Podcasts about incapacity

Choosing a Trustee: Why Naming Your Kid May Be a Mistake — Marguerite Lorenz Short answer: Naming your child as trustee, executor, or agent under your power of attorney is the default choice for most American families — and it is frequently the wrong one. In this episode of Wealth Actually, host Frazer Rice talks with California Licensed Professional Fiduciary and Master Certified Independent Trustee Marguerite Lorenz about why roughly two-thirds of American adults still have no estate plan, why the job of a trustee is far more intimate and technical than families expect, and how to decide between a family trustee, a bank or trust company, and an independent professional trustee. https://youtu.be/56bzuORe8YI Episode Overview: Who Will Actually Run Your Plan? Most estate planning conversations stop at the documents. Marguerite Lorenz argues the documents are the easy part. The hard part is staffing — deciding who steps in when you can no longer make new decisions, and whether that person can absorb the technical, financial, and emotional weight of the job. Lorenz has served as trustee, executor, agent under power of attorney for finance, and agent for health care for hundreds of families since 2003. She is the author of three books — Luck or Control? The Life-Improving Power of Estate Planning, How to Be a Successful 90-Year-Old, and the newly updated Ethics for Trustees 2.0 — and she is Vice-Chair of the Independent Trustee Alliance. Her framing line, and the one that should stick with every listener: “If you don’t get your estate plan done, you’re suing your family. You’re making them go to court. And who would want to make anyone else go to court?”— Marguerite Lorenz This is the second time Marguerite has joined the show. Her first appearance covered the mechanics of individual trusteeship: EP.75 — Individual Trusteeship with Marguerite Lorenz. Key Takeaways •Only about a third of American adults have any written estate plan — and Lorenz argues half of those plans would not actually function when needed. •Professionals are barely better than the public. When Lorenz polls rooms of attorneys, CPAs, and financial advisors, roughly one-third raise their hands for a complete, up-to-date, ready-to-go plan. •The trustee role is intimate, not administrative. A trustee sees your paperwork, your bills, your medications, and your bedroom. “Who is going to be the first person in your bedroom when you are no longer able to make new decisions?” •Incapacity, not death, is the long tail. Many people live for five or six years unable to make new decisions. The trustee’s job often runs during your lifetime, not just after it. •A professional trustee can be temporary. Lorenz recounts stepping in for a client during cancer treatment, providing a full accounting, and stepping back down when he recovered — then serving again after his death. Would your child step back down? •Estate planning is about preferences, not predictions. “Our power in estate planning is not prediction, it’s setting our preferences” — and preferences can only be set while you are competent. •Quality of life belongs in the plan. Not just tax, legal, and financial terms — but how you want to live, where you want to live, and what small things matter (for Lorenz, an international selection of dark chocolate). •Digital assets are now a core trustee problem. Phones, social accounts, and daily transactions all require someone with access and authority. •A will does nothing while you are alive. “The will doesn’t operate at all if you go to the hospital and you haven’t granted authority to anyone.” •Cost is usually overestimated. Both an estate plan and an independent professional trustee typically cost far less than probate court. •Revisit every five years. Calendar a five-year check-in with your attorney to review law changes, marriages, divorces, births, and deaths. Chapters and Timestamps •[00:00] Cold open: “If you don’t get your estate plan done, you’re suing your family.” •[00:32] Welcome back — introducing Marguerite Lorenz, California trustee and author •[01:14] Luck or Control? — why fear keeps families from finishing an estate plan •[02:22] What a full-time trustee actually sees: trustee, executor, agent for finance, agent for health care •[03:49] Why families default to naming a child — and where that breaks down •[05:00] The skill set nobody screens for: negotiation, calm, empathy, and grief •[05:40] Case study: serving as temporary trustee through a client’s cancer treatment — and stepping back down •[07:51] Why even attorneys need their own attorney: nobody is objective about their own circumstances •[09:09] The five-year estate plan check-in as a life milestone •[09:39] How to Be a Successful 90-Year-Old — living well to the very end •[10:20] The “black box” problem: privacy, dignity, and care in your own home •[11:54] Preferences over predictions — planning for your future vulnerable self •[13:40] Rewriting an advance health care directive after hundreds of hospital bedsides •[16:13] The statistics: only a third of adults — and only a third of professionals — are actually ready •[17:47] Frazer’s challenge to advisors: you can’t advise well if you aren’t practicing what you preach •[18:22] The first question in Luck or Control?: “Hey professional, do you have your estate plan done?” •[19:21] Ethics for Trustees 2.0 — what’s new in the updated audio and PDF edition •[20:27] Family trustee vs. bank trustee vs. independent professional trustee •[21:52] The looming crisis: the great wealth transfer, incapacity, and digital assets •[24:54] Documenting the “why” behind hard trustee decisions •[25:23] Probate courts overrun, bioethics committees, and next-of-kin defaults •[26:54] Where to find the books, the podcast, and the Independent Trustee Alliance directory About the Guest: Marguerite Lorenz, MCIT, CLPF Marguerite Lorenz is a California Licensed Professional Fiduciary (CLPF #319) and a Master Certified Independent Trustee (MCIT). She has served as Trustee, Executor, Agent for Finance, and Agent for Health Care for more than 200 families since 2003 as managing partner of Lorenz Private Trustees. Marguerite is Vice-Chair of the Board of the Independent Trustee Alliance, past Chair of the California Professional Fiduciaries Bureau Advisory Committee, and host of the Plan For This podcast. She is the author of Luck or Control? The Life-Improving Power of Estate Planning, How to Be a Successful 90-Year-Old, and Ethics for Trustees 2.0. About the Host: Frazer Rice Frazer Rice is the author of Wealth, Actually: Intelligent Decision-Making for the 1% and host of the Wealth Actually podcast, where he interviews experts, entrepreneurs, and commentators on preserving assets and enjoying wealth. Resources and Links Mentioned •PlanForThis.com — Marguerite’s books, the Plan For This podcast, and a free First Steps toolkit. Ethics for Trustees 2.0 is now exclusive to this site (audio + PDF bundled with purchase). •TrusteeAlliance.com — the Independent Trustee Alliance directory for locating certified independent trustees by state. •Marguerite Lorenz on LinkedIn •California Professional Fiduciaries Bureau — state licensing for professional fiduciaries •Related episode: EP.75 — Individual Trusteeship with Marguerite Lorenz •Related episode: What If You Are Named in a Will or Trust? Frequently Asked Questions Should I name my child as trustee? Not automatically. A child understands the family but may lack the technical skill to handle tax, legal, financial, and medical decisions — and may be grieving or in conflict with siblings at the exact moment judgment is required. Marguerite Lorenz notes that a trustee must be a good negotiator, stay calm under pressure, set aside personal feelings, and enforce rules the grantor set. She also raises a test most families never consider: if you recover, would your child voluntarily step back down and hand you a full accounting? What is the difference between a family trustee, a corporate trustee, and an independent trustee? A family trustee is a relative or friend serving in a personal capacity, usually unpaid and untrained. A corporate trustee is a bank or trust company with institutional infrastructure, minimum account sizes, and staff turnover. An independent professional trustee is a licensed or certified individual — like a California Licensed Professional Fiduciary — who serves full-time, carries a succession plan, and can often be engaged at a lower cost than families expect. The Independent Trustee Alliance maintains a national directory of independent trustees. What does a trustee actually do while I am still alive? A trustee acting during incapacity manages assets, accounts for every dollar, handles taxation, pays bills, coordinates care, and increasingly manages digital assets such as phone-based transactions and social media accounts. Lorenz emphasizes that many people live for five or six years unable to make new decisions, so the trustee’s lifetime role is often longer and more demanding than the post-death administration. How often should I update my estate plan? Roughly every five years, or sooner after a major life event such as marriage, divorce, birth, death, a liquidity event, or a change in tax law. Lorenz recommends putting a five-year reminder in your phone to call your attorney and ask what has changed in the law and in your life. What happens if I go to the hospital without an estate plan? The hospital and its bioethics committee will do the best they can and will look for next of kin to make decisions for you — potentially people with whom you have never discussed your personal wishes. A will does not help here, because a will only operates after death. Financial and health care powers of attorney are what grant someone authority while you are alive. Is an estate plan expensive? Usually less than people assume, and materially less than probate court. Lorenz makes the same point about professional trustees: “Independent individual professional trustees cost a lot less than you think also. And you need to ask, because this is your life we’re talking about.” Do financial professionals have their own estate plans? Often not. When Lorenz polls audiences of attorneys, CPAs, and financial advisors, only about a third report having a complete, up-to-date, ready-to-go plan — barely better than the general public. Her challenge to the profession is that clients will increasingly ask advisors directly: “Do you have your estate plan completed?” Pull Quotes “Our power in estate planning is not prediction, it’s really about setting our preferences.” “Who’s going to be the first person in your bedroom when you are no longer able to make new decisions?” “I’m not in charge. I’m a servant-manager.” “Once I get my estate plan done and updated, I don’t think about it anymore. My head space is so clear because everything I was worried about has been thought about, considered, allowed, and put down in writing.” Full Transcript Transcript lightly edited for clarity. Timestamps are approximate. [00:00] Marguerite Lorenz: You know, if you don’t get your estate plan done, you’re suing your family. You’re making them go to court, right? And who would want to make anyone else go to court? [00:08] Announcer: Welcome back to the Wealth Actually podcast, the show that features experts, entrepreneurs, and commentators that will give you the right knowledge, planning, and guidance so you can preserve your assets and enjoy your wealth. Learn more and subscribe today at wealthactually.com. This podcast is for educational and entertainment purposes. It is not investment, legal, nor tax advice and does not represent the opinion of the employers of the host or guests. [00:32] Frazer Rice: Welcome back. Friend of the podcast Marguerite Lorenz is on the podcast this week. She’s a California trustee and has a new book called Luck or Control? out. We’re going to talk a little bit about fiduciary matters and what it takes to have good staffing within your estate plan. Welcome back, Marguerite. [00:54] Marguerite Lorenz: Thank you, Frazer. [00:55] Frazer Rice: Since the last time you were on, you have a couple of books out and we’ve gotten to see each other a couple of times with the Independent Trustee Alliance. Let’s talk a little bit about the new book that you just published and what you’re trying to do with it. [01:14] Marguerite Lorenz: So that book is Luck or Control? The Life-Improving Power of Estate Planning. And I wrote it because I’ve seen hundreds and hundreds of families really struggle with how this is going to get done, and many people don’t get their estate plan done at all because they’re so afraid. They don’t know what to expect, they don’t want to talk about their mortality, they don’t want to have serious conversations with their loved ones. And if we don’t have those conversations, we really lose all control when we need it the most — when that