We’re excited to welcome Attorney Michael Monteforte, Jr., as our guest contributor! As the founder of Monteforte Law, P.C., Michael has dedicated his career to helping individuals and families navigate estate planning, elder law, and wealth preservation. With years of experience and a deep understanding of complex legal matters, he’s a trusted expert in his field.
In today’s post, Michael highlights some of the most common estate planning mistakes he’s seen—and, more importantly, how you can avoid them. Whether you’re just starting your estate plan or updating an existing one, his insights will help you make informed decisions and safeguard your family’s future.
Let’s dive in! Here’s Attorney Michael Monteforte, Jr., with expert advice on avoiding estate planning pitfalls.
Guest written by Attorney Michael Monteforte, Jr.
Owner & CEO of Monteforte Law, P.C.
Estate Planning Mistakes as Big as a Mardi Gras Float
Imagine this…
You did your research and found an estate planning attorney that was a perfect fit. The attorney had glowing reviews and years of experience. After your consultation, you felt confident that your plan was done right.
You paid a good-sized fee, but the peace of mind was worth it. Your estate plan covered everything:
✅ A Last Will to direct where your property will go.
✅ A Durable Power of Attorney (POA) naming someone to handle financial decisions.
✅ A Health Care Proxy (HCP) giving someone the ability to make medical decisions.
✅ A Family Trust to protect your assets and space out your children’s inheritance.
You walked out of your lawyer’s office feeling like the King of Bacchus, ready to throw beads to the crowd in celebration. You finally got it done! Laissez les bons temps rouler, right?
So, you toss your estate plan into a lockbox, maybe stash it under the beignets in the back of the pantry, and you never think about it again.
Time ticks by. Years turn into decades. You never review the plan and never contact your attorney again.
But that is okay, right? Estate planning is a one-and-done deal, isn’t it?
Wrong. Not Even Close.
An outdated estate plan can be worse than no plan at all.
Let me tell you a story about a client who learned this the hard way—a man who thought he was covered, until everything went wrong.
THE STORY OF AN ESTATE PLAN THAT DIDN'T SURVIVE THE PARADE ROUTE
Let’s call him John.
John created his estate plan at age 30 when he was newly married. At the time, he had no kids, little savings, and a simple financial picture. His estate plan was straightforward.
Then life happened.
✅ He had three children.
✅ He divorced, remarried, and had a fourth child.
✅ He bought a home in the Garden District and climbed the career ladder, earning a great salary.
✅ He never updated his estate plan.
Fast forward 30 years. John was 60 years old, with a healthy retirement fund and plans for the future. Then, the unthinkable happened.
A massive stroke left him unable to make decisions for himself. His family scrambled to figure out what to do, only to discover that his estate plan was as outdated as a King Cake in July.
And that is when the real disaster started.
The Estate Plan Disaster That No One Saw Coming
1. His Financial Power of Attorney Was Useless
John thought he was covered because he had a Power of Attorney (POA) in place. But here’s what no one told him: many banks won’t accept a POA that’s more than a few years old.
When his stroke left him incapacitated, his wife had been his POA, and he never replaced her with someone else after divorce, so now there was no one to take action. Worse, his wife, trying to help, went to the bank to try to access his accounts and handle bills—only to be told that, even had he updated the POA to put her name, it was too old and they wouldn’t honor it anyway.
She was forced to go to court to obtain guardianship, a process that took months and cost thousands in legal fees. Meanwhile, bills went unpaid, financial accounts were frozen, and the stress piled up on the family.
Had John updated his POA every few years, he would have avoided this mess. Instead, his family was stuck in legal limbo at the worst possible time.
2. His Will Did Not Include His Youngest Child
His Will only named his three older children. His youngest child, from his second marriage, was not even mentioned.
His ex-wife argued, “If he wanted the youngest child in the Will, he would have added her.” The court agreed. His youngest child was cut out completely.
3. His Family Was Headed to War
His first wife and his current wife hated each other. Now, they were fighting over his assets, dragging his children into the battle.
Hundreds of thousands of dollars were wasted on attorneys. The only winners were the lawyers.
4. The Government Took a Huge Cut
When John made his estate plan, he had no estate tax concerns—he was not making enough money for it to matter.
Thirty years later, he had a significant estate, and his old plan offered zero estate tax protection. As a result, his heirs lost hundreds of thousands of dollars in unnecessary taxes.
5. Medicaid Took His Home
After his stroke, John needed long-term care. He assumed his home was protected. It was not.
Since his estate plan never included Medicaid planning, a Medicaid lien was placed on his house to cover nursing home costs. His family was forced to sell it just to pay the bills.
All of this could have been avoided—if he had updated his estate plan.
The Biggest Myths About Estate Planning
If you think your estate plan is “good enough”, you might be making one of these mistakes:
❌ “I have a Will, so I’m covered.”
A Will does NOT avoid probate. It just gives instructions for what happens when you die. Your family will still have to go through the court process.
❌ “I don’t have enough assets to need a Trust.”
Trusts are not just for the rich! They protect your home, your savings, and your family from long-term care costs, lawsuits, and taxes. Not sure how a Trust compares to a Will? Check out this blog to learn the key differences and why having both is essential.
❌ “I set up my estate plan years ago, so I don’t need to change it.”
If your plan is older than a jazz record at Preservation Hall, it’s time for an update. Laws change. Your life changes. Your plan should change too.
The Power of a Legacy Estate Plan
Think of a Legacy Plan like getting your brakes checked before a second-line parade—you do not wait until you crash to make sure everything works.
A Legacy Plan includes:
✅ Annual reviews of your estate plan
✅ Updates based on new laws and tax rules
✅ Protection for new assets and beneficiaries
✅ Long-term care and Medicaid planning
✅ Ongoing attorney access for legal questions
Take Action Before It’s Too Late!
If you already have a plan, review it now. If you do not have one, get started immediately.
Yes, updating your plan costs money—but it is a fraction of what your family will lose if your plan fails.
The biggest estate planning mistake? Thinking you’re done. Estate planning is not a one-time event—it is a lifelong process.
Do not wait until it is too late. Update your plan today.