Episode 9: In this episode, Louisville estate planning attorney Brandon Lawrence explains how to make a Will simple and effective by identifying specific items that should never be included in the document. Then he transitions to what not to put in your Will. He explains that beneficiary designations for retirement accounts, life insurance policies, and trusts take legal precedence over a Will. Brandon discusses why time-sensitive instructions, such as funeral arrangements, organ donation, and life support wishes, should be managed through separate documents or a Living Will to ensure they are acted upon before a Last Will and Testament is even read.

Key Themes:

01:16 What Is a Holographic Will?

04:15 Retirement Account Beneficiary Designations

05:26 Why Funeral Arrangement Shouldn't Go in Your Will

07:13 Don't Include Organ Donation Instructions in Your Will

08:41 Use a Living Will to Explain Your Life Support Wishes

10:18 Avoid Using a Will to Designate Beneficiaries of a Trust

11:51 How to Handle Your LLC after Your Death

13:32 Don't Use Your Will to Designate Beneficiaries of Your Life Insurance

14:51 Keep Your Last Will and Testament Brief

Have More Questions or Want to Set an Appointment with Brandon?

Website: www.LawyerForTheCity.org

Phone: (502) 996-7735

Email: help@LawyerForTheCity.org

This podcast is meant to provide information and is not legal advice. Brandon's principal office is located at 101 N. 7th Street, Louisville, Kentucky 40202.

Episode 7: Attorney Brandon Lawrence opens this episode of Protect Your Nest by outlining what clients can expect during an estate planning consultation, regardless of whether their estate is worth $200,000 or $2 million. He explains that the process begins with an intake form to identify goals before moving to a detailed meeting or Zoom call. Brandon emphasizes that every family situation is unique, requiring customized plans rather than "cookie-cutter" solutions to protect spouses and children. He discusses sensitive scenarios, such as remarriage, and how trusts can ensure a person's assets go to their children rather than a spouse's future partner.

The episode highlights the necessity of planning for incapacity through medical directives and powers of attorney to maintain quality of life during a long-term illness. Brandon also touches on the importance of Medicaid planning, as a way to qualify for assistance with long-term care while preserving an inheritance for heirs. For those with children, he suggests using trusts to set distribution timelines or boundaries and recommends flexible boundaries. He stresses that no amount of money is too small to protect, as modern housing and retirement assets accumulate quickly. Finally, Brandon invites listeners to reach out via his website, LawyerForTheCity.org, to begin securing their family's legacy.

Key Topics:

• The First Step
• Family First Planning
• Planning for the Living
• Smart Distributions
• Tax and Legal Update
• Conclusion

We've talked about a whole lot of things on previous episodes. You can check those out on my website, LawyerForTheCity.org. You can check them out on YouTube as well. And you can call me my number, (502) 996-7735. And you can contact me directly at Help@LawyerForTheCity.org. That's my email address or just direct message me on the website through other social media outlets.

Of course, I'm the Lawyer for the City, Brandon Lawrence.

And this has been another episode of Protect Your Nest. Like I said, you can look back on other episodes and see about the things that we talked about because a lot of these things I've gone in a little bit more in depth. I tried to give you a little bit of overview today. But as usual, protect your nest. Let's talk it over.

This podcast is meant to provide information and is not legal advice. Brandon's principal office is located at 101 N. 7th Street, Louisville, Kentucky 40202.

Episode 6: In this episode of Protect Your Nest, Attorney Brandon Lawrence provides an in-depth guide on the legal vehicles necessary for Medicaid nursing home preparation. He explains that in Kentucky, individuals must meet strict financial criteria, including a monthly income limit and a total asset limit. Beyond finances, applicants must be at least 65 years old or have a medical professional certify their need for 24-hour skilled nursing care. Brandon explains the challenge of the five-year look-back period, where Medicaid reviews all financial transactions prior to the application date to identify any attachable assets. To navigate this, he recommends using irrevocable trusts, which effectively remove assets from a person's "countable" resources by transferring ownership to the trust.

Brandon also explains how your situation might call for a Medicaid asset protection trust, an irrevocable life insurance trust (ILIT) and explains how a Miller Trust (or Qualified Income Trust) can hold surplus funds to maintain eligibility. He also warns that without these vehicles, nursing homes can liquidate a family home through probate after a resident passes away to recoup costs. It's important to starting this planning as early as possible. Ultimately, Brandon's goal is to help clients use these tools to preserve their income and pass their legacy to the next generation.

Chapters:

00:40 Welcome and Introduction

04:32 The Medicaid Spend Down

05:49 Irrevocable Trust: Shifting Ownership to Protect Assets

09:21 Other Types of Trust

17:33 Legacy Preservation and Avoiding Estate Recovery

18:58 Conclusion

These are some short, simple ways, and also if you want to get some more in-depth conversation about these or go into more details, specifics on how to utilize these tools and some more tools, you can always contact me at LawyerForTheCity.org. You can email me, call me, and then we can set up an appointment and go in depth and look at what type of vehicle will be best for you. Would it be a revocable trust? Would it be an irrevocable trust? Will it be a Will? What are your plans? What are your goals for protecting your money for qualifying for Medicaid if you need to get into a nursing home? Because also in addition with the nursing homes, they only have a certain amount of Medicaid beds. All the beds are not allocated for Medicaid. You have a certain amount of Medicaid beds, and this is with memory care, with nursing homes and other type of senior facilities that serve the aging population.

The best thing that you can do is try to prepare early, as early as you can and to put yourself in the most advantageous position because obviously it's extremely important. And hopefully we're all going to age into a ripe old age, and some of us are going to need more assistance than others. And we don't really know what situation we're going to be in, if we'll have our spouse, if we won't, if we'll have our family around, if we won't. So we want to take the most precautions and make the best plan that's going to be most beneficial to us. And that's what we all strive to do.

There are tools out there to help you to do that, and you want to take advantage of them and go to a professional that can help you out and assist you with making the best plan most suitable for you. And I thank you for listening. Look forward to coming back and give you some more information on another episode of Protect Your Nest. And in the meantime, it's getting warm out there. The snow is melting, but still watch your step and take care of yourself. Until next time, this is Brandon Lawrence, the Lawyer for the City.

For More Information:

Website: www.LawyerForTheCity.org

Phone: (502) 996-7735

This podcast is meant to provide information and is not legal advice. Brandon's principal office is located at 101 N. 7th Street, Louisville, Kentucky 40202.