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10 Things You Should Do to Get Your Estate in Order

10 Things You Should Do to Get Your Estate in Order

by | Dec 2, 2024 | Podcast

Get Your Estate In Order

Key Takeaways | 10 Things You Should Do to Get Your Estate in Order

Create or update your advanced directive for healthcare.

A durable financial power of attorney is crucial for decision-making.

Wills govern probate assets and should be updated regularly.

Trusts can provide asset protection and avoid probate.

Prepaid funeral plans can relieve family stress during difficult times.

Organizing financial accounts helps loved ones manage your estate.

Access to safe deposit boxes should be arranged in advance.

Verify account ownership and beneficiary designations to prevent issues.

Compile personal data, including passwords, for your family.

Designate personal property to avoid family disputes after your passing.

Episode Notes:

In this episode of the Miller Estate and Elder Law Podcast, attorney Bill Miller discusses the essential steps to get your estate plan in order. He emphasizes the importance of having advanced directives, a durable financial power of attorney, a will, and a trust.

The conversation also covers practical aspects such as prepaid funeral plans, organizing financial accounts, and ensuring access to safe deposit boxes. Bill highlights the significance of verifying account ownership and beneficiary designations, compiling personal data for loved ones, and designating personal property to avoid family disputes. This comprehensive overview serves as a guide to navigate the complexities of estate planning effectively.

Notable Moments:

(00:00) Introduction to Estate Planning Essentials

(06:31) Durable Financial Power of Attorney Explained

(12:35) Prepaid Funeral Plans: A Thoughtful Choice

(19:00) Compiling Personal Data for Your Loved Ones

 

 

 

 

 

 

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The Problems with Relying on Beneficiary Designations and POD Designations

The Problems with Relying on Beneficiary Designations and POD Designations

by | Nov 19, 2024 | Podcast

Beneficiary Designations and POD Designations

Key Takeaways | The Problems with Relying on Beneficiary Designations and POD Designations
 

Beneficiary designations can lead to unintended consequences.

Trusts offer more control over asset distribution.

Underage beneficiaries require special considerations in estate planning.

Conservatorship can be a costly and time-consuming process.

Planning for disabled beneficiaries is crucial to protect their benefits.

A revocable trust can help manage assets for minors effectively.

Estate planning should consider the order of death among family members.

Trusts can provide specific terms for asset management after death.

Beneficiary designations may avoid probate but can complicate matters.

Effective estate planning requires a comprehensive understanding of laws. Special needs trusts protect disabled beneficiaries’ assets.

Trusts can be beneficial for spouses on Medicaid.

Leaving assets to a non-disabled child can be risky.

Trusts provide better management of assets during incapacity.

Beneficiary designations may not cover all contingencies.

Trusts can help with tax issues and protect inheritances.

Continuity of asset management is essential for families.

Trusts allow for staggered payouts to prevent misuse of funds.

Trusts can address potential addiction issues in beneficiaries.

Not everyone needs a trust, but they can be very useful.

Episode Notes:

In this episode of the Miller Estate and Elder Law Podcast, attorney Bill Miller discusses the complexities of estate planning, particularly focusing on the implications of beneficiary designations and the advantages of using revocable living trusts. Through the story of Mr. Baker, learn about potential pitfalls, such as the impact on disabled beneficiaries and the challenges faced by underage heirs. The conversation emphasizes the importance of careful planning to avoid costly legal issues and ensure that assets are managed according to the deceased’s wishes.

In this conversation, Bill Miller discusses the importance of trusts—particularly special needs trusts—in estate planning. He emphasizes how these trusts can protect the assets of disabled beneficiaries, address potential tax issues, and ensure continuity of asset management and distribution. The discussion also highlights the limitations of relying solely on beneficiary designations and the advantages of having a revocable living trust.

Notable Moments:

(00:00) Introduction to Estate Planning and Elder Law

(06:48) Challenges with Underage Beneficiaries

(11:51) Protecting Disabled Beneficiaries

(19:00) Addressing Tax and Legal Issues with Trusts

(24:50) Comparing Trusts and Beneficiary Designations

 

 

 

 

 

 

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bill@millerestateandelderlaw.com

3 Types of Long-Term Care

3 Types of Long-Term Care

by | Nov 11, 2024 | Aging Parents, Blog, Elder Care Planning, Estate Planning, Long-Term Care

2024 Presidential Election

As we get older, we might find it harder to tackle everyday tasks, and that’s where long-term care comes in to provide support and manage quality of life. It’s not just about physical health; it’s also about feeling good emotionally and staying as independent as possible. Long-term care can help with tasks such as eating, bathing, mobility, and running errands, while still giving you or your loved one flexibility and independence to live their lives.

About 70% of people 65 years and older will need some form of long-term care in their lives, and it can be confusing to know what kinds of care should be considered. So whether it’s for you or a loved one, here are three of the more common forms of long-term care you may one day find yourself considering.

Three Types of Long-Term Care to Consider

Assisted Living

Assisted living facilities provide care for older adults who need help with daily activities but don’t require constant health assistance. These communities typically offer a variety of assistance levels, making them a flexible option depending on what individuals may need at different stages of aging. It can vary from 24/7 supervision to more independent setups where help is available when needed. This flexibility allows one to choose between living alone or in a group, depending on the care required. Many 55+ communities also fall into this category, where residents can enjoy independent living while having assistance with tasks like meal preparation, housekeeping, and personal care as their needs change.

