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When a client passes. As an Estate Planner, you plan for a client to pass away.  You do your best to help them “leave a legacy of peace and not a legacy of chaos”.  You help them create “The Plan”. Even though the topic of death is discussed every day in my office, it still has an impact on me when I get the call or email that: “Mr. Jones died Friday.  I just wanted you to know.” Their passage leaves a mark.  As an attorney, hopefully, I spent enough time with the client to make sure their wishes were accurately reflected. As a person, I may remember a laugh that we shared as we discussed their wishes.  I may remember what a delight (or tyrant) they were in our discussions. As a person of faith, was their salvation secure?  While the business of Estate Planning anticipates the passage of a client, I don’t know that as a person, you are ever fully prepared. 

  SUPER NERDY ALERT Did you ever watch the movie "Fight Club"?  If so, the persistent line throughout the movie is "Don't talk about Fight Club!"  Why?  Well, watch the movie. As many of you know, the i ntersection of law and insurance simply fascinates me.   Here's an instance of that:   All U.S. states have a State Guaranty Association.   These associations insure life and health insurance companies in case of failure.  Failure is rare, but it happens from time to time.  As both an insurance agent and an attorney, I have seen the results of this.  In that situation, the Guaranty Association worked out very, very well.  Consumers need to know that this program exists.  Who better to tell them than their insurance agent? For banks, consumers know that the Federal Deposit Insurance Corporation (FDIC) exists.  For their brokers, they know that the Securities Investor Protection Corporation (SIPC) exists.  How?...

  For the sake of clarity, the term "Estate Planning" applies everything from Wills and Powers of Attorney to elaborate Trusts.  "Do's": Update your documents more than once a decade.   That's right.   I recently saw a Will that was fifty (50) years old!   Fortunately, some of the folks listed in it were still alive. If your documents pre-date cell phones, update them! Read your documents.   Even if an attorney drafted the documents, read them. Make sure you understand the documents. Recently I saw a document where  the attorney did not change the name on the document from one (1) of his/her previous clients.   That document was invalid. You need to make sure the words on the page are what they need to be.  Love yourself and your family enough to have the documents.   Those who love their families  make difficult times easier  with documents that prevent the family from having to get court ord...

  Recently I had a client pass away.  Before this happened, we did her planning.  Her relatives came to see me after her passing.  I was able to say "she had her affairs in order". She wasn't wealthy.  Too often I hear people say "Why should I care, I don't have anything anyway?"  Well, having the proper documentation in order makes it easier on those you leave behind, who have to make decisions for you.  So, do you care enough to leave a legacy of peace?  If so, get your planning in order today. 

FREE Call-in Clinic  “Aging Well with Law & Insurance” When:    Saturday, July 10th from 10:00 am to noon Central. Where: (615) 497-0763 Who:    Tennessee residents only What: Free, one-on-one consult over the phone.   Speak with a licensed Tennessee attorney and insurance professional on: Annuities Asset Protection Charitable Giving Medicare Supplements Powers of Attorney Probate Life Insurance Trusts Long Term Care Wills Other?

I get this all the time.  Here's how the conversation goes: Me:         Are your Will and your Powers of Attorney documents up to date? Caller:      Yes, I bought them online ten (10) years ago. Me:        Was the Will typed or handwritten? Caller:     Typed. Me:          When you signed the Will, did you have two (2) witnesses? Caller:     No, just the notary. Me:          That does not sound like a valid Tennessee Will.  When would you like to come and see me? Caller:     Wait? What? But I paid the online service for it! The Tennessee statute for wills, other than handwritten, states: Tenn. Code Ann. 32-1-104: (a) The execution of a will, other than a holographic or nuncupative will, must be by the signature of the testator and of at least two (2) witnesses as follows: (1) The testator shall signify to the attesting witne...

Do you have your own business?  It's great, isn't it?  Making all those decisions.  Having to buy the staples and copier.  And your delightful relationship with your silent partner, the IRS. Once all the euphoria of the above has passed, what's your succession plan?   How's the business going to pass along to other generations?  If you drop dead or are disabled, will your family have to clean up the mess?  If you are in a business with others, what's the succession look like? Most business succession plans include some sort of buy-out .  Normally, no one really thinks about this after the initial attorney drafts it.  How would you fund the buy-out?  Are you going to sell business assets?  Are you going to run a business with someone's widow, child, or girlfriend?  Or, is their life insurance on the business owners to fund it? Have I blogged on this before?  Yes .  Does it bear repeating? Yes . If you are in a small bu...

