Estate Planning Mistakes: Delaying Decisions

During the past five weeks, we’ve discussed the seven biggest estate planning mistakes made by investors. In week one, we reviewed each of the seven. But in case you missed it, here’s a quick list of each of these big mistakes:

Last week, we discussed making sure your estate has sufficient liquidity to deal with Uncle Sam. This week, I want to highlight what is perhaps the biggest mistake anyone can make, the mistake of delaying decisions.

Delaying your decisions in the estate plan context often arises because of uncertainty about tax policy. I can understand this, especially now that we are at the precipice of change in Washington.

But waiting for a new, and possibly more favorable set of tax laws is always a mistake. You need to prepare for the tax situation as it is, today. If things change, they usually change for the worse. Yet, even if the estate tax situation changes for the better, you always can make the necessary adjustments to your estate plan.

Delaying any important financial decision is never good policy, so don’t make this mistake with your estate plan.

If you have substantial assets, you need to have the right mix of liquid assets in place within your estate plan. Fortunately, my friend and colleague Kevin Yurkus, president of Fairway Capital, is an expert at helping high-net-worth investors manage their estate plans. Fairway Capital is a sponsor of my weekly radio show, and one reason why is because I trust Kevin’s judgment when it comes to all things estate planning.

If you have assets of more than $2 million, you MUST listen to my new audio special report. In this report, we cover the seven biggest estate planning mistakes, and we explain how easy it is to correct each one.

To listen to this FREE audio special report, click here.