You Built the Wealth. Now Protect It.
If you’ve spent years building wealth, you know how much time, energy, and planning it took to get there. You made smart decisions, took calculated risks, and stayed focused on the long game. But here’s the hard truth.
Without the right estate plan, everything you’ve worked for could end up in the wrong hands or get eaten up by taxes.
I’ve seen it happen far too often. Families lose hundreds of thousands or even millions of dollars to estate taxes, legal fees, or avoidable mistakes. The worst part is, most of it could have been prevented with a little upfront planning.
Let’s walk through five of the most common estate planning pitfalls I see and how you can avoid them. If you want to make sure your legacy ends up in the hands of your family instead of the government, this is for you.
Pitfall 1: Thinking You Don’t Need a Plan Yet
This is one of the most dangerous mindsets out there. Some people believe estate planning is only for the ultra-wealthy or something to worry about later in life. The reality is, if you have assets, children, or specific wishes about who should get what, you need a plan.
Without one, your estate goes through probate, which is a public, time-consuming, and often expensive legal process. During probate, a court decides how your assets get divided. That often leads to delays, family conflict, and unnecessary costs.
A proper estate plan includes a will, power of attorney, healthcare directive, and in many cases, a trust. These documents make sure your wishes are honored and that your family is protected during a time when emotions are already running high.
Pitfall 2: Not Updating Your Beneficiaries
This one surprises a lot of people. You could have a perfectly written will and still have your money go to the wrong person if your beneficiary designations are outdated.
Your retirement accounts, life insurance policies, and some bank accounts bypass your will entirely. They go directly to whoever is listed as the beneficiary.
I’ve seen people accidentally leave hundreds of thousands of dollars to ex-spouses or estranged relatives because they forgot to update their forms.
Make it a habit to review your beneficiary designations every few years or anytime there’s a major life event like a marriage, divorce, birth, or death in the family.
Pitfall 3: Ignoring the Estate Tax Window
Right now, we are in a unique period of opportunity. The federal estate tax exemption is historically high at over $13 million per person in 2025. That means a married couple can shield over $26 million from estate taxes.
But here’s the catch. Unless Congress takes action, that exemption is scheduled to cut in half after 2025. That could expose millions of dollars to estate taxes overnight for many high-net-worth families.
If your net worth is likely to exceed the future exemption limit, now is the time to consider strategies like:
- Gifting assets early
- Creating irrevocable trusts
- Using spousal lifetime access trusts (SLATs)
- Donating to charity through donor-advised funds
Taking action before the window closes could save your family millions.
Pitfall 4: Failing to Use Trusts When You Should
Trusts aren’t just for the ultra-rich. They are one of the most powerful tools in estate planning, especially if you want control, privacy, and tax efficiency.
Here are just a few reasons families use trusts:
- To avoid probate and keep things private
- To protect heirs from creditors or divorce
- To control how and when assets are distributed
- To support children with special needs
- To manage charitable giving
A properly structured trust can help your heirs receive their inheritance in a way that aligns with your values while reducing exposure to taxes or bad decisions.
If you have young children, significant assets, or blended families, a trust might be one of the smartest moves you can make.
Pitfall 5: Not Having a Team to Help You Navigate It All
Estate planning is complicated. It involves taxes, legal structures, asset titling, and long-term family dynamics. Trying to handle it all on your own can lead to costly errors or missed opportunities.
The families who get this right usually have a team of trusted professionals working together. That includes a financial advisor, estate planning attorney, and CPA.
As a financial advisor, my role is to look at the full picture. I help coordinate the pieces so everything works together. That means making sure your investment strategy, tax plan, and estate documents are aligned and working toward the legacy you actually want to leave.
Protecting Your Legacy Starts Today
You worked too hard to let poor planning undo your success. The government already takes enough. You don’t need to leave them more than you have to.
Estate planning isn’t about being morbid. It’s about being intentional. It’s about protecting your loved ones, honoring your values, and making sure your wealth goes exactly where you want it to.
You don’t have to be a financial expert to get this right. You just need the right plan and the right people to help you build it.
If you’re ready to take that next step or just want to review what you already have in place, I’m here to help. Your legacy deserves more than good intentions. It deserves a real plan.