Since the passage of the Tax Cuts and Jobs Act, people have felt confident that they’ll be spared an estate tax hit when they die. This might not be the case at all.
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Coordinate Your Beneficiaries
Creating a will or trust is a vital part of anyone’s estate plan, but it’s not where the planning ends. Ensuring that the beneficiaries you’ve listed on 401Ks and other retirement accounts, insurance policies, annuities, etc., are coordinated with those estate planning documents is essential to the success of that plan.