The Nursing Home Protection Plan





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The 10 Most Common Estate Planning Mistakes

Many people lose vital opportunities to protect their assets because they overlook certain details when taking precautions - the Nursing Home Protection Plan can help you avoid these mistakes.

Don't let conventional wisdom lead you down a path that ends with you losing control of your assets and leaving your loved ones with nothing. Learn the important steps you can take yourself.

MISTAKE #1: The government will take your house without a will. If it was that easy to keep a house, nobody would ever lose one. But it happens every day.

MISTAKE #2: A will avoids probate. If it was that simple, there would be an army of attorneys and millions of courtroom file cabinets put out to pasture. They are all still there.

MISTAKE #3: Joint tenancy is the best way to hold property. What it takes to prevent a problem and what it takes to avoid a problem aren't the same thing.

MISTAKE #4: Probate is a tax. Even though money flows out of the hands of individuals and families in probate matters just as it does with estate taxes, avoiding these costs are separate processes.

MISTAKE #5: A Power of Attorney avoids probate. In fact, no single Power of Attorney can do everything you might want it to - and the wrong one might do nothing for you at all.

MISTAKE #6: Heirs get your IRA. Heirs will only get what the IRS leaves them, yet nearly every IRA holder puts their beneficiaries right in the cross-hairs of the tax sharpshooters.

MISTAKE #7: Life insurance is not taxable. People are astonished to learn that life insurance proceeds are the IRS's number one single revenue source from individuals.

MISTAKE #8: All trusts are created equal. One of the most common types of trusts, often created on the advice of an attorney, can actually force a family into probate...twice!

MISTAKE #9: A living trust is only for the rich. Because a will can be made cheaply and a living trust is more involved, average people shy away from them - penny wise, pound foolish.

MISTAKE #10: All lawyers are created equal. The attorney who helped you finalize the purchase of your home may not be the one who can help you keep it!

		"There are so many misconceptions about estate planning. I understand that sometimes it can be hard to know what to do. The step-by-step instructions and worksheets included in the Nursing Home Protection Plan spell it all out in simple, clear terms."