The Plain English Legal Podcast

Changing Course: 5 Concepts in Amending a Trust

Amending a trust should be an easy process, right?

In most cases and circumstances, it is easy but also easy for people to make mistakes. In even a few recent cases, these concepts are even eluding attorneys. A revocable living trust is an estate plan that is completely amendable and revocable by the person setting up the trust, and they are typically also the trustee and first level beneficiary. Basically, they can do anything they want with their trust, including making changes as their goals and situations in life change.

However, there are five big concepts that a lot of people are just missing.

Check out the YouTube video version here.

5 Triggers for Estate Planning

People don’t always plan ahead the way they need to, and it’s pretty easy to put off uncomfortable topics like estate planning. That is, until one tragedy or another gives my clients that added push to come in and finally address putting together an optimal estate plan.

In this podcast, I walk through 5 of the biggest life situations, either experienced by my clients or people close to them, that finally bring them to the office conference room table to get a plan done.

Check out the YouTube video version here.

#estateplanning #revocabletrust #livingtrust #revocablelivingtrust

Is The Power of Attorney is Defective?

We get the calls all of the time about how a power of attorney was "defective" because the bank wouldn't accept it. However, in many cases the power of attorney is just fine, but the person trying to use it isn't using it correctly.

In this podcast, Jeff reviews three core misunderstandings around financial powers of attorney.

Check out the YouTube video version here.

#estateplanning #revocabletrust #livingtrust #revocablelivingtrust #powerofattorney

Stretching an Inheritance Over a Lifetime--Part 2 of 2

The income taxes on a beneficiary when they inherit a retirement account can be astronomically high. A half a million IRA can add more than $50,000 a year to the beneficiary’s taxable income each year for a decade.

But what can you do?

You can leverage a charity’s tax-free status through a Testamentary Charitable Remainder Trust, provide an income stream to the beneficiary for their lifetime with greatly reduced taxes, and provide a charity or charities with much-needed funds. The only one who loses out is Uncle Sam. Most people are just fine with that. This is taken from a presentation at a national estate planning conference.

Part 1 focuses on the different techniques while part 2 covers questions and answers from other professionals in attendance.

Check out the YouTube video version here.

Stretching an Inheritance Over a Lifetime--Part 1 of 2

The income taxes on a beneficiary when they inherit a retirement account can be astronomically high.

A half a million IRA can add more than $50,000 a year to the beneficiary’s taxable income each year for a decade. But what can you do? You can leverage a charity’s tax-free status through a Testamentary Charitable Remainder Trust, provide an income stream to the beneficiary for their lifetime with greatly reduced taxes, and provide a charity or charities with much-needed funds. The only one who loses out is Uncle Sam. Most people are just fine with that.

This is taken from a presentation at a national estate planning conference.

Part 1 focuses on the different techniques while part 2 covers questions and answers from other professionals in attendance.

Check out the YouTube video version here.

Stranded! 3 Planning Lessons From Hurricane Helene

The recent devastation in Western North Carolina, Eastern Tennessee, and other part of the country left a lot of people stranded without even the basic necessities.

I was personally caught up in that for about 48 hours, and my situation wasn’t nearly as bad as some others. However, those 48 hours gave me a lot of time to reflect on planning ahead and how people tend to approach planning. Yes, this an estate and Medicaid planning podcast channel, and I do address 3 big lessons from this experience.

Check out the YouTube video version here.

#estateplanning #hurricane

Panic at the Probate Court! Part 3 of 3

PART 3 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

Panic at the Probate Court! Part 2 of 3

PART 2 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

The Big Probate Secret!

I’m pulling back the curtain on the #1 probate mistake that could cost your family time, money, and stress. Most people think a revocable living trust magically avoids probate, but the truth? It’s only half the battle!

Listen to this podcast episode to learn how probate really works, the biggest mistake people make, and what you must do to truly protect your assets.

Check out the YouTube video version here.

Trust 101 with Charitable Giving Presentation | Part 1 of 2

What happens when you don’t have an estate plan? The government steps in and trust me, their plan isn’t what you think! In this video, we emphasize the need for estate plans to avoid issues, explaining probate, wills, and revocable living trusts. We also highlight the complexities of inheritance laws, the benefits of trust funding, and the potential pitfalls of simple beneficiary designations. This is just PART 1!

Check out the YouTube video version here.