Heading Outside For The Season?

While many will be utilizing free time this month to vacation or escape the chaos of the holidays, you may be taking advantage of some time off to work on your New Year’s resolutions. Consider adding an estate plan to your list of goals for the coming year. To get you started, Kiplinger’s recently published a comprehensive list of the ten most common estate planning mistakes. These ten considerations provide a good starting place if you hope to address your estate plan in the year to come.

The top 10 estate planning mistakes according to Kiplinger’s:

1. No “real” plan.

2. Failure to update.

3. No disability/long-term care plan.

4. Disregarding estate tax liability.

5. Improper asset ownership.

6. Lack of liquidity.

7. Overlooking beneficiary income tax implications.

8. Leaving out measures for minor children.

9. Forgetting to consider charitable gifts.

10. Ignoring the impact of beneficiary designations on retirement accounts.

Best wishes for a Merry Christmas and a Happy 2020!