• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate Planning Services
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Wills & Trusts
  • Elder Law
    • Coping with Alzheimer’s
    • Guardianship and Conservatorship
    • Medicaid Crisis Planning
    • Medicaid Planning
  • Seminars
  • Webinars
  • Resources
    • Communities We Serve
      • Keller, Texas
    • Elder Law Resources
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
    • Estate Planning Resources
      • 3 Reasons to Create a Trust
      • Estate and Gift Tax Figures
      • Estate Planning Articles
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
    • Free Consultation
    • Free Estate Planning Seminars
    • Frequently Asked Questions
      • Estate Planning
      • Trust Administration & Probate
    • Newsletters
    • Our Client Care Program
    • Pre Consultation Form
    • Professional Resources
      • Educational Alerts
  • Reviews
    • Review Us
  • Contact Us
  • Blog

McGee Law Firm

Your Resource for Estate Planning, Elder Law and Medicaid / VA Planning

Call Us Today 817-899-3286
  • Facebook
  • Instagram
  • LinkedIn
  • YouTube
Attend a Free Webinar
Home / Estate Planning / How to Avoid Estate Planning Minefields: You Don’t Know What You Don’t Know

How to Avoid Estate Planning Minefields: You Don’t Know What You Don’t Know

May 20, 2021 by Brandon McGee

Compliments of the McGee Law Firm, Attorney Brandon McGee

Some things seem like they should be easy–and they are easy. However, some things appear easy–even when they are very difficult. The problem with some complex responsibilities is that they may seem simple on the surface, yet they may be complicated in reality. For example, crossing a field of fifty yards seems simple, right? However, if that field is a minefield, it might be a very hazardous crossing, indeed! On the surface, both fields might appear the same to the ordinary person. However, experts can spot the hidden problems which the ordinary person may not.

This is equally true for estate planning. Let’s look at two couples, the Browns and the Robinsons. The Browns have a very substantial and complicated estate which may benefit from tax planning. They own a sizable business. They each have a prior marriage and their marriage together is somewhat rocky. It’s easy to see the mines in that field and know that they would benefit from consulting with an estate planning attorney. 

The Robinsons have more modest assets of approximately $200,000. They have a great marriage and two wonderful kids aged 12 and 15. It appears on the surface that they might be able to save some money and use a “do-it-yourself” estate planning method like online forms or software at little or no cost. The problem is that the Robinsons have a hidden mine in their estate plan.

The Robinsons’ case looks simple to the untrained eye. However, the Robinsons’ primary asset is Jake Robinson’s 401k which he started right out of college before he even met his wife, Sally. Jake named his ex-wife, Allison, as beneficiary. Of course, Jake assumes that his 401k will go to his current wife, Sally because he will name her as the primary beneficiary in his Will or Trust. Jake doesn’t know what he doesn’t know, i.e. that his Will or Trust will not control his 401k.

While the Robinsons could “save” some money by using some free or inexpensive, “do-it-yourself” software, doing so will end up costing them everything because Jake’s 401k will go to Allison at his death, even if Jake names Sally in his Will or Trust. 

Only an experienced estate planning attorney who focuses his or her practice in that field will have the knowledge and expertise to spot and defuse the mines you may encounter. Some other hazards which you might encounter are:

  •  Property ownership issues (Joint Tenancy, Community Property, etc.)
  • Assets with beneficiary designations (e.g. brokerage and bank accounts)
  • Life Insurance
  • Blended family issues
  • Leaving assets outright to minor children

Your estate planning attorney can guide you through the minefield to the other side. For example, the attorney would have advised Jake to complete a new beneficiary designation form naming Sally as the primary beneficiary of his 401k. While Jake could have done this himself, he didn’t know there was a problem. He didn’t know what he didn’t know. Don’t make the same mistake that Jake did. Contact us today to schedule your free one-hour personal consultation.

Compliments of the McGee Law Firm, Attorney Brandon McGee an established member of the prestigious American Academy of Estate Planning Attorneys, as well as the National Academy of Elder Law Attorneys 


Written By: The American Academy of Estate Planning Attorneys

  • Author
  • Recent Posts
Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
Latest posts by Brandon McGee (see all)
  • An Irrevocable Trust Need Not Be Scary - May 30, 2023
  • Don’t Procrastinate: Five Reasons To Plan Your Estate Now - May 25, 2023
  • Estate Planning for Parents With Children in College - May 24, 2023

Filed Under: Estate Planning

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

Primary Sidebar

Blog Subscription

Sign up for our estate planning blog to receive all of our latest news and updates!

  • This field is for validation purposes and should be left unchanged.

Follow us

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

TESTIMONIALS

Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

default image
Brian C.

Fort Worth Address

Fort Worth
810 W. 10th Street
Fort Worth, TX 76102
United States (US)
Phone: (817) 899-3286
See Larger mapGet Directions

Fort Worth Map

map

Southlake Address

Southlake
101 River Oaks Dr., Ste. 110
Southlake, Texas 76092
United States (US)
Phone: (817) 899-3286
See Larger mapGet Directions

Footer

  • Advantages of Working With our Firm
  • About the American Academy
  • Disclaimer
  • Sitemap
  • Contact Us

Connect to Us

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube
footer logo

© 2023 McGee Law Firm
All Rights Reserved