Estate Planning Tips

Here are 10 tips for those getting started on their estate and succession planning:

1. Stop procrastinating.
2. Plan for if you don’t die with a power of attorney.
3. Communicate your plan with your family.
4. Don’t cut the pie in equal servings if one heir is more deserving.
5. Coordinate intangible properties with your estate planning documents.
6. Know the current tax rules and their implications.
7. Check your liquidity levels.
8. Maintain good records for the sake of those you leave in charge.
9. Build the right team of professionals.
10. Review your estate plan regularly.

See Amanda Radke, 10 Estate Planning Tips; PLUS: How One Farmer Gifted His Estate, BEEF Daily, Feb. 20, 2014.