The Good Steward Law and Wealth Podcast

Ep. 12 - Long-Term Care Planning: All You Need to Know

ABOUT THE HOST:

Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.

KEYWORDS: Estate Planning, Long-Term Care, Financial Plan, Medicare, Insurance, Incapacity, Power of Attorney, Living Will, HIPAA Authorization, Financial Decisions, Nursing Home Costs, Medicaid, Private Pay, IRA, Asset Protection, Estate Recovery Program, Good Steward Law and Wealth Podcast, L. Jennings Law, U.S. Law, Tax Deductions, Medicaid Qualifications, Long-Term Care Support, Long-Term Care Funding, Pension, Finances, funding long-term care, tax-deductible IRA withdrawals, Medicaid Eligibility, holistic estate plan, Attorneys, Advisors, asset protection, Living trust vs will, How to set up a trust fund, Medicaid planning strategies, IRA rollover rules, Estate tax strategies, Revocable vs irrevocable trust, Best retirement accounts, Power of attorney financial, Beneficiary planning, End-of-life financial planning, Living trust vs will How to set up a trust fund Medicaid planning strategies IRA rollover rules Estate tax strategies Revocable vs irrevocable trust Best retirement accounts Power of attorney financial Beneficiary planning End-of-life financial planning

Ep. 28 - Comprehensive Estate Planning Guide - Part 1

Tue, 27 May 2025 03:00:00 -0400

Have you considered how to protect your legacy if you’re suddenly unable to make healthcare or financial decisions? Welcome to this episode of the Good Steward Law and Wealth Podcast, where host Ledly Jennings dives into estate planning essentials to help you safeguard your future. In this opening segment of a comprehensive three-part series, we focus on preparing for incapacity, exploring indispensable tools like financial power of attorney, healthcare power of attorney, and the living will. Join us to gain expert insights and practical strategies to ensure your financial security and personal wishes are honored, no matter what life brings.

IN THIS EPISODE:

(03:00) Estate planning for incapacity, emphasizing its inevitability
(03:50) Four key documents: Financial Power of Attorney, Healthcare Power of Attorney, Living Will and a HIPAA Authorization
(04:14) A Financial Power of Attorney, enables trusted financial decisions during Incapacity
(08:39) Various powers within the Power of Attorney
(12:17) Healthcare Power of Attorney, the HIPAA Authorization and the Living Will for medical decisions during incapacity
(13:32) The Living Will is the document for end-of-life decisions in estate planning

KEY TAKEAWAYS:

Estate planning is a critical process that prepares for incapacity. It ensures that your financial and medical wishes are documented and followed when you can no longer decide for yourself.
A Financial Power of Attorney is a key document in estate planning. It allows a trusted individual to manage your financial affairs effectively during incapacity, protecting your assets and obligations.
Healthcare Power of Attorney and a Living Will are vital components of estate planning. They enable designated individuals to make informed medical and end-of-life decisions on your behalf during your incapacity.

RESOURCES:

Ep. 7 Understanding a Power of Attorney: Protecting Your Finances

ABOUT THE HOST:

Estate Planning, Incapacity, Power of Attorney, Springing Power of Attorney, Financial Power of Attorney, Healthcare Power of Attorney, Living Will, HIPAA Authorization, Wealth Management, Rule Against Perpetuities, Financial Decisions, Healthcare Decisions, Asset Protection, End-of-Life Decisions, Trusts, Ledly Jennings, L. Jennings Law, Safeguard, Legacy, Protect Your Legacy, expert insights, Financial Insights, Financial Strategies

Ep. 27 - Tax Advantaged Gifting to Minors

Tue, 22 Apr 2025 03:00:00 -0400

Want to maximize your wealth while securing your children’s future? Tune in to this episode of the Good Steward Law and Wealth Podcast with host Ledly Jennings to explore innovative wealth management strategies for a secure financial future gifting to minors through your estate plan. Discover how tools like UTMA accounts, 529 accounts, and trusts can help you provide for future generations while maximizing tax benefits. Whether you're planning for education or long-term security, this episode offers practical advice on how to make every dollar count.

IN THIS EPISODE:

(00:30) Ways of gifting to minor children with a UTMA through your estate plan
(05:25) Setting up a 529 Account to use for education - a no-risk account
(08:59) Set up a trust in combination with a 529 Account
(11:31) Different ways to have income tax benefits

KEY TAKEAWAYS:

One of the most effective ways of gifting money to minors is through accounts like a UTMA Account (Uniform Transfers to Minors Act). These accounts allow you to gift money to children but retain control until they reach a certain age (typically 18-25, depending on the state). This method helps avoid potential gift tax consequences and provides some tax benefits as the money grows.
A 529 account is a highly beneficial tax-advantaged way to save for a child's education. Contributions to these accounts are tax-deductible in many states, and the money grows tax-free. Additionally, if the child doesn't need the money for education, it can be rolled over into a Roth IRA, providing future retirement benefits.
Setting up a trust in your estate plan can be a great way to protect and manage assets for children, ensuring that money is distributed responsibly and protected from creditors, divorce, and other risks. Combining a trust with a 529 plan can offer flexibility and security, with the trust managing the 529 account and ensuring generational succession for education funds.

RESOURCES:

Ep. 17 Transfer and Death Tax

ABOUT THE HOST:

Ep. 26 - The Importance of Naming A Beneficiary

Tue, 15 Apr 2025 03:00:00 -0400

Are your beneficiary designations working in your favor—or putting your estate at risk? Learn the difference between a smooth transfer of assets and a probate headache. On this episode of the Good Steward Law and Wealth Podcast, host Ledly Jennings breaks down why beneficiary designations matter more than most people realize. From POD (Payable on Death) and TOD (Transfer on Death) designations to the risks of naming a minor as a beneficiary, Ledly explains how small mistakes can lead to big problems. You'll also learn how using a revocable trust can offer asset protection and peace of mind—and why simply creating a trust isn’t enough if you don’t fund it properly. Whether you’re setting up your estate plan for the first time or reviewing it after a significant life change, this episode is packed with practical tips to help you stay a good steward of your legacy.

IN THIS EPISODE:

(00:00) The importance of updating a beneficiary designation on your estate plan
(01:45) Naming a beneficiary and examples of problems when not done correctly
(08:06) Don’t list a minor child as a beneficiary
(10:10) Discussion on asset protection
(12:15) Make sure you fund the trust you’ve created

KEY TAKEAWAYS:

If you don’t update your beneficiary designations after major life events—like getting married or having children—your assets may go to someone who you no longer wish to receive them.
Failing to name a beneficiary (or naming your estate) can lead to probate, which delays the process and may not follow your final wishes.
Naming a child as a direct beneficiary can lead to unintended consequences, such as receiving a large sum of money at age 18 with no restrictions. A better option is to use a revocable trust, which can control when and how the funds are distributed and offer protection from creditors, divorce, and other legal risks.