In Estate Planning for older individuals, a key is whether or not they have the necessary capacity to enter into the documents they are signing. In Tennessee, and I'm sure many other states, the person does not have to have perfect health and mental recollection for that.  Here's a recent case where the court reiterates the standard.  It states ...all that is necessary is “that the contracting party reasonably knew and understood the nature, extent, character, and effect of the transaction ." That's it.  It's not superhuman.  It's not even the standard of the "reasonably prudent man".  It simply whether or not they reasonably know and understood the transaction, at the time of the signing.   In this case, the issue is over a Power of Attorney, which led to a skilled facility admission, then a death, and then a lawsuit.  Isn't it amazing how a domino effect can wind up in litigation?  It was all from one apparently "simple" document. May...

As an attorney who assists clients with Wills, Trusts, Probate, and Powers of Attorney, I see both good ideas and bad ones.  Here are a few of the really bad ones: Misspelling Names - whether it's your Will, Trust, Power of Attorney, Beneficiary, or Payable on Death forms, get the names correct.  Those coming behind you and wrapping up your affairs do not need to be explaining why you called "William" "Bobo".  Whether it's a financial group or a Trustee, matching a name on a document to a person should not be a challenge.  The solution, take a few extra minutes to confirm the names you are listing are the actual legal names of the people you wish to bless. Donating To The Government- You have a poor relative who is receiving Medicaid Long Term Care Services (they are in a state nursing home).  You would like to bless this relative upon your passing, so you list them in your Will, Beneficiary form, etc.  When you pass they now move from being poor, to a hi...

While discussing Estate Planning, the topic of investments comes up from time to time.   Did you know that there are "Kingdom-oriented" investment funds?  Most of my clients don't. These are funds that allow you to i nvest your money with groups that have matching beliefs and values. Why does this matter? Second Corinthians 6: 14-15 (AMP) says: Do not be unequally bound together with unbelievers [do not make mismatched alliances with them, inconsistent with your faith]. For what partnership can righteousness have with lawlessness? Or what fellowship can light have with darkness? What harmony can there be between Christ and Belial (Satan)? Or what does a believer have in common with an unbeliever?  The funds I'm aware of are Thrivent , Eventide , Guidestone , 2ndVote , and Timothy Plan .  I'm sure there are other similar products, but these are the ones I have found. The beauty of this approach is investing your money in funds that are consistent with your values...

  As an Estate Planner and licensed Life and Health Insurance Agent , the topic of retirement income often comes up.  The idea of having a single dollar amount retirement "nest egg" started bothering me.  I couldn't figure out why. Then I realized, looking at retirement funding in a single dollar amount is a bit backward. We spend most of our working lives looking at our month to month and year to year streams of income.  Why do we view retirement any different?  Why do we think we need some massive amount of money out there to feel "secure" when we simply don't.  What we need are "streams of income".   Just like in our working lives, we need streams of income in our retirement years. So, stop stressing out about the overall value of your retirement account.   Figure out what streams of income suit you best.  So, here are some ideas: Rental Property - I'm a huge fan of rental property.  If you are in an area that is not dying, this wi...

I know I'm a bit of an insurance nerd, but Long Term Care (LTC) insurance coverage simply fascinates me.  For many people, it's the bridge, in their final years, between health insurance (often Medicare) and life insurance. There are many fascinating variations of LTC, but the ones that interests me the most are those that are participating in the LTC Partnership program (Qualified State Long Term Care Partnership Program). What's that mean?  That means that the policy has met certain criteria, so that when the policyholder passes away AND Medicaid (in my case, Tenncare) has a recovery interest in their estate, then the estate gets credit, due to the LTC policy, to offset any recovery efforts by Medicaid. (This means there's a better chance of the kids getting granny's old house.) What does this benefit the policyholder? They have more control over where they spend their final years, as opposed to having Medicaid dictate where they reside. And, their estate gets a...

  In my Estate Planning, the topic of "planning for Medicaid" often comes up. I don't know why we, in the U.S., have gotten so oriented toward thinking we'll need "Medicaid" when we are one of the richest countries in the world.   I believe that planning for Medicaid is akin to planning for FAILURE. Why do I believe this?   As a teen, I worked in Nursing Homes and Assisted Living Centers. The staff always knew which beds were "Medicaid Beds". Those beds were always limited. Did they receive essentially the same care? Sure, but it was still known that the spot was "Medicaid".   Medicaid has limited options. Medicaid is subject to change at lawmakers' whims. Medicaid is designed for the truly poor. Why would triggering Medicaid be your goal?  Have you ever been in a Medicaid predominant  (only) facility and liked it?  Would you want to live that way?   I prefer to see people have more options as they age. I prefer to see people take mor...

