Dear Clients and Friends,

Estate planning is one of the most foundational steps you can take to protect your legacy and loved ones. Unfortunately, many people make costly errors that create confusion, delay, and unintended consequences. Here are the ten most common estate planning mistakes to avoid: 1. Not Having a Plan Dying without a will or trust means state laws dictate who inherits your assets, often leading to outcomes you never intended. Do not let the courts decide. 2. Failing to Update Documents Life changes — like marriage, divorce, or the birth of a child — require updates. Outdated plans can send assets to the wrong people. You should update every 5 years at the minimum. 3. Not Planning for Incapacity Without a durable power of attorney or healthcare directive, your family may need court intervention to manage your affairs if you're incapacitated. This makes sure someone can pay your bills while you are not able to. 4. Choosing the Wrong People or too many people Naming an untrustworthy or incompetent executor, trustee, or agent can lead to mismanagement, delays, and legal disputes. Having multiple trustees or executors makes decision making difficult. 5. Ignoring Beneficiary Designations Retirement accounts and insurance policies bypass your will. If designations are outdated, assets may go to unintended recipients. I have heard of ex-spouses receiving tax-free insurance payout and not the current spouse. Check the beneficiaries every year. 6. Overlooking Tax Implications Failing to consider estate or gift taxes can shrink your legacy. Strategic gifting and trusts can minimize tax burdens. In 2025 the lifetime estate and gift exemption is $13.99 million per person. However, if Congress does not do anything, the exemption amount goes down $7 million on January 1, 2026. If your estate is more than the exemption it will be taxed at your tax rate. Example: If you pass in 2025 and your estate is $15 million, the taxable amount is $1.01 million. You would owe $404,000. In 2026, if nothing changes, your tax would be on $8 million. You would owe 40% on $8 million, $3.2 million in taxes. 7. Fund your Trust Trusts can avoid probate, ensure privacy, and manage inheritances over time. Without them, assets may be misused or delayed. Make sure you title what you can in your trust or put as beneficiaries if necessary. Consult your lawyer and make sure they walk you through how to retitle property and investments in the Trusts name. 8. Forgetting Digital Assets Without access to online accounts and passwords, heirs may lose valuable financial and sentimental property. Even if you are in the hospital incapacitated, who is going to keep paying the monthly bills. Have a plan! 9. Leaving Assets Directly to Minors Minors can't legally own property. Without trust, courts step in — and full control often transfer at age 18. If you have trust, you will have the trustee manage the assets for the minors. You have more control from the grave with a Trust. Feel free to put in there that they must be debt free other than a mortgage for a year or get an education. They must complete it before a trustee releases the funds. I do not want my 18-year-old getting a lot of money right away! 10. Going DIY Without Legal Help Online forms can’t replace personalized legal guidance. Mistakes here often cost far more than hiring an expert. Here is a real-life example, A man drafted his own will. He was divorced and had 6 kids. In the will he stated that his kids would each get 1/6% of the estate and his ex-wife would have the remainder. The kids collectively only got 1% (1/6*6), the ex-wife got 99%. All because of a percentage symbol. Just be careful. Spending the money now will save you in the long run. Avoiding these mistakes ensures your legacy is secure and your wishes are honored.

Dear Clients and Friends,

Estate planning is one of the most foundational steps you can take to protect your legacy and loved ones. Unfortunately, many people make costly errors that create confusion, delay, and unintended consequences. Here are the ten most common estate planning mistakes to avoid: 1. Not Having a Plan Dying without a will or trust means state laws dictate who inherits your assets, often leading to outcomes you never intended. Do not let the courts decide. 2. Failing to Update Documents Life changes — like marriage, divorce, or the birth of a child — require updates. Outdated plans can send assets to the wrong people. You should update every 5 years at the minimum. 3. Not Planning for Incapacity Without a durable power of attorney or healthcare directive, your family may need court intervention to manage your affairs if you're incapacitated. This makes sure someone can pay your bills while you are not able to. 4. Choosing the Wrong People or too many people Naming an untrustworthy or incompetent executor, trustee, or agent can lead to mismanagement, delays, and legal disputes. Having multiple trustees or executors makes decision making difficult. 5. Ignoring Beneficiary Designations Retirement accounts and insurance policies bypass your will. If designations are outdated, assets may go to unintended recipients. I have heard of ex-spouses receiving tax-free insurance payout and not the current spouse. Check the beneficiaries every year. 6. Overlooking Tax Implications Failing to consider estate or gift taxes can shrink your legacy. Strategic gifting and trusts can minimize tax burdens. In 2025 the lifetime estate and gift exemption is $13.99 million per person. However, if Congress does not do anything, the exemption amount goes down $7 million on January 1, 2026. If your estate is more than the exemption it will be taxed at your tax rate. Example: If you pass in 2025 and your estate is $15 million, the taxable amount is $1.01 million. You would owe $404,000. In 2026, if nothing changes, your tax would be on $8 million. You would owe 40% on $8 million, $3.2 million in taxes. 7. Fund your Trust Trusts can avoid probate, ensure privacy, and manage inheritances over time. Without them, assets may be misused or delayed. Make sure you title what you can in your trust or put as beneficiaries if necessary. Consult your lawyer and make sure they walk you through how to retitle property and investments in the Trusts name. 8. Forgetting Digital Assets Without access to online accounts and passwords, heirs may lose valuable financial and sentimental property. Even if you are in the hospital incapacitated, who is going to keep paying the monthly bills. Have a plan! 9. Leaving Assets Directly to Minors Minors can't legally own property. Without trust, courts step in — and full control often transfer at age 18. If you have trust, you will have the trustee manage the assets for the minors. You have more control from the grave with a Trust. Feel free to put in there that they must be debt free other than a mortgage for a year or get an education. They must complete it before a trustee releases the funds. I do not want my 18-year-old getting a lot of money right away! 10. Going DIY Without Legal Help Online forms can’t replace personalized legal guidance. Mistakes here often cost far more than hiring an expert. Here is a real-life example, A man drafted his own will. He was divorced and had 6 kids. In the will he stated that his kids would each get 1/6% of the estate and his ex-wife would have the remainder. The kids collectively only got 1% (1/6*6), the ex-wife got 99%. All because of a percentage symbol. Just be careful. Spending the money now will save you in the long run. Avoiding these mistakes ensures your legacy is secure and your wishes are honored.