the way you prefer, that someone else has the authority to make decisions on your behalf if you are unable to do so, and that your beneficiaries are clearly defined.

What are the 3 main priorities you want to ensure with your estate plan?

A: The three main priorities of an estate plan are to ensure that your assets are distributed in the way you prefer, that someone else has the authority to make decisions on your behalf if you are unable to do so, and that your beneficiaries are clearly defined.

What are the most common estate planning mistakes?

Common mistakes include: Financial procrastination. Outdated wills and forms. Uncoordinated beneficiaries. Failure to title a trust. Triggering the estate tax with life insurance. Making children joint owners of your assets.

What is the biggest mistake people make on their wills?

Hear this out loud PauseOne of the most common mistakes people make when they create last wills is assuming that their estates arent worth enough to come under the estate tax system. Although federal estate taxes usually only apply to very large estates, some states have their own death taxes that have lower size thresholds.

What are the two general situations that an estate plan lays out?

Hear this out loud PauseAn estate plan lays out who gets your assets when you pass away and how you want people to handle your things if you cant do so yourself.

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What is the biggest mistake people make with their wills?

What is the 5 by 5 rule in estate planning?

Why should you put your assets in a trust?

What are the 3 main priorities you want to ensure with your estate plan?

What are the 3 main priorities you want to ensure with your estate plan?

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What are the most common estate planning mistakes?

What is the biggest mistake people make on their wills?

What are the two general situations that an estate plan lays out?

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