Retire Early, Retire Now!
This is a Podcast to help people retire early and help people retire now. Financial Planning topics will be covered and explained so you can plan and retire with confidence.
Retire Early, Retire Now!
Estate Planning with Haley Yackee
In this episode of the 'Retire Early, Retire Now' podcast, Host Hunter Kelly of Palm Valley Wealth Management converses with attorney Haley Yackey from Coleman Talley, LLP about essential aspects of estate planning. They discuss the importance and intricacies of estate planning, including creating wills, healthcare directives, and power of attorney documents. Haley elaborates on safeguarding wealth through trusts, ensuring minors are cared for, and addressing family disputes over inheritances. They also touch on the upcoming changes in estate tax exemptions and strategies for gifting assets. Haley emphasizes communication and proactive planning to avoid conflicts, and they discuss the option of corporate trustees for managing trusts. The episode concludes with Haley sharing her contact information for those needing estate planning assistance in Georgia and Florida.
Check out the Palm Valley Wealth Management Website
PalmValleywm.com
Check us out on
Instagram
LinkedIn
Facebook
Listen to the Podcast Here!
Apple
Spotify
And welcome to the retire early retire now podcast. I'm your host hunter Kelly owner of Palm valley wealth management. And today. We will be talking all things. Estate planning with attorney Haley Yackey. She is with Coleman tally, LLP. And, uh, I found this conversation very, useful and informative. Uh, because estate planning is often forgotten in the financial planning process. whether that be from individuals doing their own financial planning or even people in my profession with financial advisors. But, it is one of the more important areas of financial planning and if not done properly, it's one of the. top ways that you can destroy your wealth, that you work really hard for. So, Uh, give this podcast episode of listen today. I think you'll find a lot of value in it. Haley is very informative, very helpful, and very knowledgeable. I thank her for coming on and speaking with me today. hopefully we can do it again soon because there are infinite more topics that we could touch on, get more granular and things of that nature. So if that's something you want to hear, let me know. w. In the comments or shoot me an email, whatever that may be. but if you liked this podcast, go ahead and leave a five star review on your favorite podcasting app. Share this with a friend, like I said, this could be very useful to somebody that has not done estate planning before. so share that with a friend and, hope you enjoy.
Scarlett 2i2 USB-2:And welcome Haley to the retire early, retire now podcast. I'm glad to have you here.
Scarlett 2i2 USB-3:today we're going
Scarlett 2i2 USB-2:Obviously today we're going to talk about estate planning, mainly the reason why it's and then I think I want to structure it as one, how do we start out with thinking about what we should do in the state planning and kind of work our levels up. So I'm starting from the basics of just like a will and health care surrogates and things of that nature into maybe even potentially talking about, okay, now I've hit the estate tax limits, or state thresholds and where, where should we go from there, as far as how to help save on taxes and efficiently pass down those assets to our heirs and things of that nature. nature but before we get into that, um, why don't you tell the audience how you got into estate planning, uh, who you work for and who you best serve?
Scarlett 2i2 USB-3:so I have my master's in tax. I got it from you and UF and I got into estate planning because of a professor there, Professor Kalfi. Anyone who has been through the LLM program at UF knows him. He is the guru of generational wealth, tax planning, things of that nature. So I took his course and that's just kind of where it went and I, got into estate planning through that or wealth planning through that. I currently work at Coleman Talley. We are a Georgia and Florida based law firm. We have, two, and we have a lot of South Georgia clients, things of that nature, and I am double barred both in Florida and Georgia. Awesome.
Scarlett 2i2 USB-2:I'm always curious on why attorneys pick the, the field of practice that they, pick because obviously what gets the most notoriety isn't necessarily tax planning all the time. It's, you know, criminal defense and these crazy, trials and things of that nature. We were talking about one when we just
Scarlett 2i2 USB-3:just got here about
Scarlett 2i2 USB-2:what's her name, Karen Reed, and that whole situation. what about, estate planning and tax planning and things of that nature is interesting to you and what, other than the professor, what really drew you to doing this type of work?
