Estate Planning Mistake You Can’t Afford to Make

Picture this: You and your spouse spend decades building a successful business, accumulating assets, and creating a stable life for your family. You think you’ve done everything right with your estate planning. Then tragedy strikes, and a simple paperwork error costs your children $1.5 million in unnecessary taxes.

This isn’t a hypothetical scenario—it’s exactly what happened to the Rowland family in Ohio. In this article, you’ll learn:

• The costly mistake that devastated this family’s legacy.

• Why it’s becoming an increasingly common problem.

• How you can protect your family from the same fate.

  
  

When “Good Enough” Estate Planning Becomes a Family Nightmare

Billy Rowland spent his life building meaningful businesses in Ohio—trucking, used cars, real estate, banking. He supported charities and wore his “World’s Greatest Grandpa” cap proudly.

When his wife Fay died in 2016, her estate filed a required tax return to preserve her unused estate tax exclusion for Billy’s future use. On the surface, everything looked fine.

But here’s what went wrong:

• Fay’s return did not list the specific value of each individual asset.

• The IRS later ruled the return was incomplete.

• Billy’s estate was denied access to $3.7 million in unused exclusion.

• Result: Billy’s $26 million estate owed $1.5 million more in taxes than necessary.

  
  

By the time the IRS flagged the issue—five years after Fay’s death—it was too late to fix.

Why This Problem Is About to Get Much Worse

This wasn’t just bad luck for the Rowlands. It’s a growing risk for wealthy families.

Current Estate Tax Rules

• Each individual can currently pass $13.99 million tax-free (2025).

• In 2026, this rises to $15 million per person.

• Married couples who file correctly can potentially shelter $30 million.

  
  

The Catch

To claim both spouses’ exclusions:

• The first spouse’s estate must file a complete estate tax return, even if no tax is owed.

• Missing details (like in the Rowland case) means the surviving spouse loses access forever.

  
  

Why the Stakes Are Rising

• Estate tax rates are 40% above the exclusion threshold.

• A family losing a $15 million exclusion could face a multi-million-dollar bill.

• Illiquid assets (like businesses, homes, or farms) may have to be sold to pay taxes.

  
  

👉 Nearly 500,000 Americans now have a net worth of $15M+, meaning many families are unknowingly sitting on a ticking estate tax time bomb.

The Real Problem: Plans That Fail When Families Need Them Most

Most estate plans fail because they’re treated as one-time transactions instead of ongoing systems.

Here’s what typically happens:

• A family meets with a lawyer once.

• Documents (wills, trusts, beneficiary forms) are created.

• The family puts them in a drawer and never revisits them.

• Years later, laws change, assets grow, and the plan no longer fits.

  
  

When the first spouse dies, grieving family members—often with no legal background—must:

• Navigate complex tax filings.

• Make technical legal decisions under pressure.

• Handle IRS deadlines they don’t even know exist.

Is it any wonder families miss critical details?

Q&A: What Families Need to Know

Q: What is the biggest mistake families make in estate planning?

A: Treating estate planning as a one-time event instead of an ongoing process.

Q: What could have saved the Rowlands from this mistake?

A: Having an advisor who regularly reviewed their estate plan and ensured Fay’s return was filed correctly.

Q: Do smaller estates need to worry?

A: Yes. Investments grow, businesses succeed, inheritances arrive, and tax laws change. What seems manageable today could become taxable tomorrow.

Building Protection That Actually Works

The Rowland family’s nightmare was preventable. The solution is a Legacy Planning Session, a dynamic system that grows with you.

Here’s why it works:

• ✅ Ongoing Reviews – Regular check-ins to update your plan as laws and life change.

• ✅ Comprehensive Strategy – Beyond documents, it coordinates with your taxes, businesses, and investments.

• ✅ Family Education – Loved ones are prepared in advance so they know what to do when the time comes.

• ✅ Trusted Advisor – Not just a document preparer, but someone who ensures returns are filed properly and laws are monitored.

  
  

With this approach, your plan actually works when your family needs it most.

Protect Your Family’s Future Today

Your family’s financial security is too important to leave to chance.

I help families create comprehensive Life & Legacy Plans® that:

• Protect assets from unnecessary taxes.

• Prepare loved ones with clear instructions.

• Provide ongoing guidance so no detail is missed.

  
  

👉 Don’t let a simple error cost your family millions.

Book a free 15-minute discovery call and let’s begin building a plan that truly works for the people you love—no matter how many that may be.