medical crisis happens or when life changes in a big way. [01:52] Frazer Rice: No question about it. And I went through the book and it’s an important read, because for those people who really have to get their affairs in order and feel stuck for some reason, I think you do a good job of laying out why you need to get unstuck and then how to take a couple of steps to initiate those conversations and get the important things down so that you can then have the deeper conversations that help out later on as you’re structuring things. What part of your experience being a full-time trustee helped to inform all of this? [02:22] Marguerite Lorenz: Well, as a trustee professionally, I’ve met with lots of different families in lots of different circumstances. And for many of them they’ve named me, and so I’m serving in that role. It’s not just trustee; it’s trustee, executor, agent on the power of attorney for finance, and even as agent for health care. And so that’s a very intimate job. It’s a job where you end up seeing someone’s entire life, or as much as you can of another person — their paperwork, how they do things, how they pay their bills, how they live, what medications they take. It’s really very intimate. And I think a lot of us assume that our children know us and they’ll do what we want them to do. But the thing is that it’s very likely you haven’t lived with your children in the same household for decades. And now you’re asking them to come back, drop their life, and come in and be that person for you. Be the person who’s going to protect your privacy, be that person who’s going to protect the way you want to live. And they may disagree with the way you want to live. They may actually have issues with some of the choices that you’ve made or how you’ve proceeded. So now, in addition to having a medical challenge where you’re not able to make new decisions — maybe temporarily, maybe permanently — now you have someone who wants to run the show or actually be in charge. In my job as a professional trustee, I’m not in charge. I’m a servant-manager. I’m really taking the trustor’s wishes and how they’ve structured things and really looking at that to be sure that I can continue it as best I can with all the changes that have occurred. [03:49] Frazer Rice: One of the things we were talking about before we got on board, and something we’ve discussed generally through the Independent Trustee Alliance, is that people who are asked to serve in those roles usually are family members. And for people who are uninitiated in the field, that seems like an obvious choice, because they’re really trying to put somebody in there who understands the family. But as you and I know, they may not be necessarily qualified to deal with the technicalities of the different roles that we just discussed. But also, the idea of taking on the emotional toll of these new conditions can be something different and unapproachable for many people. [04:30] Marguerite Lorenz: Well, I think it helps to kind of look at some of those issues. So you might have more than one child. Even if you have an only child, these issues apply. And now you’ve been in the hospital and you’re expecting this person to deal with your tax, legal, financial, and medical decisions. This person has to be a good negotiator. This person has to be calm when there’s issues that arise, and they may have feelings — they may be grieving that things have changed for themselves and in their relationship with you. So I think to be really empathetic and to be really kind and compassionate, we have to get our own stuff in order so that we can really have a good experience for our last days. And again, some of these roles that I’ve served in have been temporary. Let me give you an example. I worked with a gentleman whose wife had passed away because of cancer. She had been gone about two years and he himself was diagnosed with cancer. So he already knew what that might be like, right? She had already had chemotherapy; he was right there with her through all of that experience. Well, now faced with it himself, he said, “In order for me to do this, I don’t have a partner. I need somebody who’s going to deal with the business of my life so that I can focus on my health.” He named me as his trustee. I became active. I reported to him because he was still able to receive those reports. He was certainly mentally able, but physically it was really hard. He was exhausted most of the time. And he was going to grief support for the loss of his wife and going to chemotherapy treatments. So you can imagine just how full his day was. So we’re into this two years. He met a woman at grief support. He was feeling better because the treatment worked, and he decided he wanted to travel the world before he died. And he married this woman, and they were very happy together. And he asked if he could be trustee again. So — I’m a professional trustee. It’s part of my duty to step back and step down when the trustor who wants to be trustee again wants that job back. So I gave him a full report, he had an accounting, he knew exactly what had happened during my term. He went on with his life, and then he passed away and I became trustee again. So I just wanted people to know that it could be temporary. It’s not necessarily a permanent job. Would your child step back down? [07:14] Frazer Rice: No question. Once in the role, sometimes it’s difficult to get out of it. But you did the right thing in terms of getting an accounting, making sure that your duties stopped when you were told to get off, and then when you were ready to come back on, that those sightlines are very clear. And that’s what comes with talking to a professional like you. You understand those parts so that you’re not having things bleed from one role into another and having liability issues or misunderstandings with the next generation. [07:51] Marguerite Lorenz: Right. And let’s talk about working with professionals from the beginning. We don’t know what we don’t know. And even attorneys need to go to an attorney to get their estate plan done. There may be attorneys who disagree with that, but none of us can be truly objective about our own circumstance. And we need someone who’s going to ask us some tough questions and really help us figure out: what is our intention? How do we feel about this? What’s important to us? So, getting my own estate plan done — I was a single mom in a new profession. I had just become a fiduciary and I had just learned about estate planning. I was learning so much at that time and realized, every time I drive on the freeway, I’m risking my children’s future. I’m their only parent. What can I do about that? So estate planning isn’t just about money, and it isn’t just about death. It’s also about taking an inventory. What do I have? What have I accomplished? Who do I love? What do I really care about? And once we get to have those kinds of conversations, our whole perspective on life improves. And I’ve used my own estate plan, every time I’ve gone to update it, as sort of a milestone check — where am I now? [09:09] Frazer Rice: Maybe the standard procedure is every five years to check in and make sure that life has not advanced as far as divorce, deaths, new kids, marriages, things like that, to make sure that the plan is in place. And it’s a great milestone to reflect on things. And then, as we move up the ladder wealth-wise, if there are changes in tax laws and things like that, it’s important to make sure that the plan understands that change and is able to accommodate what’s going on on that front. Let’s take that as a segue. You have another book that you came out with, How to Be a 90-Year-Old — or a well-functioning 90-year-old. [09:36] Marguerite Lorenz: How to Be a Successful 90-Year-Old. [09:39] Frazer Rice: More than well-functioning — actually successful. How to Be a Successful 90-Year-Old. I have not read that yet, so tell us a little bit about what’s going on there. [09:47] Marguerite Lorenz: Well, I want everyone to have that blue ribbon feeling at the end of their lives. And I picked 90 because I have had clients that have reached a grand old age of over 100. My last client passed at 105. So it is possible to live well until the very end. And I’ve been working with people for over 20 years that are much older than me, who have lots of wisdom and experience to share. Their stories are important. So for people that are serving as trustee — whether you’re a family member trustee or you’re a professional — this book might be helpful, because I actually talk about the relationships with those clients. And I also talk about some things we could do now so that life is simpler, better, and more comfortable when we might need some help. And that’s another barrier that a lot of us have. We have this barrier to having someone come into our home and help us. Our home is our sanctuary, it’s our private space. But I want everyone who’s listening right now to just think about it: who’s going to be the first person in your bedroom when you are no longer able to make new decisions? And do you want that person to see everything that might be in your bedroom? Many, many adults have what I call a black box. We have something that’s private that really, really we keep to ourselves. But everything gets exposed once you are not able to care for yourself. So then what? Well, many people want to stay in their home no matter what, as long as possible. So imagine, if you will — some of my clients have lived in the same home for 30, 40, 50 years. And now they have to get care. Can we arrange to have that care in their home? So this exploration is really about living well to the very end. There are some really great tips, things I’ve learned from my 90-plus-year-old clients that I’ve employed and deployed for myself. [11:23] Frazer Rice: Just as an example there — I’m a ripe old age of 53 shortly. The idea of getting things in place while you’re at the peak of your powers, and you don’t have the difficult decision of having the car keys taken from you, or being in a home that isn’t appropriate for you anymore, meaning you don’t have the necessary safeguards for showers and stairs and things like that. Do you get into that, as far as trying to look five years ahead to make sure that the things that you can do now in a more comfortable environment take place before maybe the emergency happens and then all of a sudden we say, “Oh my gosh, we’ve got to do a complete overhaul here”? [11:54] Marguerite Lorenz: Well, as you know, Frazer, our power in estate planning is not prediction, it’s really about setting our preferences. And if we don’t do that while we feel good, while we’re competent, while we’re thinking clearly, we don’t get a chance to express that or do that once we’ve lost our competence. So this is really important — that I’m thinking about my future vulnerable self. I’ll give you a small example for me personally: dark chocolate is part of my life. I like having an international selection of dark chocolate and I don’t want the same kind every day. I feel the nuances and the taste and the flavors; it’s important to me. For some people that might be wine, for other people it might be fine literature. It really depends on what you’re into. Well, our estate plan can be just about tax, legal, and financial stuff, but it really should be more. It should be about our quality of life. And that’s really what I’m instructing and what I’m talking about in a very warm, personal way in How to Be a Successful 90-Year-Old. And even in Luck or Control?, I want people to understand the function of the documents. So we talk about the documents and what they’re supposed to do to assist your person. But you have to have a person. And you might choose to have a trust company or a bank serve as your trustee, you might have a family member, you might have an individual like me — an independent trustee. You can find more independent trustees at the Independent Trustee Alliance. But the point is: how do I want to live? Who do I want to have help me? What does that help look like? Well, you might not know all the answers right now, but if you begin now, your eyes open to different possibilities. I’ll give you an example: I have visited lots of hospitals. I’ve been to people’s bedsides many, many times. I’ve learned that there are certain procedures I’m just not willing to go through. So in my mind I had to update my advance health care directive to basically say: this shell that I’m in, the case I walk around in, the machine that I live in, needs to be kept alive long enough so that my boys can say goodbye. And that’s not for me, that’s for them. But I don’t want it to go on interminably. [15:00] Marguerite Lorenz: So I’m pretty specific in my documents about what I want. So I’m hoping to help people have a little perspective — use that energy you have, use the power that you have right now to make