RESOURCES:

Ep. 22 - The Best Account to Inherit

Info@ljenningslaw.com - Email Ledly

Ep. 24 - The Will - The Least Important Document

ABOUT THE HOST:

Ep. 25 - AMA - Ask Me Anything About Estate Planning

Tue, 25 Mar 2025 03:00:00 -0400

Are you prepared for the unexpected? In this special AMA (Ask Me Anything) episode of the Good Steward Law and Wealth Podcast, host Ledly Jennings answers real questions submitted by listeners about estate planning. From when to start thinking about an estate plan to whether a will or trust is right for you, Ledly breaks down essential topics like protecting assets, avoiding probate, and ensuring your wishes are honored. He also discusses the importance of powers of attorney, healthcare directives, and whether high-profile individuals like Matthew Stafford use Trust and Will for estate planning. Don’t miss this insightful episode packed with practical advice to help you take control of your financial future!

IN THIS EPISODE:

(00:30) “AMA” (ask me anything). Ledly answers at what age should I start to think about estate planning

(02:46) Do I need an estate plan if I have a house, car and a 401K

(04:27) What if I die without a will? Why is it different from trust? Can I disinherit a family member, and can my assets pass on protected

(08:46) Discussion of the two types of trusts, whether they protect from nursing home care and funding the trust

(13:06) Power of Attorney and Health Care Directives and ramifications of not having these directives and how often should I update my estate plan

(16:49) Does Matthew Stafford use Trust and Will for his estate planning

KEY TAKEAWAYS:

Once people turn 18, they need healthcare and financial power of attorney since parents no longer have automatic legal authority over their decisions.
Dying without an estate plan leads to intestacy probate, where the state determines asset distribution. A will alone does not bypass probate, while a trust provides privacy and control.
Estate planning isn’t just for the wealthy—it’s essential for everyone. Whether you're 18 and need powers of attorney, a homeowner wondering if a will is enough, or looking to protect assets from probate and nursing home costs, having a plan ensures your wishes are honored and your loved ones are safeguarded.

RESOURCES:

Ep. 24 - The Will - Least Important Document In An Estate Plan

Ep. 12 - Long-Term Care Planning - All You Need to Know!

Ep. 18 - The HSA Triple Play: The Most Powerful Retirement Account and Long-Term Care Strategy

ABOUT THE HOST:

Ep. 24 - The Will - Least Important Document In An Estate Plan

Tue, 18 Mar 2025 03:00:00 -0400

When most people think of estate planning, they assume a will is the most important document—but that’s not the case. In this episode of the Good Steward Law and Wealth Podcast, host Ledly Jennings breaks down why a will is often the least essential part of your estate plan and why avoiding probate should be your ultimate goal. You’ll learn what a will does, the hidden costs and delays of probate, and the best strategies to bypass the court system entirely. Plus, we’ll explore the key situations where a will is still necessary, like naming guardians for minor children and ensuring all assets make it into a trust. If you want to protect your legacy and make life easier for your loved ones, this is an episode you won’t want to miss!

IN THIS EPISODE:

(00:29) The least important document of your estate plan is a Will

(01:42) What is a Will

(03:13) Reasons to avoid probate

(06:23) How to avoid probate

(09:13) The Will is necessary for guardianships, and what is a Pour Over Will

KEY TAKEAWAYS:

Contrary to common belief, the will is often the least important document in an estate plan. The goal is to avoid using it, as it requires probate, which is time-consuming, public, and costly. Ideally, you want your estate plan to avoid probate altogether.
To avoid probate, it’s crucial to list beneficiaries on accounts or use a trust. These designations override a will, ensuring assets are transferred directly to heirs without involving the court system. A trust is considered the best tool for managing assets and avoiding probate.
A will is still necessary in certain situations, such as naming guardians for minor children and creating a "pour-over" will that ensures any assets left outside a trust are transferred into the trust after death. These are the primary uses for a will in estate planning.

RESOURCES:

ABOUT THE HOST:

Ep. 23 - Estate Planning Roadmap for Retirement Accounts

Tue, 25 Feb 2025 03:00:00 -0400

Welcome to the Good Steward Law and Wealth Podcast, hosted by Ledly Jennings. In this episode, we continue our series on retirement accounts and your estate plan, focusing on the critical role of Roth IRAs, Traditional IRAs, and estate planning in securing your financial future. Ledly breaks down retirement savings strategies and the tax advantages of different account types, from tax-free growth opportunities to the impact of required minimum distributions. Through real-life examples, we explore how a young investor benefits from a Roth IRA, what an individual in their 60s should consider for wealth transfer, and how those in their 70s can integrate trusts for legacy planning. We also discuss the importance of beneficiary designations, the tax implications for spousal inheritance versus non-spouse beneficiaries, and the risks of failing to name a beneficiary. Whether navigating investment strategies, planning for financial security, or ensuring asset protection, this episode provides essential insights to help you make informed retirement planning and estate decisions.

IN THIS EPISODE:

[0:30] Ledly recaps inheritance rules
[1:41] Why a young person may choose the Roth IRA
[3:51] Which IRA’s are the best options for an individual in their 60’s and why
[8:56] Example of individuals in their 70’s and leaving their estate to a trust
[12:22] You must name a beneficiary and the problems incurred if you don’t

KEY TAKEAWAYS:

Inheriting an IRA (except for a spouse) can lead to significant tax burdens due to the 10-year withdrawal requirement under the SECURE Act. A Roth IRA, however, is income tax-free and can be left to a trust without the high trust tax rate, making it the best option for inheritance planning.
For young families, the primary beneficiary is typically the spouse, while a trust is the secondary beneficiary to protect young children. Leaving an IRA to a spouse is usually the best option for older individuals due to the lifetime stretch benefit. Still, trusts are useful for special cases like children with financial difficulties, disabilities, or divorce risks.
If you have the cash to pay the taxes upfront and a long enough time horizon (typically under age 70), converting a traditional IRA to a Roth IRA can maximize the inheritance value. Paying taxes now ensures beneficiaries receive tax-free funds and avoids pushing them into higher tax brackets upon inheritance.

RESOURCES:

ABOUT THE HOST:

Ep 22 - The Best Account to Inherit - Congress's Gift to Us

Tue, 18 Feb 2025 03:00:00 -0400

Welcome to the Good Steward Law and Wealth Podcast, hosted by Ledly Jennings. In this episode, we'll explore the complexities of Roth IRAs and inheritance, exploring how tax-free growth and strategic wealth transfer can benefit you and your loved ones. We’ll also break down key tax strategies, beneficiary rules, and estate planning considerations to help you maximize your financial legacy. Whether you are planning for retirement or looking to pass on wealth efficiently, this episode will provide expert insights to guide your decisions.

