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

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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

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

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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

In this episode, attorney Bill Miller discusses the three steps to take immediately when there's a dementia diagnosis to protect you and your family. He emphasizes the importance of having the right legal documents in place, such as a durable financial power of attorney and an advance directive for healthcare. He also highlights the need for professionals—including financial advisors, doctors, and attorneys—to be on the same page and understand the specific needs of individuals with dementia.

Additionally, he explores the various care options available and how to pay for them, including in-home care, assisted living, and nursing homes. Finally, he introduces the long-term care navigation service offered by his firm to support families on their dementia care journey.

Takeaways

• Ensure that your legal documents, such as a durable financial power of attorney and an advance directive for healthcare, are in order to protect you and your family in the event of a dementia diagnosis.
• Make sure that all of your professionals—including financial advisors, doctors, and attorneys—are aware of the dementia diagnosis and are working together to meet your specific needs.
• Explore the different care options available, such as in-home care, assisted living, and nursing homes; and consider how to pay for them through private pay, veterans benefits, long-term care insurance, or Medicaid.
• Consider seeking the assistance of a long-term care navigation service to provide ongoing support and guidance throughout the dementia care journey.

Chapters

(00:00) Introduction and Disclaimer

(13:50) Step 2: Coordinating Professionals for a Comprehensive Dementia Care Plan

(26:33) Conclusion and Importance of Seeking Legal Assistance

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 special needs trusts—also known as supplemental needs trusts—which are designed to protect the benefits of someone who is disabled and on SSI or Medicaid. He explains the two types of special needs trusts: first-party and third-party. First-party special needs trusts are for individuals who receive an inheritance or settlement, and want to maintain their benefits.

Third-party special needs trusts are set up by someone else, such as a family member, to provide additional funds for the disabled person. Bill Miller also mentions the Alabama family trust, a pooled special needs trust that can be used for both first-party and third-party situations.

Takeaways

• Special needs trusts are designed to protect the benefits of someone who is disabled and on SSI or Medicaid.
• There are two types of special needs trusts: first-party and third-party.
• First-party special needs trusts are for individuals who receive an inheritance or settlement, and want to maintain their benefits.
• Third-party special needs trusts are set up by someone else, such as a family member, to provide additional funds for the disabled person.
• The Alabama family trust is a pooled special needs trust that can be used for both first-party and third-party situations.

Chapters

(00:00) Introduction to Special Needs Trusts

(08:15) First-Party Special Needs 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 the difference between probate and non-probate assets. Probate assets are those that are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership. Bill also highlights the probate process, including the responsibilities of the personal representative and the time-consuming nature of probate. He emphasizes the importance of having a will and the potential consequences of dying without one.

Bill explores the benefits of avoiding probate and provides various methods to achieve this, such as beneficiary designations, joint ownership, and trusts. He concludes by discussing the considerations in choosing between probate and non-probate plans, and the impact on business assets.

Takeaways

• Probate assets are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership.
• The probate process can be time consuming and expensive, often taking a minimum of nine months to complete.
• Having a will does not necessarily avoid probate if there are assets that are solely owned and not covered by other legal transfer methods.
• Avoiding probate can be achieved through beneficiary designations, joint ownership, or the use of trusts.

Chapters

(00:00) Introduction and Disclaimer

(01:00) Understanding Probate and Non-Probate Assets

(05:27) Non-Probate Assets

(06:32) Probating a Will

(08:49) Difficulties of Estate Administration without a Will

(10:15) Consequences of Dying without a Will

(11:27) Challenges of Probate Process

(15:14) Methods to Avoid Probate

(18:11) Importance of Beneficiary Designations

(20:34) Choosing Between Probate and Non-Probate Plans

(21:35) Avoiding Probate for Business Assets

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 importance of long-term care planning and the potential financial impact of long-term care costs. He shares personal experiences of families struggling to pay for long-term care and emphasizes the need to protect one's home and life savings.

Bill explains the limited options for paying for long-term care, including Medicaid, long-term care insurance, and out-of-pocket payments. He also highlights the importance of having the right estate planning documents in place and the benefits of asset protection strategies. The episode concludes with a recommendation for early planning and an exploration on long-term care insurance options.

Takeaways

• Long-term care costs are the number one threat to your home and life savings.
• It is important to protect your spouse and family from the financial burden of long-term care.
• Avoid making mistakes in long-term care planning that could prevent you from getting the care you need.
• Consider asset protection strategies, such as a five-year protection plan, to qualify for Medicaid and protect your assets.
• Start long-term care planning early and explore long-term care insurance options.

Chapters

(00:00) Introduction and Disclaimer

(01:00) Personal Experience with Long-Term Care

(04:05) Protecting Spouse and Family

(05:26) Avoiding Mistakes in Long-Term Care Planning

(07:37) Statistics and Costs on Long-Term Care Needs

(09:08) Importance of Estate Planning Documents

(12:09) Asset Protection and Medicaid

(14:18) Medicaid Qualification and Asset Limits

(19:58) Five-Year Protection Plan

(22:45) Asset-Based Long-Term Care Insurance

(30:25) When to Start Long-Term Care Planning

(31:21) Conclusion and Call to Action

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 breaks down the topic of nursing home Medicaid. He shares a case study of a couple dealing with dementia and the financial challenges they faced. Bill touches on the qualifications for Medicaid and addresses common misconceptions about nursing homes and Medicaid. He also highlights problems people encounter when applying for Medicaid, including the income and asset limitations that need to be considered.

The conversation continues with a discussion about the 60-month look-back period and strategies to speed up Medicaid qualification.

Takeaways

• Nursing home Medicaid is an important topic that often causes confusion.
• Many individuals and families struggle to pay for nursing home care, leading to the depletion of their savings.
• Medicaid is a means-tested program and requires individuals to meet certain income and asset qualifications.
• Misconceptions about nursing homes and Medicaid can lead to misunderstandings about who pays for care.
• The two major problems with Medicaid qualification are having too many assets or too much income, and the look-back period for asset transfers.
• Medicaid determines the assets on the snapshot date, which is the first day of the month when someone enters a hospital or nursing home facility and doesn't return home.
• Assets that count towards Medicaid qualification include IRAs, real estate, investment accounts, savings accounts, and cash value life insurance.

Chapters

(00:00) Introduction

(01:01) Case Study: Retirement and Dementia

(02:28) Transition to Nursing Home

(03:27) Qualifying for Medicaid

(05:38) Misconceptions about Nursing Homes and Medicaid

(06:14) Problems with Medicaid Qualification

(08:36) Income and Asset Qualifications

(12:02) Snapshot Date for Asset Evaluation

(14:33) Problem Assets in Medicaid Qualification

(16:31) 60-Month Look-Back Period

(19:44) Strategies to Speed Up Medicaid Qualification

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