With today’s relatively generous $5.34 million Federal estate tax exemption, you may think estate planning is only a concern for the rich. However, you may be wrong!
Regardless of your income or net worth, there is one estate planning move you should probably make right now: check the beneficiary designations for your life insurance policies, bank accounts, brokerage firm accounts, retirement accounts, and other assets. If you have not yet turned in the proper forms to designate beneficiaries, do it now. If your forms are out of date, update them.
The consequences of failing to take these simple steps can be serious. Consider the following real life “horror stories.”