1) Failing to know one's net worth--the IRS taxes inheritances by as much as 55%.

2) Leaving all of one's assets to the surviving spouse--either by will, or by titling assets as joint tenants with rights of survivorship (JTWROS). This can cost a fortune in avoidable taxes.

3) Failing to plan for one's own inheritance, before planning one's own estate.

4) Failing to protect assets. Asset protection plans must be in place before trouble arises.

5) Failing to plan for disability. A power of attorney may not be accepted by a particular bank, though holding assets in a revocable living trust usually overcomes this problem.

6) Failing to avoid probate. A will must go through probate court, which can be time consuming, expensive, and embarrassing, as the proceedings are public.

7) Establishing a revocable living trust, but failing to fund it properly.

8) Failing to take advantage of the benefits of life insurance.

9) Waiting until death to give gifts to children.

10) Giving to the government what could, with planning, go to one's heirs and favorite charities.

Please contact us to discuss how we may be able to help.

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