Many times America’s wealthiest eliminate all or most of the taxes and cost to transfer their wealth. Sometimes, even increasing the size of their estates during the transfer.
Wills and trusts may only address specific issues and need to be reviewed and updated as your desires and situation changes or as laws change that may impact your future plans.
Many issues can still cause your money to fall through the cracks in places like your tax returns, risk exposure, fees and charges, low rates of return, large future income tax problems from your qualified or non-qualified money, protecting you from long term care, and lawsuits. Most of these are not addressed by having a living trust or a will.
Ongoing income taxes and especially significant taxes to your heirs are key concerns today and many people believe their wills and living trust or other estate planning addresses it and they find out too late they were wrong.