What are the most common estate planning mistakes?

Answer: Some of the most common estate planning mistakes are:

1.    Failure to have a Last Will and Testament

2.    Failure to have an adequate Power of Attorney; Failure to prevent “staleness”

3.    Failure to fund a Living Trust

4.    Failure to revoke a Living Trust

5.    Failure to understand and accommodate change/repeal or reimposition of state and federal inheritance and gift taxes

6.    Failure to make gifts of unneeded funds

7.    Failure to account for lateral and vertical inheritances from or to       parents/siblings—do you need them? do they need them?

8.    Failure to plan for disclaimers

9.    Failure to title assets appropriately

10.    Failure to have the correct beneficiary designations on Life Insurance and IRAs

11.    Failure to document what is really intended; Failure to document at all

12.    Failure to Use an Appointment of Conservator in Event of Future Incapacity

13.    Failure to monitor your personal and financial situation in relation to your estate   plan

14.    Failure to use the right lawyer

15.    Failure to start planning early

16.    Failure to accommodate change-repeal of transfer taxes?

17.    Failure to accommodate change-trustee removal provisions?

18.    Failure to plan for Nursing Home Care

19.    Failure to have appropriate types and amounts of insurance

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