decisions for yourself, and allow yourself the opportunity to update your estate planning documents from time to time, so that what you learn goes into your documents, and what you decide and what your intention is, is clear. [15:23] Frazer Rice: One of those points that you bring up that I think is important is that you can be a really good user of professional services with some forethought. To muse a little bit about what the end of life looks like is somewhat an unpleasant thought, if you feel like you’ve got less than your full faculties and that ends up being your future. But thinking about that and putting some planning around it, and real ideas about what you want others to take away from your end of life, in many ways I think is a great way to really get the documents put in place and reduce tension and questioning later, and any ambiguity that there might have been ahead of time. [16:13] Marguerite Lorenz: Well, that’s the thing too that we don’t necessarily consider when we avoid estate planning. And I’m talking to all the professionals who listen to you, Frazer. The percentage of professionals who have their estate plans completed might be just a little bit more than the average person, but only a third of American adults have any kind of written plan — and I would argue that half of them are not really going to work. And when I speak to professional groups — attorneys, CPAs, financial advisors and so on — I get that same raise of hands: only about a third of them have a complete, up-to-date, ready-to-go estate plan. Why do I need it ready to go? Because I don’t know what’s going to happen or when. So yes, it is hard to contemplate the end of our lives; it’s not something we want to think about. But how do you stop thinking about it? How do you stop worrying about it? You do everything you can about it right now, and then you set it aside. And our cell phones are so powerful that I can put in my calendar five years from now to call my attorney and ask if anything’s changed in the law, and to consider then if I need to think about anything that might have changed in my life that I want to update. So once I get my estate plan done and updated, I don’t think about it anymore. I’m so relieved. My head space is so clear, because everything I was worried about has been thought about, considered, allowed, and put down in writing. And now I don’t worry anymore. [17:47] Frazer Rice: I scolded a group of financial professionals I was giving a talk to. I asked probably a similar question, which was: how many of you have your estate plan documents up to date? And they all shot up, out of shame. I said, “How many of you have looked at them within the last two years?” And then that shot down to about a third, maybe less. I just said, “Shame on you.” People are looking to you for help on these things and you’re not leading by example. And so — point taken, and not just the trusts and estates lawyers, but for everybody else around the ecosystem. To not go through that exercise yourself — you can’t possibly advise correctly if you’re not practicing what you’re preaching. [18:22] Marguerite Lorenz: Well, here’s my challenge, and here’s my challenge to every professional in our mutual space: bank trust officers, administrators, paralegals, everybody. In Luck or Control? and on planforthis.com, which is where you can find my books and get a free First Steps toolkit, the first question is, “Hey professional, do you have your estate plan done?” It’s the first question. Why? Because I want to be sure I’m dealing with somebody who has some empathy for the emotional decisions I’m going to have to make. I want someone on my team that understands what this feels like — not just the wise, tax-smart decisions that they made. It’s a whole package. And so I’m putting it out there and I’m saying: I’m challenging everyone in our mutual space. Make sure you have your estate plan done, because more and more clients are going to be asking you, “Do you have your estate plan completed?” [19:21] Frazer Rice: So then let’s talk about your third book, which is sort of an update — and we talked about it in the previous podcast that we did a while ago, and I’ll have that in there — which is Ethics for Trustees. What’s in the update? I know it’s now in an audio version, which I haven’t sampled yet but I’m sure it’s really good. What’s new now versus when it first came out? [19:54] Marguerite Lorenz: So I’ve simplified it a bit, because I recognize that each of us can look up the probate code for the state that we live in, and it was really much more of a California-specific book. Look, I’m a California Licensed Professional Fiduciary and I’m also a Master Certified Independent Trustee. So having the audiobook, and also having it in PDF form, I think is very helpful for people so they can make notes, take a certain page with them. And the book now is exclusively available at planforthis.com. And when you purchase it, you’re getting both the audio and the PDF version. [20:27] Frazer Rice: Cool. Well, we’ll make sure that’s in the show notes. Let’s take the last little bit of time we have here and talk about the decision to have an individual trustee — and by individual, I mean family trustee — versus a more professional trustee, whether it’s an individual or a bank trustee. You and I sort of nod our heads in agreement every time we talk on this topic, and I’ve done podcasts with others where I feel this looming crisis is coming, where people put all these documents together in trusts and then they staff them with people who may be initially qualified, barely, but then six months after the ink is dried, their interest wanes, their technical capability wanes, life intervenes, something different happens — and the problems just multiply at that point. I guess my big question is — and from the Independent Trustee Alliance, where there is a group of people who can operate as a trustee without having to go to a bank — how bad do you think this problem could get? We have this great wealth transfer and we have a lot of assets shifting, not just from the ultra-high-net-worth but regular people shifting to the next generation, with people at the wheel of these structures that I don’t think really understand what’s going on. How bad could this get? [21:52] Marguerite Lorenz: In my view, we’re not just dealing with a transfer of wealth — because that’s where a lot of people focus. Where’s the money going, right? It’s going from one generation who died and then the money’s going to the next generation. But in that interim — and by the way, many people live for years unable to make new decisions for themselves. So it’s during their lifetime that they might need their trustee to step in, not just after they die. And that’s really important to consider: that you might need someone for five or six years when you need someone to make decisions. What kind of decisions? You have digital assets, you have your social media accounts, you might be doing transactions on your phone all day every day — but someone else will need to get into your phone to actually do those things, maybe. Is that somebody you want from your family to do that for you? Maybe you still say yes. But that family member has to have the ability to enforce the rules that you’ve set in your trust. They need to communicate really well with other people. And they have to set aside their own feelings. They have to put you first. And that’s a big challenge. So when you think about the word fiduciary — and I know that the financial industry has used the word a lot — the technical aspect of that is that I’m putting my needs aside and putting that trustor, that person who created the trust, their needs first. Then I also have to consider their beneficiaries and the future of those beneficiaries. So I’m dealing with transactions and having to account for every single penny of where the funds are now and where they’re going, what the assets are, what the character of those assets are. I have to deal with all the taxation that goes with that. I have to manage those assets. So that’s one set of skills, right? But then there’s the softer skills about communicating with other people and understanding their doubts and their concerns, and not taking that personally, and putting things in writing. So this is a big job. It’s not the simple job that it might have been at one point, where someone just wrote a will on their cocktail napkin and said, “Okay, I’m leaving you all my money.” The will doesn’t operate at all if you go to the hospital and you haven’t granted authority to anyone to be that person for you, to go to your house, get you some clean underwear and socks and bring it to the hospital for you. So I think we have to look at our lives as more complex. It’s not just driving a car; it’s deciding where that car goes, and if the car is maintained, and is the car clean, and can we have other people in the car with you? There are just so many decisions that I’ve had to make for other people that I don’t take any of this lightly — and nor should anyone who’s writing their estate plan. You need that attorney to ask you those questions and walk you through your day-to-day, so you can keep your day-to-day as long as possible. [24:54] Frazer Rice: Well, the other part too is the people who assume those roles — and I’ve been in it too — when you are asked to make tough choices, sometimes you have to make tough choices that favor one person over another, and you may be called to account for that. And the idea of keeping diligent records and writing — in a sense putting down the reasoning behind what you’re doing and making sure that everyone, to the extent it’s possible, understands the why of what’s happening — I think that is going to help people really save themselves some issues going forward when those tough choices have to be made. [25:23] Marguerite Lorenz: You know, if you don’t get your estate plan done, you’re suing your family. [25:27] Frazer Rice: Ah — good way to put it. [25:29] Marguerite Lorenz: You’re making them go to court, right? And who would want to make anyone else go to court? I mean, it’s just such a sad thing. And by the way, our courts are overrun with people that did no planning. And none of it happens quickly. So if you end up hospitalized and you haven’t selected a person, then the hospital and their bioethics committee is going to do the best they can. They’re going to ask for next of kin to make decisions for you — people that you may never have discussed your personal life with now have to be making decisions for you. So I’m asking people to be a little more proactive. I know you’re busy. I know it costs money to get an estate plan — probably less than you think, and certainly less than probate court would cost. A lot less than probate court would cost. Independent individual professional trustees cost a lot less than you think also. And you need to ask, because this is your life we’re talking about. I’m good. I have my plan, I keep up to date with my successors. I have a succession plan that’s worked beautifully. I’ve tested it. I know. And that’s why I can be so calm and so confident everywhere I go in my life. I’m feeling so good and so happy. Well, I want that for everyone. I want everyone to have that calm, true confidence that comes with knowing you’ve done everything you possibly can for yourself and the people you love. [26:54] Frazer Rice: Terrific. Marguerite, how do people get the books? How do people find you and your podcast, the Independent Trustee Alliance, and any other points of contact? [27:04] Marguerite Lorenz: Great, thank you. So planforthis.com is where you can find the books, where you can find me. We do have a podcast that has some wonderful discussions, case studies, and other topics to help people better understand the choices that they have. The Independent Trustee Alliance has a wonderful directory to find all kinds of professionals, but especially independent trustees, and you can find that at trusteealliance.com. And I’m going to be out there — I’m on LinkedIn. Come find me, connect with me. And Frazer, once again, thank you so much for the opportunity to visit with you. [27:40] Frazer Rice: Oh, it’s always great to get your expertise. And you bring a great sense of empathy to what can be a very technical and dollar-driven process. And I think the empathy, when it gets avoided or missed, there’s something really lost. So I really value your perspective on it. Thank you so much. [28:00] Announcer: This podcast is for educational and entertainment purposes. It is not investment, legal, nor tax advice and does not represent the opinions of the employers of the host or guest. Subscribe to Wealth Actually on Apple Podcasts, Spotify, Youtube or wherever you listen — and if this episode was useful, share it with the person you have named in your documents. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