Scarlett 2i2 USB-3:Mm hmm. Yeah, so this, so this kind of, you know, this transactional kind of law isn't as sexy, so to speak, as, the litigation aspect being in court, you know, People watch Law Order and say, I want to do that. to me, it's mostly about helping the clients and, you know, you have an overall goal that you want to reach and you assist them in figuring it out. Sometimes it's kind of a little bit of a puzzle. Okay, we want to get to, we want to get to B, how do we get there, so to speak. Um, and then also personal reasons, you know, I, I know we've talked previously but my grandmother. when my grandfather passed away, you know, they weren't married, they had gotten it all went to his daughter and she was left with nothing where he had intended and had said, you know, she's to be taken care of, she's to be taken care of. Well, that didn't happen. So a little bit of a mixture of, you know, from personal experience but additionally, just it's It's great to help the clients, great to meet them, especially because, you know, a lot of my clients, they're hardworking people. They have built, we're on like third generations of these businesses that they've built and, you know, unfortunately sometimes marriages, for example, don't work out and you don't want something that you've grown and has been in the family for generations just to go to this random person for one reason or another. so helping them with items such as that. Yeah, And not even
Scarlett 2i2 USB-2:divorce, but like just the unthinkable of untimely deaths and things of that nature. obviously makes it very important to do some of this type of planning, which leads me into, why is that planning important? Why should someone have a will or some sort of planning to say, hey, when I pass away, this is what I want to happen. What are some downfalls to not having that planning, and where should people start?
Scarlett 2i2 USB-3:so there's, there's kind of a few different documents that are required for estate planning to have a full estate plan, so to speak. it generally doesn't, you know, estate planning doesn't start when you pass. it starts while you're alive because some of the documents only function while you're alive. For example, a living will, a power of attorney, a healthcare directive, a trust agreement kind of plays both sides. It acts while you're alive and while you're pa while, when you pass. But ultimately, you know, if you, say for example, get into an accident and you're in a coma and you can't make healthcare decisions, for you, Well, that defers to the doctor, unless told otherwise, and that's how those documents come into play. You know, the doctor, potentially, is only there, they, they haven't even met you. You're in a coma, for example, so how are they to know your treatment preferences when you haven't made that clear? so the healthcare directive, living will, you know, that's, that's good, in essence, for that. You've spoken with your spouse, you know, your partner, maybe, your brother, your sister, And you've let them know, hey, you know, I only want to be on, life support for three months and after that I, just cut me loose, so to speak. A doctor's not going to know that. Additionally, for a power of attorney, you know, that only functions, again, while you're alive. who's going to pay those bills while you're in a coma, for example? also, you know, if you have a power of attorney and, and you're not necessarily incapacitated, but, You need, you need to pay your bills, but you can't keep up with it because, say for example, you're a bit older, you just don't want to deal with that, that, those items. So, maybe you have a child come in and, and do those things for you. maybe your spouse who has handled all the financial affairs has since passed away and you don't even know where to begin, but you have a son or a daughter who's a CPA or an attorney, accountant, a financial planner, and they have the, They have the knowledge to be able to handle those things. Well, that's where you would want the power of attorney to come into play. Additionally, with the trust agreement or the will, say for example, you know, you have a child who you've provided for, you've given them a lot during their lifetime, but you haven't necessarily given or gifted items to other children. It's Well, You could sit there and say, in the well I've provided for this child, and therefore I'm not including them as a beneficiary in it, and therefore all my, you know, remaining property goes to my other two children. I will say, though, that if you're going to do something like that, So, you know, you can't have that conversation with the child, because you don't want to, you know, have them sit there and say, well, I was written out. This is, you know, I'm going to contest this, so to
Scarlett 2i2 USB-2:yeah, so you've brought up a couple of good things that I want to talk about today. One, that communication with the children, I find, is lacking,
Scarlett 2i2 USB-3:at worst.
