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 plan for your lifetime […]
Common Estate Planning Mistake #10: Failing to plan properly for minor beneficiaries
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 […]
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 to have it […]
Alzheimer’s Disease and the Validity of Wills and Trusts
If someone is diagnosed with Alzheimer’s Disease, and they don’t have their estate planning documents in place, the time to get them in order is now, while they still have the chance and before there are going to be any doubts about the validity of the documents. In this Elder Law Minute, Wes Coulson, Illinois Elder […]
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 will knowingly plan on disinheriting children belonging to each other, not […]
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