Seven common estate planning traps to avoid

Estate tax exemptions are high enough these days that most individuals don’t have to consider avoiding estate taxes as part of their estate planning. Instead, the focus should about leaving a legacy: What should you do to help protect and preserve your family? Here are some common mistakes that can damage that legacy plan — and what to do to potentially avoid them: 1. No contingent beneficiaries on retirement accounts. Every retirement account should require you to specify a beneficiary, but what if they pre-decease you? Always specify at least one contingent beneficiary: the person(s) to inherit your account […]