Kevin’s Korner Guest Speaker Series
Lost Estate Plans
Planning for Medicaid Estate Recovery
Estate Planning Awareness Week: No Will?
Congratulations To Kevin and Mary On Another Well Deserved 5 Star Google Review!
Happy Halloween!
Kevin's Korner now has a new series titled Kevin’s Korner Speaker Series. In this series Kevin will have a different guest in each episode, and each episode will cover a different topic.
Join Kevin Horner and David Trafican of Western & Southern Life for the very FIRST episode of Kevin’s Korner Speaker Series: Benefits of Life Insurance. In the video they will discuss the benefits of life insurance and its role in your estate plan. Let us know in the comments what topics you would like to see Kevin do next!
Beneficiary Designations - the most important part of the estate?
Our coworker David Nichols and his brother John spent their afternoon honoring Veterans by placing flags at their graves at the Fiskville Cemetery in Austin. To all the Veterans out there, you stood for what you believe to be right and fought for a freedom that is priceless. This day, we assure you that your efforts are remembered! THANK YOU!
To all the veterans out there… we salute you! Thank you for your service and sacrifice!
Join Part 2 of our Speaker Series as Kevin Horner discusses the top 3 ways to save on taxes with Joel Davis, CPA, of Davis, Davis & Associates. This is a can’t miss video!
3 Reasons that NOW is the Best time for an Estate Plan
Join Kevin and Vanda Raszewski, Esq. as they discuss advanced planning techniques for long term care and Medicaid planning in this very special Kevin’s Korner Speaker Series segment.
Hanukkah Sameach!
From Our Family To Yours.....
We hope everyone has a Very Merry Christmas Eve. Oh....... and don't forget to put out the fire in your fireplace before you go to bed tonight, Santa has plenty of other things worry about this year!
~~HAPPY NEW YEAR~~
Trusts Aren’t Just for Billionaires: Reasons for a Trust
Occasionally clients are hesitant to utilize trusts in their estate plan because they "just have a simple estate" or believe they need substantial assets to warrant a trust. In fact, trusts are for everyone and solve a variety of purposes in estate planning. According to an article entitled “3 Reasons a trust may make sense for your family even though your name isn’t Trump, Gates or Rockefeller” from Market Watch, trusts give great flexibility in how assets are divided after your death, no matter how modest or massive the size of your estate. Using trusts in your estate plan is a smart move, for many reasons.
There are two basic types of trust. A Revocable Trust is flexible and can be changed at any time by the person who creates the trust. This person is known by many different names based upon the convention of where the trust is established, but is often known as the “grantor” or "trustor" or something similar. These are commonly used because they allow a high degree of control while you are living, especially if your goal is to avoid probate while being able to revise your plan in the future. The idea is that if your trust is the owner of an asset or properly receives the assets at your death, there will be no need for a Will to be probated through the court system.
Once the trust is created, homes, bank and investment accounts and any other asset you want to be owned by the trust are retitled in the name of the trust or directed to it upon death, depending on the type of asset and what your goals are. This is a step that sometimes gets forgotten, with terrible consequences. Once that’s done, then any documents that need to be signed regarding the trust are signed by you as the trustee, not as yourself. You can continue to sell or manage the assets as you did before they were moved into the trust.
See here for a more robust discussion of how a trust works versus a will. https://www.galliganmanning.com/will-vs-living-trust-a-quick-and-simple-reference-guide/
There are many kinds of trusts for particular situations. A Special Needs Trust, or “SNT,” is used to help a disabled person, without making them ineligible for government benefits. A Charitable Trust is used to leave money to a favorite charity, while providing income to a family member during their lifetime.
Assets that are placed in trusts do not go through the probate process and can control how your assets are distributed to heirs, both in timing and conditions.
An Irrevocable Trust is permanent and once created, cannot be changed subject to a few caveats. This type of trust is often used to save on estate taxes, by taking the asset out of your taxable estate. Funds you want to take out of your estate and bequeath to grandchildren are often placed in an irrevocable trust. These types of trust are becoming more and more useful as the estate tax exemption is expected to go down leaving more and more clients exposed to potential estate taxes.
If you have relationships, properties or goals that are not straightforward, talk with your estate planning attorney about how trusts might benefit you and your family. Here’s a few reasons for a trust and why this makes sense:
Reducing estate taxes. While the federal exemption is $11.58 million in 2020 and $11.7 million in 2021, state estate tax exemptions are far lower. New York excludes $6 million, Massachusetts exempts $1 million, Texas has none at all. Some states are even more complicated in having inheritance tax (taxes are applied against the exact amount transferred). Further, it is widely accepted that the federal estate tax exemption will be lowered as well. An estate planning attorney in your state will know what your state’s estate taxes are, and how trusts can be used to protect your assets. You can also see here for a recent article I wrote on life insurance trusts as a good example of a common trust used to reduce estate tax exposure. https://www.galliganmanning.com/the-irrevocable-life-insurance-trust-why-should-you-have-one/
If you own property in a second or third state, your heirs will face a second or third round of probate and estate taxes. If the properties are placed in a trust, there’s less management, paperwork and costs to settling your estate.
