The Plain English Legal Podcast

EINs and Trusts

This question keeps coming up... "Does a trust need a separate taxpayer identification number?" It depends. In this podcast, I go over the three main trusts we utilize in my law practice with a focus on the "hybrid" Irrevocable Property Trust, which is also classified as an Intentionally Defective Grantor Trust. At the end of the day, banks and financial institutions setting up accounts need SOME taxpayer ID number to identify who is responsible for the taxes. In some cases, a social security number may be the most appropriate, and it can prevent harassing letters from the IRA demanding a 1041 tax filing for a trust that does not need to file one. #trusts #estateplanning #taxayerID #irrevocabletrusts

Family Limited Partnerships: How They Work in Generational Estate Planning

Family Limited Partnerships can be an extremely effective tool in protecting family businesses, transferring value to the next generation during life without transferring control, and providing for a clear distribution of all assets (including the businesses) upon death. To make this happen as smoothly as possible, the Family Limited Partnership needs to be handled in conjunction with a Revocable Living Trust. But how is this accomplished? How do you title the shares? What’s the difference between General Partnership Shares and Limited Partner Shares? In this podcast, Jeffrey G. Marsocci, The Plain English Attorney™ reviews all of these questions and more, including providing a family example of how control of the business can be maintained through a second generation.

Probate Roundtable

Taking an estate through probate can be one of the most expensive, time-consuming, and frustrating experiences someone can go through. While a large part of my legal practice is focused on estate planning that avoids probate, sometimes there is just no choice. To help answer some questions about probate, I was joined by probate attorney Cara Williams and my former probate legal assistant DeJah Debon to discuss the three main phases of probate, some of the main problems people face when trying to go it alone, and even tell some stories from our past experiences.

#estateplanning #probate #estates

The Big Probate Lie Financial Institutions Tell

There is one, big lie about probate that financial companies tell their clients all of the time. Unfortunately, many of the professionals at these banks and institutions have no idea that they are telling this lie or how disastrous it actually is to their client’s estate and family. The lie is “our accounts are beneficiary driven so they completely avoid probate."

How to Disinherit a Child From an Estate Plan

Should you just leave a disinherited child a dollar? No! In this podcast, Jeff goes through the main principles in cutting out a child from an estate plan in a way that doesn’t complicate things.

For the YouTube video on this subject, check it out here: https://youtu.be/-Gd118dK6_Y 

#estateplanning #revocabletrust #livingtrust #revocablelivingtrust

Bank Screws Up Estate Plan?!

What happens when you have been with a partner for 30 years, but were never married because they never divorced their spouse? Despite a solid estate planning strategy with a revocable living trust, one slip up at the bank can cause disaster. In this review of a Reddit question on r/estateplanning, Jeff reviews how one mistake by the bank could cause much of an inheritance to go to the spouse they have been separated from for forty years and not their partner of thirty years. #estateplanning #bank #trust #reddit

Kicked Out!

What does it take for Jeff to kick someone out of his office? In this installment, Jeff puts out the question of whether a child is just clueless about estate planning or are they actively trying to steal the entire estate from their sibling with special needs? Get the details (anonymously, of course) and render your judgment. #estateplanning #specialneeds #fraud

The ONE WORD That Can Save Millions After a Spouse Dies

When a spouse passes on, it is never easy. However, among the many tasks that have to happen during this critical time, looking at taxes and expenses now versus in the future can potentially save millions. In this installment, Jeff reviews three different scenarios with only one saving a family nearly two million dollars in the long run simply based on a one-word technique.

SPECIAL UPDATE: More on 5 Techniques That Cut Cheating Spouse From The Estate Plan

When recording the previous podcast, we didn't know there was going to be another update, but there was. In this episode, Jeff (admittedly suffering from a cold) reviews how the husband with a terminal diagnosis who found out his wife was cheating revealed everything to her.

Setting Up the Family for Estate Success

When someone asks an open ended question about establishing an estate plan that sets the family up for success, there are a lot of opportunities. But these steps represent potential opportunities that don’t need to be set up at the beginning. In this video, Jeff reviews a core estate plan with potential “add-ons” in the future that can help set up three generations for protected inheritances and business protection. #estateplanning #revocabletrust