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10 . Life insurance: If your beneficiary is your spouse, there will typi- cally be no problem with taxes since all assets pass free of estate tax between husbands and wives. However, should the beneficiary be someone other than the spouse, including a child, an Irrevocable Life Insurance Trust may be a good alternative to avoid having the payout become part of your taxable estate.
Top 10 Estate Planning Mistakes
While it is not a pleasant task, estate planning is necessary in order to transfer your assets to your heirs effectively and efficiently. Proper plan- ning can help those to whom you are leaving assets avoid paying high federal income taxes and estate taxes. In addition, proper planning helps avoid confusion for those you love. The most common estate planning mistakes to be aware of as offered by All Business (www. allbusiness.com) are listed below.
Estate Planning