• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • (843) 815-8580
  • hunter@montgomeryestateplanning.com
  • 10 Pinckney Colony Road, Suite #402 Bluffton, SC 29910

Montgomery Law Firm, LLC

Your Trusted Estate Attorney in Bluffton, SC

  • Home
  • Our Firm
    • About Our Firm
    • Attorney Profile
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate & Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Special Needs Planning
    • Trust Administration & Probate
  • Elder Law
    • Are You A Caregiver?
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Resources
    • Blog
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Definitions
      • Estate Planning & Related Forms
      • Estate Planning Checkup
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate & Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Incapacity Planning
      • Irrevocable Trust
      • Legacy Wealth Planning
      • Trust Administration & Probate
    • Pre-Consultation Form
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Webinars
  • Seminars
  • Reviews
    • Review Us
    • Our Reviews
  • Contact Us
  • Search
Home / Estate Planning / Avoid These Costly Inheritance Planning Missteps

Avoid These Costly Inheritance Planning Missteps

April 15, 2022 by Hunter Montgomery

estate planningThere are some estate planning errors that people often make that yield negative consequences. With this in mind, we will look at three of these common mistakes in this post to help you steer clear of them.

Do-It-Yourself Estate Planning

If you conduct a search to find information about estate planning, you will invariably see ads for companies that sell do-it-yourself simple will templates. They claim that it is easy for anyone to plan their own estate without any legal assistance.

It is possible for a layperson to create a will that is legally binding, but is this a suitable DIY project? After all, when you plan your estate, you are passing along your legacy to the people you love the most.

There can be a great deal of money involved, and there is certainly a sentimental element. The stakes are high, and there are elements that a layperson with no experience in the field would not understand.

A number of years ago, the highly respected, objective publication Consumer Reports put the subject of do-it-yourself estate planning under the microscope. People on their staff created three different wills using online tools that were sold by the most popular legal document websites.

They used hypothetical circumstances that are typical, and they engaged three prominent legal professors to examine the documents and provide feedback. Consumer Records was prepared to recommend these products if the attorneys gave their stamp of approval.

In fact, they came away unimpressed, and they said that unintended negative consequences can come about when these downloads and worksheets are used by non-professionals.

Ultimately, the publication advised readers to steer clear of DIY planning unless the situation is very simple and straightforward.

Failure to Update the Plan

The vast majority of American adults do not have estate plans in place, so procrastination is very common. After they finally take action, a lot of people put their documents away for safekeeping and they forget about the matter.

Over the years, circumstances can change, estate plan revisions may be necessary. There are those that know that updates are needed, but they keep telling themselves that they will have time to do it later on.

Others are not aware of changes to relevant laws that impact elements of the estate planning process, so they see no reason to act.

When you put your initial estate plan in place, you should recognize the fact that this is an ongoing process. Unless you create your plan during the final stages of your life, updates are probably going to be necessary.

Even if you are not aware of a particular reason why you should revise your plan, you should schedule periodic reviews with your estate planning attorney to make sure that it is up to date.

Failure to Address Long-Term Care Costs

When you have been fully capable of handling all of your own day-to-day needs all your life, you may assume that you will never need living assistance. Yes, there are those that do, but you are not going to be one of them, right?

In fact, 70 percent of seniors will need help with their activities of daily living, and over half will require paid long-term care. Medicare does not pay for custodial care, and it is very expensive.

Medi-Cal will cover these costs if you can gain eligibility, and you could use an irrevocable, income only trust to develop a profile that will lead to Medi-Cal eligibility. Advance planning is key, because the trust must be funded at least five years before you apply for Medi-Cal.

We Are Here to Help!

Today is the day for action if you are going through life without an estate plan. You can set up a consultation appointment at our Bluffton, SC estate planning office if you call us at 843-815-8580.

If you would rather reach out electronically, fill out our contact form and we will get back in touch with you promptly.

  • Author
  • Recent Posts
Hunter Montgomery
Hunter Montgomery
Hunter Montgomery is the owner/managing attorney of the Montgomery Law Firm, LLC.He has been practicing estate planning law fsince 2002. Hunter is a member of the American Academy of Estate Planning Attorneys.

Hunter is a member of the South Carolina Bar Association, the Beaufort County Bar Association, and has served on charitable and advisory boards in the Bluffton/Hilton Head area.

Hunter graduated from Hilton Head High School. He then earned his Bachelor of Science Degree in Economics from Clemson University, in Clemson, South Carolina.

Hunter graduated Cum Laude from Regent University School of Law in Virginia Beach, Virginia, having earned a Juris Doctor Degree. He also wrote his doctorial thesis on Estate Planning Dynasty Trusts.

Hunter has called Beaufort County home for since 1984, where he lives with his wife and two children.In his spare time he dabbles in automobiles, reading history, hunting and fishing.
Hunter Montgomery
Latest posts by Hunter Montgomery (see all)
  • Sandwich Generation Juggles Responsibilities - February 27, 2023
  • How Can You Minimize Estate Tax Liability? - February 20, 2023
  • Elder Law Attorneys: Who Are They and What Do They Do? - February 15, 2023

About Hunter Montgomery

Hunter Montgomery is the owner/managing attorney of the Montgomery Law Firm, LLC. He has been practicing estate planning law fsince 2002. Hunter is a member of the American Academy of Estate Planning Attorneys.

Hunter is a member of the South Carolina Bar Association, the Beaufort County Bar Association, and has served on charitable and advisory boards in the Bluffton/Hilton Head area.

Hunter graduated from Hilton Head High School. He then earned his Bachelor of Science Degree in Economics from Clemson University, in Clemson, South Carolina.

Hunter graduated Cum Laude from Regent University School of Law in Virginia Beach, Virginia, having earned a Juris Doctor Degree. He also wrote his doctorial thesis on Estate Planning Dynasty Trusts.

Hunter has called Beaufort County home for since 1984, where he lives with his wife and two children. In his spare time he dabbles in automobiles, reading history, hunting and fishing.

Blog Subscription

Sign up for our blog to receive the latest estate planning news and updates.

Map

Map

Business Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM
Montgomery Law Firm, LLC

Montgomery Law Firm, LLC. helps you define what's important.

Montgomery Law Firm, LLC

Contact Info

10 Pinckney Colony Road
Suite #402
Bluffton, SC 29910

Toll Free: (843) 815-8580
Mon-Fri: 9:00am – 5:00pm

Quick Links

  • Our Firm
  • Reviews
  • Privacy Policy
  • Disclaimer
  • Irrevocable Trust FAQs

Webinars Sign up

© 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.