#16 of 25 Common Estate Planning Mistakes – Irrevocable

Failing to Consider Using an Irrevocable Trust
Revocable living trusts are designed to avoid probate. They can also eliminate the need to have a guardian appointed if you become incapacitated. They do not, however, protect assets from creditors or shield them from the Medicaid spend down process. Irrevocable trusts, however, if properly drafted and funded, can do both. If either of those objectives are part of your estate planning goals, you should speak with an experienced estate planning / elder law attorney about adding an irrevocable trust to your estate plan.

#15 of 25 Common Estate Planning Mistakes – Pets

Forgetting About Man’s Best Friend
Your estate plan can include provisions for your pet. Sadly, many pets end up living out their lives in shelters after their owner’s death because no plan was in place. You can plan for your pet by designating someone who will have custody and providing them with financial support to pay for the pet’s food and veterinary care. In many states, your plan can include a separate “pet trust” to provide financial support for your pet after your incapacity or death. Planning for a pet is especially important if you have an exotic or unusual pet.