Estate Planning Mistake Four: Failure to Understand and Plan for Death Taxes

Estate Planning Mistake #4
Failure to Understand and Plan for Death Taxes

In these last couple of blog posts, I have written a lot about your “estate” – but what is your estate?

Your estate is basically everything you own, including all of your savings and investments. Your home is part of your estate; so are your retirement account, your vehicles, rental properties that you own, and even your furniture and the mugs in your kitchen cabinet.

If your estate is worth a certain amount of money, it could be vulnerable to large estate taxes, or “death taxes,” after you are gone, which will limit the amount you can pass on to your heirs. It is important to understand the value of your estate and how estate taxes work. Even if you do not think you qualify for estate taxes now, it is entirely possible that the estate tax threshold could be lowered at any time in the future.

In part four of my video series, “12 Common Estate Planning Mistakes and How to Avoid Them,” I go into more detail about how current estate taxes work and future trends in the estate tax threshold. I also discuss the reasons why you might need to overhaul your estate plan if you and your spouse have an A/B trust set up.

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