Scarlett 2i2 USB-2:and oftentimes the parents don't communicate properly or whatever the case may be, especially when there's large sums of money. And, just given personal experience, I'm sure with your daily work, you experience this a lot. There can often be a lot of confusion and people get upset easily, especially when there's a lot of money that they think they're owed or assets or whatever. So having this plan in place and make it clear and explain before anything happens is obviously key to having a successful plan. one of the things that I think about going back to incapacitation,
Scarlett 2i2 USB-3:that incapacitation,
Scarlett 2i2 USB-2:is not only the taking the doctor's decisions out of his hands or her hands as far as what your wishes are, but also thinking about your spouse or your other loved one that you have had,
Scarlett 2i2 USB-3:or
Scarlett 2i2 USB-2:given them control, right? So if you have a husband or you have a wife and you're unsure about what type of treatment they would want in that scenario, you want to do best for them. and so having these conversations early on before this happens. It doesn't necessarily make the decision easy, but it can give you peace of mind knowing that, hey, knowing that I've done what my spouse wants, as far as the wishes, communication with family. So how do you go about that?
Scarlett 2i2 USB-3:Uh,
Scarlett 2i2 USB-2:these conversations are generally difficult, especially I find for the the boomer generation and the their kids because the way at least my experience is they grew up not talking about money. It wasn't a thing it just is what it is. You don't talk about the bible. You don't talk about politics You don't talk about people's money, right? And so how do you approach? You people that are very, I guess, close to the vests with these types of topics, because you know it's important for their kids or their heirs to know, hey, you're going to receive X amount of dollars or assets and, and this is what your parents or whoever's gifting this want you to kind of do with it. Yeah.
Scarlett 2i2 USB-3:we actually, we have been, we schedule family meetings. so to speak, and that's where we try and get in those younger generations, you know, the, the 20 year old, say, for example, who really have no idea, have never filed a tax return, nothing of that nature, and just you know, don't even know what these documents are. I mean, realistically, when you turn 18, you're able to enter into, these doc you are able to execute these documents and, you know, have a health care directive, things of that nature. But that doesn't necessarily mean that the children pay attention, so to speak, to any of these items. so what we like to do is we like to have these family meetings where we just kind of start introducing some of these items to them. And, and it's nice too because it comes from a third party. So it's not like the children are being talked down to or, or whatnot or being forced to do something by a parent, you know. It's, it's, they, you're developing that relationship with these younger generations. Speaking to them, in, in their language. you know, I'm, And he probably thinks I'm younger than the, partner I work with. So he has a relationship with, the clients his age, so to speak, but it's potentially hard for him to develop that relationship with somebody younger. So it is nice to have somebody more along their age lines and their demographic. Yeah, it doesn't feel like mom or dad is telling me, this is what's happening. They be somebody of their own, kind of,
Scarlett 2i2 USB-2:Yeah, same generation.
Scarlett 2i2 USB-3:Handling the assets on their own. But they kind of get a little taste for what it's like managing those along with somebody who is more seasoned In order to provide guidance to them.
Scarlett 2i2 USB-2:let's circle back to kind of that initial planning and I do want to come back to kids because I have a couple questions there, but that initial planning so we've we've gotten a will we've gotten we've talked to our spouse about how we want our care to kind of go if If, God forbid, we become incapacitated. now, how do we handle things as far as minor kids? I guess we can be specific to Florida or Georgia, just because that's your area of expertise in law. but, by law, what do we need to have in place to make sure that, Certain people, if something happens to the both of us, certain people are taking care of our kids and, what happens to the money and how is that, taken care of and not taken advantage of because if I leave my, my two children a million dollars and they're five years old, I want to make sure that grandma isn't siphoning it off for her own benefit or whatever, right? So how do we protect ourselves from that?
