The Plain English Attorney Blog

Far too many attorneys overcomplicate things, making topics convoluted and difficult to understand to the average person. This blog is committed to explaining legal planning topics in an easy to understand format, in plain English. Enjoy the blogs, and please let us know if there is a topic you would like covered.

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The Importance of Trust Funding May 30, 2022

Many of our estate planning clients have chosen to use a Revocable Living Trust as a way to avoid probate of their estate as much as possible when they pass on. Unfortunately, just having the documents set up is not enough to avoid probate. The process of “trust funding,” meaning...

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The High Cost of "Low Probate Fees" #estateplanning #probate May 26, 2022

“Probate fees in our state are not that high.” Unfortunately, I hear this from some attorneys who focus their practice on handling probate, and probate is exactly what you get when you rely on a Last Will and Testament for your estate plan. Considering the massive attorney's fees...

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EINs and Trusts May 24, 2022

This question keeps coming up... "Does a trust need a separate taxpayer identification number?" It depends. In general...

* Revocable Living Trusts do not need an EIN/Taxpayer ID if the Trustor(s) are still alive

* Irrevocable Trusts generall DO need a separate EIN

* Hybrid Irrevocable...

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Myths of Special Needs Planning May 23, 2022

https://youtu.be/VALMyQavtKU 

Sometimes something that is “common knowledge” is just a myth, and myths are prevalent in estate planning for special needs beneficiaries. For example,

* MYTH: You can't leave an inheritance to to a beneficiary with special needs.

* MYTH: You should...

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NFTs and Revocable Living Trusts May 19, 2022

One of the hot new investment trends is NFTs, or Non-Fungible Tokens. Because it is so new, questions come up about how this investment is funded into a revocable living trust. In this video, I run through the basics of NFTs and how they need to be titled to work with your revocable living trust...

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Three Sneaky Ways the Government Makes Itself Your Beneficiary #estateplanning May 12, 2022

When it comes to special government programs, what on the surface appears to be a good deal may not really be to your advantage or especially to your estate beneficiaries. Unfortunately, chances are that you are already invested in once these “deals” That is, unless you know all of...

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Legal Information in the Age of TL;DR May 11, 2022

It seems that everything these days moves faster, and we just don’t have enough time to look at things as thoroughly as we need to. Even when it comes to topics that can be critical to improving our lives, people don’t have the time to piece together information from multiple sources...

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Probate Roundtable May 10, 2022

Taking an estate through probate can be one of the most expensive, time-consuming, and frustrating experiences someone can go through. While a large part of my legal practice is focused on estate planning that avoids probate, sometimes there is just no choice. To help answer some questions about...

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Anatomy of a Destroyed Estate Plan May 10, 2022

How do you destroy your own well-crafted, strategically created, solid estate plan in one move? In this podcast, I cover how one of our most airtight estate plans drafted specifically to benefit a grandson with special needs ended up being placed in jeopardy… because the clients decided to...

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Revocable vs Irrevocable Trusts May 09, 2022

A basic question I get all the time is "what's the difference between revocable and irrevocable trusts?" What my clients are getting at is wondering whether or not their plan needs to be based in a trust that is completely amendable or one that is set in stone from the start.

Too often,...

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The Big Probate Lie Financial Institutions Tell May 07, 2022

There is one, big lie about probate that financial companies tell their clients all of the time. Unfortunately, many of the professionals at these banks and institutions have no idea that they are telling this lie or how disastrous it actually is to their client’s estate and family.

The lie...

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Is Your Estate Exposed to "In-Law" Risks? May 06, 2022

Most estate plans are exposed to risks should a child’s marriage fall apart after receiving an inheritance. In this video clip taken from a longer webinar, I review the potential risks of leaving a direct inheritance to adult children.

https://youtu.be/CpiPeIwFIc4 

 

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