Avoid These 7 Estate Planning Mistakes
By: - July 17, 2017
Have you recently developed or reviewed your estate plan?
- Have you recently reviewed your 401(k) and IRAs (Individual Retirement Accounts)?
- When was the last time you checked the beneficiary of your life insurance policy?
- Are your assets properly titled in your revocable living trust or do they have a transfer on death (TOD) designation?
- Fourteen states and the District of Columbia have an estate tax: Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Oregon, Rhode Island, Vermont and Washington.
- Six states have an inheritance tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey, Pennsylvania.
** Disclaimer Required by IRS Circular 230** Unless otherwise expressly approved in advance by the undersigned, any discussion of federal tax matters herein is not intended and cannot be used 1) to avoid penalties under the Federal tax laws, or 2) to promote, market or recommend to another party any transaction or tax-related matter addressed.