Knowing which assets to give away to your beneficiaries can save your estate and your beneficiaries big tax bills, even if you have a small net worth. If you plan on making a gift to charity from your estate, you can be even more tax savvy with your giving.
One of the most common estate planning mistakes is a plan that is implemented incorrectly. Your estate plan is only worth the paper it is printed on unless you follow through on titling your assets correctly and updating your beneficiary designations.
If you own real estate in different states, you may be leaving a mess of nightmarish proportions for your executor (the person who oversees and distributes your assets when you die). Here’s how to reduce the headache.
It may surprise you that proceeds from retirement accounts and insurance policies are not divided according to the terms in your will. Instead, these assets pass directly to the beneficiaries you named on the account.