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Estate Planning Mistakes: The First is the Worst

September 3, 2008
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In last week’s Alert, we discussed the seven biggest estate planning mistakes made by investors. Now in case you missed it, here’s a quick review:

  1. Not having an estate plan

  2. Not reviewing your plan annually
  3. Not placing your assets in your trust
  4. Not having the liquidity your estate needs to pay estate taxes
  5. Delaying decisions and planning due to tax policy uncertainty
  6. Not taking advantage of tax panning and wealth transfer strategies
  7. Failure to properly utilize life insurance as a planning and liquidity tool

You’ve probably heard the old saying, "The first cut is the deepest." Well, when it comes to estate planning mistakes, "The first mistake is the worst."

You see, if you don’t have an estate plan in place, you are leaving your family’s wealth in the hands of attorneys and tax collectors — both in Washington and your state capitol. I don’t know about you, but I can’t think of anything more abhorrent than to work hard all your life and then leave control of your assets to federal and state bureaucrats.

Please don’t let this happen to you.

If you have substantial assets, you need to have an estate plan in place. Fortunately, my friend and colleague Kevin Yurkus, President of Fairway Capital, is an expert at helping high-net-worth investors manage their estate plans. Fairway Capital is a sponsor of my weekly radio show, and one reason why is because I trust Kevin’s judgment when it comes to all things estate planning. If you have assets over $2 million, you MUST listen to my new audio special report. In this report, we cover all each of the seven biggest estate planning mistakes, and we explain how easy it is to correct each one.

To listen to this FREE audio special report, click here.