Top 10 Estate Planning Mistakes – Number 7

Attorney Dorothy L. Korszen
Dorothy’s practice focuses on trusts and estates, real estate, and business and corporate law.

You have finally signed your wills, trusts, powers of attorney, and took a sigh of relief that your estate plans are finally in order. But are you finished for good, or did you only take an important step in a longer process? Check back here everyday for the Top 10 Estate Planning Mistakes that can occur even in the best laid estate plans.

Number 7…Save taxes, lose money. You continue to own assets which have a low basis for sentimental reasons (perhaps your deceased spouse worked for the company you hold stocks in)—all to avoid paying 15% capital gains taxes if you sell. Market conditions could change greatly reducing the value of your holdings. So you save taxes, but lose money.