This week's show covers our rules-based investing framework, preparing for financial incapacity, short-term investment grade bonds, and the roth vs. traditional debate!

This week's show covers our rules-based investing framework, preparing for financial incapacity, short-term investment grade bonds, and the roth vs. traditional debate!

Most families spend years building wealth. Far fewer spend time making sure the legal structures protecting that wealth are actually doing their job. In this episode, Adam Koós,sits down with Professor Kelly Lise Murray, a lawyer, mediator, and legal scholar who spent nearly two decades at Vanderbilt University before turning her focus to wealth dispute resolution. Kelly hosts the Wealth Litigated podcast, where she breaks down real courtroom cases involving trusts, estates, and family wealth disputes. Together, Adam and Kelly walk through real litigated cases involving blended families, irrevocable trusts, prenuptial agreements, and costly filing errors. The goal is simple: learn from other families' expensive mistakes so yours never has to become a case study. Episode Timestamps 00:00 - Intro & guest background: Who is Kelly Lise Murray and what is the Wealth Litigated podcast 02:00 - Why estate planning disputes happen: The coordination problem between legal and financial documents 04:30 - Blended family estate planning: What the Marinakis v. Marinakis (Ohio) case teaches us 10:00 - California case: When a stepchild was allowed to inherit as a natural child 13:00 - The #1 most procrastinated item in financial planning (Adam's 25-year observation) 14:00 - Trusts and your mortgage: The Garn-St. Germaine Act and what advisors rarely tell clients 16:00 - Property & casualty insurance and irrevocable trusts: A 2007 warning still being ignored 17:30 - Collins v. Flannery (Ohio): What happens when a surviving spouse controls an irrevocable trust 22:00 - Trustee abuse of a special needs trust: A Texas case with a co-trustee resolution 24:00 - Structural protections: Co-trustees, trust protectors, and professional fiduciaries 26:00 - The $800,000 missed checkbox: Estate of Griffin v. Commissioner (IRS Q-TIP case) 29:00 - Prenuptial agreements: What an Ohio case reveals about overreaching and enforceability 32:00 - Portability of estate plans across state lines 33:00 - Incapacity planning: What to do when a divorcing spouse still has your healthcare directive 35:00 - Final advice for families and financial advisors: Where to start this week Key Takeaways

Today, I have the pleasure of speaking with Dan Spector, partner at Hanson Bridgett, an Am Law 200 California-based law firm and the first law firm recognized as a certified B Corp. Dan is a trial lawyer, mediator, and arbitrator whose practice focuses on trust, probate and complex civil cases involving families. He has been named in multiple years as a Super Lawyer by his peers for Northern California in the area of Trust and Estate Litigation and a statewide mediation and private neutral panelist for Judicate West, a professional neutral company with offices throughout California. Dan is a member of the California Lawyer's Association's (CLA) Trust and Estates Section and Litigation Section, as well as the Sacramento County Bar Association's Probate, Trust and Estate Planning Section. He has recently been selected to serve on the Executive Committee for CLA's Trust and Estate Section (TEXCOM), for which he participates in various subcommittees, including the Litigation, Incapacity and Legislation subcommittees. He also serves as a Judge Pro-Tem in the Sacramento Superior Court and has been named as an expert witness on issues relating to trust, probate, and litigation matters. Dan has lectured at U.C. Davis before the Sacramento County Bar Association, CCLSA and the California Society of Certified Public Accountants on the topics of civil litigation and trust and probate litigation. He has served on numerous non-profit boards throughout Sacramento, including as Chair of the Boys and Girls Club of Greater Sacramento, board member of the San Juan Unified School District Superintendent's Advisory Board, board member of the St. Ignatius School Advisory Board, board member of the Anthony M. Kennedy Learning Center, and Chairman of the Board of Del Paso Country Club. Dan served as General Chairman of the 2015 United States Senior Open Golf Championship, the single largest sporting event in Sacramento's history. Dan and his firm Hanson Bridgett are values advisor members of FOX, and we are thrilled to have their expertise within our membership community. We've talked about conflict on this podcast before, but today we'll learn more about Dan's area of expertise – "active conflict". Dan explains for our listeners how active conflict is defined and how it is manifested in both pre-litigation and litigation situations. Families are complex, and family dynamics and the emotional undercurrents that run through the relationships among family members present a unique challenge for both clients and professionals in our field. Dan shares his experience on how families get to the active conflict stage, and he describes the common pathways and the ways family members and their family offices can recognize them. In many cases, significant changes – and resulting conflicts – within a family are triggered by the death of a key family principal. So, one practical consideration is to distinguish between pre-mortem and post-mortem conflict situations. Dan talks about the main differences between family conflicts that take place before vs. after a major death in the family. Active conflict can be very painful for families. Dan provides an outline of the options available to families for managing and resolving active conflict, including the different professional channels and techniques they can resort to. Don't miss this illuminating conversation with a leading expert and practitioner in the field of family conflict management and resolution.

