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Legal/Inheritance Planning

Choosing the wrong trustee, executor, or guardian

Many of you haven't created estate documents or updated existing ones because you just can't settle on the fact as to who will act on your behalf. Don't think you'll find the perfect person. That's a sure way to procrastinate indefinitely. Get as close as you can in choosing the right person for each role. And remember, going forward you can always change who is listed in your documents if you find someone better suited to one of these jobs.

Not funding your trusts

If you've gone to the trouble to put trust documents in place, don't fail to retitle your financial accounts and fund your trusts. All this boils down to is a flurry of paperwork. But if you don't do it, your carefully crafted estate plan may be a bust. If you have an irrevocable life insurance trust (ILIT), make sure the policy pays out to the trustee of your ILIT.

Not using the full exemption equivalent credit

The "exemption equivalent credit" is a complicated-sounding term that just means you get to bequeath up to $2 million without paying estate tax. Even if you don't have $2 million, you can still use your exemption to pass whatever you do have to the people or organizations that mean the most to you--free of estate tax. By setting up the credit equivalent trust, up to $4 million (using the credit for both spouses) is free from estate tax.

Failing to equalize spousal estates

A lot of times, one spouse ends up with more of the financial goodies in his or her name. While that may boost an ego here or there, it's actually counterproductive when trying to pass the most assets you can to your heirs.

Not using an ILIT to shelter large amounts of life insurance

​​​​We talked about using the exemption equivalent credit to save on estate taxes above. The other common way to manage estate tax is to hold your life insurance policies in an irrevocable life insurance trust (ILIT). Alternatively, if you're in good health, you can apply for a new life insurance policy purchased by the trustee of the ILIT and avoid the three-year waiting period.

Leaving an unorganized mess of financial records

Have you ever had to dig through another person's paper archives for any reason? If so, you know it can be torture. Not to mention the fact that some of your assets may never be found because no one can find the life insurance policy or bank account records. You owe it to your family to be organized.

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