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Revocable vs. Irrevocable Trusts

Revocable vs. Irrevocable Trusts

by | Mar 13, 2024 | Podcast

revocable vs irrevocable trusts

Key Takeaways | Revocable vs. Irrevocable Trusts

Revocable trusts are flexible and allow the grantor to be the trustee and beneficiary while alive.

Irrevocable trusts provide asset protection from creditors and nursing homes, but require the grantor to give up control of the assets.

Revocable trusts avoid probate and can be amended or modified at any time.

Irrevocable trusts are less flexible and harder to change.

Episode Notes:

In this episode, attorney Bill Miller discusses the differences between revocable and irrevocable trusts. Revocable trusts are flexible and allow the grantor to be the trustee and beneficiary while alive. These types of trusts avoid probate and can be amended or modified at any time. On the other hand, irrevocable trusts provide asset protection from creditors and nursing homes, but require the grantor to give up control of the assets. These trusts are less flexible and harder to change.

Both revocable and irrevocable trusts have their uses and can be tailored to individual needs.

Notable Moments:

00:00 Introduction and Disclaimer

01:00 Overview of Trusts

02:55 Revocable Trusts

06:30 Funding and Successor Trustees

07:59 Revocable Trusts vs. Wills

09:29 Naming the Trust as a Beneficiary

10:39 Standby Special Needs Provisions

11:58 Instructions and Limitations in a Revocable Trust

12:28 Flexibility and Real Estate in Multiple States

14:35 Continuity of Asset Management

15:36 Avoiding Family Fights and Drama

16:06 Blended Families and Asset Disposition

17:35 Flexibility and Limitations of Revocable Trusts

19:19 Drawbacks of Revocable Trusts

20:14 Introduction to Irrevocable Trusts

21:26 Asset Protection from Creditors and Nursing Homes

23:19 Giving Up Control in Irrevocable Trusts

25:24 Differences Between Revocable and Irrevocable Trusts

27:06 Conclusion

 

 

 

 

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bill@millerestateandelderlaw.com

All About Trusts

All About Trusts

by | Mar 5, 2024 | Podcast

all about trusts

Key Takeaways | All about Trusts

Trusts are not just for the wealthy—they can be a valuable estate planning tool for anyone.

A trust involves several parties: the grantor, the trustee, and any beneficiaries.

There are different types of trusts, including revocable trusts, testamentary trusts, and irrevocable trusts, each of which offers different benefits.

Trusts offer benefits such as probate avoidance, continuity of asset management, and asset protection.

Properly funding a trust is essential to ensure that all assets are properly included in the trust.

Episode Notes:

In the latest episode of the Miller Estate & Elder Law podcast, estate planning attorney Bill Miller discusses trusts and the important role they play in estate planning. He addresses common misconceptions about trusts, and explains why they are not just for the wealthy. 

Bill also explains the various roles involved in drafting and administering a trust, and breaks down the responsibilities of the grantor, the trustee, and the beneficiaries. 

He also discusses different types of trusts, including revocable trusts, testamentary trusts, and irrevocable trusts. Bill highlights the benefits of a trust-based estate plan, including probate avoidance, continuity of asset management, and asset protection.

In the end, Bill emphasizes the ease and cost-effectiveness of trusts in comparison to wills. 

Notable Moments:

00:00 Introduction and Disclaimer

01:01 Misconceptions about Trusts

01:31 Definition and Function of Trusts

03:00 Parties Involved in a Trust

05:36 Trustees and Beneficiaries

08:13 Successor Trustees

09:10 Types of Trusts: Revocable Trusts

09:39 Types of Trusts: Testamentary Trusts

13:38 Types of Trusts: Irrevocable Trusts

17:16 Types of Trusts: Supplemental Needs Trusts

20:24 Benefits of Trusts

22:46 Common Trust Provisions

26:48 Funding a Trust

29:14 Advantages of Trusts over Wills

30:30 Conclusion

 

 

 

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bill@millerestateandelderlaw.com

All About Wills

All About Wills

by | Feb 23, 2024 | Podcast

all about wills

Key Takeaways | All about Wills

A will is a written instruction to the probate court on how to distribute your probate assets.

Not all assets go through probate, so it’s important to understand which assets do go through probate and are covered by a will.

Common provisions in wills include specific distributions, tangible personal property, and the residual estate.

Self-proving wills, which are notarized, are highly recommended to avoid complications during probate.

It is important to understand that all wills are not the same and you need to have your will drafted to meet your specific goals and objectives.

Episode Notes:

In this episode, you’ll learn about wills, their importance in estate planning, and how a will functions as your written instructions to the probate court on distributing your probate assets. Not all assets go through probate. I highlight the need to understand which assets do go through probate and are, therefore, covered by a will. 

We will cover common provisions in wills, such as specific distributions, tangible personal property, and the residual estate.  You will also learn about the role of the executor or personal representative and the importance of having a self-proving will.

Near the end of the episode, I’ll share some of the problems I’ve seen arise when you don’t have a will and why you should have an estate plan that is customized to meet your goals and objectives.

