#16 of 25 Common Estate Planning Mistakes – Irrevocable

Failing to Consider Using an Irrevocable Trust Revocable living trusts are designed to avoid probate. They can also eliminate the need to have a guardian appointed if you become incapacitated. They do not, however, protect assets from creditors or shield them from the Medicaid spend down process. Irrevocable trusts, however, if properly drafted and funded, can do both. If either of those…

#15 of 25 Common Estate Planning Mistakes – Pets

Forgetting About Man’s Best Friend Your estate plan can include provisions for your pet. Sadly, many pets end up living out their lives in shelters after their owner’s death because no plan was in place. You can plan for your pet by designating someone who will have custody and providing them with financial support to pay for the pet’s food…

#14 of 25 Common Estate Planning Mistakes – Life Events

Not Updating Your Estate Plan to Reflect Life Events Estate planning is impacted by life events (divorce, marriage, death of family member, birth of family member, substantial change in health, diagnosis of serious illness, change in financial circumstances) and needs to be revised accordingly. After a life event, you need to review your estate plan, including your trust agreement, to…