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When estate planning, consider tax implications. Current gift and estate tax exemptions are historically high. You can maximize your benefit by evaluating your estate plan and transferring money via gifts, trusts or insurance.
Avoid common pitfalls like failing to update the names of beneficiaries (e.g., on life insurance) with those indicated in your will. This can cause assets to flow to the wrong people, creating estate and income tax implications.
Estate planning must be tailored to each client’s specific situation; one size does not fit all. Protect your heirs by doing your homework and consulting a professional if necessary.