Notable Moments:

(00:00) Introduction and Overview of Estate Planning

(01:30) Understanding Wills

(02:27) Assets and Probate

(04:23) Common Provisions in Wills

(06:20) Residuary of the Estate and Remote Contingent Beneficiary

(07:29) Standby Special Needs Trust

(08:40) Executor or Personal Representative

(09:39) Bond, Inventory, and Accounting

(11:06) No Contest Clause

(12:37) Powers of the Executor

(13:32) Self-Proving Wills

(14:08) Executor’s Fee

(15:17) Probate Process

(17:09) Importance of Having a Will

(18:06) Issues Without a Will

(20:46) Pour Over Will

(22:25) Problems with Simple Wills

(26:43) Importance of Customized Estate Planning

 

 

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Durable Powers of Attorney and Advance Directives

Durable Powers of Attorney and Advance Directives

by | Feb 13, 2024 | Podcast

durable power of attorney and advanced directives

Key Takeaways | Durable Powers of Attorney and Advance Directives

A durable financial power of attorney is a must-have for estate planning. It lets someone you trust handle your finances if you can’t.

Choose your power of attorney wisely. They need to be responsible and trustworthy.

Look for an enhanced power of attorney with asset protection provisions. It’s worth it.

Advance directives for healthcare are essential. They ensure your medical wishes are followed and someone you trust can make decisions for you.

Don’t forget that HIPAA authorization in your medical power of attorney. It’s key to keeping everything running smoothly.

Episode Notes:

We’re breaking down the basics of durable powers of attorney and advance directives for healthcare in this episode of the podcast. These are crucial parts of estate planning, and understanding them can make a big difference for you and your loved ones.

What’s a durable financial power of attorney? It’s like a safety net. If something happens and you don’t have the capacity to handle your finances, this document lets someone you trust step in and make decisions for you.

Beware: not all powers of attorney are created equal. We’re talking about an “enhanced” durable power of attorney. It’s got extra protections built in, like safeguards for your assets.

Advance directives for health care lay out your wishes for medical care in case you can’t speak for yourself. It includes things like a living will and a medical power of attorney.

That medical power of attorney is critically important because it includes HIPAA authorization. That gives your chosen person the power to talk to your doctors and make decisions about your care.

We’re urging you to think ahead. Make informed choices now so that if a crisis hits, your wishes are clear, and your loved ones aren’t left guessing. It’s all about avoiding disputes and ensuring your peace of mind.

Notable Moments:

00:00 Introduction to Durable Powers of Attorney and Advance Directives

01:50 Importance of Durable Financial Power of Attorney

04:19 Choosing the Right Power of Attorney

05:43 Co-Agents and Backup Power of Attorney

07:16 Springing Power of Attorney

09:01 Standard Power of Attorney vs Enhanced Power of Attorney

11:29 Extra Powers in an Enhanced Power of Attorney

14:11 Importance of Properly Drafted Power of Attorney

17:24 Importance of Power of Attorney for Spouses

19:12 Consequences of Not Having a Power of Attorney

20:39 Introduction to Advance Directives for Healthcare

22:10 Decisions for Permanently Unconscious Patients

23:08 Healthcare Power of Attorney and HIPAA Authorization

25:00 Choosing a Medical Power of Attorney

26:26 Provisions in a Medical Power of Attorney

28:15 Final Considerations for Advance Directives

28:58 Importance of Having Advance Directives

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bill@millerestateandelderlaw.com

Estate Planning 101

Estate Planning 101

by | Feb 6, 2024 | Podcast

estate planning 101

Key Takeaways | Estate Planning 101

Estate planning is about maintaining control and addressing key questions about what happens if you die, live a long time and need help making decisions, or get dementia.

Everyone should have an estate plan, regardless of the size of their assets.

The consequences of not having an estate plan include family disputes and unwanted distribution of assets.

Episode Notes:

In this episode, you will learn the importance of estate planning and the need for having an estate plan. Estate planning is about maintaining control.

We will answer these three key questions:

  1. What happens if you die?
  2. What happens if you live a long time and need help making legal, financial, or healthcare decisions?
  3. What happens if you get Dementia?

It’s important that everyone have an estate plan, regardless of how much money or assets they have.  I also point out the consequences of not having an estate plan.  Those consequences include increased family disputes and people getting your assets that you do not want to have them.

You will also learn about the three essential documents in estate planning:

  1. A durable financial power of attorney,
  2. An Advanced Directive for Healthcare, and
  3. A Last Will and Testament.

As the episode wraps up, I emphasize the importance of creating an estate plan tailored to achieve your specific goals and objectives.

Notable Moments:

(00:00) Introduction

(00:58) What is Estate Planning?

(02:02) Three Questions of Estate Planning

(04:24) Importance of Having an Estate Plan

(05:45) Consequences of Not Having an Estate Plan

(09:12) The Need for Documents in Estate Planning

(12:09) Three Essential Documents

(20:16) The Role of a Will

(23:47) Summary and Conclusion

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bill@millerestateandelderlaw.com