In this deep dive into evidence law, we explore how courts differentiate between trustworthy and unreliable out-of-court statements through rules, doctrines, and constitutional safeguards. If you're preparing for a law exam or practicing law, understanding these intricacies is essential for navigating or challenging hearsay evidence effectively.Hearsay is the Achilles' heel of the trial lawyer — but what if your most critical evidence is just a ghost? This episode unlocks the secret pathways of evidence law, revealing how courts breathe life into out-of-court statements that seem beyond reach. If you've ever wondered how some ghostly hearsay makes it into court and others don't, you'll discover the meticulous rules and psychological tricks behind the exceptions that save vital evidence. From the eerie tomb of Rule 804 to the trusted ghosts of Rule 803, we dissect the precise legal architecture that transforms unreliable whispers into admissible proof.We break down the most tested hearsay categories with surgical clarity: tomb exceptions requiring absolute unavailability—think dying declarations and statements against interest—unlocked only when the declarant is truly gone or sealed away. You'll understand the PRISM diagnostic to navigate privilege, refusal, incapacity, subpoena failure, and memory gaps, avoiding common traps on exam day. Then, we shift gears into ghost exceptions, where availability doesn't matter—spontaneous, routine statements like excited utterances and medical reports can come in even when the declarant is right in front of you.But the real game-changer is the confrontation clause — the constitutional firewall that can block otherwise reliable hearsay if it's testimonial and the witness isn't cross-examined. We explore the primary purpose test that separates live testimony from information designed for future prosecution, highlighting why even the most reliable-sounding audio or written evidence can be barred in the courtroom. With historic cases like Crawford v. Washington and Shepard, you'll see how the Sixth Amendment reigns supreme over evidence rules when it comes to protecting your client's rights.For trial strategists and law students alike, we deliver a step-by-step protocol—an unbreakable five-part algorithm—to diagnose, analyze, and challenge hearsay in any scenario. Whether navigating complex paper trails, confessions, or police reports, you'll develop the mental discipline to spot the traps and leverage the law's lifelines. Our final frontier? The future of evidence: how to authenticate objects and digital evidence in a world of AI forgery and digital manipulation.If mastering the rules that turn ghosts into credible witnesses and understanding the constitutional limits that safeguard fairness sound vital, this is your definitive guide. Prepare to see evidence law with fresh eyes—more precise, more strategic, and absolutely essential for winning in high-stakes litigation.Main insights include:The fundamental distinction between Rule 804 (Tomb exceptions) requiring unavailable declarants and Rule 803 (Ghost exceptions) which do not care about availability.The five-pronged PRISM diagnostic (Privilege, Refusal, Incapacity, Subpoena, Memory) to establish genuine unavailability under Rule 804.The specific requirements for core hearsay exceptions such as dying declarations, former testimony, statements against interest, and business records.The crucial difference between exemptions, which are not hearsay by rule, and exceptions, which admit hearsay due to reliability.The significance of the primary purpose test under Crawford v. Washington that distinguishes testimonial from non-testimonial statements, impacting their admissibility in criminal cases.The critical five-step hearsay diagnostic protocol to navigate complex evidence questions on exams and in court.The constitutional prominence of the Confrontation Clause, which overrides even valid hearsay exceptions when testimonial statements a

Chris's SummaryJim and I review Fisher Investments’ 99 Retirement Tips and begin working through the list, covering only a handful in this episode. We discuss estate planning basics such as having a will, the importance of reviewing estate documents, and considering living wills and trusts, with emphasis on incapacity planning. We then examine longevity statistics, why life expectancy at birth is often misapplied, and how that connects to retirement income decisions, including Fisher's warning on annuities. Jim's “Pithy” SummaryChris and I start digging into Fisher Investments’ 99 Retirement Tips and, true to form, we only make it through a few because I may have wandered down a rabbit hole or two. The estate planning stuff is straightforward—have a will, review it, don't ignore the documents that matter if you're alive but not fully capable. Death is easy administratively. Incapacity is where things get messy, and that's where families struggle. And that's where better planning matters most. Then we get into longevity. If you're going to say people might live longer than they think, you better use the right numbers. Not the “life expectancy at birth” headline stat. If a couple makes it to 65, the odds shift. That matters. That changes the runway. That changes how you think about income. It also changes how long that portfolio has to work, and how long decisions have to hold up. And from there we run into the annuity warning. We're not pro-annuity and we're not anti-annuity. Many deserve criticism, but if longevity risk is real—and it can be—then you should evaluate lifetime income options on their merits. Social Security is guaranteed lifetime income. Income annuities are too, so they should belong in the conversation. Whether you use them depends on the situation, but you can't talk about taking longevity seriously and then issue a blanket warning against annuities. The post Fisher's 99 Retirement Tips: EDU # 2608 appeared first on The Retirement and IRA Show.

In this last episode of our Planning for Single Retirees series, we tackle the part of retirement planning that matters most when you don't have a built-in safety net: what happens if you can't manage life or money on your own. Today, John is joined by estate planning attorney Lisa Shoalmire to walk through the real-world planning issues facing "senior orphans," including how to set up financial and medical decision-makers, what to do if you don't have a trusted family member, and how bank agency accounts and professional care managers can step in when needed. They also cover how isolation increases the risk of scams and exploitation, why consolidating accounts and simplifying your finances matters more as you age, and the estate planning details single retirees should get right now—from probate choices to charitable bequests and protections against bad actors. If you're single, widowed, divorced, or simply planning without a spouse you can rely on, this episode is about protecting your independence, your dignity, and your plan—before a crisis forces decisions for you. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

reference: Sri Aurobindo, Bases of Yoga, Chapter 2, Faith — Aspiration — Surrender, pp. 33-34This episode is also available as a blog post at https://sriaurobindostudies.wordpress.com/2025/11/07/overcoming-self-doubt-and-fear-of-incapacity-in-the-spiritual-endeavour/Video presentations, interviews and podcast episodes are allavailable on the YouTube Channel https://www.youtube.com/@santoshkrinsky871More information about Sri Aurobindo can be found at www.aurobindo.net  The US editions and links to e-book editions of SriAurobindo's writings can be found at Lotus Press www.lotuspress.com

DEAR PAO: Nullification of marriage on ground of psychological incapacity | Oct. 16, 2025Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe Visit our website at https://www.manilatimes.net Follow us: Facebook - https://tmt.ph/facebook Instagram - https://tmt.ph/instagram Twitter - https://tmt.ph/twitter DailyMotion - https://tmt.ph/dailymotion Subscribe to our Digital Edition - https://tmt.ph/digital Check out our Podcasts: Spotify - https://tmt.ph/spotify Apple Podcasts - https://tmt.ph/applepodcasts Amazon Music - https://tmt.ph/amazonmusic Deezer: https://tmt.ph/deezer Stitcher: https://tmt.ph/stitcherTune In: https://tmt.ph/tunein#TheManilaTimes#KeepUpWithTheTimes Hosted on Acast. See acast.com/privacy for more information.

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Listen to host Kristin Yokomoto discuss various aspects of the CLA Trusts and Estates Section Executive Committee (TEXCOM) with guests Matthew McMurtrey and Ryka Farotte.  Learn about how TEXCOM monitors all California bills, some of which become law that impact our trusts and estates practice. We discuss Matt's 11-year term on TEXCOM and Ryka's 6-year term, their leadership roles, and some of the contributions they have made to the CLA Trusts and Estates Section and the community. Learn more about the focus of TEXCOM's Legislation, Estate Planning, Incapacity, Trust Administration, and Litigation Committees and how you can become involved.Our Speakers:Matthew McMurtrey is the managing partner at Sacks, Glazier, Franklin, Lodise, McMurtrey & Scheerer, LLP in Los Angeles. Matt is a Fellow of the American College of Trust and Estate Counsel, the California Lawyer's Association Trusts and Estates Section 2021-22 Chair of the Executive Committee (TEXCOM), and a former Chair of TEXCOM's Litigation Subcommittee. Ryka Farotte is a research attorney in the Probate Department of the Los Angeles Superior Court. He is currently a member of the Executive Committee of the California Lawyer Association's Trusts and Estates Section (TEXCOM) where he serves as Chair of the Incapacity Subcommittee.  Thank you for listening to Trust Me!Trust Me is Produced by Foley Marra StudiosEdited by Cat Hammons and Todd Gajdusek

This conversation delves into the complexities of the insanity defense in criminal law, exploring its historical evolution, key legal tests, and the challenges posed by modern neuroscience. The discussion emphasizes the importance of understanding the foundational elements of criminal liability, the distinctions between various types of defenses, and the ongoing tension between legal standards and scientific insights into mental illness.Join us as we delve into the fascinating history of the insanity defense, tracing its roots from ancient times to its modern-day implications. Discover how this legal concept has evolved, shaped by landmark cases and societal perceptions of mental health. We'll explore pivotal moments that have defined the insanity defense, examining its impact on justice and the ongoing debates surrounding its application. Tune in for an insightful journey through the complexities of law and psychology.TakeawaysThe insanity defense is foundational for mastering criminal law.Understanding actus reus and mens rea is crucial for legal analysis.Defenses can be categorized into failure of proof, exculpatory, and non-exculpatory.The M'Naghten rule focuses on cognitive understanding of right and wrong.The Durham test emphasizes the causal link between mental illness and criminal conduct.Modern neuroscience challenges traditional notions of free will in legal contexts.The MPC test incorporates both cognitive and volitional elements.Quality control on expert testimony is vital in insanity cases.The legal system must balance accountability with evolving scientific insights.Future reforms may reshape concepts of guilt and punishment.insanity defense, criminal law, mental illness, legal tests, M'Naghten rule, Durham test, neuroscience, criminal responsibility, legal defenses, mens rea

EXPERT Topic: When Debt Disables: Evaluating Financial Distress as Incapacity or Defence in Employment Law Guest: Malesela Letwaba, Associate in Employment Law at CDH.