IN THIS EPISODE:

[0:33] A review on the last two episode topics
[2:49] Definition of a Roth IRA and why it converts to a tax-free inheritance
[6:20] Rules on contributing to a Roth IRA and why everyone doesn’t use it
[10:19] Does it make sense to convert to a Roth IRA
[12:47] Discussion of tax rates and how they can impact beneficiaries

KEY TAKEAWAYS:

Unlike traditional IRAs, which require beneficiaries to withdraw funds within 10 years and pay income tax on those withdrawals, a Roth IRA allows heirs to inherit tax-free funds. This means your loved ones can receive their inheritance without the burden of additional taxes, providing a sense of security and peace of mind. While it must still be emptied within 10 years, the money can continue growing tax-free during that period, further enhancing the financial security of your beneficiaries.
A non-spouse must withdraw the entire balance within 10 years if it inherits a traditional IRA. This could push them into a higher tax bracket, significantly reducing the value of the inheritance due to income tax obligations.
While there are income limits for direct Roth IRA contributions, high earners can still access Roth benefits through strategies like the backdoor Roth conversion or converting traditional IRAs to Roth accounts, provided they pay taxes upfront. Understanding and utilizing these options can empower you to benefit from tax-free growth and inheritance benefits, giving you more control over your financial future.

RESOURCES:

ABOUT THE HOST:

Ep. 21 - Trusts and Your IRA

Tue, 11 Feb 2025 03:00:00 -0400

Welcome to the Good Steward Law and Wealth Podcast, hosted by Ledly Jennings. In this episode, we're diving into an essential topic for anyone considering their estate plan—IRAs and the role trusts play in managing them. If you have a revocable trust with your IRA as a beneficiary, especially if it was set up before 2019, it's essential to revisit and update it. The laws surrounding IRA inheritance have changed, and failing to make the necessary adjustments could result in unwanted tax consequences. We’ll explore how the Secure Act impacts inheritance, the benefits of creditor protection through trusts, and the different types of trusts—conduit and discretionary—that affect how IRA distributions are managed. Stick around as we break down the importance of updating your trust and ensuring it meets current standards to maximize tax benefits and protection for your loved ones.

IN THIS EPISODE:

[0:34] How trusts relate to an IRA
[1:14] An example of how the Secure Act impacts inheritance
[2:50] Creditor protection, but not in the case of bankruptcy
[4:51] A See-Through trust needs to meet four standards
[8:17] Taxing a trust. A conduit trust and a discretionary trust or accumulation trust and the importance of an updated trust

KEY TAKEAWAYS:

Suppose you have a revocable trust with your IRA as a beneficiary, especially before 2019. In that case, it’s crucial to revisit and update your trust to align with new IRS regulations, as failing can lead to significant tax consequences.
Many people leave IRAs to trusts to protect their beneficiaries, especially in cases where the beneficiary may not be financially responsible or is vulnerable to issues like addiction, creditor claims, or divorce.
Different types of trusts—conduit and discretionary—affect the management of IRA distributions. Conduit trusts distribute funds directly to beneficiaries, while discretionary trusts give trustees more control over distributions. They provide asset protection but potentially higher tax rates.

RESOURCES:

ABOUT THE HOST:

Ep. 20 - You Do Not Want To Inherit An IRA

Tue, 04 Feb 2025 03:00:00 -0400

Welcome to the Good Steward Law and Wealth Podcast, hosted by Ledly Jennings. In this episode, we’re diving into why inheriting an IRA might not be the best option and how recent changes to the law under the Secure Act could impact everyone. We’ll discuss the government's promises regarding your IRA and how they’ve evolved. Specifically, we’ll explore the new 10-year rule, which has replaced the “stretch” IRA, and how it affects beneficiaries. From required minimum distributions (RMDs) to the different classifications of beneficiaries, this episode will provide key insights into how these changes could lead to significant tax consequences and the importance of strategic planning. This episode is a must-listen if you're planning your estate or thinking about your heirs.

IN THIS EPISODE:

[3:32] The downsides of an IRA: Required Minimum Distributions
[4:53] Eliminating the stretch rule for the 10-year rule
[7:12] Different classifications of beneficiaries
[12:42] Talk to a professional advisor to make decisions regarding beneficiaries

KEY TAKEAWAYS:

Before the Secure Act, beneficiaries could "stretch" required minimum distributions (RMDs) over their lifetime, spreading out the tax burden. Most non-spouse beneficiaries must withdraw the entire IRA balance within 10 years of inheritance, potentially triggering significant tax implications and higher tax brackets.
Beneficiaries are categorized into three levels under the Secure Act: Eligible Designated Beneficiaries (EDBs): These include spouses, minor children, disabled or chronically ill individuals, and those within 10 years of the account owner's age. They can still stretch distributions over their lifetime. Non-Eligible Designated Beneficiaries (NEDBs): These include most adult children, grandchildren, and friends, who are subject to the 10-year withdrawal rule. Non-Designated Beneficiaries: If no beneficiary is listed, the account must be withdrawn within 5 years, which can lead to even more significant tax consequences.
Without careful planning, up to 30-40% of the inherited IRA could be lost to taxes, particularly for non-eligible beneficiaries. Therefore, it is crucial to work with financial advisors and attorneys to designate appropriate beneficiaries and create a strategy that minimizes the tax burden for heirs.

RESOURCES:

ABOUT THE HOST:

Ep. 19 - Your Family's Roadmap

Tue, 28 Jan 2025 03:00:00 -0400

Welcome to the Good Steward Law and Wealth Podcast, hosted by Ledly Jennings. In this episode, we’re exploring the roadmap for creating a comprehensive estate plan, emphasizing the three critical stages of life: proactive planning when you’re alive and well, addressing potential incapacity, and preparing for life’s final phase. Ledly warns that if you don’t prepare for these phases, the government has a plan that may not align with your wishes. From the importance of insurance and long-term care to ensuring your children’s financial framework is secure, this episode covers everything you need to build a plan that protects your assets, minimizes risks, and provides peace of mind for you and your loved ones.

IN THIS EPISODE:

[0:31] The three phases of estate planning
[2:16] Phase One: Proactive planning when you are alive and well
[4:33] Phase Two: The incapacity phase
[9:35] Phase Three: Death
[15:14] Designing a financial framework for your children

KEY TAKEAWAYS:

Estate planning is not just about creating documents like wills but about building a comprehensive roadmap that accounts for life’s various phases—being alive and well, potential incapacity, and eventual death. Planning proactively ensures your family is protected and not subject to default government plans.
A will is insufficient for robust estate planning because it only addresses who gets your assets, leaving other critical aspects like timing, management, and protection up to the courts. Trusts offer a flexible and protective mechanism for managing and transferring assets, shielding them from risks like creditors, lawsuits, and divorce.
Effective wealth building includes saving at least 20% of income, utilizing tax-efficient accounts like HSAs and Roth IRAs, securing affordable term life insurance, and planning for long-term care and disability to safeguard financial stability during life's uncertainties.

