In this episode, attorney Bill Miller discusses the differences between wills and trusts. He explains that a will is a legal document that outlines how your probate assets should be distributed after your death, while a trust is a legal agreement that holds assets for the benefit of individuals or purposes.

Wills are simpler and less expensive upfront, but they require court intervention and can be time-consuming. Trusts, on the other hand, avoid probate, provide continuity of asset management, and offer more flexibility and privacy. They are better for larger or more complex estates and can be effective during your lifetime as well.

Takeaways

• A will is a legal document that outlines how your probate assets should be distributed after your death, while a trust is a legal agreement that holds assets for the benefit of individuals or purposes.
• Wills are simpler and less expensive upfront, but they require court intervention and can be time-consuming.
• Trusts avoid probate, provide continuity of asset management, and offer more flexibility and privacy.
• Trusts are better for larger or more complex estates and can be effective during your lifetime as well.
• A pour-over will can be used in conjunction with a trust to ensure that all assets are distributed according to the trust's terms.
• Trusts can be used for asset protection, planning for incapacity, and seamless management of assets.
• Trust administration is typically less expensive and easier than probating a will.
• It is important to consider your specific circumstances and goals when deciding between a will and a trust.

Chapters

(00:00) Introduction and Overview

(07:11) Introduction to Trusts

(09:29) Types of Trusts: Revocable and Irrevocable

(12:08) Parties Involved in a Trust

(14:03) Advantages of Trusts

Learn More and Connect with Bill Miller

https://millerestateandelderlaw.com/

https://www.facebook.com/MillerEstateandElderLaw/

https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/

https://twitter.com/attybillmiller

https://www.youtube.com/channel/UC_UuzlnOOHGmiGHgPY7FZ6A

In this episode, attorney Bill Miller discusses common mistakes and pitfalls of self-help estate planning. He shares real-life stories to illustrate the consequences of these mistakes and emphasizes the importance of working with qualified professionals.

The main mistakes discussed include putting children's names on bank accounts, relying solely on beneficiary designations, relying on advice from friends instead of professionals, and assuming all legal documents are created equally.

Takeaways

• Putting children's names on bank accounts can expose the accounts to their creditors and predators.
• Deeding property to children during one's lifetime can result in capital gains tax and potential loss of assets to creditors.
• Relying solely on beneficiary designations can create issues when needing to access assets during one's lifetime.
• Giving away assets to protect them from nursing home expenses can result in Medicaid penalties.
• Relying on advice from friends may not be applicable to one's specific situation and state laws.
• Working with qualified professionals who collaborate and understand one's goals is crucial for effective estate planning.
• Not all legal documents are created equally, and it's important to ensure they have the necessary powers and are up to date.

Chapters

00:00 Introduction

02:29 Putting Children's Names on Bank Accounts

04:46 Deeding Property to Children During Your Lifetime

07:28 Relying Solely on Beneficiary Designations

09:26 The Consequences of Giving Away Assets to Protect from Nursing Home Expenses

15:46 Relying on Advice from Friends

24:11 Not All Legal Documents Are Created Equally

26:14 Conclusion

Learn More and Connect with Bill Miller

https://millerestateandelderlaw.com/

https://www.facebook.com/MillerEstateandElderLaw/

https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/

https://twitter.com/attybillmiller

https://www.youtube.com/channel/UC_UuzlnOOHGmiGHgPY7FZ6A

In this episode, attorney Bill Miller discusses the differences between guardianships and conservatorships versus a power of attorney. He shares a story about a man who had Alzheimer's and the difficulties faced by his while trying to sell their property due to his inability to sign legal documents.

A power of attorney is a document that gives someone else the authority to make legal and financial decisions for the principal. On the other hand, a guardianship and conservatorship require a court proceeding and have court oversight.

Takeaways

• A power of attorney is a document that gives someone else the authority to make legal and financial decisions for the principal.
• Guardianships and conservatorships require a court proceeding and have court oversight.
• Powers of attorney provide flexibility and specificity, while guardianships and conservatorships give broad powers.
• Powers of attorney are quicker to establish and less expensive than guardianships and conservatorships.
• Spouses should have powers of attorney over each other, and backups should be named in the document.
• Guardianships and conservatorships are recommended when there is no one trustworthy to act as power of attorney or when court oversight is desired.

Chapters

(00:00) Introduction and Disclaimer

(04:01) Explanation of Powers of Attorney

(07:14) Pros and Cons of Powers of Attorney

(13:04) Pros and Cons of Guardianships and Conservatorships

(19:25) Importance of Powers of Attorney in Estate Planning

Learn More and Connect with Bill Miller

https://millerestateandelderlaw.com/

https://www.facebook.com/MillerEstateandElderLaw/

https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/

https://twitter.com/attybillmiller

https://www.youtube.com/channel/UC_UuzlnOOHGmiGHgPY7FZ6A