Listen to two TEXCOM members in this podcast where Kim McGhee, a legal specialist in Estate Planning, Trust & Probate Law by the California State Bar, certified Elder Law attorney and VA accredited attorney, discusses key incapacity issues with respect to estate planning, as hosted by Kimberly Strand. While people are living longer than ever before, incapacity later in life is also growing more prevalent, and elder abuse is on the rise.  In this podcast, we review the documents necessary for thorough incapacity planning — the considerations involved in creating them and, importantly, when and how to implement them.  Why planning in advance so importantHow to handle clients when you see a slipping of capacityThe cross-over between incapacity and elder abuseCurrent challenges with conservatorships Kimberly R. McGhee, is the principal attorney at Black & McGhee, A Professional Law Corporation. She is a Certified Elder Law Attorney by the National Elder Law Foundation, a Certified Specialist in Estate Planning, Trust & Probate Law by the State Bar of California Board of Legal Specialization, V.A. Certified Accredited Attorney, and member of the California Lawyers Association, Trusts and Estates Executive Committee (TEXCOM). She is the Past-President of the Southern California National Academy of Elder Law Attorneys, Member of the Thomson Reuters Practical Law Trusts & Estates Advisory Board, and contributing author and editor for CEB's Trusts & Estates practice guide. She is licensed in California and Nevada. Kimberly A. Strand, Esq. is a shareholder at Ellerman Strand, a Professional Law Corporation in Cameron Park, California. She received her J.D. degree, with honors, from the State University of New York at Buffalo. She practices in the areas of estate planning, trust and probate administration, and conservatorships. She also represents private fiduciaries and public administrators in probates, trust administrations, and conservatorship matters.  She serves on the Executive Committee of the Trusts and Estates Section of the California Lawyers Association (TEXCOM).Thank you for listening to Trust Me!Trust Me is Produced by Foley Marra StudiosEdited by Cat Hammons and Todd Gajdusek

Yesterday the corruption case against former Free State Premier Ace Magashule has taken a dramatic turn with the Bloemfontein High Court having ruled that the extradition of his former personal assistant, Moroadi Cholota, from the United States was unlawful due to procedural missteps by the National Prosecuting Authority (NPA). Lester Kiewit is joined by Karam Singh, Executive Director of Corruption Watch looking into where the State’s Case started to face a downward trajectory, they also scrutinise the NPA’s capacity to manage high-profile corruption cases. Good Morning Cape Town with Lester Kiewit is a podcast of the CapeTalk breakfast show. This programme is your authentic Cape Town wake-up call. Good Morning Cape Town with Lester Kiewit is informative, enlightening and accessible. The team’s ability to spot & share relevant and unusual stories make the programme inclusive and thought-provoking. Don’t miss the popular World View feature at 7:45am daily. Listen out for #LesterInYourLounge which is an outside broadcast – from the home of a listener in a different part of Cape Town - on the first Wednesday of every month. This show introduces you to interesting Capetonians as well as their favourite communities, habits, local personalities and neighbourhood news. Thank you for listening to a podcast from Good Morning Cape Town with Lester Kiewit. Listen live on Primedia+ weekdays between 06:00 and 09:00 (SA Time) to Good Morning CapeTalk with Lester Kiewit broadcast on CapeTalk https://buff.ly/NnFM3Nk For more from the show go to https://buff.ly/xGkqLbT or find all the catch-up podcasts here https://buff.ly/f9Eeb7i Subscribe to the CapeTalk Daily and Weekly Newsletters https://buff.ly/sbvVZD5 Follow us on social media CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/CapeTalk CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

In the first part of our series on estate planning, we laid the groundwork for why incapacity planning matters and what documents you need to get started. But there's more to it than just having your paperwork in order. In this second episode on planning for incapacity, we take the conversation further by focusing on what happens when long-term care is needed. We'll walk through the different types of care—home care, assisted living, and nursing homes—and how to plan ahead financially using private pay, long-term care insurance, or Medicaid planning. We'll also highlight common pitfalls like outdated or missing Powers of Attorney, and the risks of DIY estate planning that can create real problems down the road. If you haven't reviewed your incapacity planning documents lately—or if you've never had them in place—this episode is your call to action. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Aubrey converses with Osborne Molatudi, Founder and MD of Molatudi Attorneys, about incompatibility in the workplace- is it misconduct or incapacity or both? What in incompatibility and how do employers resolve issues of employees not getting along in the workplace?See omnystudio.com/listener for privacy information.

Today kicks off a brand-new series on estate planning. Estate planning is one of those things everyone knows they should do—but far too many people put it off, sometimes until it's too late. And the truth is, whether your financial situation is complex or pretty straightforward, having a solid estate plan isn't just about what happens after you're gone. It's also about making things easier for your loved ones—and protecting yourself—while you're still here. That's why we're launching this special series to break estate planning down into simple, practical steps. We'll walk through the essential documents you need, the common mistakes that can derail a plan, and some of the more advanced strategies for protecting and passing on your wealth efficiently. Whether you're starting from scratch or just need to update an existing plan, this series will give you the roadmap you need. Now, we originally thought we could cover the first part of this in a single episode—but planning for incapacity turned out to be too important to rush. In this episode, we'll cover why incapacity planning is essential, real-life scenarios that make it critical, and the foundational documents every adult should have: Financial and Medical Powers of Attorney, and Advance Directives. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

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Did you know that the political and economic uncertainty you are all feeling puts you at greater risk of death or incapacity? In today's episode Tom explains that increased risk, and why now is the time to get your estate plan in order.

DEAR PAO: Decadelong absence from marital home may be considered evidence of psychological incapacity | Jan 28, 2025Visit our website at https://www.manilatimes.netFollow us:Facebook - https://tmt.ph/facebookInstagram - https://tmt.ph/instagramTwitter - https://tmt.ph/twitterDailyMotion - https://tmt.ph/dailymotionSubscribe to our Digital Edition - https://tmt.ph/digitalSign up to our newsletters: https://tmt.ph/newslettersCheck out our Podcasts:Spotify - https://tmt.ph/spotifyApple Podcasts - https://tmt.ph/applepodcastsAmazon Music - https://tmt.ph/amazonmusicDeezer: https://tmt.ph/deezerStitcher: https://tmt.ph/stitcherTune In: https://tmt.ph/tunein#TheManilaTimes Hosted on Acast. See acast.com/privacy for more information.

Tune in here to this Monday edition of the Brett Winterble Show! Brett shares a clip of New York Representative, Alexandria Ocasio-Cortez, claiming that American has turned into an oligarchy with Elon Musk in charge of the country. Despite reports coming out that President Biden has been mentally incapable of running the country since the early days of his term, we are only now entering into an oligarchy. Not when people behind the scenes ran the country, while outwardly facing President Biden was supposedly as sharp as ever, but now that the left's archenemy won the election and began appointing people to clean things up, we have apparently morphed into an oligarchy. Listen here for all of this and more on The Brett Winterble Show! For more from Brett Winterble check out his YouTube channel.See omnystudio.com/listener for privacy information.

Ever wonder how to protect your assets if life throws you a curveball? I'm diving into the nitty-gritty of estate planning for incapacity, because let's face it - no one's immune to unexpected health issues. Discover the key documents you need and why procrastination isn't your friend in this game. Tune in to learn more about keeping your affairs in order. ________________________________________________________________ SOCIAL LINKS: Facebook: https://www.facebook.com/AaronKatsmanLC/ LinkedIn: https://www.linkedin.com/in/aaron-katsman-6550441/ ________________________________________________________________ SUBSCRIBE TO THE PODCAST: iTunes: https://podcasts.apple.com/us/podcast/the-aaron-katsman-show/id1192234142 Stitcher: https://www.stitcher.com/podcast/the-aaron-katsman-show Spotify: https://open.spotify.com/show/1lePc1pC0giBFV1nzCGsQR ________________________________________________________________ VISIT MY WEBSITE: Website: https://www.aaronkatsman.com/ ________________________________________________________________ CONTACT ME: Email me: aaron@lighthousecapital.co.il ________________________________________________________________ DISCLAIMER: Aaron Katsman is a licensed financial professional both in the U.S. and Israel. Call 02-624-0995 for a consultation on how to handle U.S. brokerage accounts from Israel. This video is for education purposes only and is not intended to give investment, legal or tax advice. If such advice is needed, contact a licensed professional who can help you. Securities offered through Portfolio Resources Group Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not of Portfolio Resources Group Inc., or its affiliates. Neither PRG nor its affiliates give tax or legal advice.

This week on Hull on Estates, Nick Esterbauer and Megan Zanette discuss the benefits of incapacity planning, with a specific focus on Continuing Powers of Attorney for Property and the process and costs involved with Guardianship Applications.

Typically, when we think of estate planning, we only consider planning for after death. But what happens if you become incapacitated? That's where a Power of Attorney enters the picture. Incapacity planning is a significant component that is just as important, if not more important, than most other aspects of estate planning. Think about it. If you're in the hospital, you don't want to wait for your loved ones to go to court to access your funds to pay for care. You want care right away! So, in this episode of Absolute Trust Talk, we're addressing all the major ups and downs we've seen our clients face when navigating Powers of Attorney. Listen in to learn how to avoid the most common mistakes and ensure your Power of Attorney is ready to go if it is ever needed. Time-stamped Show Notes: 0:00 Introduction 0:55 To start, we're covering the basics: What is a Power of Attorney? 2:55 There are two types of Power of Attorney – springing and immediate. Here's what you need to know. 3:40 Did you know that many Power of Attorney agreements include requirements such as getting two doctors to sign off on your incapacity “under penalty of perjury”? 5:35 You can have more than one Power of Attorney, but it's best only to have one. 8:45 An Institutional Power of Attorney only applies to a specific financial institution for which you sign the papers. 10:11 Next, let's discuss how to make updates if you have multiple Powers of Attorney and want to change who has access to what.

