Bob Lambert, Valdosta Today Law Contributor:
Estate planning experts have noticed some trends over the years when it comes to making mistakes in one’s estate plan. Some mistakes are fairly minor, but others can be very costly to sort out when the estate is being administered.
Recently, Consumer Reports published a list of some of the latter mistakes in an article titled “6 costly estate-planning minefields and how to avoid them.”
Their list includes:
• Thinking you are too young to need a will – Since you cannot accurately predict when you will pass away, you can never be too young to get a will.
• Putting everything into joint ownerships – When you put property into joint ownership, you give the other owner and his or her creditors equal rights to the property.
• Forgetting a will doesn’t do everything – Many things such as life insurance and retirement plans are not covered by wills.
• Allowing your legacy to be squandered – Many inheritances are spent quickly if proper safeguards are not in place.
• Igniting sibling rivalry – Your estate plan should not cause your children to feud.
• Making things too complicated – You might not need a complex estate plan. You should call me and schedule an appointment to discuss what is the most appropriate estate plan for your needs, not necessarily the latest, complex estate plan.
My additions to their list includes:
1) Thinking you have waited TOO LATE to do proper estate and Medicaid planning-while it is true the earlier you plan the more options you have, you always DO have options.
2) Not keeping your estate documents updated-I calendar my clients for a complimentary review of their estate planning document every two years. If changes are needed, I can make them and keep them current. The only thing constant in life, is change.
3) Not seeking the advice of an ELDER LAW attorney when you are over 50-as I preach in all these articles, your estate planning needs CHANGE when you cross 50. You cannot afford to rely on someone drafting your estate plan, who does not understand long term care planning and Medicaid planning.
4) Relying on Power of Attorney’s downloaded from the Internet-stay tuned to hear a lot more on this in my articles. Elder financial abuse is growing and you simply must have safe guards in your POA’s to prevent financial abuse. I see client’s spending thousands of dollars on issues that could have been avoided by spending a three hundred dollars on a proper power of attorney designed for their specific situation.
Only an experienced estate planning attorney who has seen it all and can help you avoid estate planning pitfalls. Please give me a call today to discuss your estate. Visit my website at www.legaladviceforseniors.com and follow my weekly blogs, or be sure to friend us on face book at Robert L. Lambert, Jr., P.C.
We still have space available in our May 5th, May 21st and June 2nd complimentary seminars. If you would like to attend, please go to our website and choose the Workshop tab and register, or just give me or Susan a call at 229-292-8989.
Reference: Consumer Reports (April 14, 2015) “6 costly estate-planning minefields and how to avoid them.”
Bob Lambert is an Elder Law and Estate Planning Attorney who has practiced law in Valdosta for 25 years. His practice is focused mostly toward those Seniors who are 50 years of age and older where there is a need for advanced long term care planning. He utilizes a holistic approach which brings financial planners, home health care, assisted living and nursing home professionals and other experts together for comprehensive life care planning with the goal Medicaid eligibility when needed, asset protection and reallocation combined with traditional estate planning wealth transfer strategies.
An Alabama native raised in Texas, he received his B.A. degree from the University of Texas at Austin with a degree in Government and English, and his Juris Doctorate degree from the University of Mississippi where he graduated 4th in his class. He is a member of both the Georgia Bar and the Texas Bar; a member of the Elder law section of the State Bar of Georgia; and a member of the National Academy of Elder Law Attorneys including the Trust and Medicaid planning sections. He regularly and eagerly provides complimentary seminars to civic groups, churches and other organizations on long term care planning and Medicaid eligibility. His primary focus is to help all seniors 50 years of age and older understand the necessity and importance, and implement , advance planning to preserve assets for enhanced quality of life in advanced age. More information can be found at his website where you subscribe to his weekly blogs on Elder law and estate planning issues at www.legaladviceforseniors.com.
