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Common Estate Planning Mistakes Series

In this Elder Law Minute video series on Common Estate Planning Mistakes, Wes Coulson gives insights into the pitfalls people may land in when estate planning and offers advice on how to avoid these common mistakes.

Common Estate Planning Mistake #1: Failing to appreciate how assets pass upon death

In this Elder Law Minute, Wes Coulson disusses the common estate planning mistake people make in failing to appreciate how assets pass upon death.I coulsonelderlaw.com

In the first of this Common Estate Planning Mistakes series, Wes Coulson discusses the common mistake people make in  failing to appreciate how assets pass upon death. Common Estate Planning Mistake #1: Failing to appreciate how assets pass upon death Transcript: Hi, I’m Wes Coulson and this … [Read More ...]

Common Estate Planning Mistake #2: Risks of Joint Accounts

In this Elder Law & Estate Planning Minute, Wes Coulson discusses a common estate planning mistake and the risks of joint accounts. I coulsonelderlaw.com

It's easy to misunderstand how joint bank accounts work and understanding the risks of joint accounts is important when making decisions. In this Elder Law & Estate Planning Minute, Wes Coulson discusses a common estate planning mistake and the risks of joint accounts. Common Estate … [Read More ...]

Common Estate Planning Mistake #3: Trying to plan an Estate around specific assets

In this Estate Planning Minute, Wes Coulson discusses the common mistake of trying to construct an estate plan around specific assets. I coulsonelderlaw.com

We don't know whether or not any particular assets that we own now are still going to be a part of what we own when we die. Planning around these specific assets could potentially prove disadvantageous and conflict with what our true intentions are in our estate plan. In this Estate Planning … [Read More ...]

Common Estate Planning Mistake #4: Assuming that you can always change things later

In this Estate Planning Minute, Wes Coulson discusses a common estate planning mistake and the problem of assuming we can always change things later. I coulsonelderlaw.com

What is good for us today may not be good for us years down the road. So, it's important to keep this as a consideration and build practical options, such as naming successor agents, into our estate plan. In this Estate Planning Minute, Wes Coulson discusses another common estate planning mistake … [Read More ...]

Common Estate Planning Mistake #5: Failing to consider the ages of people you name as fiduciaries

Wes Coulson, St. Louis area attorney, discusses a common estate planning mistake when we fail to consider the ages of the people we name as fiduciaries. I Coulson Elder Law

Naming fiduciaries is an important part of our estate planning efforts. After all, when the time comes, the people we choose are entrusted with various aspects of our estate. While who we choose now may make perfect sense, considering their age is often an oversight and may prove them to be … [Read More ...]

Common Estate Planning Mistake #6: Trying to ‘Do it Yourself’

In this Estate Planning Minute, Wes Coulson discusses the problems and false sense of security that comes with "do it yourself" estate planning. I Coulson Elder Law

There can be a false sense of security with 'do it yourself' estate planning. While the estate plan may seem strong at the time, it may not prove to be beneficial down the road when unforseen or other possible situations that can occur in life aren't considered. Consulting with an attorney is the … [Read More ...]

Common Estate Planning Mistake #7: Failing to include enough powers in a Power of Attorney for Property

Wes Coulson discusses another common estate planning mistake and the drawbacks of failing to include enough powers in your Power of Attorney for Property. I Coulson Elder Law

Not all Power of Attorney for Property documents are created equal. Some may give authorization for an agent to pay your bills, while others may give authorization for your agent to do more complex things such as setting up a trust for you to protect your assets. In this Elder Law and Estate … [Read More ...]

Common Estate Planning Mistake #8: Failing to address the possibility of a second spouse disinheriting children from a first marriage

While it's unlikely the second-marriage couple will knowingly plan on disinheriting children belonging to each other, not making provisions in their estate plan for these children may cause just that. I Coulson Elder Law

The typical estate planning structure for married couples, of leaving everything to each other and then to the children after the second spouse dies, should be different for second marriages, especially when children from first marriages are involved. While it's unlikely the second-marriage couple … [Read More ...]

Common Estate Planning Mistake #9: Failing to name enough successor agents under a Power of Attorney for Property

Wes Coulson discusses a common estate planning mistake when we fail to name enough successor agents under a Power of Attorney for Property. I Coulson Elder Law

There are only two people who can give somebody the authority to make and carry out decisions for you. One is a Judge through an expensive guardianship proceeding and the other is you through a Power of Attorney. A Judge can give that authority to just about anybody, whether we would want them … [Read More ...]

Common Estate Planning Mistake #10: Failing to plan properly for minor beneficiaries

Wes Coulson discusses a common estate planning mistake and the problems and expenses involved when failing to plan properly for minor beneficiaries. I Coulson Elder Law

Wills and Living Trusts offer a peace of mind that when we pass away our estate is distributed as we wish. Very commonly, we leave our estate to our children, and then to our grandchildren if they die before we do. However, what isn't always addressed is what happens if we pass away while our … [Read More ...]