Are you worried about someone who is losing capacity/competency? Dr. Jason Schillerstrom will talk about medical conditions that cause incapacity. Sharyl Mays, senior paralegal, will talk about #guardianship Saturday at Eleven O'clock

(1) The Law's Continued Demands; (2) The Law's Constant Condemnation; (3) The Law's Incapacity of Justify; (4) The Law's Curse Broken.

-1- The Law's Continued Demands- -2- The Law's Constant Condemnation- -3- The Law's Incapacity of Justify- -4- The Law's Curse Broken.

This podcast episode delves into advanced estate planning and asset protection strategies for individuals with a net worth of several million dollars, exceeding the basic approaches like LLCs. The discussion features attorney Ethan Okura from Hawaii, covering topics like irrevocable trusts, the implications of the Corporate Transparency Act, and handling of beneficiary ownership agreement forms despite legal disputes. It also touches upon the psychology of predicting economic recessions, the merits of investing in gold, real estate vs. stock investments, and the nuances of real estate's economic impact. Moreover, the episode explores complex estate planning tools, including various types of irrevocable trusts designed for tax benefits and asset protection, strategies for avoiding gift tax, and the value of generational skipping trusts. Insights on handling estate taxes, probate vs. trust benefits, and considerations for special circumstances like non-citizen spouses or disability trust provisions are also discussed. The importance of financial education, passing values along with wealth to prevent mismanagement by future generations, and the potential of a dynasty trust to maintain family wealth across generations are highlighted.00:27 Understanding the Corporate Transparency Act02:05 Predicting Recessions and Investment Strategies03:10 Real Estate vs Stocks: A Comparative Analysis04:41 The Challenges and Rewards of Being a Landlord05:32 Exploring Commercial Real Estate Opportunities06:16 Invitation to Connect and Learn More06:31 Deep Dive into Estate Planning with Ethan Okura07:52 Understanding Probate and the Importance of Trusts13:06 The Intricacies of Irrevocable Trusts20:59 The Role of Settlor, Trustee, and Beneficiary in Trusts25:05 Exploring Different Types of Trusts34:50 Understanding Different Types of Trusts35:31 Exploring the Concept of Irrevocable Life Insurance Trust36:45 The Role of Trusts in Estate Planning37:13 The Importance of Grantor Trusts38:10 Tax Implications of Trusts39:24 Strategies for Asset Transfer and Tax Avoidance41:12 Understanding Estate Taxes42:12 The Impact of Changing Estate Tax Exemptions51:06 Planning for Incapacity and Long-Term Care57:56 The Power of Generation Skipping Trusts01:01:38 Final Thoughts on Estate Planning and Trusts Hosted on Acast. See acast.com/privacy for more information.

You may have heard the recent news that Jay Leno filed a conservatorship over his wife, Mavis Leno's estate. The couple does not have an estate plan, and his goal is to gain special permission from the court to set up a plan for both of them. As Kirsten and Madison point out, the main issue is not what happens if Mavis dies but instead if Jay were to die first. Given that Mavis is already incapacitated, who will manage their assets and decision-making? We hope you will join us for this discussion that underscores just how important it is to have an estate plan in place to avoid the costly and very public conservatorship court proceedings, among other protections. Time-stamped Show Notes: 0:00 Introduction 0:53 To kick things off, Madison is shedding light on conservatorship and how it applies to the Jay Leno court proceedings. 1:57 Jay and his wife Mavis have been married for a long time and don't have any children. He is her heir if she were to die first, so why is he worried about an estate plan now? 3:36 This isn't the typical way to go about estate planning, and it certainly isn't ideal. Listen in a Madison discusses some of the issues with the approach Jay Leno is taking.  

DOJ Finds Biden Guilty of Crimes, But Will Not Prosecute Due to Mental Incapacity — TUNE IN NOW!

Medical holds are commonly associated only with patients suffering from mental illness, but what happens when a patient needs to be held for treatment or observation due to a non-psychiatric problem? Wendi Campbell Rogaliner, Partner, Bradley Arant Boult Cummings LLP, and Elicia Grilley Green, Associate, Husch Blackwell LLP, discuss the legal and ethical considerations of holding patients who are not suffering from mental illness. They cover real-world examples, the current legal landscape, formal assessments of capacity and surrogacy appointments, and how providers can assess risk and operate in this complex legal environment. Wendi and Elicia authored an article for AHLA's Journal of Health and Life Sciences Law about this issue.To learn more about AHLA and the educational resources available to the health law community, visit americanhealthlaw.org.

Estate planners discuss avoiding adult guardianships, assessing capacity, transitioning trustees, and addressing challenges in planning and litigation. The American College of Trust and Estate Counsel, ACTEC, is a professional society of peer-elected trust and estate lawyers in the United States and around the globe. This series offers professionals best practice advice, insights and commentary on subjects that

Exploring complexities in estate planning for incapacitated clients and beneficiaries, client communication, trust administration, and drafting considerations. The American College of Trust and Estate Counsel, ACTEC, is a professional society of peer-elected trust and estate lawyers in the United States and around the globe. This series offers professionals best practice advice, insights and commentary on subjects that affect the profession and clients. Learn more in this podcast.

What happens to your estate when you die without a will or proper trusts in place?    Aspiring entrepreneurs may think they can skip the legal hassles and costs associated with estate planning. But trust and estate lawyers Elizabeth and Johnny insist everyone needs formal legal protections - no matter what stage of wealth or property ownership. So how can trusts help you protect assets, avoid the dreaded probate court process, plan for possible incapacity, and prevent family confusion later?    Tune in as Elizabeth and Johnny expound the basics of trust and estate planning, and why getting professional help is key. 00:00 - Elizabeth and Johnny Share Their Money Stories 06:12 - Who Needs Trusts and Why 09:31 - Placing Real Property into Trust 11:19 - How Do You Determine Incapacity? 12:37 - LLCs and Trusts Working Together 19:00 - Overview of Revocable Living Trust Contents 24:25 - Helping Entrepreneurs Structure Investment Interests 29:13 - Importance of Regular Trust Reviews 31:33 - Components of a Basic Estate Plan 35:51 - Closing Segment Connect with Elizabeth & Johnny! Website: https://www.trespday.com/     Be the Boss of Your Own Money and Own Your Future. Connect with us and Discover Investment Strategies Designed to make a Difference. Website: https://moneywithmission.com Linkedin: https://www.linkedin.com/in/moneywithmission     Quote:     "If you own property, place it in a trust to bypass costly and public probate. Keeping your affairs out of the court's register maintains privacy and preserves control over administration." - Elizabeth Tresp "Trust is crucial for capacity planning. A revocable living trust not only designates someone to manage your assets in case you can't but also outlines your wishes if you become incapacitated.”  -  Elizabeth Tresp   "I always advise it should at least be held in your trust, right, your revocable living trust, if not in one of your LLCs that you're investing in." - Johnny Nitti

On Monday's Morning Focus, Alan Morrissey spoke with Sharon Cahir of Cahir & Co. Solicitors in our weekly legal slot. This week, Sharon provided advice on decision-making with incapacity where there is no enduring power of attorney.

While all families in the U.S. should have an estate plan, a comprehensive plan is particularly important when your family ties and assets span more than one country. Estate planning can be a challenging task for anyone, but add multiple citizenships and foreign assets into the mix, and it can become formidable. That said, failing to have a plan in place can leave your family at risk. To help us navigate these issues, we have estate planning attorney SHANNON MCNULTY with us to talk about how to protect your family when you cross borders. Biography Shannon McNulty is an estate planning attorney and Founder of THE VILLAGE LAW FIRM in New York City, She provides comprehensive tax and estate planning for New Yorkers and their families. Shannon has a particular focus on global families with young children. Shannon has earned the CFP® designation from the Certified Financial Planner Board of Standards. And she is on the Board of Directors of the Estate Planning Council of New York City (with me). Shannon is host of the GLOBAL VILLAGE LAW AND MONEY PODCAST- a resource to help foreign nationals make smart legal and financial decisions. Outline Tell us how you came to work with global families in your practice. Why is it so important to for global families to have an estate plan in place? What are the basic things that an estate plan for these families should address? Guardianship for kids; Arrange for the fast, easy transfer of your assets; Incapacity planning; Minimize taxes Can a parent designate a guardian for their children who does not live in the U.S.? What happens if no guardian is designated? Can you explain how to make sure your assets quickly go to the people who you want to have them if you pass away? If your kids are minors, who will manage the assets for them? What is incapacity planning? Why is it important? What do global families need to know about taxes in the estate planning context? Review Before we finish, maybe you can give us a recap of the essential documents that global families living in the U.S. should have in place? Some comments on Shannon's Podcast https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

