Hidden Pitfalls in Estate Planning-Special Circumstances When You Might Need a Professional

Why not take the Do-It-Yourself approach to Estate Planning?  If you have very few assets, self- help might be one approach. But Estate Planning is much more than having a Will, Power of Attorney; and Health Care Directives in place.

When it comes to hidden pitfalls, there are quite a number of special circumstances where you would be ill-advised to use an “estate planning app”’.

 Here is just a short- list of some situations that might create “pitfalls”:

 Blended families and step-families– his, hers, mine, yours, ours, theirs

Common law couples; same sex couples; unmarried couples

Changing dynamics of a family structure – divorce(s), remarriage(s)

In vitro fertilization, Artificial Reproductive Therapy, Adoption

Dual citizenships

Living/retiring abroad

Discord and long- term alienations among immediate family members

Complex estates with complicated tax rules

Small business ownership

Frequent changes in domicile

Complex divorce/marital agreements

Family farms/acreage

Special needs family member

Widely differing views of inheritance between spouses

Tax-sheltered assets

Overseas assets

Diminished mental capacity/dementia/cognitive decline of testator

And the list goes on….

In such cases, there is a higher probability of unexpected outcomes from a poorly structured estate plan.

Working to Preserve Your Wealth and Protect Your Future…in a Constantly Changing World

Please read my full disclaimer and “How I Can Help You”

Advertisements

Tags:

About Attorney Barbara Ann Dalvano

Attorney in Denver, Colorado with extensive practice experience in the areas of Estate Planning, Wills and Trusts, Business Succession Planning, Probate, Contract Law.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: