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.
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
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
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
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 ...]
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 ...]
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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.