What are the common mistakes in inheritance tax planning?
An example of an AI chatbot conversation about common mistakes in inheritance tax planning.
What are the common mistakes people make in inheritance tax planning?
Some common mistakes include not planning early, failing to consider all assets, and not updating wills regularly.
Can you explain why it's important to plan early?
Planning early allows you to take advantage of tax exemptions and make informed decisions about asset distribution.
What assets should I consider in my planning?
You should consider real estate, investments, life insurance policies, and any business interests you may have.
How often should I update my inheritance tax plan?
It's advisable to review your plan at least every few years or after major life events like marriage, divorce, or the birth of a child.
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