RESOURCES:

The HSA Triple Play - The Most Powerful Retirement Account and Long-Term Care Strategy

Unlocking the Power of the Beneficiary-Owned Trust

ABOUT THE HOST:

Ep. 18 - The HSA Triple Play: The Most Powerful Retirement Account and Long-Term Care Strategy

Tue, 21 Jan 2025 03:00:00 -0400

Welcome to the Good Steward Law and Wealth Podcast with your host, Ledly Jennings. Today, we’re diving into one of the most underutilized yet powerful financial tools: the Health Savings Account (HSA). Despite its immense potential as a tax-efficient wealth builder and long-term care resource, only 12% of eligible individuals fully utilize it. In this episode, Ledly breaks down what an HSA is, who it benefits most, and how it works. You’ll learn about its triple tax advantage, strategies to maximize your contributions and growth, and how to incorporate it into your estate plan. Whether you’re planning for immediate healthcare costs or building wealth for the future, an HSA could be the game-changer you’ve been looking for. Let’s get started!

IN THIS EPISODE:

[0:31] Today's topic: Health Savings Account (HSA)
[1:21] Ledly defines a Health Savings Account and its three types of benefits
[5:04] Four tax advantages, how much can you contribute, and what is a qualified expense
[9:34] Getting the money invested and keeping track of your receipts
[15:20] Passing on an HSA through your estate plan and the power to swap
[18:25] Ledly leaves listeners with an example of how you can build wealth

KEY TAKEAWAYS:

Health Savings Accounts (HSAs) offer unique triple tax benefits: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-free. These features make HSA’s one of the most tax-efficient tools for immediate healthcare costs and long-term financial planning.
HSAs benefit younger, healthier individuals or families with stable incomes and minimal recurring medical expenses. They are also advantageous for tax-savvy investors who want to maximize their wealth-building potential by investing in HSA funds.
To fully leverage HSA benefits, avoid using the funds for immediate expenses. Instead, pay out-of-pocket medical costs, let the HSA grow tax-free through investments, and reimburse yourself later using saved receipts, even years later.

RESOURCES:

Publication 502 - IRS Website

TrueMed - Website

ABOUT THE HOST:

Ep 17 - Transfer and Death Taxes

Tue, 14 Jan 2025 03:00:00 -0400

Welcome to the Good Steward Law and Wealth Podcast with your host, Ledly Jennings. In today’s episode, we’re diving into the complex world of transfer taxes, a crucial part of estate planning. When transferring assets, whether while you're alive or after you’ve passed, it’s essential to understand the types of taxes that may apply. We’ll cover the three main types of transfer taxes: gift tax, estate tax, and the often-overlooked generation-skipping transfer tax. These taxes can have significant implications for passing wealth to your loved ones, so let’s break down what you need to know to plan strategically and minimize tax exposure. Stay tuned for valuable insights that can help protect your legacy and assets.

IN THIS EPISODE:

[0:28] Today's topic: Understanding the transfer tax when estate planning
[4:50] Gifting assets before going into a nursing home
[6:25] How the gift tax works with the estate tax
[9:37] Planning within the revocable trust to avoid estate tax
[12:24] Generation-skipping transfer tax

KEY TAKEAWAYS:

You can gift up to $18,000 per person per year without triggering a gift tax, and spouses can double this to $36,000 per recipient. Strategic gifting can help reduce estate taxes and provide asset protection. Gifts exceeding this limit reduce your lifetime exemption of $13.6 million (2024).
The estate tax exemption for 2024 is $13.6 million per individual ($27.2 million per couple). Proper estate planning can help high-net-worth individuals avoid estate taxes and protect assets for heirs.
Designed to prevent tax avoidance by skipping generations, the GST tax has the same $13.6 million exemption as the estate tax but is calculated separately and is not portable between spouses. Gifting above this amount to grandchildren or other skip persons incurs additional taxes.

RESOURCES:

ABOUT THE HOST:

Ep 16 - Estate Planning Process - More Than A Transaction

Tue, 07 Jan 2025 03:00:00 -0400

Welcome to the Good Steward Law and Wealth Podcast with your host, Ledly Jennings. Estate planning isn’t just about documents—it’s about relationships. In today’s episode, we’ll explore why estate planning is relational, not transactional, and the importance of educating clients on their options for a comprehensive and effective plan. We’ll also delve into the Good Steward Maintenance Program, a unique approach to keeping your estate plans updated and aligned with your goals, ensuring your legacy is preserved with care. Stay tuned as we share insights on creating wealth strategies that make you money rather than costing you money!

IN THIS EPISODE:

[0:31] Estate planning is relational, not transactional
[1:57] Educating clients on what is needed for their estate planning
[5:07] The Good Steward Maintenance Program and what it accomplishes
[7:08] Funding your trust, maintaining a relationship, and understanding the details
[13:50] What sets L. Jenning’s Law apart from other firms

KEY TAKEAWAYS:

Effective estate planning goes beyond drafting documents. It involves building and maintaining a relationship with clients, educating them on their options, and ensuring their plans align with their evolving needs and goals.
Many clients misunderstand the purpose of estate planning documents. For example, a living will actually relates to healthcare decisions, not asset distribution. Educating clients on the distinct roles of wills, trusts, and other estate planning documents ensures clarity and effectiveness.
Estate plans require regular updates to reflect asset changes, family dynamics, and legal considerations. The "Good Steward Maintenance Program" ensures that plans remain effective and minimize beneficiary complications.

RESOURCES:

ABOUT THE HOST:

Ep. 15 - Business Succession and Setup

Tue, 17 Dec 2024 03:00:00 -0400

Welcome to another episode of the Good Steward Law and Wealth Podcast, where we equip you with strategies to safeguard and grow your wealth with intention and care. Today, we’re tackling a critical subject for business owners: managing business succession and setup. We’ll explore the different types of business entities, weigh their pros and cons, and cover the formalities of establishing them correctly. Most importantly, we’ll delve into strategies for creating a solid succession plan—whether through trusts, buy-sell agreements, or tailored operating agreements. If you’re a business owner, this episode is packed with insights to help you secure your legacy and protect your loved ones.

IN THIS EPISODE:

[0:24] How to set up business entities in your estate plan
[2:43] The advantages of an LLC and a new filing requirement
[9:57] Passing your business to the next generation
[12:02] Passing on inheritance equally among children
[13:37] Having a Buy/Sell Agreement for a partnership to avoid problems

KEY TAKEAWAYS:

A Limited Liability Company (LLC) is often the ideal business entity, combining the liability protection of a corporation with the flexibility and simplicity small to medium-sized businesses need. Setting up an LLC involves choosing a unique business name, filing Articles of Organization with the state, and crafting an Operating Agreement—ideally with legal guidance—to define the company's structure and operations. This streamlined approach makes LLCs a top choice for entrepreneurs seeking protection and ease of management.
Business owners have four main entity options: Sole Proprietorship, Corporation, Partnership, and LLC. LLCs are often the top choice for small to medium businesses, combining strong liability protection, tax flexibility, and easier upkeep than corporations.
Use trusts to avoid probate, ensure fair distributions among heirs, and maintain operations. For partnerships, establish buy-sell agreements funded by life insurance or other methods, with clear valuation strategies for smooth transitions.