Scarlett 2i2 USB-3:Generally, you'll have guardianship provisions. in your will. So that will just say basically who, you know, without getting into the nitty gritty, who takes care of the child. as for funding and you know, who, who takes care of the money, realistically, you would want to, what what, we generally do is, nowadays it's taking children, in my opinion, it's taking children longer to mature, so do you want that child to get that million dollars when they turn 18? Potentially, no. you know, I, I had a friend in high school who was, he got his trust fund, so to speak, at 18, he spent it, and he he could because he got it outright, you know, there were no provisions in there, there were no restrictions, once he came of age, he got that money and he could do with it as he please pleased, so generally, instead of providing it to the child outright, so instead of, you know, it would get, if, upon the surviving parent or, Both parents passing. The child would get it outright. I like to put it into trust and then have provisions in there. You know it'll be paid out for the standard health maintenance education support. and then at 25 or 30 or however, they could come in as co trustee and then 30 at sole trustee. Depending on how much the trust is, you could potentially have partial distributions and then it terminate at a certain age. but to where they're not getting that full amount at 18. So, From there, the guardian will have to work with the trustee, whoever's name. Sometimes, you know, you have uniformity in that the guardian is named as the trustee, and, you know, there's no issues there. but if there is a concern that the guardian is going to abuse their power, so to speak, you know, there are repercussions. The beneficiary could go to the court and say they're abusing their power, they need to be removed. So is that the check and balance so if the kid, let's say becomes where they can kind of see that happening, 15 but grandma just went out and bought a 100, 000 car and I know that she doesn't necessarily have 100, 000, is that kind of the check and balance if the guardian and the trustee are the same? yeah. Yeah, and also potentially, you know, So, really if If the guardian and the trustee aren't the same, the guardian could go on behalf of the child And, do that as well. But also, they're due an annual accounting. I'm not sure what, you know, other states requirements are, but they're due an accounting to know what's happening. the receipts, disbursements, income, expenses of the trust. What are they spending this money on? So, in
Scarlett 2i2 USB-2:Florida
Scarlett 2i2 USB-3:and Georgia,
Scarlett 2i2 USB-2:do you mainly see the guardian being
Scarlett 2i2 USB-3:then, you know, the, the, the, the,
Scarlett 2i2 USB-2:The
Scarlett 2i2 USB-3:trustee? Or do you see kind of a, a mix of different people? I see a mix of different people. it, it, it just, it truly depends. On, on the family, the family dynamics specifically. you know, you you look for talent within the familyum, you know, are there attorneys are there, are there CPAs? Things of that naturein order to handle those accounts, however, just because they have. the educational background doesn't mean you feel that they're the best to raise your child. So, it, it kind of depends. for example, my husband and I have different designations in our documents. We have, his, his family taking care of our daughter when she, you know, is underage. But then my father handles the account portion of it. So, it, it just depends. It's, You know, and it's not necessarily that we don't believe either one of them would do so I'm not sure if I'm going to
Scarlett 2i2 USB-2:that, that's a really good point and, just thinking to my own situation and some other clients and things of that nature, having those separate people because, I just think to, to my situation, my wife's a nurse, she's better caring and things of that nature, and my entire, Wife's family are all CPAs and financial analysts and things of that nature. So I know they're good with money, right? And so Are they good with kids? So you have to ask yourself that question, which they are but You you would know that. Hey, they're probably better with money as well.
Scarlett 2i2 USB-3:well. So
Scarlett 2i2 USB-2:good And so the beautiful thing about trust kind of getting away from minors And I've dealt with this a little bit as far as personal finance clients and thinking about estate planning and giving money is how customizable they are, right? And so you do have that 20 year old or maybe you have a child that has a spending problem or God forbid a drug problem or things of that nature. You can really get granular on how much they receive every year and things of that nature. then one thing that I think people don't realize a lot of times is the trustee doesn't always have to be a friendly member. There's there's plenty of corporations that could be corporate trustees. And so I guess talk a little bit about that and how, how you would recommend a corporate trustee and how that works, in case there is a situation where I don't trust anybody in my family to handle this money, maybe because it not nefarious reasons, but just because of. just the complexity of it, I
Scarlett 2i2 USB-3:hmm. So, I'm going to touch on two points, that you mentioned, and then I'll, I'll talk on the corporate trustee
Scarlett 2i2 USB-2:provisions and such, if that's alright with
