The Plain English Legal Podcast
Leveraged Generational Planning

Leveraged Generational Planning

September 23, 2020

Leveraged Generational Planning

One of the biggest missed opportunities is families doing estate, financial, and retirement planning together and leveraging their strengths while shoring up weaknesses. It used to be commonplace that parents would work with their children in planning to pass on their wealth mainly because it was usually the family farm or family business that was the main asset being transferred. Sometime after the Great Depression, which also came with more industrialization, families stopped planning together and individuals and couples were now on their own.

This podcast runs through three things that can exponentially help a family build wealth together while avoiding some downsides, particularly in the form of taxes and risk. The three items I discuss are 1) gifts from parents to children, 2) the "tax spread" and ways to minimize income taxes with retirement accounts within the extended family, and 3) one of the best growth, non-risk assets that is extremely tax-leveraged.

There is a lot of potential leverage when families take the time to plan together in a coordinated fashion. These three techniques are only the beginning of the discussion, but many of our clients are having this very talk with us and the professionals we work with to save massive amounts in taxes and risk. To learn more about this, please contact our Asset Coordinator Mike Brooks through The Care Assistance Center at 919-518-8237 and ask to speak to him and Jeff about leveraged generational planning.

For more information on the SECURE Act, please check out my blog at: https://livingtrustlawfirm.com/post-secure-act-generational-planning/).

For more information and access to a free webinar, please go to www.linktr.ee/plainenglishattorney and click on the button “Securing Against the SECURE Act and the Five Supervillains of Investing Webinar Materials.”

The Big Probate Lie

The Big Probate Lie

September 2, 2020

There is a pervasive lie about probate that many financial institutions tell their clients, and it is causing the beneficiaries and family members a lot of grief. And that lie is your stock account/bank account/mutual fund avoids probate because it is "beneficiary driven."

What most people consider the hassles of probate are NOT avoided by naming beneficiaries on these types of account, because 1) the account still needs to be listed on probate inventories, 2) often paperwork is still needed by the court from the financial institution to prove the account isn't part of probate, and 3) the same financial institutions that insist the account with their company avoids probate will often insist on paperwork from the probate court just to get the account transferred or paid out

What is making this lie worse is that our clients who use revocable living trusts to avoid probate are being told by their financial advisors and bankers "don't transfer the account into the trust like your attorney said; just change the beneficiaries on the account." This is actually the Unauthorized Practice of Law because this non-attorney has gone beyond explaining how the beneficiary designation feature on the account works and went into telling their client how to do their estate planning, in direct contravention to the attorney's legal advice. This could get the professional into a lot of trouble and cause big problems for their client's family and loved ones down the road.

 

To learn more about revocable living trusts and avoiding probate, please check out my free e-book Estate Planning Basics available at www.RaleighTrusts.com, and find other information, please check out the Linktree account at linktr.ee/plainenglishattorney 

The Long Term Care Solution audiobook
Premium

The Long Term Care Solution audiobook

August 20, 2020

PROTECT YOUR FAMILY From MASSIVE NURSING HOME BILLS And Avoid COMMON TRAPS by Using The RIGHT STRATEGIES, With The RIGHT SOLUTIONS At the RIGHT TIMEWHAT YOU’LL LEARN—

* The prevalent myths of Care Assistance Planning

* Different ways to pay for different long term health care costs

* How income and different assets are treated for Medicaid and other Care Assistance programs

* The single “toolbox” Long Term Care solution used today...

and much, much more explained in Plain English.

This is required reading for clients and their families before we meet to discuss protecting a lifetime of savings from being lost to the nursing home.

Estate Planning Basics audiobook
Premium

Estate Planning Basics audiobook

August 20, 2020

One of my signature books and required reading for prospective estate planning clients. This audio version of the book covers all of the basics that many attorneys won't tell you about, including ways to avoid the costly, time consuming process of probate court after someone passes on by using a revocable living trust.

In this audiobook, you will learn:

  • The common pitfalls, misconceptions and “folk remedies” pushed by attorneys that can jeopardize your plans and cost you and your loved thousands of dollars in unnecessary expenses and taxes.
  • The single best planning solution for avoiding probate court.
  • How to work with true professionals who have your interests at heart to provide you with privacy, security, and peace of mind.

This is a must-listen for anyone thinking of getting their estate plan in order.

 

The Natural Born Citizen Requirement

The Natural Born Citizen Requirement

August 19, 2020

With Democratic presidential candidate and former U.S. Vice President Joe Biden naming U.S. Senator Kamala Harris (D-CA) as his running mate, a new round of "birtherism" is rearing its ugly head. The theory being floated by only a few people at this point is that she is ineligible to be Vice President because she is not a "natural born citizen." This is completely untrue, but it's worth examining the U.S. Supreme Court case of U.S. v . Wong Kim Ark.

The one inescapable conclusion is there are very few instances of someone being born on U.S. soil who are not allowed to claim citizenship as envisioned and codified in the U.S. Constitution and its Fourteenth Amendment. In addition, there is also natural born citizenship conferred on the children of U.S. Citizens born outside the country. In this podcast, I'll review the case findings as well as apply it to the cases of Kamala Harris, Barack Obama, Ted Cruz, and John McCain. 

The Elusive Trust Certification Form

The Elusive Trust Certification Form

July 9, 2020

I often see clients buying, selling, or refinancing a home within their revocable living trust, and some real estate professional ends up asking them for a Trust Certification Form. "Oh, you can just get that from your attorney." Unfortunately, just asking your estate planning attorney for a Trust Certification Form is like going to a hardware store and asking someone who works there to get you a box of screws. How long? What metal does it need to be made out of? Flat head or round head? Regular or Phillips head screws? How many to a box?

The real estate process is confusing enough, and being asked to generically get a Trust Certification Form can be very confusing and frustrating. This podcast reviews what trust certification forms are, the few items that are frequently included in them, and some of the stranger requests we've had to include in the past. For the free trust certification form we send, please go to our Linktree account at https://linktr.ee/plainenglishattorney in the Forms section. We also have included a copy of the standard letter we send to real estate professionals who have not been specific in their requests for what should be included in the Trust Certification Form their company wants. 

Dealing with Real Estate in Revocable Living Trusts

Dealing with Real Estate in Revocable Living Trusts

July 8, 2020

As part of executing an estate strategy that helps avoid probate, real estate should be owned by your revocable living trust. But what difficulties might come up? In this episode, I'll explore why real estate should be in a revocable living trust and then what issues may come up around 1) buying real estate in a trust, 2) selling real estate in a trust, and 3) refinancing a mortgage on property in a trust.

For more information on Revocable Living Trusts, please read Estate Planning Basics: A Simple Guide to Estate Planning Concepts, available on Amazon.com.

Free Educational Programs and Other Information:

https://linktr.ee/plainenglishattorney

8406 Six Forks Road, Suite 102
Raleigh, NC 27615
(919) 844-7993

Play this podcast on Podbean App