RESOURCES:

ABOUT THE HOST:

Ep. 14 - Bank Accounts and Your Estate Plan

Tue, 10 Dec 2024 03:00:00 -0400

Welcome to the Good Steward Law and Wealth Podcast, where we explore strategies to protect and manage your wealth with the utmost care and responsibility. In today’s episode, we’re diving into an essential topic—how to manage your bank accounts to ensure they’re handled smoothly during incapacity and after your passing. We’ll discuss the best ways to ensure your accounts are accessible when needed, how to pass them on outside of probate, and why naming your child as a joint owner might not be the best solution. Tune in as we break down these crucial steps for securing your financial legacy while being a good steward of your wealth.

IN THIS EPISODE:

[0:27] Let’s talk about bank accounts and protecting them in your estate plan
[1:48] Keeping your bank account out of probate
[4:59] Why naming a beneficiary is the preferred way of protecting your bank account
[7:07] Naming a trust as beneficiary
[8:55] Do not name your child as joint owner of your bank account

KEY TAKEAWAYS:

Avoid Naming Your Child as a Joint Owner: While it may seem convenient, naming a child as a joint owner of your bank account can expose your assets to creditors, lawsuits, or even divorce settlements. It also gives them unrestricted access to the account, which could lead to unintended financial consequences.
Instead Of Adding A Child As A Joint Owner, Appoint Them As Your Power Of Attorney. This allows them to manage your bank account if you become incapacitated, ensuring your bills and medical expenses are paid without exposing the account to their risks.
Designate A Beneficiary To Avoid Probate: To ensure your bank account passes smoothly to your heirs without going through probate, designate a beneficiary on the account. This can be done through a Transfer on Death (TOD) designation, allowing the account to transfer directly to the beneficiary upon death and avoiding court involvement.

RESOURCES:

ABOUT THE HOST:

Ep. 13 - Health is Wealth

Tue, 26 Nov 2024 03:00:00 -0400

Welcome to the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In this episode, Ledly is joined by Ben Barker—known as the “Neighborhood Alpha Dad” and a passionate fitness coach. Together, they explore the pillars of a fulfilling life: faith, family, fitness, finances, and freedom. Ben shares his journey from the 9-to-5 grind to thriving as an entrepreneur and the importance of creating lasting family core values. From debunking health myths to applying the 80/20 rule and discussing the role of nutrition and fitness, Ben offers actionable insights to elevate your life. Don't miss this engaging conversation packed with wisdom and practical advice!

IN THIS EPISODE:

[0:27] Ben Barker, The Neighborhood Alpha Dad and fitness coach
[5:09] Faith, family, fitness, finances and freedom and GoBundance
[9:55] Leaving your 9 to 5 to become an entrepreneur
[13:54] Habits are caught, not taught and living the life you hope your children will live can help establish core family values
[20:06] Nutrition and applying the 80/20 rule and home blood test kits
[24:19] Ben’s insight into the biggest myth in the health industry

KEY TAKEAWAYS:

True wealth comes from balancing faith, family, fitness, finances, and freedom—the essentials of a fulfilling life. When these pillars are aligned, they create a foundation for happiness, resilience, and purpose. By nurturing each area, you enrich your life and build a legacy that can inspire and uplift future generations.
Creating family core values is something to live by and pass down through generations because many habits are caught and not taught. These values serve as a guiding compass, shaping character and decision-making in subtle yet powerful ways. By living out these principles daily, you create a lasting legacy that reinforces the importance of integrity, purpose, and a strong family identity.
Creating family core values provides a guiding foundation to live by and pass down through generations, as many habits are caught not taught. Along with these values, your good name becomes a legacy for future generations.

RESOURCES:

The Millionaire Fast Track - Book

GoBundance - Website

Hone Bloodwork - Lifeforce Website

BLOKES - Website

Wild Health - Website

Andrew Huberman - Podcast

Ben Barker Fitness - Website

Ben Barker - Instagram

ABOUT THE HOST:

Ep. 12 - Long-Term Care Planning - All You Need to Know!

Tue, 19 Nov 2024 03:00:00 -0400

Welcome to the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In this episode, Ledly explores essential strategies for long-term care planning, covering the complexities of Medicaid eligibility, the risks and rewards of gifting assets, and the benefits of irrevocable trusts. He explains how the L. Jennings Law Firm helps clients maximize their wealth responsibly, using legal approaches to protect assets for future generations. By understanding Medicaid’s requirements, utilizing tools like Ashber for compliance, and making wise financial decisions, listeners can be well-prepared to preserve their legacy and ensure financial security.

IN THIS EPISODE:

[0:30] Long-Term Care Planning - explanations of options
[6:40] How Medicaid works and how do you qualify
[15:37] Risks of gifting assets and the upside and downside of an irrevocable trust
[19:17] What the L. Jennings Law Firm can do for you
[23:06] Spending that benefits you
[25:16] Using Ashber as a resource for Medicaid compliance

KEY TAKEAWAYS:

Good wealth stewardship means maximizing assets responsibly using legal strategies—not hiding assets or avoiding taxes. Clients with $2-2.5 million in liquid assets often use interest to fund care while preserving the principal for heirs. This firm helps clients optimize their wealth within legal and ethical guidelines
Medicare covers only short-term rehab in nursing homes, not long-term care—that’s where Medicaid comes in. To qualify for Medicaid, applicants must meet strict income and asset limits, and strategies like gifting assets have a five-year look-back period. With proper planning, families can protect assets like the family home from Medicaid liens, ensuring it passes to heirs. Professional guidance helps families navigate these rules effectively and ethically
This episode emphasizes the importance of pre-planning for Medicaid and long-term care. Medicaid planning is complex; only specialized elder law attorneys stay current with evolving regulations. By planning, you can protect your assets from being entirely consumed by nursing home costs, preserving your wealth for your beneficiaries and making the most of what you've built over a lifetime

RESOURCES:

Entrusted - Book

Wealth 3.0 - Book

American Legacy - Book

ABOUT THE HOST:

Ep. 11 - Entrusted - A Model For Good Stewardship in Estate Planning

Tue, 12 Nov 2024 09:00:00 -0400

Welcome to the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. Today, Ledly is diving into "entrusted estate planning," a proactive approach to passing down wealth with purpose and responsibility. He explores critical strategies for building a solid governance structure to empower the next generation, creating a family mission statement, and defining a family constitution and values. With topics ranging from empowering heirs to establishing family foundations for charitable giving, Ledly emphasizes how education and thoughtful planning are essential to preserving wealth and values across generations.