Scarlett 2i2 USB-3:so it is interesting to note as well if, you know, you mentioned the substance abuse and things of that nature. So that is, we do have provisions, and that is a kind of newer aspect. something, something that you know, I, I find our clients do like, especially, you know, when you're from a smaller town and everyone knows everyone. at death, you know, the will has to be recorded in the county you pass away in. and so you have that public record aspect where they can view it. So that's the nice thing about trusts is maybe, you know, they see that people may see that provision and just their mind goes. and the Gossip starts, so to speak. so it is nice because the trusts are private documents. Those are not published, you know. You have to say, oh, there is a trust, a notice of trust, which we do here in Florida. But for the most part. the trust is just a private document, you know, you don't really have to generate it to financial institutions or people or anyone if you don't want to. so that is something that I do find that clients like trust agreements more than they like just the general will provisions because they don't want somebody knowing, you know, specifically for, the substance abuse and things of that nature or I don't know why you wrote somebody out or if you have a child from another marriage, or, you know. Yeah. I was just thinking about where your firm, where your firm's from. Valdosta. And Valdosta's not like the most biggest city in Georgia, right? And then also Jacksonville's the biggest small town in it's like, that, that, that is a great um, point to make is, Hey, I don't want all my business out when, when I pass away people thinking that my son has a a drug problem. When I really just genuinely just don't want him to have
Scarlett 2i2 USB-2:amount of
Scarlett 2i2 USB-3:dollars and you can, you know, you can title the trust however you want to so you don't even have to have your name in the title or anything like that. So when you are changing title to say for example real estate or things of that nature, you know, it Somebody couldn't find your name or couldn't see. like, the You can have Whatever you want. Exactly. Exactly As to your comment about the corporate trustee I do find that some clients do like that, you know, third party, so to speak, somebody else handling it. I also do find that clients like to know who the trustee is. So there are, some institutions that are specifically tailored to that, where, where they just handle trust, acting as trustee for, trust agreements for individuals, you know, because you develop that relationship with that person. I will say that, you know, some institutions, they have their specific language that they want within the trust documents. And sometimes that can be
Scarlett 2i2 USB-2:little too
Scarlett 2i2 USB-3:a little too tailored, so to speak. And it just depends, you know, it's, it's internally. I can't quote one for another, so to speak.
Scarlett 2i2 USB-2:Yeah, it's thousand ways to
Scarlett 2i2 USB-3:Yeah, exactly. but they also do charge a fee and that varies as well. So that would be. just something, if clients are looking to do that, I would just say, you know, talk to your institution because you know, potentially if you want somebody, you don't want somebody, if you have a Florida trust, somebody who is just acting as trustee who is centered in Texas, that you call and you know, you don't really you don't really get to know that person. So it, it varies. but I do have clients who are very dedicated to their financial institutions and that's who they want. And that's fine. when it gets over a certain amount, or you have those issue children, or you have a lot of infighting in the family, that's when, you know, you should consider, okay, you don't really have any talent within the family, you don't have anyone to take over, you know, you don't have, friends are kind of a, that's a hard one, because, you know, friendships can sour, so you don't, and people forget to update their documents. Yeah,
Scarlett 2i2 USB-2:I was friend
Scarlett 2i2 USB-3:was
Scarlett 2i2 USB-2:Jim 20 years ago because our kids played baseball together and
Scarlett 2i2 USB-3:hmm, correct. and now
Scarlett 2i2 USB-2:now he moved out to Wyoming and we
Scarlett 2i2 USB-3:we haven't talked in 10 years. Mm hmm. so
Scarlett 2i2 USB-2:how is one? Is he going to want to do that? And two, how is he going to do it? And he's probably my age. So the likelihood of him passing away around my age is same. So no, that's that's a good
Scarlett 2i2 USB-3:And then, but sometimes too, I mean, because even if he did get, your example, even if he did get aimed, he could get, he could decline to serve, but then what happens if he doesn't? You know, and he's acting as trustee, given, you know, there's recourse that, you know, the beneficiaries can sit there and say he should be removed and such. But I mean, there's still that potential issue, because what if the beneficiaries say, well, my dad picked him, he must be good, you know. And then this. This random guy that he knew 20 years ago is collecting a fee as trustee, so. Yeah, yeah, that's a good point. And so,
Scarlett 2i2 USB-2:Let's transition
Scarlett 2i2 USB-3:next year or 2026,
Scarlett 2i2 USB-2:we have the sunset, right? So the
Scarlett 2i2 USB-3:state, uh,
Scarlett 2i2 USB-2:tax limits are starting to come down or the
Scarlett 2i2 USB-3:Tax Cuts and Jobs Act. forgive me, I don't know what it
Scarlett 2i2 USB-2:come down to off
Scarlett 2i2 USB-3:the top of my head, but I think it's what for a
Scarlett 2i2 USB-2:be like 11 or 12 million at
Scarlett 2i2 USB-3:million at that point. it's, I think it, it was around 5 million. per individual, but with inflation, it's, It's probably going to be around seven, but again, it's, it's hard to say because we just don't know. so that would bank it at about 14 million,
Scarlett 2i2 USB-2:and so what I can see coming down the pike, and
Scarlett 2i2 USB-3:and I'm sure,
Scarlett 2i2 USB-2:most people are kind of thinking about it, maybe not actually getting the planning done. So if I'm
Scarlett 2i2 USB-3:in that kind of gray
Scarlett 2i2 USB-2:gray area right now, obviously I'm not at the 22, 23, 24 million, but I know when that.
