Martin Pierce: Top 10 Things To Review And Plan, As Well As Top Estate Planning Mistakes

Thursday, January 17, 2013

Here are the Top 10 Things to Review and Plan for Now:

I often recommend that my estate planning, elder law and business clients make a conscious effort to evaluate their goals in terms of planning for the future. The following is a "Top Ten" list of legal planning items to consider:

1. Will/Revocable Trust - Provides for disposition of property, executor, trustee, guardianship, trusts and estate tax savings.

2. Planning for Incapacity - Prepare a Durable General Power of Attorney (for financial matters), Appointment of a Health Care Agent, and specify your advance care choices.

3. Long-Term Care - Coverage for Nursing Home or In-Home Care for a specified or lifetime period of time.

4. Elder Law Issues - Including Medicare, Medicaid and VA issues (qualification, timely transfers of property, exempt property, etc.).

5. Financial Planning & Investments - Prepare a plan of prudent investing for your temperament and for the seasons of life to maintain an adequate stream of income.

6. Retirement Plans and Planning - Participate in 401(k) or other retirement programs and consider IRA options.

7. Saving for College - Use gifting to a Trust or Section 529 plan to save for a child's or grandchild's education.

8. Social Security Benefits - Keep informed regarding the amount of anticipated Social Security benefits you may receive (http://www.ssa.gov).  

9. Insurance - Make sure you (and your family) have adequate protection through life, disability and pre-need funeral insurance. 

10. Important Papers - Make sure all your important documents and information are organized, up-to-date, and accessible to your family members or advisor. 


Here are the Top Ten Most Common Estate Planning Mistakes:

1. Not understanding the impact life insurance has on estate planning and taxes.  

2. Not understanding the impact retirement plan assets have on estate planning, death taxes, and your beneficiaries’ income taxes. 

3. Not understanding the true “fair market value” of your assets. 

4. Not focusing on emotional and relational aspects estate planning. 

5. Not coordinating your retirement plan, annuity and life insurance beneficiary designations with your will and any trusts. 

6. Not reviewing your estate plan on a systematic basis.  

7. Not having up-to-date advance directives (financial power of attorney, health care agent appointment, and advance medical directives) in place. 

8. Not taking advantage of charitable gifting -- directing and leveraging your “Social Wealth” to your favorite ministries and charities other than the IRS. 

9. Not having your advisors work as a team – certified estate planning attorney, insurance representative, financial advisor and accountant. 

10. Not having a “relationship” with your advisors.

Provided by:
Martin L. Pierce, Attorney Licensed in Tennessee and Georgia
Certified Estate Planning Law Specialist Accredited Estate Planner
PIERCE LAW FIRM, PLLC National Academy of Elder Law Attorneys
4513 Hixson Pike, Suite 109 Qualified Member of Kingdom Advisors
Hixson, Tennessee 37343  
mpierce@martinpiercelaw.com
648-4303 Fax: 648-4305 

(Copyright © 2013, all rights reserved. DISCLAIMER: This article provides general coverage of
its subject area. It is provided free, with the understanding that the author, publisher and
publication do not intend this article to be viewed as rendering legal advice or service. If legal
advice is sought or required, the services of a competent professional should be sought. The author and the publisher shall not be responsible for any damages resulting from any error, inaccuracy or omission contained in this publication.)


TriAlta Advisors Merges With Tandem Financial Partners

TriAlta Advisors, an Ameriprise practice, is merging with Tandem Financial Partners.   Corey Anderson, who will be an investment manager, and his wife, Tricia, an administrative assistant, bring experience in investment management as well as advanced estate planning skills.   Samuel Montgomery is also joining TriAlta Advisors. Mr. Montgomery is a graduate of Liberty ... (click for more)

Primerica Has Open House For New Location May 19

Primerica, Inc. will celebrate its new location with an open house and Chamber of Commerce ribbon cutting on Thursday, May 19, from 4-7 p.m.  The ribbon cutting will be at 4:30 p.m.   Dewayne Crawford, a national sales director, and David Walters, a regional vice president with Primerica, Inc., have expanded their office and moved to 6025 Lee Hwy., Suite 326.  Mr. ... (click for more)

Teen Shot Multiple Times On Wilson Street On Wednesday Night; Injuries "Life-Threatening"

A teenager was shot multiple times on Wilson Street on Wednesday night. The incident was in the 1900 block around 6:30 p.m. The 911 caller said the victim was on her porch. The shooter was said to be in a silver vehicle. Chattanooga Police arrived on the scene, initiated first aid and attempted to locate a crime scene. Hamilton County EMS transported the victim to ... (click for more)

Woman Tells Of Having Shots Fired At Her When She Walked Into Disorder At South Germantown Road Apartment Complex

Officer Joel Gunn of the Chattanooga Police Department and a woman who was fired at after she walked into the scene of a shooting testified in court Wednesday concerning the shooting at the Chateau Royale Apartments on South Germantown Road on April 22. Coy Sims, 48, was arrested by Officer Gunn after police were called by residents of the apartment complex. On the night of the ... (click for more)

Thankful For The Vital Role Teachers Played In My Life

Re: Roy Exum: Teachers Day Tomorrow Roy, I am especially appreciative of your poignant column written in tribute to teachers.  It made me tear up, as I have encountered both as a student and a career educator-- teachers like the second-grade teacher who said, "I wish you were my little girl" and teachers like Mrs. Poindexter.   My teachers have played such a vital ... (click for more)

Roy Exum: The DA’s Cold-Case Quest

It is clearly a job nobody can do for over an hour or two, but Neal Pinkston, working in hand with precise professionals from the county’s auditing department, is intent on doing the right thing. As I watched a revolving team of four people at a time open and study envelopes of autopsy photographs on Tuesday, the scene would have made a fascinating television documentary. But ... (click for more)