The Plain English Legal Podcast

Special Needs Planning Pitfalls to Avoid Part 3 of 3

Before you make any big decisions, watch this.

These programs are complicated, full of fine print, and often misunderstood. But if you’re caring for a loved one with special needs or thinking ahead about long-term care, knowing the truth could save your family from painful (and costly) mistakes.

This is the kind of information I usually share one-on-one with clients  and it could make a big difference for your family’s future.

We’re already on Part 3! If you missed the beginning, catch up with Parts 1 & 2 here:

PART 1: hhttps://plainenglishattorney.podbean.com/e/special-needs-planning-pitfalls-to-avoid-part-1-of-3/

PART 2: https://plainenglishattorney.podbean.com/e/special-needs-planning-pitfalls-to-avoid-part-2-of-3/

 

Grab your free starter guide at www.EstatePlanningEbook.com

Check out the YouTube video version here. 

Anatomy of a Destroyed Estate Plan

How do you destroy your own well-crafted, strategically created, solid estate plan in one move? In this video, I cover how one of our most airtight estate plans drafted specifically to benefit a grandson with special needs ended up being placed in jeopardy… because the clients decided to perform their own DIY surgery on their documents.

Professionals Don't Care About Your Wishes After You're Gone

Professionals don’t care about your wishes after you’re gone, especially financial advisors, but there are some solid reasons for this. If you planned for your estate and left it outright to your children, then your children get to do what they want… even co-mingling it with their spouse. At this point, it doesn’t matter what you might have said you wanted or even what you told the professional you wanted, because they have an obligation to look out for their client. On the other hand, if the legacy you left is held in trust, then the financial professionals have an obligation to follow the terms of the trust. This could mean it is not possible to co-mingle these funds with your child’s spouse, and it sets up the next generation (grandchildren) to receive the trust funds… not your child’s spouse. Check out the full FREE webinar at www.inlawplanningwebinar.com.

Three Don'ts of Medicaid Planning

This podcast was audio taken from a full Free webinar available at www.MedicaidPlanningWebinar.com. Check it out to find out what the other seven Don'ts are.

Dealing with Real Estate in Revocable Living Trusts

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 review 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 out of a trust. And 3) refinancing a mortgage on property in a trust.

For more information on trust funding, including real estate, check out the FREE webinar at www.TrustFundingWebinar.com  

For the YouTube video, go to https://youtu.be/D6ohD6R9yNE 

For the other YouTube video mentioned in the podcast, Trust Certification Clown Show, go to https://youtu.be/MAThPPly_j8 

Do I Need a Taxpayer ID Number for My Living Trust?

The Naming of Trusts

Revocable Living Trust names can be more long and complicated than people think, but there are good reasons. In this podcast, I review the long names my law office uses for revocable living trusts while providing the reasoning behind it. In addition, there are a few concepts around trust names that I review that non-estate attorneys and financial institutions may get wrong.

For more information on Revocable Living Trusts and avoiding probate, please check out my free e-book Estate Planning Basics available at www.RaleighTrusts.com/free 

 

In-Law Risks

Depending on your family situation, there may be a son-in-law or daughter-in-law you just don’t trust. But what risks need to be addressed when planning an estate? In this outtake from a recent conference Jeff taught at, he examines the types of risk most on his client’s minds.

Health Care Power of Attorney vs Living Will vs DNR

The best topics for videos come from my clients’ questions, and we have been getting this one quite a bit lately: what’s the difference between a Health Care Power of Attorney, a Living Will, and a Do Not Resuscitate order? If you have any topics you want addressed, please put it in the comments below and we’ll see what we can do!

COURSES, PROGRAMS, AND WEBINARS

The Six Keys to Successfully Planning Your Estate. Get organized in planning your estate through this FREE REPORT before you start spending hundreds of dollars an hour with an attorney. http://www.sixkeysreport.com

Special Needs Planning Webinar. FREE WEBINAR. There are very few areas of estate planning more fraught with risk than trying to plan an inheritance for a special needs beneficiary… if you don’t know the basics. In this free webinar, I go through the myths, goals, and proper techniques in estate planning for a beneficiary with special needs. http://www.specialneedsplanningwebinar.com.

Estate Crash Course. What is probate? What’s the difference between a Will and a Revocable Living Trust? What are the big decisions I need to make? There’s a lot of information, misinformation, and folk remedies out there, but I cut through all of that to explain the basics of estate planning in plain English, long before you step foot into the attorney’s office to work on your specific goals and objectives. http://www.estatecrashcourse.com.

Trust Funding Webinar. FREE WEBINAR. It’s not enough to just have a revocable living trust and not ensure that your assets are coordinated with it to avoid probate. It’s like having the world’s best suitcase for your dream vacation, but failing to pack everything you need. In this course, I break down the basics of “trust funding,” how different types of assets should be treated, and I even run through some generic examples to show you how to approach specific financial institution forms. In this free webinar, I discuss some of the biggest trust funding fails I’ve seen in my career. http://www.trustfundingwebinar.com.

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#healthcarepowerofattorney #livingwill #dnr #estateplanning

The Disjointed Will Plan

People often wrongly assume that when they create a Last Will and Testament, that the Will controls where all of their assets go, when all of their assets are distributed, and who is in charge of handling all of their assets. Unfortunately, this is often not true. Duct tape strategies such as joint property with a right of survivorship and beneficiary designations will render your Will worthless when it comes to those assets. This video was taken from the live webinar “Planning For Probate: Why a Will Might Not Be The Best Plan.” The webinar is now part of The Estate Crash Course, available at http://www.estatecrashcourse.com Estate Planning Playlist: https://youtube.com/playlist?list=PLrrVKQBBVofrcWCdiJhvVyT-3FP9g4oc6 Medicaid Planning Playlist: https://youtube.com/playlist?list=PLrrVKQBBVofo-p9kCyJoGnW8DNQ8Vd58K Special Needs Estate Planning Playlist: https://youtube.com/playlist?list=PLrrVKQBBVofpebbVuL0dFey2ehaGy40Et Professional Series Playlist: https://youtube.com/playlist?list=PLrrVKQBBVofoXPNgR_-6Nxdw08hdX0qih Financial and Insurance Planning Playlist: https://youtube.com/playlist?list=PLrrVKQBBVofqPOeJ6HYqSmjoc6DXltsWl SAY HELLO ON SOCIAL MEDIA! LinkedIn: https://www.linkedin.com/in/marsocci Instagram: https://instagram.com/the_plain_english_attorney Facebook: https://www.facebook.com/TheLawOfficesofJeffreyGMarsocci YouTube: https://www.youtube.com/user/nclawyer #estateplanning #probate #wills