IN THIS EPISODE:

[0:39] Entrusted planning for your estate plan
[4:06] Entrusted families follow guidelines to empower the next generation
[5:54] Setting up and implementing a governance structure using a hierarchy approach
[9:34] Leaving money to charities by setting up a family foundation
[13:31] Your trustee should be someone you've trained and understands your family values
[17:55] Three things that erode financial wealth over multiple generations
[19:48] Elect trustees with diverse backgrounds to avoid deadlock

KEY TAKEAWAYS:

Entrusted wealth planning shifts the focus from fear-driven decisions to empowering the next generation with a strong foundation of family values and intentional financial structures. Aligning assets with core principles prepares heirs to responsibly manage wealth with a clear sense of purpose and vision. This approach emphasizes passing down opportunities—such as education, business involvement, and charitable giving—rather than simply handing over money. The result is a legacy where each generation is equipped to build upon the family’s achievements, fostering lasting impact, stability, and stewardship far beyond material wealth.
Entrusted families focus on long-term stewardship, maximizing the positive impact of their wealth through education, values, and community generosity. By prioritizing the foundations of wealth—education, training, and values—they create a legacy that grows naturally across generations while minimizing the risks often seen with inherited wealth.
A well-structured trust with a family LLC creates a framework to manage and preserve wealth in line with family values. Trustees oversee assets, make family loans, and provide opportunities for heirs to grow, ensuring accountability and continuity for generations.

RESOURCES:

Entrusted: Building a Legacy that Lasts - Book

Wealth 3.0: The Future of Family Wealth Advising - Book

Your American Legacy: Powerful Strategies that Instill Lasting Values for Generations- Book

ABOUT THE HOST:

Ep. 10 - Economics of Freedom

Tue, 05 Nov 2024 03:00:00 -0400

Welcome to the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In today’s episode, we’re joined by Dr. David Rankin, President Emeritus of Southern Arkansas University, and Beth Anne Rankin Baker, Ed.D., former policy adviser for Gov. Mike Huckabee. Together, they explore key themes from their co-written book Economics of Freedom, discussing prosperity driven by productivity, the contrasts between capitalism and socialism, and the role of government in modern society. Tune in as we dive into the national debt, private property, estate taxes and economic myths. Don’t miss this enlightening and informative breakdown of capitalism.

IN THIS EPISODE:

[0:31] David highlights the themes of prosperity, capitalism and socialism from the book Economics of Freedom book
[9:42] Other resources to learn about economics and capitalism
[14:24] Beth Anne talks about co-writing this book with her dad, the national debt and COVID
[23:57] David's view on estate tax and private property and income tax
[33:12] Economics education for high schoolers and looking forward to America's 250th birthday
[37:15] The guests outline the biggest myths they see in the economic realm
[41:55] David shares famous quotes regarding free markets, capitalism, socialism, and communism

KEY TAKEAWAYS:

Prosperity comes from productivity. If we produce something of value that someone wants, not only does the individual benefit, but the whole nation's economy benefits because it raises the standard of living.
Capitalism is the economic system that rewards production. Socialism is learning to work the system to do well for yourself. There is a famous quote: “You can choose capitalism and freedom, or you can choose socialism and force.”
While government is necessary for essential functions like defense, infrastructure, and justice, its growing influence over many aspects of life has become oppressive. The founding fathers never anticipated that the government would want to control so many little details of life.

RESOURCES:

The Economics Of Freedom - Book

Rankin Economics - Website

What Every American Should Know About Economics - Book

GUEST BIOGRAPHIES::

David F. Rankin, Ph. D., CF A, is president emeritus at Southern Arkansas University. As an economics and finance professor at SAU, he’s taught thousands of students for many years. He holds a B.S.B.A. in management from the University of Arkansas, an MBA in finance from Louisiana Tech University, and a Ph.D. in finance from the University of Mississippi. He also holds the Chartered Financial Analyst designation. He has served as economic adviser to four Arkansas governors and has been the Governor’s Council of Economic Advisors chairman for the past twenty-seven years.

Beth Anne Rankin Baker, Ed.D., is a consultant and former policy adviser for Gov. Mike Huckabee. An Ouachita Baptist University graduate, she obtained an MPA from SAU and a doctorate in education from Vanderbilt University. She coordinated the Governor’s Summit on Economic Development, was executive director of the Arkansas 529 College Savings Plans, and served on the Arkansas State Board of Education.

ABOUT THE HOST:

Ep. 9 - Estate Planning for Real Estate

Tue, 29 Oct 2024 03:00:00 -0400

Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. Today, Ledly dives into the essentials of real estate planning, breaking down the four key types of real estate: your home, family farm, vacation home, and mineral interest. He'll share insights on ensuring these assets are protected and passed down to future generations through effective planning strategies. Ledly also highlights using specific trust structures to safeguard your property from Medicaid and nursing home costs. Tune in for valuable tips on securing your real estate, and mark your calendars for upcoming episodes with even more practical advice.

IN THIS EPISODE:

[0:28] How to ensure your real estate goes into your trust - four types of real estate
[2:05] Protecting your home: a beneficiary deed
[5:43] Protecting the family farm, which produces income: use LLC for asset protection
[8:02] Protecting a vacation home or cabin and how you protect an Airbnb. Discussion regarding a management structure
[10:50] Protecting your mineral interest

KEY TAKEAWAYS:

A beneficiary deed allows you to maintain complete control over your property during your lifetime while ensuring it automatically transfers into your trust upon your passing, protecting your assets from Medicaid for long-term care.
You do not have to lose your family home to pay for long-term care. That asset can be protected. Your family farm can also be passed on to the next generation in a protected manner.
Real estate planning may take the time upfront, but it ensures your assets are protected, and your beneficiaries receive what you intended for them in the long run.

RESOURCES:

ABOUT THE HOST:

Ep. 8 - Elements of an Estate Plan

Tue, 22 Oct 2024 03:00:00 -0400

Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In today’s episode, Ledly breaks down the essential documents that form a comprehensive estate plan. From revocable trusts and durable powers of attorney to healthcare directives and real estate deeds, Ledly explains how each document serves a specific purpose while working together to achieve your estate planning goals. He also touches on the importance of adequately managing assets outside of a trust and how recent tax law changes affect IRA distributions. Stay tuned as Ledly walks through his process for setting up a successful estate plan.

IN THIS EPISODE:

[0:25] Eight documents make up an estate plan. The first document is a revocable trust. See the Revocable Trust Podcast Ep. 3
[2:40] Second document: durable financial power of attorney. See Durable Power of Attorney Ep. 7. The third document is a healthcare power of attorney, encompassing the third and fourth healthcare documents
[4:35] The sixth document is a pour-over document. The seventh document is a real estate deed. The eighth document is an assignment of personal property
[8:50] In addition, an assignment of a business interest may be necessary
[9:53] Discussion of assets not in a trust and how tax laws have changed how IRAs pass within a trust
[11:59] Ledly explains the process he uses to set up an estate plan

KEY TAKEAWAYS:

An estate plan comprises various documents that function together to achieve its objectives. Each specific purpose requires its own document, and they all complement one another, including financial account documents, which align with your estate plan.
A durable power of attorney can be set up for several reasons. The main two are a Healthcare power of attorney and a financial power of attorney.
To ensure your goals for your heirs or estate beneficiaries are correctly met, it’s essential to consult a qualified estate planning attorney. Not all attorneys are the same, so it's crucial to find an expert in this area of law.

