The Plain English Legal Podcast

Revocable Living Trusts and Family Limited Partnerships: Coordinating Business and Estate Strategies

With investments and businesses booming over the last few years and the federal estate tax limits being cut in half in a few years, business owners are looking for ways to reduce or eliminate potential estate taxes. A Family Limited Partnership is one way of “compressing” the value of businesses in combination with a gifting strategy to reduce a potential taxable estate. But how does all of this coordinate with a good revocable living trust? And can it also be used in conjunction with generational protection planning to ensure inheritances reach the grandchildren?

In this webinar, Jeffrey G. Marsocci, also known as The Plain English Attorney®, will review how to merge business, estate tax, and estate planning goals into one coordinated plan.

To see the actual video of this one, please check out the YouTube version here.

Don't forget to subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

#theplainenglishattorney #podcast #theplainenglishattorneypodcast #estatetax #federaltax #familylimitedpartnership #trust #revocabletrust #estateplanning #estateplanningattorney #estateplanninglawyer

Who's On The Team?

When the financial and legal professionals in your life work together, it leads to better outcomes. No one person can be an expert in everything, and it is the balance of legal, financial, tax, and insurance knowledge applied to your goals that can make all the difference in you and your family's future. That's why the ultra rich are turning to Family Offices. However, you don't have to be uber wealthy to take advantage of a "Digital Family Office."

For the full YouTube video on this topic, please click here to watch.

Subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

#theplainenglishattorneypodcast #podcast #estateplanning

Electronic Will Signings? An Estate Planning Disaster Waiting to Happen

One of the "benefits" of the recent lockdowns (if you can really call it a benefit) is a leap in the public's technological skills in staying connected remotely. This also led people to expect to continue to doing things remotely, like signing legal documents.

In this podcast, Jeff reviews why electronic signing of estate planning documents is not only not allowed (in North Carolina), but is just plainly a bad idea.

For the full YouTube video on this topic, please click here to watch.

Subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

#theplainenglishattorneypodcast #podcast #estateplanning

How Estate Planners Become Rockstars

It's not as simple as passing the state bar. Unfortunately, many attorneys who focus in different areas of law just assume they can handle estate planning because they downloaded some templates. However, getting the right training and ongoing support is not hard if you know where to go.

In this latest podcast episode, Jeff discusses his long relationship with The Estate Planning Source and how conferences, webinars, and "mutual mentoring" can help not only attorneys but other professionals become proficient estate planners.

For the full YouTube video on this topic, please click here to watch.

Subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

#theplainenglishattorneypodcast #podcast #estateplanning

5 Toxic Lawyer Schemes: How Many Estate Planning Firms Put Business Ahead of Clients?

Estate Planning attorneys are essential guides in the legal complexities, however, in the business side, the pursuit of profit can overshadow clients' best interests.

In this latest podcast episode, Jeff discussed 5 common practices attorneys use to push estates into probate, potentially prioritizing future gains over immediate client needs.

For the full YouTube video on this topic, please click here to watch.

Subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

#theplainenglishattorneypodcast #podcast #estateplanning

The ABCs of Disinheriting Uncle Sam

Married couples have a massive opportunity to protect against unnecessary taxes and to keep Uncle Sam out of their estate by using a joint revocable living “ABC” trust. But how do these subtrusts work, and how do they eliminate, or at least delay, taxes? In this podcast, Jeff walks through the same Married ABC Trust that his own law office uses for his married clients, and how each of them works to both provide for a surviving spouse while saving on estate taxes for the next level beneficiaries.

For the full YouTube video on this topic, please click here to watch.

Subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

 #estateplanning #revocabletrust #livingtrust #revocablelivingtrust

5 Things in Every Good Power of Attorney

In this episode, we break down the essential elements of a Financial Power of Attorney. Not all POAs are created equal, and understanding these key provisions is crucial for securing your finances during challenging times.

For the full YouTube video on this topic, please click here to watch.

Subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

#theplainenglishattorneypodcast #podcast #estateplanning

Panic at the Probate Court! Part 1 of 3

PART 1 OF 3 Probate can be complicated, and the proof a court requires can be arduous for most non-lawyers. But how do assets end up in probate?

What happens to them when they do?

Does the Will cover everything?

Is the process always the same?

In this three-part series recorded at a national estate planning conference in September of 2024, Jeffrey G. Marsocci breaks down in plain English the general probate process with examples from North Carolina’s system. In the end, many people want to avoid the costly, time-consuming, and frustrating probate court process, but just in case assets do end up in probate, this series will help you understand the basics.

Check out the YouTube video version here.

#estateplanning #probate

Medicaid Planning 3 Steps Ahead

When it comes to Medicaid Planning for a family, many attorneys and planners look no further than the client needing care. This one-step thinking can often lead to the client’s original goal of protecting their home and life savings from the nursing home falling apart after they qualify for Medicaid.

In this quick session from a national estate planning conference, Jeffrey G. Marsocci, The Plain English Attorney®, compares and contrasts instances of poor and good planning, and how a team of professionals can save hundreds of thousands of dollars for not just the client, but their spouse and then down to the children when you think multiple steps ahead.

#medicaidplanning #medicaid #nursinghome #longtermcare

Check out the YouTube video version here.

Basics of Trust Funding--Part 2 of 2

One of the biggest problems in estate planning is client who want to avoid probate get a revocable living trust... and then fail to fund their trust the right way.

In this recorded session from a basic estate planning conference, Jeff reviews the different types of assets with other professionals and how to have the assets work in conjunction with a revocable living trust.

PART 2 of 2. #estateplanning #revocabletrust 

Check out the YouTube video version here.