Doing your own estate planning can come with risks

For many people death and even the aging process may still seem like a long ways off. However, time never stops and before we know it years have passed and our bodies have aged. Although aging and death are both inevitable, there are many people in Lee County who still put off planning for them, which is a bad idea. On the other hand, some people choose to plan for long-term care and death on their own, which can also be a mistake.

Although there are many so-called experts that preach the do-it-yourself way of estate planning and long-term medical care planning, the fact is going it alone is just not easy. Without the proper help and guidance, many people make serious mistakes with their long-term care, or estate planning. These mistakes cannot only hurt the person who makes them, but they can have lasting effects on that person’s loved ones, as well.

Although a person may save a few dollars by doing his or her own long-term care plan, he or she stands to lose so much more in the long run if mistakes are made. Some of the many common mistakes people make are allowing a nursing home to submit their Medicaid application, believing that Medicaid caseworkers will help them with their plan and submitting an application for Medicaid simply to find out if they will qualify.

There are many other mistakes people can make when planning for their long-term care or creating their estate plans. However by working with an experienced estate-planning attorney one has a much better chance of getting things done right.

Source: Southern Business Journal, “Estate, Medicaid planning: There are risks in doing it yourself,” Richard Habiger, June 3, 2014.

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