RESOURCES:

ABOUT THE HOST:

Ep. 7 - Understanding The Power of Attorney: Protecting Your Finances

Wed, 02 Oct 2024 03:00:00 -0400

Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In today’s episode, Ledly dives into the critical topic of Power of Attorney, explaining why it is essential for everyone over 18. He breaks down the two primary types of power attorney, healthcare and financial, and why having separate documents for each can be beneficial. Ledly also emphasizes the importance of making your power of attorney specific to avoid common pitfalls and provides an example of why generic statutory forms may not fully protect your wishes. For example, if you want someone to step in if you're incapacitated, transitioning from a basic to a durable Power of Attorney is crucial. Don’t miss this episode – Protect your future.

IN THIS EPISODE:

[00:25] Ledly discusses the necessity of a Power of Attorney, and there are two main types of Power of Attorney: healthcare and financial
[1:09] Ledly defines the different kinds of power of attorney and why multiple forms are advantageous
[3:42] What are the advantages of having separate documents, one for healthcare and one for financial
[4:38] Discussion of a statutory power of attorney and an example of why they need to be specific
[8:41] Ledly outlines some common pitfalls
[10:34] Discussion of having multiple people in succession in your power of attorney, and when your child reaches age 18, you cannot sign for them unless you are their power of attorney

KEY TAKEAWAYS:

Everyone over the age of 18 needs a power of attorney.
If you want a power of attorney to step in if you are incapacitated, it will change from a basic to a durable power of attorney.
States supply a form for assigning a power of attorney; however, these forms are generalized and don’t protect your wishes.

RESOURCES:

GUEST BIOGRAPHY: No Guest

ABOUT THE HOST:

#EstatePlanning #FinancialPlanning #PowerOfAttorney #HealthcarePowerOfAttorney #FinancialPowerOfAttorney #DurablePowerOfAttorney #StatutoryPowerOfAttorney #LegalProtection

Ep. 6 - Unlocking the Power of Beneficiary Controlled Trusts: Protecting Assets and Passing on Values

Wed, 25 Sep 2024 03:00:00 -0400

Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. Today, Ledly dives deep into the world of Beneficiary Controlled Trusts, also known as Beneficiary Deemed Owner Trusts or simply the B Dot. He explains how these trusts are formed, their benefits, and why they work well for many families. You'll hear examples of trusts for young beneficiaries, how to impart values through these structures, and the importance of securing a qualified attorney. Ledly also touches on the critical distinctions between tax rates for trusts versus beneficiaries and how to ensure your trust meets the requirements of Secure Act 2.0 when inheriting an IRA. Stay tuned for critical insights into protecting your assets and your loved ones.

IN THIS EPISODE:

[0:28] Ledly will discuss Beneficiary Controlled Trusts, also known as Beneficiary Deemed Owner Trusts or simply by the term B Dot
[2:20] How a Beneficiary Controlled Trust is formed and the benefits and why Ledly sets up trusts in this fashion for many families
[5:10] Example of a Revocable Trust where under-age children become the beneficiary of the trust at a young age with a named guardian and what happens between the ages of 25 to 30
[9:30] Moving on to a Beneficiary Controlled Trust and how to impart your values to your children
[12:16] The importance of getting a qualified attorney and the difference between taxes at a trust rate and the rate the beneficiary has
[14:22] Meeting the standards of Secure Act 2.0 when the trust inherits an IRA

KEY TAKEAWAYS:

A beneficiary-controlled trust is a trust where the beneficiary controls the trust
A beneficiary-controlled trust can be set up at any time to put assets into the trust for tax, nursing home care reasons, or because someone wants to give a gift to the beneficiary
Getting a qualified trust attorney cannot be overstated to obtain the protection you and your beneficiaries need

RESOURCES:

ABOUT THE HOST:

Ep. 5 - Unlocking Social Security: Timing Your Benefits for Maximum Value

Wed, 18 Sep 2024 03:00:00 -0400

In this episode of the Good Steward Law and Wealth podcast, host Ledly Jennings sits down with Ian Weiner of Bespoke Wealth Solutions to explore the complexities of Social Security and the crucial decision of when to start taking it. Ian dives into the often-overlooked topic of provisional income and how it can significantly impact the taxes on your Social Security benefits during retirement. They break down essential concepts like your PIA (Primary Insurance Amount) and FRA (Full Retirement Age). At the same time, Ian shares strategies to reduce your tax burden, even bringing it to zero. Tune in to learn how thoughtful planning can safeguard your legacy and ensure long-term financial stewardship.

IN THIS EPISODE:

[0:25] Ledly introduces Ian Weiner and the topic of provisional income
[1:29] Ian shares insights on social security, including a discussion of provisional income and when to take social security
[5:37] Know your PIA (Primary Insurance Amount) and your FRA (Full Retirement Age)
[7:29] Provisional income is the primary issue on how much your social security income will be taxed and how to identify that figure
[9:30] How planning could put you in a zero tax bracket on your Social Security

KEY TAKEAWAYS

Retirement planning requires careful consideration to ensure a retiree can enjoy a secure and comfortable retirement
Knowing two numbers when you retire is critical: your PIA and your FRA
There are three approaches to determining when to take social security. One is fear-based, one is a cookie-cutter approach, and the other is looking at the situation and figuring out the best way

RESOURCES:

Just Retire Now - Website

Ian Weiner - LinkedIn

Ian Weiner - Email

GUEST BIO:

I'm Ian, I help discerning investors, families and business owners take back as much of their time as possible, while making sure they don't miss out on investment opportunities, and tax strategies to keep more of their wealth and pay as little as possible to Uncle Sam.

The way we'll work together is a bit different than what most people are used to, or expect from a financial advisor. Here's how we create a team that works for YOU:

We act as a Personal CFO (Chief Financial Officer) for you or your family / business. We help you build and manage your "Wealth Team" - the group of specialists that guides through every financial area: Tax preparation, Investments, Real Estate, Banking, Estate Planning, Corporate Law, Insurance, etc.

Most people we talk to have accumulated various professionals in these disciplines over time, and each one exists in their own "silo", and rarely do they communicate, let alone work together to make sure you're not missing out on any strategies or opportunities.

We come and help you make sure:

1. Those specialists are all "A" players - they are experts in their field, and they're proactive.

2. They work together and communicate.

We take over as the main point of contact for your "Wealth Team" so that you don't have to waste time having the same conversation with each one of them to try to get anything done.

We're simply adding a buffer for you - so that you can spend your time on what you enjoy most. When you get a "Pitch" of some product, investment strategy or idea, you simply toss it to us, we'll evaluate it with your team, and then present it to you if we think it makes sense. If it doesn't - you don't have to worry about it again.

Time is your most precious resource, we help you keep it, and spend it well.

