They are both inevitable and unfortunate facts of life; death and taxes. But planning for both really should go hand in hand. Also, I personally believe that everyone should have a plan for both regardless of current net worth.
I am currently working on a few estates that were in various states of planning as well as various states of wealth. All of these cases have their own twists and turns.
One that was considered to be well planned has family squabbling because all of the details were not worked out before hand.
Another one had very little or poor planning, it has one of the beneficiaries passing on their portion of the estate because they were the named beneficiary on the qualified plans. This will cause tax problems for that beneficiary that the others will not have to address.
I have yet another that apparently will spin off and create two trusts instead of passing out the proceeds. Apparently all adults are or were not considered to be mature enough for their own good.
A reminder to all is that a major part of the planning process should include your CPA and not just the attorney. The attorney does not always look at the tax consequences of the decisions being made during the planning process. I am seeing the results of having no CPA in the planning process. It is costing the estates more than just the fees. There is also the new beneficiary in the mix everybody’s favorite Uncle.