Scarlett 2i2 USB-3:Sunset
Scarlett 2i2 USB-2:happens and that threshold comes back down. what are some things that I should be thinking about on how to avoid potentially Paying this state tax and kind of doing that
Scarlett 2i2 USB-3:planning Mm hmm. So it is, it is hard, you know, to, to say just because we just, we don't know. We have the big election coming up here shortly, and there's potential that it could get extended, it could not get extended. You know, you have that year, you have a little over a year to plan, what you would want to do, potentially, is kind of get assets out of your estate. Mm-Hmm.,You know, the value of those assets out of your estate. So, whether that be via gifting, but you know, you run into the fact that the gift the gift will also reduce. the Mm-Hmm. the gift tax amount would also reduce. it's avenues through that, you know, um, trying to capture that amount.'cause it's, you either use it or lose it, so to speak.
Scarlett 2i2 USB-2:So last thing I
Scarlett 2i2 USB-3:want to touch on is gifting. so for those clients that are terribly inclined, and maybe do have
Scarlett 2i2 USB-2:a level of
Scarlett 2i2 USB-3:assets where they're starting to touch the, the estate Thresholds and things of that nature. What are some simple things that
Scarlett 2i2 USB-2:can do
Scarlett 2i2 USB-3:as far as gifting to their charities that maybe take some deductions up front
Scarlett 2i2 USB-2:or Kind of maximize that gifting
Scarlett 2i2 USB-3:ability to help with taxes maybe in the short term, but also in the long term gifting, so for example, you know, the family businesses and such, you can gift the Class B shares. and then there's the non voting powers, Which, you know, non voting power, things like that, where you can still retain the Class A. So you still control the corporation, or the entity, the company, what not. Um, but you're still gifting a portion, and getting those shares outside of your estate. Um, you know, charities as well, everyone has their annual exclusion, um, it varies. I'm not sure off the top of my head what it will be next year. For This year it's 18, 000. So, you know, you have your annual exclusion. You can give to anyone you want. Um, so you can take advantage of that. Um, I have a lot of clients who, you know, they just, they write into their documents 100, 000 to this charity, 100, 000 to that charity, things of that nature. So, um, you know, there's a couple, there's a couple ways to go about it,
Scarlett 2i2 USB-2:so, one of the things that I find very common is, whether the, the parents or whoever is gifting the money down or, doing the planning, to the, no fault of their own, whether it's, just poor communication, whatever the case may be, is there oftentimes are conflicts. So what are some ways to mitigate and avoid
Scarlett 2i2 USB-3:avoid and
Scarlett 2i2 USB-2:to do as much proactive planning as possible to avoid some of these conflicts? Um, when, when the trust says this, and Jane is saying, hey, mom and dad really didn't want that, or whatever the case may be, how do we avoid that?
