Outstanding debts and taxes are paid from the estate.
Misaligning how property is owned with the goals of a trust.
Assets pass through probate before distribution. 2. Trust (Revocable or Irrevocable) Purpose: Holds assets on behalf of beneficiaries. Everything You Need to Know About Estate Planning
Dying without a will (intestate) lets state law decide who gets your assets.
Donating to charity can reduce income and estate tax liabilities. Outstanding debts and taxes are paid from the estate
Removes life insurance payouts from the taxable estate.
Leaving assets to ex-spouses by forgetting to update forms. Everything You Need to Know About Estate Planning
Probate is often slow, expensive, and a matter of public record. 💰 Strategies to Minimize Estate Taxes