Connect with me to request a Strategy Session

ABOUT THE HOST:

Ep. 4 - Unraveling the Financial Advisor World, Retirement Planning, and How Estate Planning Meshes with Financial Planning

Wed, 11 Sep 2024 03:00:00 -0400

In this episode of the Good Steward Law and Wealth podcast, host Ledly Jennings welcomes Ian Weiner of Bespoke Wealth Solutions to dive deep into the world of financial advisory, retirement planning, and the often-overlooked connection between estate and financial planning. They explore the three critical phases of financial life—Accumulation, Preservation - Distribution or Retirement, and Legacy, and how understanding them can set you up for a secure financial future. Ian also sheds light on a critical but little-discussed topic: provisional income and its impact on your Social Security taxes in retirement. Tune in to learn how these strategies can help protect your legacy and ensure long-term financial stewardship.

IN THIS EPISODE:

[0:26] Ledly welcomes Ian, and they discuss how they met and their shared interest in wine
[3:36] Ian shares what excites him about the work he does and how he became interested in financial planning
[10:05] Ian explains the difference between the big box world of financial advisors versus Bespoke Wealth
[17:04] Once you understand the differences in advisors, Ian now explains the conflicts of interest and what are the various ways advisors can charge
[29:50] Discussion of a low expense ratio on individual funds and hidden costs
[34:42] Ian discusses investing in retirement and how taxes can be the most significant expense in retirement if you are not careful
[40:13] Ian advises the listener on the one test to ask your financial advisor – How is provisional income going to affect me in retirement
[45:25] Ian answers rapid-fire questions

KEY TAKEAWAYS

The Sunset Law will take effect in 2026, and it is essential to pay attention to the candidates running in this year's election. They all have different views that may have tax consequences
Advisors must technically disclose to the client when acting in a brokerage or RIA capacity
In retirement, it’s not how much you earn; it’s how much you keep

RESOURCES:

Just Retire Now - Website

Ian Weiner - LinkedIn

Ian Weiner - Email

GUEST BIOGRAPHY:

The way we'll work together is a bit different than what most people are used to, or expect from a financial advisor. Here's how we create a team that works for YOU:

We come and help you make sure:

1. Those specialists are all "A" players - they are experts in their field, and they're proactive.

2. They work together and communicate.

We take over as the main point of contact for your "Wealth Team" so that you don't have to waste time having the same conversation with each one of them to try to get anything done.

Time is your most precious resource, we help you keep it, and spend it well.

Connect with me to request a Strategy Session

ABOUT THE HOST:

Ep. 3 -Revocable Trust Deep Dive

Wed, 21 Aug 2024 00:00:00 -0400

Today’s episode of Good Steward Law and Wealth, hosted by Ledly Jennings, founder of L. Jennings Law in Little Rock, Arkansas, focuses on Revocable Trusts, highlighting their primary benefits: avoiding probate and ensuring your assets are distributed according to your wishes. Estate planning is crucial for protecting the wealth you’ve worked hard to build, and a Revocable Trust is a safeguard against government intervention and the costly, time-consuming probate process. Proper estate planning also offers significant tax benefits, ensuring a smooth property transfer to your heirs. “Don’t trust your trust” to just anyone. Work with an estate planning attorney to ensure your revocable trust is created correctly. Tune in to upcoming episodes on Revocable Trusts.

IN THIS EPISODE:

[:46] Ledly explains why the Revocable Trust is the best method to avoid probate and provides an example
[4:13] Ledly defines a Revocable Trust and discusses the role of a trustee and successor trustee
[8:23] Discussion of beneficiaries and the various complications that can arise
[11:28] Ledly shares the risks involved in how assets are passed on to heirs
[13:57] Ledly warns against consulting an attorney who does not specialize in trusts. You need a specialist.

KEY TAKEAWAYS

A Revocable Trust has various benefits. The main two are avoiding probate and the ability to control how assets are left.
If you have not named a trustee and are incapacitated, your estate will go through guardianship proceedings in court, and the judge will name someone to manage the trust.
There are certain circumstances where it is beneficial to name a corporate trustee.

RESOURCES:

Ledly Jennings - Facebook

L. Jennings Law - Instagram

ABOUT THE HOST:

Ep. 2 - Probate: Why is it bad?

Wed, 21 Aug 2024 00:00:00 -0400

Welcome to Good Steward Law and Wealth with your host, Ledly Jennings. In today's episode, we dive into why probate can be a significant burden. Ledly begins by defining probate and outlining when it occurs. He then delves into the four major problems associated with probate, supported by real-life examples illustrating how time-consuming and costly this process can be. Additionally, you’ll learn about other risky scenarios that can arise when going through probate. Most importantly, Ledly shares the best solution to avoid probate altogether: Revocable Trust planning. Don’t miss this series on Revocable Trusts.

IN THIS EPISODE:

[0:49] Ledly defines probate and how and when it occurs
[3:30] The four main problems of probate are defined
[5:44] Ledly shares two examples of how time-consuming and costly probate can be
[9:16] What are other risky scenarios that can occur if you go through probate
[13:23] The best solution is Revocable Trust planning

KEY TAKEAWAYS

If you pass away with anything in your name alone, it will go through probate. A Will also must go through probate.
Going through probate is a costly procedure that often does not match the deceased’s intent.
Having a Revocable Trust is the best way to avoid probate.

RESOURCES:

Ledly Jennings - Facebook

L. Jennings Law - Instagram

ABOUT THE HOST:

Ep. 1 - Introduction to the Good Steward Law & Wealth

Wed, 21 Aug 2024 00:00:00 -0400

Welcome to the first episode of Good Steward Law and Wealth, hosted by Ledly Jennings of L. Jennings Law in Little Rock, Arkansas. In this inaugural episode, Ledly introduces what you can expect from the podcast and delves into the four core principles that form the foundation of his law firm. Drawing inspiration from the biblical Parable of the Talents in Matthew 25, he shares how these tenets guide his firm in assisting clients to become good stewards of their wealth. Ledly encourages you to subscribe, like, and share this podcast with anyone who might benefit from it. Be sure to follow on social media to stay updated. Don’t miss next week’s episode, where we’ll explore why avoiding probate is crucial. Thank you for tuning in to the first episode of Good Steward Law and Wealth!

IN THIS EPISODE:

[0:25] Ledly welcomes listeners to the inaugural episode of the Good Steward Law & Wealth podcast, and he shares his background
[2:42] Law and wealth will be the topics discussed on this podcast, covering how law and estate planning come together
[4:01] Expert guests will share their expertise
[5:35] Ledly outlines how the firm's vision and name come from biblical philosophy gleaned from Matthew 25, the Parable of the Talents
[8:56] Ledly explains what the parable means and how he applies those tenets to estate planning
[12:11] Ledly’s firm is built upon four values that they deliver to their clients

KEY TAKEAWAYS

L. Jennings Law is a firm specializing in estate planning. Ledly founded his firm in Little Rock, Arkansas, based on the Biblical truth of Matthew 25.
This podcast will explore the intersection of law and financial planning. New episodes will be released three to four times a month.
This podcast is for anyone starting their estate planning journey.

RESOURCES:

Ledly Jennings - Facebook

L. Jennings Law - Instagram