Morrison Law Group, PLC

Estate Planning | Business Planning

Attend a Free Workshop SCHEDULE A CONSULTATION

Offices in Metairie & Covington (504) 831-2348

  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Estate Planning Pre-Consultation Form
    • Reviews
      • Our Reviews
      • Review Us
    • Request a Guest Speaker
    • Succession Pre-Consultation Form
  • Estate Planning
    • Asset Protection
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Probate and Successions
    • SECURE Act
    • Special Needs Planning
  • Medicaid Planning
    • Medicaid & Nursing Home Planning
    • Free Medicaid/Long-Term Care Calculator
  • Business Planning
    • Business Planning
    • Business Succession Planning
    • Family-Owned Businesses
    • Small Business Medicaid Planning
  • Resources
    • Estate Planning Resources
      • Estate Planning Definitions
      • Estate and Gift Tax Figures
      • Estate Planning Reports
      • Estate Planning Checkup
      • Is Your Estate Plan Outdated?
      • Incapacity Planning Definitions
    • Elder Law Resources
      • Are You A Caregiver?
      • Coping With Alzheimer’s
      • Guardianship & Conservatorship
      • Hospice Care
      • Elder Law Reports
      • Elder Law & Medicaid Definitions
    • Newsletters
    • Trust Administration & Louisiana Succession Resources
      • Bereavement Resources
      • 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
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
    • Families of Children with Special Needs
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Trust Administration & Probate Frequently Asked Questions
      • Legacy Wealth Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
  • Blog
  • Contact Us

Common Mistakes in Estate Planning

January 19, 2021 by Ronald "Chip" Morrison

We have all heard about estate planning.  But many of us have misconceptions.  We think “But, that’s for other people, right?”  Wrong.  Estate planning is for everyone.  It is for the young and the old, the healthy, and the ill.  In short, estate planning is life planning. 

  • Estate planning is for everyone.  Even the young and healthy need estate planning to prepare for unexpected illness or injury by having powers of attorney and other plans in place.  In fact, the death rate from automobile accidents is more than double for someone 20 compared to someone 60 years old.
  • Beneficiary designations are often forgotten.  All too often, people’s lives change, and they change their will or trust but do not coordinate these changes with their beneficiary designations.  As a result, the bulk of their assets, such as insurance, retirement plans, and IRAs, end up going in ways that are no longer desired.  This mistake occurs because assets controlled by beneficiary designations are not controlled by wills and trusts.
  • It can be difficult to contemplate one’s own mortality.  As a result, some people procrastinate in planning for what we all know will come in the fullness of time.  Of course, those that plan will make for an easier time for family and friends.  Planning is a loving thing to do.
  • When you plan, you choose people to make decisions for you, such as agents, guardians, executors, or trustees.  Often, people do not give much thought to these decisions, just naming their oldest child or whoever pops into their mind.  The choices for these roles are perhaps the most important decisions to make.  Good choices can help to ensure your wishes are carried out while bad choices can create turmoil and waste assets.
  • Many people leave assets outright to their children or others without consideration of other options.  Often, leaving assets in trust provides advantages for the beneficiaries.  By leaving the assets in trust, the assets can be protected from the creditors or ex-spouses of the beneficiary, as well as from the beneficiary’s own indiscretions.
  • Tax planning can be important for those with assets that would be subject to taxation.  Each person can pass up to $1.5 million without estate taxation.  A couple can pass twice that amount with proper planning.  There are many relatively simple ways to plan to minimize estate taxes on substantial assets.
  • Like procrastination, often people forget to update their estate planning documents when there is a change in their circumstances.  Life is change.  The birth of a child, divorce, re-marriage, substantial increase or decrease in assets, change in health, and many other circumstances can have a significant impact on your estate plan.  A periodic review of your estate plan can keep it current and in step with changing circumstances as life goes on.

Estate planning is life planning.  A local, qualified estate planning attorney can help you implement a plan that fits your life and your wishes.

Mr. Ronald “Chip” Morrison, Jr. is a Board-Certified Specialist in Estate Planning and Administration by the Louisiana Board of Legal Specialization and a member of the American Academy of Estate Planning Attorneys. He has been engaged in Louisiana estate law for the last 16 years. Our firm serves clients throughout southern Louisiana. To learn more about how you can achieve your estate planning goals, please call our office at (504) 831-2348 or contact us through our website.

  • Author
  • Recent Posts
Ronald
Ronald "Chip" Morrison
Ronald “Chip” Morrison, Jr. is a Board Certified Estate Planning Law Specialist as certified by the Louisiana Board of Legal Specialization. He is admitted to practice before all State courts in Louisiana. He is also admitted to practice before the United States District Court for the Eastern and Middle District of Louisiana.
Ronald
Latest posts by Ronald "Chip" Morrison (see all)
  • Estate Planning is Simple….Right? - February 7, 2023
  • What Happens in My Initial Estate Planning Consultation? - February 2, 2023
  • How to Leave a Mess to Your Heirs - January 30, 2023

About Ronald "Chip" Morrison

Ronald “Chip” Morrison, Jr. is a Board Certified Estate Planning Law Specialist as certified by the Louisiana Board of Legal Specialization. He is admitted to practice before all State courts in Louisiana. He is also admitted to practice before the United States District Court for the Eastern and Middle District of Louisiana.

Morrison Law Group, PLC

Subscribe Our Blog

Download Estate Planning Worksheet PDF Now!

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Map

Morrison Law Group PLC (Metairie Office)MAP Gabb Morrison LLP (Covington Office)MAP
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
MORRISON LAW GROUP
law-pay

© 2023 American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy