Estate Planning Mistakes: No Wealth Transfer Strategies

During the past six 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 discussed the problems that can occur when you delay your estate planning decisions. This week, I want to talk a bit about failing to take advantage of tax planning and wealth transfer strategies.

Right now, you can set up your estate plan to both minimize your tax liability and to protect your wealth for future generations. Unfortunately, many people with estate plans fail to make tax liability and/or wealth transfer a priority. This is a critical mistake, and one you just cannot afford to make.

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 over $2 million, you MUST listen to my new audio special report. In this report, we cover 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.