Estate Planning Mistakes: Don’t Forget the Review

Over the last two 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:

1. Not having an estate plan
2. Not reviewing your plan annually
3. Not placing your assets in your trust
4. Not having the liquidity your estate needs to pay estate taxes
5. Delaying decisions and planning due to tax policy uncertainty
6. Not taking advantage of tax planning and wealth transfer strategies
7. Failure to properly utilize life insurance as a planning and liquidity tool

Last week, we talked about the perils of not having an estate plan, but what if you already have an estate plan? Are you reviewing this plan each year? Have you updated your plan in the face of a major life change, such as a new grandchild or a change in income, or a new inheritance, etc.?

If you have not reviewed your estate plan for many years, it’s almost certain that you have not thought about the issues of asset appreciation, liquidity, and estate taxes – issues that can, left uncared for, can destroy the fruits of your life’s work.

That’s why I strongly recommend that you review your plan as we approach the November election. I believe that the "death tax" will be going up again – regardless of who wins the White House.

So, ask yourself this: Do you really want to leave your family’s wealth in the hands of attorneys and tax collectors? I don’t know about you, but I can’t think of anything more repugnant than to work hard all your life and then leave control of your assets to federal and state bureaucrats.

If you have substantial assets, you need to have an estate plan in place. 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 over $2 million, you MUST listen to my new audio special report. In this report, we cover all each of 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.