Avoiding family battles. Families are a bit more complicated now than in the past. There are second and third marriages, children born to parents who don’t feel the need to marry and long-term relationships that serve couples without being married. Trusts can be established for estate planning goals in a way that traditional wills do not. For instance, stepchildren do not enjoy any legal protection when it comes to estate law. If you die when your children are young, a trust can be set up so your children will receive income and/or principal at whatever age you determine. Otherwise, with a will, the child will receive their full inheritance when they reach the legal age set by the state. An 18- or 21-year-old is rarely mature enough to manage a sudden influx of money. You can control how the money is distributed.
Protect your assets while you are living. Having a trust in place prepares you and your family for the changes that often accompany aging, like Alzheimer’s disease. A trust also protects aging adults from predators who seek to take advantage of them. Elder financial abuse is an enormous problem, when trusting adults give money to unscrupulous people—even family members.
Talk with an estate planning attorney about your wishes and your worries. They will be able to create an estate plan and trusts that will protect you, your family and your legacy.
Reference: Market Watch (Dec. 4, 2020) “3 Reasons a trust may make sense for your family even though your name isn’t Trump, Gates or Rockefeller”
First Steps to Estate Planning
Woo hoo, another 5-star Review for G&M on Google.
We are so grateful for all the positive feedback from clients and business associates and thank everyone for taking the time to let us know how we are doing!
Congrats to Kevin and Mari on their most recent 5-Star Google Review....... Keep up the great work!!!!
~~~~~ Happy Belated Birthday Dr. King ~~~~~
Hoping Everyone Has A Wonderful Holiday Weekend!
Kevin's co-worker Whiskers..... hard at work on a Monday afternoon! 😽
Protecting your kids from Divorce
Keep sipping your coffee, the weekend is almost here! Happy Friday!!
Hey, hey, hey......... we've got another 5 star review to share with you today! Congrats Kevin 🥳
Last week, most of us in the Houston area missed out on the snow and only got rain, but our paralegal David Nichols did not. He now lives in Lago Vista, just North of Austin, and got to enjoy quite a bit of snow. Check out his pics below, and share your own if you happened to see any snow recently, we would love to see them!!
Thank you to Wyn for another wonderful 5 star review on Google. Great job team!!
Protecting Family Real Estate
Happy Groundhog Day!!
Estate Administration: 3 Tips for Securing the House
In case you missed our most recent email..... We're moving! Be sure to click the pics below to read Mary's full letter about our move!
Stay warm out there, and have a great weekend!!
Estate Administration: 3 Tips for Securing the House
In case you missed our most recent email..... We're moving! Be sure to click the pics below to read Mary's full letter about our move!
Stay warm out there, and have a great weekend!!
Estate Administration: 3 Tips for Securing the House
In case you missed our most recent email..... We're moving! Be sure to click the pics below to read Mary's full letter about our move!
Check out the view from our new office!
Edited: Our phones are back up and working!! Thanks for your patience and please let us know if you experience any issues when calling us.
Please Note That Our Phone System Is Currently Down.
If You Need To Reach Us Please Call 281-541-0407, Or Email Us At info@galliganmanning.com.
Stay warm out there, and have a great weekend!!
Estate Administration: 3 Tips for Securing the House
"Planning is bringing the future into the present so that you can do something about it now."
-Alan Lakein
Check out the view from our new office!
Edited: Our phones are back up and working!! Thanks for your patience and please let us know if you experience any issues when calling us.
Please Note That Our Phone System Is Currently Down.
If You Need To Reach Us Please Call 281-541-0407, Or Email Us At info@galliganmanning.com.
Stay warm out there, and have a great weekend!!
Estate Administration: 3 Tips for Securing the House
Planning for Medicaid Recovery
"Planning is bringing the future into the present so that you can do something about it now."
-Alan Lakein
Check out the view from our new office!
Edited: Our phones are back up and working!! Thanks for your patience and please let us know if you experience any issues when calling us.
Please Note That Our Phone System Is Currently Down.
If You Need To Reach Us Please Call 281-541-0407, Or Email Us At info@galliganmanning.com.
You are Appointed Executor or Trustee: Now What?
Happy St. Patty's Day From Galligan & Manning
Planning for Medicaid Recovery
"Planning is bringing the future into the present so that you can do something about it now."
-Alan Lakein
A special thank you to David P. for the glowing review for our website! Great job Team!
"Kevin Horner did a great job for us and made the planning and documentation, very clear and produced the work quickly. We very much appreciate the great advise and understanding of our situation. The whole team was helpful and diligent."
~David P.
Congrats to Kevin and The Team for Another Amazing 5 Star Review!
You are Appointed Executor or Trustee: Now What?
Happy St. Patty's Day From Galligan & Manning
Planning for Medicaid Recovery
