Careful planning can save you money, minimize the impact of taxes and prevent family discord. Learn about 5 common mistakes people make around multi-generational estate planning:
Waiting to draft a living will
This is one of the most common mistakes that people make. It may not be pleasant to think about, but this document will be the last letter that you write to your family. You owe it to yourself and to them to give it careful thought.
Keeping life insurance in your estate
By establishing a life insurance trust, you can remove life insurance proceeds from your taxable estate and control how the benefits are paid.
Not utilizing instruments that help minimize taxes
Sophisticated investors use a variety of methods to grow and protect their wealth with minimal tax impact. We specialize in using these strategies to help our clients create income and reduce their taxable estate.
Not updating beneficiaries for IRAs and Trusts
It is critical to make sure that your beneficiaries are up-to-date. How you designate your benefits may have a significant impact on your heirs.
Neglecting the impact of long-term capital gains
Selling positions with long-term capital gains may trigger a large tax bill, depending on your marginal income tax rate. Strategies such as tax-loss harvesting and exchange funds can help mitigate negative tax consequences.
Our legal background and knowledge of tax and estate law enables us to educate you about your options so that you can make an informed decision with your attorneys.
