We are available to meet with clients in Champaign-Urbana area by appointment.
Contact Us

Estate Planning and Elder Law Attorney | Dent Coulson Elder Law

Get Help Right Away

Call Today: 618-632-7000 or 217-330-5500

or Send us an email

  • Home
  • Our Services
    • Alzheimer’s Planning
    • Asset Preservation Planning
    • Estate Planning
    • Medicaid Eligibility
    • Special Needs Planning
    • Trust and Estate Administration
    • VA Benefits Planning
  • News & Videos
    • Video Series
      • Coronavirus Preparedness
      • Asset Preservation Planning
      • Common Estate Planning Mistakes
      • Dealing With Alzheimer’s
      • Financial Exploitation of Elders
      • Handling Difficult Conversations with Seniors
      • Married Couples and Medicaid
      • Medicaid Application Process
      • Medicaid Look-Back Rule and Transfer Penalties
      • Nursing Home Admission and Care
      • Veterans Pension Benefits
      • What You Can and Can’t Keep with Medicaid
    • Weekly Newsletter
    • The Elder Law Minute
  • Alzheimer’s Guide
  • Presentations
    • Health Care Power of Attorney
  • Hear From Our Clients
    • Testimonials
    • Share Your Experience
  • About
    • About Us
    • Meet Our Team
    • Partners & Resources
    • About Our Fees
    • COVID-19 Policies
    • Privacy Policy
  • Contact
    • Email Us
    • Find Our Offices
    • Refer a Friend
  • DCEL Blog

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

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 Minute, Wes Coulson discusses another common estate planning mistake and the danger of trying to construct an estate plan around specific assets.

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

Transcript:

Hi, I’m Wes Coulson and this is your Estate Planning Minute. This is another in our series on Common Estate Planning Mistakes. What I want to talk to you about today is the danger and lack of wisdom of trying to construct an Estate Plan around specific assets. Let me give you an example.

I had somebody who said, “Well, I don’t need an estate plan. I’ve got, in addition to a little bit money on the side, I’ve got five $50,000 CDs, and I’ve got five children, and I’ve got them as ‘Payable on Death,’ one to each child. Don’t need a Will, don’t need anything, each of them is going to get their $50,000.”

But, then I ask him, “Okay, what if you need to go into a nursing home or you have some other need to spend the money. What are you going to do then?”

“Well, I guess I’d have to cash in one of the CDs.”

“Okay, so how are you going to decide which one of your children is not going to have their inheritance anymore?”

And therein lies the danger of talking about specific assets rather than shares. You don’t know, by the time you die, whether any particular asset that you own now is still going to be part of what you own then. Thanks.

For more about Estate Planning, visit these articles:

  • Safeguarding Your Estate Plan
  • What’s the Difference Between Estate Planning and Asset Preservation Planning?
  • Misconceptions About Wills
  • Wills, Living Trusts and Powers of Attorney: How often should they be updated?
  • Common Estate Planning Mistake: Failing to appreciate how assets pass upon death

Dent-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 Dent-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.

Veterans Benefits O'Fallon ILFor Immediate Help

If you or a loved one needs immediate help with a planning matter or legal issue, please contact us, and we will get back to you promptly.

774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

1901 South Fourth Street,
Suite 211, Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333

Office Hours
Monday - Thursday
8:30 am - 12:00 pm
1:00 pm - 4:00 pm
Friday
8:30 am - 12:00 pm

Champaign-Urbana by appointment

Connect with Us

  • Facebook
  • Twitter
  • YouTube

Join us for a FREE Workshop

 

Free WorkshopsIf you have reached age 65, there's about a 45% chance that you will eventually need long-term care.

Join us for one of our highly informative and FREE workshops and find out how you can protect your family's hard-earned life savings.

Visit Free Workshops for more information.

Newsletter

Subscribe to our free weekly Newsletter and receive the latest news, updates and videos straight to your inbox!

Recent Posts

  • Guardianships: The More You Know
  • Medicaid Pre-Planning vs Emergency Medicaid Planning
  • How Should I Prepare for a Move into Long Term Care?
  • What is a Bare Minimum Estate Plan?
  • Does the State Really Take All of Your Money When You Need Long Term Care?

More News & Videos

  • Alzheimer's Planning (85)
  • Asset Preservation Planning (150)
  • Coronavirus Preparedness Series (9)
  • Coulson Elder Law (11)
  • DCEL Blog (1)
  • Document Signing (15)
  • Elder Law Minute Video (444)
  • Estate Planning (191)
  • Health Care Planning/Medicare (138)
  • Medicaid Eligibility (200)
  • News & Videos (488)
  • Special Needs Planning (48)
  • Trust Administration (14)
  • Veterans Benefits (51)

Front office building of Coulson Elder Law

Front office building of Coulson Elder Law

  • Directions to our office locations
  • Send us an email
  • About Us
  • News and Videos
  • Weekly Newsletter
  • Brochures
  • Presentations
  • Hear From Our Clients
  • Partners & Resources
  • Legal Disclaimer

Copyright © 2025 · Wesley J. Coulson | Dent Coulson Elder Law, LLC