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

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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

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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

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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

In this episode, Bill Miller discusses asset protection planning in the context of long-term care and nursing home costs. Learn from personal experiences of families who didn’t have a plan in place and lost everything, as well as families who successfully protected their assets. Explore the different ways to pay for long-term care, including out-of-pocket, long-term care insurance, Medicare, and Medicaid. Bill delves into the asset and income limits for Medicaid qualification and the concept of spend down. He touches on the use of life estate deeds and irrevocable trusts for asset protection. Lastly, Bill emphasizes the importance of planning in advance and the five-year look-back period for Medicaid eligibility.

Takeaways

• Asset protection planning is crucial to avoid losing everything to nursing home costs.
• There are a few ways to pay for long-term care: out-of-pocket, long-term care insurance, Medicare, and Medicaid.
• Medicaid has asset and income limits for qualification, and a five-year look-back period for asset transfers.
• Life estate deeds and irrevocable trusts are effective strategies for protecting assets.
• Planning in advance is essential to ensure eligibility for Medicaid and protect assets.

Chapters

(00:00) Introduction and Personal Experience with Asset Protection Planning

(03:07) Asset Protection Case Studies

(05:26) Ways to Pay for Long-Term Care

(07:24) Medicaid and Asset Limits

(08:47) Income and Spousal Considerations

(10:23) Medicaid Spend Down

(11:27) Protecting Assets and Risks of Direct Gifting

(13:55) Irrevocable Trusts for Asset Protection

(24:28) The Five-Year Look-Back Period

Learn More and Connect with Bill Miller

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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 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.

Takeaways

• 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.

Chapters

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

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 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.

Takeaways:

• 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.

Chapters:

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

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.

Takeaways

• 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.

Chapters

(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

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