Too many people are trying to do their estate planning without the help of an attorney or financial advisor, says a story on thestreet.com.
In fact, 38 percent of those with investable assets of $1 million or more have not sought professional help with their planning, the story says.
The biggest mistakes people make, according to the story , are:
- Not signing a will. If you make a will, but don’t sign it, you have no will.
- Tax mistakes. Many people with assets worth less than the $5.43 million federal exemption for estate taxes think they don’t need estate planning. There are many other benefits to having an estate plan than saving on federal taxes. For example, many states have their own estate taxes.
- If you have an estate plan but it is out of date, that can be a bad mistake. You must periodically review and update your plan.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
