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Ep. 8 - Elements of an Estate Plan
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Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In today’s episode, Ledly breaks down the essential documents that form a comprehensive estate plan. From revocable trusts and durable powers of attorney to healthcare directives and real estate deeds, Ledly explains how each document serves a specific purpose while working together to achieve your estate planning goals. He also touches on the importance of adequately managing assets outside of a trust and how recent tax law changes affect IRA distributions. Stay tuned as Ledly walks through his process for setting up a successful estate plan.
IN THIS EPISODE:
- [0:25] Eight documents make up an estate plan. The first document is a revocable trust. See the Revocable Trust Podcast Ep. 3
- [2:40] Second document: durable financial power of attorney. See Durable Power of Attorney Ep. 7. The third document is a healthcare power of attorney, encompassing the third and fourth healthcare documents
- [4:35] The sixth document is a pour-over document. The seventh document is a real estate deed. The eighth document is an assignment of personal property
- [8:50] In addition, an assignment of a business interest may be necessary
- [9:53] Discussion of assets not in a trust and how tax laws have changed how IRAs pass within a trust
- [11:59] Ledly explains the process he uses to set up an estate plan
KEY TAKEAWAYS:
- An estate plan comprises various documents that function together to achieve its objectives. Each specific purpose requires its own document, and they all complement one another, including financial account documents, which align with your estate plan.
- A durable power of attorney can be set up for several reasons. The main two are a Healthcare power of attorney and a financial power of attorney.
- To ensure your goals for your heirs or estate beneficiaries are correctly met, it’s essential to consult a qualified estate planning attorney. Not all attorneys are the same, so it's crucial to find an expert in this area of law.
RESOURCES:
ABOUT THE HOST:
Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.
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