These Mistakes Can Damage Your Port Charlotte Estate
Estate planning is a complicated process that should only be handled by an experienced professional. Every Port Charlotte resident should have an estate in place that is administered by an expert, and every resident should also be tutored on the kind of mistakes that can damage your estate and make protecting your assets difficult.
Transferring Property Ownership
As some Port Charlotte residents get close to transitioning to an assisted living facility, they will often transfer ownership of their family home to their children to avoid the home being liquidated by Medicaid. This seems like a good idea, until you realize that this act invokes a five-year Medicaid lookback that may delay the approval of Medicaid benefits. Protection of assets should be done with estate planning tools and not by making these types of mistakes.
Neglecting Your Estate
Many people feel that when an estate is completed, it is a static thing that is never touched until the estate owner passes away. The truth is that life moves forward and causes changes on a constant basis. If you are not reviewing your estate every year with your estate planner and making appropriate changes, especially to your will, then your family could have many problems to deal with when you pass away.
Not Planning for Contingencies
When people think of assisted living facilities, they usually think of elderly residents. But if you are injured at a young age and need around-the-clock care, then you could wind up needing funding for an assisted living situation. These types of contingencies need to be part of your estate planning if you are going to protect yourself and your family from financial disaster. Not planning for contingencies is one of the biggest mistakes people make when it comes to estate planning.
Not Giving all of the Details
One of the more frustrating mistakes Port Charlotte residents make with their estates is not giving their estate planner all of the information they need to do a comprehensive job. Estate planners only know what their clients tell them, and some people feel it is necessary to withhold information from their estate planner because the information is considered sensitive. A good estate planner is someone you can trust, and you have to learn to trust your planner if your estate is going to be done properly.
The Mattar Firm has the most compassionate and trustworthy estate planning professionals in the area. We respect your privacy, and we understand how important it is to keep your personal information confidential. Contact one of our estate planning attorneys today and make an appointment to get this important estate planning process started as soon as possible.