Estate Planning Mistakes - The Will

Earlier this year, Forbes ran a series of articles about the 7 top estate planning mistakes.  The articles were thoughtful and well written, and I agree with each one.  This is a link to the first part:

Forbes: Estate Planning Mistakes Series - Part 1, The Will

As the article states, while a Will is essential to any estate plan - typically what we call a "Pour-Over Will" - it is not the only document you need.  More importantly, if you are trying to avoid the probate process, a Will does not do that.  Rather, a Will directs a probate proceeding.  That is, it addresses issues such as who will be the Executor of your estate, whether or not a bond is required, and who will receive your property, among other things.

If you think a Will is all you need, let's talk.  There are many reasons to add other documents to your plan.  Believe me, your family will thank you. 

IRS Statement on Lifetime Gifts

If you or your family has or intends to utilize the lifetime gifting options, a recent IRS statement confirms the same rules will apply in the future as when the gift occurred.  For additional information, click Here