Skilled Nursing Facilities

Also known as nursing homes, these establishments are ideal for those who require constant medical care and supervision. These facilities staff trained nurses who provide various services, like rehabilitation therapy, personal care, dietary services, and social activities. Skilled nursing facilities are ideal for those who are managing more serious health issues or injuries that require ongoing care and support.

Home & Community-Based Services

For many people, receiving long-term care in the comfort of their own home is their first preference. Home and community-based services allow individuals to remain independent while receiving the essential support needed. These services can include personal care assistants who help with daily tasks, meal delivery programs, transportation services, and adult day care centers. This option can often be more cost-effective than moving into a care facility, as it allows one to live in their own home.

Planning for the future and evaluating the options available for long-term care is a necessary step of aging. While the future is uncertain, and aging might bring up some unexpected challenges, it’s essential to have a strategy in place to protect your hard-earned assets and your health. By exploring your options now, you can ensure that you or your loved ones receive the proper care.

Contact Miller Estate and Elder Law

If you are looking into long-term care options, the experienced attorneys at Miller Estate and Elder Law are here to help guide you through the process. Contact us today at (256) 251-2137 or by filling out the form below.

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256-472-1900

bill@millerestateandelderlaw.com

The Secure Act

The Secure Act

by | Oct 25, 2024 | Podcast

The Secure Act

Key Takeaways | The Secure Act

The Secure Act impacts how inherited IRAs are taxed.

Asset protection planning is essential for families facing long-term care costs.

Medicaid asset protection trusts can safeguard assets from nursing home expenses.

The 10-year rule for IRA distributions requires careful financial planning.

Cashing in IRAs may be a viable option for asset protection.

Nursing home costs are expected to rise significantly in the coming years.

Estate planning should be tailored to individual circumstances.

Understanding tax implications is crucial when making financial decisions.

Families should consider their unique situations when planning for long-term care.

Workshops and resources are available for further education on estate planning.

Episode Notes:

In this episode, attorney Bill Miller discusses the implications of the Secure Act on estate planning—particularly focusing on asset protection and long-term care costs. He outlines scenarios involving families facing potential nursing home expenses and how the Secure Act has altered the landscape for inherited IRAs, emphasizing the importance of strategic planning to protect assets for future generations.

Notable Moments:

(00:00) Introduction to Estate Planning and the Secure Act

(03:00) Understanding Asset Protection and Medicaid Trusts

(06:03) The Impact of the Secure Act on Inherited IRAs

(09:12) Navigating the 10-Year Rule for IRA Distributions

(12:09) Strategies for Protecting Assets from Long-Term Care Costs

(14:50) Conclusion and Resources for Further Learning

 

 

 

 

 

 

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How the Outcome of the 2024 Presidential Election Could Impact Your Estate Plan (and How to Prepare)

How the Outcome of the 2024 Presidential Election Could Impact Your Estate Plan (and How to Prepare)

by | Oct 10, 2024 | Blog, Estate Planning

2024 Presidential Election

As the 2024 presidential election approaches, significant changes in tax policies and estate planning regulations are on the horizon.

In 2017, the Tax Cuts and Jobs Act (TCJA) law passed, which doubled the estate tax exemption—the amount that a person or couple can give away without paying gift or estate taxes. As of 2024, an individual can gift up to $13.61 million, and a married couple can gift up to $27.22 million without being taxed on those amounts. However, the TCJA is set to expire at the end of 2025. Depending on inflation, the exemption amounts are forecasted to drop to around $7.5 million for individuals, and $14.5 million for married couples.

The TCJA may or may not be extended, and this is based on who ends up in the Oval Office next. This underscores the importance of staying prepared and planning ahead to protect your estate and finances, no matter the outcome of the 2024 election.

7 Ways to Protect your Estate During Uncertain Times:

  1. Stay Up to Date: Monitor political updates and potential policy changes. Understanding how proposed modifications could affect your estate plan and financial health will help you make the best possible decisions for your unique situation. 
  2. Keep Your Estate Plan Updated: Reviewing your estate planning documents every 3–5 years is always recommended, but it is particularly essential when policy changes are likely. Take this opportunity to review your wills, trusts, beneficiaries, and power of attorney documents.
  3. Explore Gifting Strategies: Consider making strategic gifts during an election year. By transferring assets now, you can reduce the size of your taxable estate before any policy changes take effect and make the most of the current exemption limits.
  4. Set Up a Trust: Establishing a legally sound trust can help protect your assets. Trusts not only protect your assets from potential tax increases, but they also ensure your assets are managed according to your wishes and can be seamlessly transferred to your beneficiaries when the time comes.
  5. Seek Professional Advice: Estate planning may feel daunting, but seeking personalized support from an estate planning attorney will leave you with peace of mind, knowing your assets are protected—especially as tax policies evolve.
  6. Flexibility is Key: Be prepared to adjust your estate plan as new policies are implemented. Flexibility allows you to respond proactively to changes and safeguard your legacy.
  7. Prepare for Future Health Care: Consider how changes in health care policies might affect your expenses and estate plan. It’s important to ensure your plan covers health care and long-term care costs and provides the care you need.

Contact Miller Estate and Elder Law

Staying informed and flexible when reviewing or implementing changes to your estate plan will help your keep your assets safe from creditors and predators, and ensure your final wishes are honored in the future. Whether you are reviewing your current plan or exploring new strategies, the experienced attorneys at Miller Estate and Elder Law are here to help guide you through the process. Contact us today at (256) 251-2137 or by filling out the form below.

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256-472-1900

bill@millerestateandelderlaw.com