Secrets Top Experts Use For Senior Parents' Estate Planning
Common Mistakes to Avoid
One of the most frequent mistakes in estate planning is failing to update documents regularly. Life changes such as births, deaths, marriages, or divorces can significantly impact an estate plan. Another pitfall is not considering tax implications. With the federal estate tax exemption currently set at $12.92 million per individual in 20232, many estates may not be subject to federal taxes, but state taxes can still apply. Ensuring that beneficiary designations on accounts and insurance policies are up-to-date is also critical.