The Seven Mistakes of Estate Planning
In this election year, we are going to hear a lot about tax cuts and tax hikes. But I believe there is a much bigger story being missed by the financial media. This bigger story is the likelihood that estate taxes are going to go up no matter who wins the White House. Sen. Obama wants higher taxes on the wealthy — including those with estates in excess of $2 million. Sen. McCain likely will not be able to fight back a Democratic majority in Congress intent on levying bigger estate taxes.
I think that regardless of who wins in November, now is the time to get your estate plan in order. In the following audio special report, I cover what I call the seven deadly sins of estate planning.
For details on this issue, I turned to Kevin Yurkus, president of Fairway Capital, and one of the smartest guys I know on the subject. 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 this special report. In it, we cover such deadly estate planning sins as:
- Not having an estate plan
- Not reviewing your plan annually
- Not placing your assets in your trust
- Not having the liquidity your estate needs to pay estate taxes
- Delaying decisions and planning due to tax policy uncertainty
- Not taking advantage of tax planning and wealth transfer strategies
- Failure to properly utilize life insurance as a planning and liquidity tool
If you have estate planning concerns, or if you are guilty of even one of these seven deadly sins, then you owe it to yourself to listen right now.
Jim Woods is a 30-plus-year veteran of the markets with varied experience as a broker, hedge fund trader, financial writer, author and newsletter editor.
His books include co-authoring, “Billion Dollar Green: Profit from the Eco Revolution,” and “The Wealth Shield: How to Invest and Protect Your Money from Another Stock Market Crash, Financial Crisis or Global Economic Collapse.” He’s also ghostwritten many books and articles, as well as edited content for some of the investment industry’s biggest luminaries. Read more about Jim Woods.