“The information I am providing is my opinion and not necessarily that of my firm or this platform. I am only providing general educational information and not any customized investment recommendations. You should consult with your Financial Advisor, Tax Advisor or Attorney on your specific situation. Nothing shall be construed as Financial, Tax or legal advice or recommendations” In this podcast episode, Renee Decker gives a presentation as part of LPF's Divorce Summit. Renee Decker is a seasoned lawyer with a specialization in estate planning, serving as a reliable advisor to families during difficult times. Renee's passion for this field was ignited by witnessing the unfortunate outcomes of inadequate planning, especially in cases where minor children lost their inheritance due to the lack of a proper plan. She underscores the significance of post-divorce planning, guiding clients to update beneficiary designations, select temporary guardians for their children, and ensure their assets can be accessed by their family members in the event of their passing. Renee's perspective emphasizes the comprehensive and personalized approach needed for estate and incapacity planning for divorce clients, highlighting the importance of considering the beneficiaries and guardians for minor children in the absence of a spouse, and the need to plan for incapacity. Join Renee Decker on this episode of The Confident Retirement podcast as they delve deeper into estate and incapacity planning after divorce. Here is what to expect on this week's show: Planning for incapacity and protecting assets The crucial role of legacy planning Long-term success in business planning Probate process: transferring assets and protecting beneficiaries Flexible and private asset management for divorce clients Strategies for transferring property without probate Connect with Renee Decker: https://deckerlegacy.com/renee-decker/ Learn more about your ad choices. Visit megaphone.fm/adchoices

“The information I am providing is my opinion and not necessarily that of my firm or this platform. I am only providing general educational information and not any customized investment recommendations. You should consult with your Financial Advisor, Tax Advisor or Attorney on your specific situation. Nothing shall be construed as Financial, Tax or legal advice or recommendations” In this podcast episode, Renee Decker gives a presentation as part of LPF's Divorce Summit. Renee Decker is a seasoned lawyer with a specialization in estate planning, serving as a reliable advisor to families during difficult times. Renee's passion for this field was ignited by witnessing the unfortunate outcomes of inadequate planning, especially in cases where minor children lost their inheritance due to the lack of a proper plan. She underscores the significance of post-divorce planning, guiding clients to update beneficiary designations, select temporary guardians for their children, and ensure their assets can be accessed by their family members in the event of their passing. Renee's perspective emphasizes the comprehensive and personalized approach needed for estate and incapacity planning for divorce clients, highlighting the importance of considering the beneficiaries and guardians for minor children in the absence of a spouse, and the need to plan for incapacity. Join Renee Decker on this episode of The Confident Retirement podcast as they delve deeper into estate and incapacity planning after divorce.  Here is what to expect on this week's show: Planning for incapacity and protecting assets The crucial role of legacy planning Long-term success in business planning Probate process: transferring assets and protecting beneficiaries Flexible and private asset management for divorce clients Strategies for transferring property without probate Connect with Renee Decker: https://deckerlegacy.com/renee-decker/ Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, host Chad Burton provides a market update and discusses estate planning. He explains the importance of having a will, trust, power of attorney, and healthcare directive, and addresses the cost associated with these documents. Additionally, he shares that the S&P 500 has seen a rally with a total return of 18.36% for the year. Timestamps: [00:01:36] Market cap weighted index. [00:05:21] Weaker dollar and international positions. [00:08:22] Inverted yield curve. [00:11:22] Roth 401k and tax breaks. [00:17:06] Roth contributions and tax deductions. [00:19:07] What is an estate plan? [00:25:02] Power of attorney for digital assets. [00:26:09] Incapacity and healthcare directive. [00:30:55] Leaving money for kids. [00:34:06] Fully discretionary trust. [00:36:40] Financially screwing up kids. Email your money question to chad@chadburton.com.  Call 1-888-762-2423 for Wealth Management and Financial Planning services or visit www.ChadBurton.com

In this week's 20-min podcast: -Mitch McConnell (R) and Dianne Feinstein (D) publicly demonstrate how the lack of Term Limits paralyzes our Congress -Nikki Haley: “We've GOT to have a new generation of leadership.” -Speaker Kevin McCarthy's dirty trick to gut the people's choice on term limits

Sharyl Mays talks about guardianship on this edition of Talk Law Radio with Todd Marquardt. Join Todd Marquardt every week for exciting law talk on Talk Law Radio! The mission of Talk Law Radio is to help you discover your legal issue blind spots by listening to me talk about the law on the radio. The state bar of Texas is the state agency that governs attorney law licenses. The State Bar wants attorneys to inform the public about the law but does not want us to attempt to solve your individual legal problems upon the basis of general information. Instead, contact an attorney like Todd A. Marquardt at Marquardt Law Firm, P.C. to discuss your specific facts and circumstances of your unique situation.See omnystudio.com/listener for privacy information.

Estate planning isn't only for planning what happens to your "stuff" when you pass. A thorough estate plan includes legal documents that support you during your lifetime in the event of incapacity. Michele Procino-Wells & Amber B. Woodland are together in this episode to discuss both lifetime planning documents, and how and when they might be used. You'll hear them refer to the Power of Attorney as one of the most important legal documents that any adult should have, so this is a do not miss episode.

This is an Impact Pricing Blog published on March 8, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-professionals-have-trained-incapacity/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/  

Are you worried about someone who is losing capacity/competency? Dr. Jason Schillerstrom will talk about medical conditions that cause incapacity. Sharyl Mays, senior paralegal, will talk about #guardianship Saturday at Eleven O'clock

From a massive mobilization drive to money problems in the regions, Russia's war on Ukraine is straining the Kremlin's ability to govern -- and to keep up support from the people it needs to maintain its grip. Analyst Andras Toth-Czifra joins host Steve Gutterman to discuss what the unprovoked war has done to 'state capacity' and 'regime capacity' in Russia.

Considering what might potentially hang in the balance, logic would suggest that when it comes time to prepare an estate plan, nearly all of us would stick to a “just the facts” approach, steering clear of secondhand and ill-conceived advice from friends or flat-out inaccurate information that's been handed down from generation to generation. But let's be honest, estate planning can have its complexities and be confusing, so often, the information we have from our peers might be all we have. The problem is, when it comes time to put an estate plan into action, it's usually too late for do-overs. And, if that estate plan is built on faulty information or incomplete follow-through, the financial consequences can be substantial — even life-changing. Hard-earned assets that don't end up going to the intended beneficiaries, unintentional and seemingly harmless missteps that can result in legal action, and even woefully inadequate medical provisions at a point in life where they're needed the most. We totally understand that there is a sense of uneasiness that often surrounds the subject of estate planning. Almost nothing reminds us of our own mortality, like sitting down and strategizing for our pending demise or incapacitation. So instead of putting in the all-important due diligence to get to the bottom of the realities of estate planning — or better yet, soliciting the guidance of a qualified professional — many of us take the path of least resistance and rely on often expedient but faulty information that can bring on those severe consequences down the line. It's just too important a topic to rely on shortcuts, so in this episode of Absolute Trust Talk, Kirsten Howe and associate attorney, Madison Gunn, will not only examine some of the most common estate planning myths they've encountered in the course of their practices, but will also counter them with the actual legal facts. These myths will range from thoroughly believable to seemingly irrational. Some you may have even accepted as fact a long time ago, while others might leave you scratching your head in disbelief. But they'll all have one thing in common — subscribing to them can lead to many problems down the line. In this episode, we'll discuss: How, despite the best of intentions, lack of follow-through can torpedo major elements of even the best estate plans The misunderstandings that surround the concept of common-law marriage (Hint: It's not even a thing in many states) Why irrevocable trusts aren't the panacea that many believe them to be The variety of circumstances that can lead details of your estate plan to be divulged to people you'd rather not know about it What is required of an aging parent when it comes time to update their estate plan Why estate planning is essential even for those who don't have heirs or have amassed valuable assets And more. With all the misinformation surrounding estate planning that's circulated over the years, it might be hard at times to separate fact from fiction, but we're here to help! Join Kirsten and Madison as they clear up some of the most common estate planning myths they've encountered during their careers and replace these falsehoods with actual facts.

It goes without saying that trustworthiness is the number one trait you should think about when you choose a trustee for your estate plan.  Is the person going to do the job? Are they going to do the job right? Are they going to put the needs of the trust, estate, and other beneficiaries first? We know it's a lot to think about, and honestly, there is no correct answer when it comes to choosing your trustee or trustees because every family is different. While it may also seem logical to name your child or children as trustees, this route can also come with its own complexities and concerns. As parents, the last thing you want to do is cause your family stress or unhappiness should you become incapacitated or pass away. In this episode, Kirsten Howe and Madison Gunn talk about the factors to consider when naming your children as trustees, and some of the other more neutral options to think about, depending on your estate. Some of the points they cover include: Why you might want to choose two separate trustees; one if you become incapacitated, and another if you die. The personality traits that are important to consider in your trustee selection. Why splitting the trustee duties between two children equally may or may not be the right decision. When it might be suitable to hire a neutral third party to carry out your trust plans, such as a licensed professional fiduciary or a corporate trustee. And more. Carrying out a trust plan after its owner becomes incapacitated or dies is a big responsibility that takes much more time and effort than many realize. It's important to make sure the person you select will be able to do so fairly, in a timely manner, and with minimal friction alongside your other beneficiaries. Whether you've already selected a trustee for your plan or you're just getting started, this is an episode that every family should listen to. You may want to update your plan after you hear what Kirsten and Madison share.