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Estate Planning Mistakes...

1.  Procrastination. Simply failing to get around to it.

2.   Believing that estate planning is only for the wealthy. When taking into account the people are often surprised at the size of their “estate.”

3.   Not reviewing or updating your beneficiaries and will. Life changing events such as births, deaths of family members, divorces, and changes in general in your family structure can have a significant impact on how your assets are distributed.

4.   Not having a tax-planning strategy in place. Current tax laws are complex and ever changing. There are strategies available to help you minimize taxes and avoid estate tax penalties. Sit down with your tax professional to implement advanced tax and estate planning strategies.

5.   Take advantage of gifting. The government allows tax-free annual gifting of $13,000 per individual or $26,000 per couple annually to as many individuals as you choose. This is a means of giving away some of your estate tax free to family members.

6.   Joint titling of assets. It is true that joint titling of assets may allow you to avoid probate, but do not overlook the additional risks; misappropriation of assets by the joint title holder, exposing of assets to a divorcing spouse of the joint account holder, exposing assets to creditors of the joint account holder.

7.  Failure to provide someone you trust with the location of important documents. All of the work you have gone through in planning the distribution of your assets is worthless if nobody can find the documents.

8.  Leaving everything to your spouse. The government offers an estate tax credit (repealed for 2010) by leaving all of your assets to your spouse you are sacrificing their share of estate tax credit.

9.  Doing it yourself. Not seeking out expert advice.

10. Naming your estate as the beneficiary. By directing your assets to be paid to your estate “pursuant to the terms of your will” assets that would normally avoid probate-will become subject to probate which can be both time consuming and expensive.
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BIRDSEYE FINANCIAL DISCLOSURE
Tax and Legal Disclosure

Birdseye Financial, Corbin Lindsey and any associate affiliated with Birdseye Financial, does not offer tax or legal advice. We provide strategies for educational purposes only. You should consult your tax or legal professional for complete information regarding any tax and legal matters.

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The information listed on this website and on any document from Birdseye Financial that is provided by Birdseye or by a third party has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Birdseye Financial. While the publisher has been diligent in attempting to provide accurate information, the accuracy of the information cannot be guaranteed. Laws and regulations change frequently, and are subject to differing legal interpretations. Accordingly, neither the publisher nor any of its licensees or their distributors shall be liable for any loss or damage caused, or alleged to have been caused, by the use or reliance upon this information.

All items on this website are not to be considered a recommendation to purchase or to sell an insurance or investment holding. No insurance company has endorsed or reviewed this website content. Before purchasing any type of insurance and/or investment product, it is important that you do your own due diligence, and that you consult a properly licensed professional if you should have any specific questions that relate to your individual situation. All of the names, marks, and materials that were used within this website are the property of their respective owners.

We are NOT affiliated with the U.S. Government or Federal Medicare Program

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​And as always, it’s important to keep in mind that past performance is definitely no guarantee of the future results that you’ll receive in most any financial vehicle.

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