The Probate process in Tennessee is quite simple.  COVID has made it even simpler with electronic filing and no appearance dockets.  "Death Taxes" and that sort of thing are really not much of an issue either for the average person. For most individuals, or couples, I encounter, complex planning is really unnecessary.  For those with vast, multi million dollar estates, more complex planning makes sense.  But for the average individual, it jut doesn't. A Will, a Durable Power of Attorney for Healthcare, a Living Will, a Durable Power of Attorney for Financial matters often do the trick.  If you have minor children, I also recommend a Durable Power of Attorney for Childcare.  These documents will cover the vast majority of what the average individual needs.  What are your thoughts?

  Don't scribble on your Will.   A Will is a document that communicates your wishes to the Court, an Insurance Company or similar office, your legal heirs and your wishes for what should happen to your personal items and real estate after you have passed away.  It's a powerful document. Once your Will is formally signed and dated, it is not a notepad.  If you wish to revoke or change it, do it properly.  Remember, it reflects you and your legacy.  Need a real life illustration?  This case is an interesting read.  In this case, the Will was ultimately admitted to Probate, but not without considerable cost. This Will was an expensive notepad because it was not treated with respect. What are your thoughts?

If we aren’t careful, MATERIALISM can be a great weight upon our souls. In Ron Blue's God Owns It All workbook he has a great quote from an African pastor ✝️. It goes something like this: Materialism isn’t about having a lot and wanting more. Instead, it’s defined by worshiping what you have and what you want. It’s a belief that having more things can bring contentment and joy.  It’s a sickness that is present in all corners of the world, 🌎 and it’s just as prevalent among the poor as among the rich 💰. We all struggle with materialism in one form or another, and it’s a direct violation of a right belief in who God is and what He has done for us. Matt 6:24 tells us that we can’t serve two gods. We can’t serve both Yahweh (God) and the god Mammon. My encouragement to you is to GIVE. Live GENEROUSLY.  Do not let wealth, wealth preservation and prosperity be your god. You can plan, but that does not mean you obsess or live in fear of loss.  Why? Because in the immort...

  Are you concerned for yourself or a loved one aging?   A fantastic resource is from an unlikely source, the Centers for Disease Control (CDC).  STEADI (Stopping Elderly Accidents, Deaths & Injuries) has many resources worth your time.  The page I like the best is here .  Whether you are planning for yourself or a loved one, it is always easier to take a few steps toward the future than to play "catch up".  

When you started your business, you generated an Operating Agreement or some similar document. The document looked all nice and legal at the time. You signed it and moved on. The business had very little worth at the time, so you didn't pay much attention. Now, you are years into the business and you haven't given this document another thought. As you have aged and the business or partnership grew, you start to think about the agreement. In most Operating / Partnership Agreements there is a "Buy-Sell Clause" that is triggered by death or disability . When you started the business, those issues didn't matter. Now, they do.  What if? Do you have the capital to fund a buyout of your partner(s)? Do you like the idea of owning a business with your partner's wife and her new husband?   Wouldn't you like a source to fund this part of the agreement? Maybe it's time to take a second look at that document and figure out a way to fund it for pennies on t...

  I am a big believer in each of us taking our own journey of inner healing .  Life throws trauma at us.  Often we receive the greatest trauma in childhood .   This disconnects us with our original self.   This disconnects us from who we were created to be.  It derails creation into something else. Miserable with your profession? Often this is because you are not doing what you were created to do .  When you do what you were created to do, it resonates with your passion and ignites your heart.   How do you reconnect with original self?   I can tell you how this healing came for me. First , I had to allow for a greater connection with God the Father.   I believe that the Holy Trinity is the one true God.  I had knowledge of God the Father, but not much of a relationship.  That had to change.  One of the greatest lessons in that is that my IDENTITY is in Him .  He created it because I am his unique creation ....

As both an #Attorney and an #Insurance Professional, weird scenarios go through my head from time to time.  Here's one. I have dealt with many #grandparents in my practice.  Most of them are great and beneficial to the lives of the grandchildren.  Some are not.  I've dealt with both sides of the issue. I seem to be having more and more issues lately with emotionally #toxic #grandparents, especially in the realm of #Juvenile and #Family #Law.  This applies to both #custody and #visitation. So, here's one of the thoughts bouncing around in my head:  If a married couple is trying to protect their minor children from the influences of a toxic grandparent(s), they need the following: Mirroring #Wills nominating a safe person to raise the child/ren should they both pass away.   The nominated person needs to agree (not necessarily on paper) and be aware of the situation with the toxic grandparent(s).  This person is known as a #Guardian. A Durable Power...