The ongoing coronavirus pandemic has pushed many people to make long-delayed decisions about estate planning. Many people will try the do-it-yourself route via various websites or books. Internet DIY websites make it easy to download forms, but there are mistakes people make when they try do-it-yourself estate planning.
Even those with thorough estate plans might have neglected to discuss details with potential heirs.
Lack of understanding around estate planning may be leading Americans to avoid getting a will, even as interest is on the rise due to the global pandemic, according to a new survey from financial services leader Policygenius.
Low interest rates and looming potential tax changes make this a good time for high-net-worth clients to use a special tool to transfer wealth: the grantor-retained annuity trust (GRAT), a strategy to reduce future estate taxes, by transferring assets to beneficiaries without using the lifetime gift tax exclusion.
One of the biggest wealth transfers our nation has ever seen is about to take place. Over the next 25 years, as much as $68 trillion of wealth will be passed to succeeding generations.