Pitfalls and Pratfalls in Estate Planning

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 “pratfalls” and unexpected outcomes:

* 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) – who is in and who is out of a new will?

*In vitro fertilization, artificial reproductive therapy, adoption

*Dual citizenships – or one spouse is not an American citizen

*Living/retiring abroad

*Temporary overseas work assignments-illness/death in a foreign country

*Discord and long- term alienations among family members

*Complex estates/Hi Net Worth Estates with complicated tax implications

*Small business ownership

*Complicated business/employment contracts

*Frequent changes in domicile

*Complex divorce/marital agreements and pre nups

*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

*Bankruptcy filings

*Medicaid planning

*Residing in Community Property States

And the list goes on….

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

It is worth the effort to have a ‘specialist’ in Estate Planning law review your legal documents.

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

Visit my website: www.attorneybarbaradalvano.weebly.com for more articles and printable infographics

 

 

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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.

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