These Mistakes can Damage your Sanibel Estate
When people try to maintain their own estates, there are often consequences. The residents of Sanibel work hard to accumulate assets for themselves and their families. When Sanibel residents make common estate planning errors, the repercussions can be felt for generations.
No Long-Term Care Planning
If you do not plan for your long-term care needs, then your family could suffer when the time comes to transition you to an assisted living facility. Whether it is due to age or an unfortunate accident, the need for long-term care can drain your assets. If the assisted living facility does not get your assets, then Medicaid will. It is important to make long-term care planning a part of your estate maintenance process. The Mattar Firm can do this, and save your assets.
Leaving Assets Unprotected
Most people who maintain their own estates leave their assets unprotected because they do not understand how the protection process works. If your assets are not protected, then a lawsuit or a demand from a creditor could bankrupt you. A lack of asset protection is a mistake many Sanibel residents make with their estates.
Forgetting To Maintain Their Will
Life is full of changes, but if your will does not reflect those changes then your family could be in for a big surprise during probate. One of the most common mistakes Sanibel residents make with their estates is they neglect to review their will with an estate planning professional annually and make any necessary updates.
Transferring Assets Incorrectly
Three years ago you wrote your eldest child a check for $15,000.00 to help them start their own business. Today, you are filing for Medicaid to help pay for your assisted living situation and Medicaid says that it is delaying your approval because of the gift to your child. Transferring assets without thinking of the consequences can be a catastrophic mistake when it comes to estate planning. Many Sanibel residents forget the Medicaid consequences when transfering assets to their children or others.
Not Considering The Estate Tax
In 2018, the IRS raised the estate tax limit to $11,180,000.00 per person. For many people, this is an amount of money they won’t ever see in their estate. But if your estate will exceed this amount in assets, then your family could be left dealing with a significant estate tax if you do not make the proper arrangements ahead of time.
The Mattar Firm can help Sanibel residents to avoid these common estate planning mistakes and properly prepare for the future. We encourage you to call one of our knowledgeable estate planning lawyers today and let us protect you and your family as you head into the future.