Scarlett 2i2 USB-3:So I like to say, be open with your children, you know, have the conversation early, talk about, who's getting what, for example, tangible personal property, you know, you have assets You that don't have a value of anything. For example, you know, it may be worth 10, but It has a lot of emotional value to it, so, you know, have the discussion. Look, I'm going to give this to, you know, John, but you guys can have this. And pass that on before you pass, so to speak. Because, you know, children will will get down to the nitty gritty to get that one piece of property, that one piece of tangible parcel and property, in order to, um, to retain it. And it really has no value. And then you wear down the estate because, you know, you're incurring litigation costs. trying to distribute the specific piece of property. Um, additionally, you know, I, I'm not sure in other states, but Georgia has an inter arum Clause, um, where if the beneficiary contests the validity of the will, or the provisions of the, of, of the will, um, that they get disinherited. so to speak. They do not get the, the um, the thing devised to them, or bequeathed to them. That it's against public policy in Florida, so Florida doesn't, you know, comparison in States, Florida doesn't allow that clause, but Georgia does. So it's something there, if we know that we're going to have a particularly particularly, um, prickly beneficiary So to speak, um, we'll leave them some nominal amount just to say, Hey, you're included. So if you contest, you potentially run the risk of, you know, Um, so it's kind of a check on them. So where clients are saying, you know, no, I don't want them to have anything. we can sit there and say, okay, I understand that, however, you know, you're running the risk of not providing them anything to, to incur litigation costs over, you know, them saying this isn't the real will. taking Yeah, they're sitting there saying, no, no, no, you know, I deserve more and everything so it's, it's nice having that kind of check in Georgia, whereas Florida, you can't, you know, you would just disinherit them
Scarlett 2i2 USB-2:them. Yeah.
Scarlett 2i2 USB-3:I do, I do like to review with clients that, specifically. additionally, you know, you have those joints the joint property with, with, uh, children. And it's not necessarily that it's supposed to be joint with that child. It's supposed to be for convenience, so the child can help in payment of, um, of bills, things of that nature. You know, you have the elderly client who doesn't really want to deal with that stuff, so they put a child onto the bank account, so that way they can assist in payment. Um, well, they pass away. https: www. youtube. com or www. youtube.
Scarlett 2i2 USB-2:maybe that parent didn't really mean for that to happen because they just wanted them on there for convenience. So, you know, you include provisions that say, while it's jointly titled,
Scarlett 2i2 USB-3:au that was not the original intention, and it's supposed to pass in accordance with the will. And and so, you know, you have kind of those checks as well to avoid conflicts. But I, I just, I do. like to be as open with the family as possible. You know, you do have those potentially, um, litigious families. So, it might not be
Scarlett 2i2 USB-2:Sounds like you need to be really good at
Scarlett 2i2 USB-3:you need to be really good at communication. That's right, that's right, That's right. No, that
Scarlett 2i2 USB-2:No, that that can be
Scarlett 2i2 USB-3:tough.
Scarlett 2i2 USB-2:And, uh,
Scarlett 2i2 USB-3:well, good. I appreciate
Scarlett 2i2 USB-2:taking the time to do this podcast with me.
Scarlett 2i2 USB-3:obviously this is the, the area of financial planning that I think is often
Scarlett 2i2 USB-2:the most
Scarlett 2i2 USB-3:often forgot.
Scarlett 2i2 USB-2:and it, and to me is the most important, like you can have the best portfolio or the most income. but if you do things incorrectly, then your wishes aren't gonna, especially if you care about your family and, and want certain things to
Scarlett 2i2 USB-3:to happen, um, it to the court and screw um, or that
Scarlett 2i2 USB-2:beneficiary to
Scarlett 2i2 USB-3:up, right? I appreciate you
Scarlett 2i2 USB-2:coming on
Scarlett 2i2 USB-3:and talking about it.
Scarlett 2i2 USB-2:it and
Scarlett 2i2 USB-3:If
Scarlett 2i2 USB-2:for whatever reason someone's listening and they live in Florida or Georgia, how can they get in touch with Coleman Talley and is there a certain type of
Scarlett 2i2 USB-3:individual or family that you're looking for as far as working with them? no, we, we like to work with, you know, any, any clients. we, my information is on our website, Coleman Talley, LLP. Um, and you can reach me through there.
thanks again to Hailey for coming on and talking all things, estate planning with me. Hopefully we can do it again soon, because like I said earlier, there's a ton of topics that we can dive into. Really, you could have a whole whole podcast on a state point in, so maybe we can make this a regular occurrence, but, again, if you liked this podcast, go ahead and leave that five star review and share this with a friend. And as always, this is not financial or legal advice. It's not meant to. investment or financial planning and advice that is for educational purposes only. Please do not make decisions solely based off this podcast, Please seek a legal, financial or tax professional when considering your own situation.