While there is NEVER a substitute for a complete, well-thought-out estate plan, shortcuts and alternative ways to transfer your assets DO exist. Many types of assets allow beneficiary designations, transfer-on-death or pay-on-death designations, succession plans for businesses, etc. One of the most popular questions that clients often ask is about what to do with real estate. Because real estate is usually one of the most valuable assets that families will ever own, choosing the appropriate way ...
May 18, 2023•26 min•Ep. 81
When people think of their “estate” within estate planning, many common assets come to mind. There are proper protocols and procedures for transferring bank accounts, investments, retirement accounts, vehicles, real estate, etc. However, a new type of asset has come into play in the 21st century: digital assets. While the law has tried to play catch-up on how to handle digital assets, there are certain things that can be done now to make sure this part of your estate is properly handled if you b...
May 05, 2023•26 min•Ep. 80
In most circumstances, it is best to work with an estate planning attorney who is local and understands the laws of the state you live in. However, special consideration needs to be given to people who have a residence in multiple states and those who travel frequently. What if you set up your plan in your “home state” but something happens to you while you are living at your second home on the other side of the country? What if you travel for work and are always in a different place? If that so...
Apr 20, 2023•24 min•Ep. 79
As people age, they tend to rely on others to help out. Spouses, children, and other family members often step in to help handle everything from the finances to cutting the grass. If there are no family members that are trustworthy and capable, many look to service providers, caregivers, and other “outside” options. Unfortunately, as people age and become reliant on others, that can make them targets for financial abuse. Contact: 513-463-6789 info@CincinnatiEstatePlan.com...
Apr 06, 2023•23 min•Ep. 78
Different types of estate plans allow different levels of flexibility. When setting up a trust, the Trustmaker usually has an opportunity to get extremely detailed in the instructions left for the Trustee to follow when distributing your estate after you pass away. The rules you put in place (and how much discretion you want to leave for your Trustee) should be careful considered. It is impossible to think of every situation that could arise after you pass away. However, there are ways to set ru...
Mar 16, 2023•20 min•Ep. 77
Many families (and their attorneys) treat estate planning as a one-time transaction. They “set it and forget it.” However, you are ahead of the game! You have decided to have a review meeting with your estate planning attorney to make sure your plan still works the way you intended it to work. Just like having a check up at the doctor, there are certain things you should do to prepare for the meeting. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Mar 02, 2023•25 min•Ep. 76
When putting together your estate plan, you want to make sure that your assets are going to causes and people you care about. This can be difficult if someone you would like to pass assets down to struggles with drugs, or alcohol. Today we will discuss the questions you should be asking yourself in order to create a plan that is suitable for you and your situation. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Feb 16, 2023•19 min•Ep. 75
You may have heard about this in the news, but Lisa Marie Presley died on January 12th (2023), at the age of 54. Lisa was the only child of Elvis Presley. She left behind her mother, Priscilla Presley, and her daughter, Riley Keough. Lisa’s son Benjamin Keough passed away a couple of years ago. While sad in its own right, the news has been filled with details that Lisa’s mother, Priscilla, is challenging some changes made to Lisa’s estate plan. Contact: 513-463-6789 info@CincinnatiEstatePlan.com...
Feb 03, 2023•22 min•Ep. 74
If you own a home (or multiple homes), you understand that it may be difficult to have multiple co-owners on a property. For many families, the home is also one of the largest assets. Let’s walk through some different scenarios and options on how to handle the house. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Jan 19, 2023•19 min•Ep. 73
When leaving an inheritance to children or grandchildren, many families prefer to treat everyone the same. Each child (or grandchild) will receive an equal share of the inheritance. While it is the “default” answer, it is not always the right answer. We will discuss some situations where it might not be ideal to leave an equal share to everyone. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Jan 05, 2023•25 min•Ep. 72
Many people go through the estate planning process in order to provide for their loved ones and/or to allow someone to make decisions on their behalf if they fall ill. However, there are also specific decisions (usually medical) that a person will need to address during the process. For those who are blindsided by this process, it can feel like a medical school exam! Here are some common decisions you may be faced with when preparing your own estate plan. Contact: 513-463-6789 info@CincinnatiEst...
Dec 15, 2022•21 min•Ep. 71
Estate planning (like many things) is always best handled LONG before it is needed. However, even a well-thought-out estate plan should be reviewed periodically. If the family is aware that “the end is near”, it is always a good idea to review certain aspects of the plan and the wishes of the person who is about to pass away. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Dec 01, 2022•25 min•Ep. 70
The holiday season is upon us and many people start to feel charitable this time of year. With that in mind, we wanted to discuss some of the parameters around charitable giving and how it might affect you on this episode. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Nov 17, 2022•20 min•Ep. 69
It can be challenging to ensure that your estate plan is up to date and that all of your assets are included. We will discuss what you should do about adding new assets to your plan for today's show. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Nov 03, 2022•29 min•Ep. 68
After someone passes away, the executor or trustee is responsible for carrying out the wishes of the deceased person and settling the estate. This could include paying bills, settling debts, filing taxes, selling assets, etc. Eventually, it is time for the beneficiaries to receive their inheritance. While it may be tempting to “take the money and run”, this may put their inheritance immediately in danger. Those who are receiving an inheritance from a trust may have opportunities to protect the m...
