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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by TuckerAllen attorney Missy Shands Manning to review some of the most common mistakes that are typically made in estate planning and elder law.
The panel discusses the factors that often lead to these missteps, the consequences of the mistakes, and what you can do to avoid them.
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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by TuckerAllen attorney Missy Shands Manning to discuss many of the missteps that people make when estate planning. This not only includes mishandled estate planning documents, but also includes failing to create estate planning documents altogether.
Missy describes the biggest problem with only creating a will, as opposed to a comprehensive estate plan that also features a trust and Powers of Attorney for both financial and health care matters. She walks through the process of conservatorship appointment in the cases, where you do not have a Power of Attorney in place and highlights the differences between conservatorship and guardianship. The panel also breaks down many of the reasons why people do not have their estate planning documents already created.
Missy explains the functions of a pour-over will and how it is utilized for those that forget to include assets in their living trust. She also describes the risks in creating online wills through forms and talks about the importance of finding an attorney that focuses on estate planning and elder law.
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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by TuckerAllen attorney Teresa Yao, as they highlight the importance of reviewing a checklist of necessary estate planning documents when creating an estate plan. They go over how the effects of the COVID-19 pandemic have evolved over time for estate planning attorneys and how they assist their clients, who are looking to create plans for the future.
They break down many of the key facets of putting together a comprehensive estate plan. Not only do they dissect the ins and outs of Powers of Attorney, trusts, and wills, but the group describes the personal intricacies involved in leaving estate planning documents where loved ones can find them, dealing with potential family feuds, deciding trustees, agents in a Power of Attorney, and other roles in your estate plan, and more.
Joe, Jill, and Teresa touch on resources that you can use, such as Everplans (which was highlighted in a recent Wall Street Journal article), in order to offer instructions and financial information to your loved ones in the event of your death.
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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to discuss estate planning and elder law mechanisms that you need to have in place, in order to maintain confidence with your future plans.
Teresa emphasizes the importance of having a plan in place and how the COVID-19 pandemic has acted as a reminder of it. She describes how personal the estate planning process can get and how dedicated estate planning and elder law attorneys are at connecting those personal stories with the outlined goals of the desired estate plan.
She emphasizes the importance of having the tough conversations regarding estate plans and who gets appointed to do what function. Teresa cautions against giving the same levels of responsibilities to the same people and how that may be counterproductive to decision-making within an estate plan.
Joe and Teresa explain what an institutional trustee is and how it can function in estate planning. Teresa also explains the ins and outs of probate and how it authenticates a will and allows assets to pass.
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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao, to discuss so many of the health risks associated with those vulnerable to the Coronavirus (COVID-19).
They talk how physical conditions and temperaments play a factor in contagion levels around the United States, as well as around the world. Joe, Jill, and Teresa highlight issues around the state and country, where companies are opening up their workplace.
The group discusses the impact that COVID-19 has had on Americans around the country, including unemployment, closure of companies, and possible mutations of the disease.
They describe how estate planning and long-term care planning instill balance to your life. Teresa dives into her process of building an estate plan, from both an asset and philosophical perspective. She highlights the importance of planning for the possibility that you may become incompetent.
Joe and Teresa dive into the process of constructing a durable Power of Attorney, including choosing an agent, choosing successor agents, and forming end-of-life decisions.
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Attorney-CPA Joe Cordell and co-host Susan Arthur identify some of the missteps that people make in their estate planning and highlight methods of avoiding these mistakes. They talk about the legal side of facing disasters when traveling with loved ones and how contingent agents and contingent trustees can be beneficial in times of crisis.
Joe and Susan talk about the challenges involved in leaving assets to minors and the importance of specific language in legal documents, as well as the implementation of trustees, in order to ensure the asset be maintained until the minor is of a specified age.
Joe and Susan discuss how marriage and prenuptial agreements can factor into the protection of assets and estate planning. They discourage only naming one person in your estate planning documents and emphasize the importance of including a residuary clause. Joe also highlights the importance to include advanced health care directives that reflect your wishes.
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Attorney-CPA Joe Cordell and co-host Susan Arthur dive into some of the more common mistakes that people make when estate planning. They talk about the hazards surrounding losing track of where your will is or not updating it.
Joe and Susan also talk about the complications surrounding pets and providing for them in your estate plan. They bring up pet custody and the modern commonality of including your pet in your estate plans through the uniform trust code.
They highlight some of the issues surrounding property, as well as creative property, and make recommendations, including putting property within a revocable living trust. Joe talks about the use of a deed of gift within a trust and how beneficial this mechanism can be.
Joe talks about the benefits of a trust owning an asset, in order to offer the asset and your loved ones protection from financial hardship or other risks.
Joe and Susan explain how interpersonal dynamics can play a factor in various parts of the estate planning experience, as well as how you should avoid surprising your spouse with the details of your will.
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Attorney-CPA Joe Cordell and co-host Susan Arthur caution the hazards surrounding forms on this episode of ElderTalk with Joe Cordell. They discuss the importance of planning for your future, and not just after you die, as well as the consequences of choosing a more inexpensive and convenient method of estate planning, as opposed to meeting with an elder law attorney.
Joe navigates the ins and outs of a testamentary trust, a beneficiary deed, and a payable on death provision. Susan tells a cautionary story of someone who utilized a form for his estate planning, forgot purchased stocks, and it ended up costing his loved ones after his death.
Joe emphasizes making your trust a beneficiary, in order to move assets into the trusts. He describes what you, as the client, are entitled in your estate planning documents and how they meet your unique priorities. Joe also highlights the importance of having a springing Power of Attorney.
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Attorney-CPA Joe Cordell and co-host Susan Arthur highlight family feuds that can occur in the estate planning experience. They break down estate planning techniques that you can use, in order to any fighting among loved ones over an estate.
Joe and Susan break down how an estate plan that has not been updated can cause problems, as well as how expectations can cause family members to clash with one another and with the attorney caught in the middle.
Joe discusses the role that inclusion plays in the client’s motivations and how that can unintended consequences. He explains what a presumption of undue influence is and how it can shift a case, where a will is challenged.
Joe and Susan detail the responsibilities that the clients have in avoiding conflict among family members and loved ones. Joe talks about what goes into choosing who to put in charge with your decisions, if you are incapacitated, or with your estate, when you die.
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Attorney-CPA Joe Cordell and co-host Susan Arthur are rejoined by last week’s guests, Wealth Advisors and Certified Financial Planners Todd Oetken and Grant Roberts, both of Hilliard Lyons, a Robert Baird Company. They talk about their background in Certified Financial Planning and how the qualifications of your Certified Financial Planner can help shape the way you plan for the future.
They highlight the reasons why you need to weather small losses when investing, as well as listening to your Certified Financial Planner’s advice regarding what you do with your money. Todd talks about many of the questions that Certified Financial Planners ask their clients regarding their goals, what they wish to do with their money, and how they wish to protect their assets moving forward.
Joe also asks Todd about the type of employees at Hilliard Lyons and how their certifications and financial experience can benefit the plans for the future for a client.