Common Estate Planning Mistake #11: Failing to plan for your lifetime incapacity

In this Estate Planning Minute, Wes Coulson, Illinois Elder Law attorney, discusses another common estate planning mistake and why it's important to plan for your lifetime incapacity. l Coulson Elder Law

When we think of Estate Planning, we often think of the documents we put in place for when we die. However, that isn't always the complete story. Sometimes, people suffer illnesses prior to their death that may leave them incapacitated. One of the big common estate planning mistakes is failing to … [Read More ...]

Common Estate Planning Mistake #12: Failing to fund a Living Trust

In this Estate Planning Minute video, Wes Coulson explains another Common Estate Planning Mistake and the risks of failing to fund a living trust. l Coulson Elder Law

Unfortunately, all too often, the common mistake we see in estate planning is the failure to fund a living trust. Funding is the step in transferring ownership of assets into the living trust. It's not enough to simply have a living trust, if you fail to fund a living trust you risk losing those … [Read More ...]

Common Estate Planning Mistake #13: Failing to make proper provisions for special needs family members

In this Estate Planning Minute, Wes Coulson, Illinois Elder Law attorney, discusses another common estate planning mistake and the benefits of making provisions for special needs family members the correct way. l Coulson Elder Law

Special Needs family members require and deserve special provisions made for them in a family estate plan. Unfortunately, it is very common for people to either make provisions for them in an incorrect or incomplete way, or worse yet, not provide for them at all. In this Estate Planning Minute, … [Read More ...]

Common Estate Planning Mistake #14: Failing to account for the possibility of outliving your named beneficiaries

Wes Coulson discusses another common estate planning mistake when we fail to account for the possibility of outliving the beneficiaries in our estate plan. l Coulson Elder Law

We see a lot of situations in which people who are developing an Estate Plan have the idea, “Okay, I want it to go to my children in equal shares.” This sounds like a simple, reasonable and fair request. But, potential problems can arise when they haven’t addressed, “Well, what happens if you … [Read More ...]

Common Estate Planning Mistake #15: Using the wrong assets to fund charitable gifts and bequests

In this Estate Planning Minute video, Wes Coulson discusses the financial burden that can happen when using the wrong assets to fund charitable gifts. l Coulson Elder Law

Making charitable gifts or bequests to religious or other non-profit organizations is a generous gesture and an excellent way of making a difference. But, there can be a right way to do it and a not so right way to do it, in terms of getting the most of your donation while still preserving your … [Read More ...]

Common Estate Planning Mistake #16: Failing to plan for digital assets and passwords

We live in a digital age and in this video Wes Coulson discusses a common estate planning mistake when we fail to plan for our digital assets and passwords. l Coulson Elder Law

We live in a digital age. Our bank accounts; investment accounts; credit card accounts; accounts with Amazon, Joss & Main and all the other online stores, have digital access and passwords. And, if you haven’t planned for your digital assets and your passwords, there’s a hole in your estate … [Read More ...]

Common Estate Planning Mistake #17: Failing to correctly disinherit a child you want to disinherit

Wes Coulson discusses a common estate planning mistake of failing to correctly disinherit a child and how it may not even be recognized by the court. l Coulson Elder Law

There are various reasons a person may choose to disinherit a child from their estate. Maybe they no longer have an association with the child. Or, maybe the child doesn't need an inheritance and, maybe, another child does. Choosing to disinherit a child is a personal choice that many families may, … [Read More ...]

Common Estate Planning Mistake #18: Failing to change your Estate Plan while a divorce is pending

Failing to change your estate plan while your divorce is pending could lead to unwanted results if something were to happen before the divorce is final. | Coulson Elder Law

Something that is often overlooked, when going through a divorce, is seeking an estate planning attorney to make the appropriate changes to your estate plan. Until your divorce is final you are still married, which could lead to a multitude of assumptions by the law if something happened to you. Ask … [Read More ...]

Common Estate Planning Mistake #19: Failing to change beneficiary designations after death of spouse

Wes Coulson discusses a Common Estate Planning Mistake and explains the importance of changing your beneficiary designations after the death of a spouse. l Coulson Elder Law

After the death of a spouse, or even after a divorce, it's important to look at and update, if necessary, any beneficiary designations you may have. Too often we see people lulled into a false sense of security by thinking their Will, which may very well cover what happens when each spouse dies … [Read More ...]


"Your Trusted Advisor on the Elder Care Journey"

Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer's Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients' well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.

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Common Estate Planning Mistakes

Mistake #1 - Failing to appreciate how assets pass upon death

Mistake #2 - Risks of Joint Accounts

Mistake #3 - Trying to plan an Estate around specific assets

Mistake #4 - Assuming that you can always change things later

Mistake #5 - Failing to consider the ages of people you name as fiduciaries

Mistake #6 - Trying to 'Do it Yourself'

Mistake #7 - Failing to include enough powers in a Power of Attorney for Property

Mistake #8 - Failing to address the possibility of a second spouse disinheriting children from a first marriage

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