Oct 20, 2022•28 min•Ep. 67
When someone passes away, the “what happens next” is usually dictated by the decedent’s estate plan (if they had one), or by state law, if there was no plan. However, there are special circumstances that apply when a married person passes away but their spouse is still alive. Often times, a family may end up getting “lucky” and avoid some of the major headaches. However, this is not always the case. It can also lead families into a false sense of security because “nothing bad happened when my sp...
Sep 30, 2022•22 min•Ep. 66
Very few things in life last forever. Cars break down, cell phones become out of date, food goes bad, even a good bourbon can spoil if you don’t store it properly. Sadly, many people look at estate planning as a one-time activity (set it and forget it). While your estate plan might technically not have an expiration date, there are many times when it could end up “going bad” if not properly updated. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Sep 15, 2022•24 min•Ep. 65
Many consider estate planning as the art of setting out your wishes while also trying to predict all of the “what ifs” that may or may not happen in the future. Obviously, unless you have a crystal ball, it is impossible to know the future. However, there are a number of predictable/potential what-if scenarios that a good estate plan should cover. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Sep 01, 2022•28 min•Ep. 64
We dedicate this show to answer some mailbag questions that have come in from our listeners. We will discuss protecting a company's assets, if a trust is necessary for one retirement account, and liability protection. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Aug 18, 2022•20 min•Ep. 63
On this episode, we’ll talk about various ways to challenge, undo, or override an estate plan. We’ll also discuss the circumstances when this might be appropriate. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Aug 04, 2022•27 min•Ep. 62
Everyone has heard the famous quote from Benjamin Franklin “In this world, nothing is certain except death and taxes.” Although taxes are often discussed with a financial advisor and CPA, many families don’t consider the tax consequences of their estate plan. Here are the taxes to be aware of. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Jul 21, 2022•25 min•Ep. 61
Many types of accounts allow the owner to designate beneficiaries to receive the account after the owner dies. This can be a quick, easy, and no-cost way to pass on the account after someone dies. However, the ease of setting up beneficiary designations can trap some into assuming their estate plan is “done”. It is one piece of the puzzle, but not the entire puzzle. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Jul 07, 2022•20 min•Ep. 60
Most times, people look towards setting up a trust as a flexible, efficient, private, customized way to manage an inheritance plan for their loved ones. However, because of its flexibility, a trust can be used as a “utility knife” and help families and small businesses in a variety of other situations. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Jun 16, 2022•22 min•Ep. 59
It is always prudent to work with experts who specialize in a certain area. Use your estate planning attorney for your estate plan, your financial advisor for your investments, your CPA for your taxes, etc. Although all of your professionals should “stay in their own lane”, the work that they do is interconnected. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Jun 02, 2022•25 min•Ep. 58
Setting up a trust is a great way to protect your loved ones after you’re gone. However, just signing the legal documents is only HALF of the job. You not only have to establish the trust, but you have to make sure your trust will actually control and protect your assets the way you want. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
May 19, 2022•29 min•Ep. 57
Many families choose a trust as the best way to manage and distribute their inheritance after they pass away. However, people are surprised to find out that they still need a will EVEN IF they have a trust. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
May 05, 2022•22 min•Ep. 56
It is impossible to predict the future. However, families with underage beneficiaries often have to work with their attorney to do just that. When it comes to leaving an inheritance to children, grandchildren, etc., a good attorney won’t just ask “how much” to give each person. He or she will also ask “when”, “why”, and “what for”. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Apr 21, 2022•26 min•Ep. 55
Most of the focus on this show is about properly setting up your own plan to protect your family and your life savings. However, many people find themselves on the other side of the equation. What should you do if someone names you in their own estate plan? Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Apr 07, 2022•24 min•Ep. 54
There are two schools of thought on estate planning. The first (which we disagree with) is that estate planning is merely a commodity. All plans are the same. The second (and proper viewpoint) is that estate planning is a professional service. Let’s outline the differences. Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Mar 31, 2022•25 min•Ep. 53
With tuition costs continuing to rise, more and more families are taking out student loans to pay for higher education. Many times, the student AND the parent both have loans. What happens to them when you die? Contact: 513-463-6789 info@CincinnatiEstatePlan.com
Mar 03, 2022•24 min•Ep. 52
