St George Estate Planning

Not All Estate Plans are Created Equal

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What Happens with No Plan?

Transcript:


Ron Stark: A strong financial plan is important at every point in our lives, but it becomes really important when you’re planning for what happens after you leave this world. I am joined by attorney Larry Brock from the Brock Law Office.

Larry Brock: Yes.

Ron Stark: Larry, you specialize in estate planning, probate, tax avoidance if possible. When you were on the show last time, you talked about overall what this kind of planning involves, on why it’s so important to have this kind of planning. Talk to us today a little bit about what happens if you don’t probate taxes because it can be either really, really easy or really, really, not.

Larry Brock: It’s really, really not if you don’t do it right, if you don’t do it at all. There’s much more to an estate planning, which is a major component of your financial plan than just, “I want to do something to avoid probate and taxes.”

Ron Stark: A strong financial plan is important at every point in our lives, but it becomes really important when you’re planning for what happens after you leave this world. I am joined by attorney Larry Brock from the Brock Law Office.

Larry Brock: Yes.

Ron Stark: Larry, you specialize in estate planning, probate, tax avoidance if possible. When you were on the show last time, you talked about overall what this kind of planning involves, on why it’s so important to have this kind of planning. Talk to us today a little bit about what happens if you don’t probate taxes because it can be either really, really easy or really, really, not.

Larry Brock: It’s really, really not if you don’t do it right, if you don’t do it at all. There’s much more to an estate planning, which is a major component of your financial plan than just, “I want to do something to avoid probate and taxes.”

When you do a complete comprehensive estate plan, you have that opportunity to protect yourself during your lifetime. When I say protect yourself, if you don’t have it and you become incapacitated and you need the court intervention, that’s a four, five thousand dollar expense every year and you’re six times more likely to become incapacitated than die during that year.

A good estate planning can protect you on incapacity. It can protect and provide for your surviving spouse, on the first to pass away and some major protections that she can’t … We always talk about the husband dying first. I don’t know why. Maybe it’s because I’ve been around this so long, but she can’t protect herself from. Last time I talked about the remarriage protection in that situation.

Finally, there’s this major component of protecting the children in total ways they can’t protect themselves. You and me, you can’t protect yourself from your creditors, from your liability, from a failed marriage, but you can protect your children when you give them their estate, your assets.

Ron Stark: Oh, really? I can be protected from their debts.

Larry Brock: From their debts.

Ron Stark: And their liabilities.

Larry Brock: Their liability. They have a terrible auto accident. Their inheritance can be shielded and it can be set over here, shield it, so that if that wonderful marriage to that wonderful person turns sour, it doesn’t get part of the community. It doesn’t even get into a place where somebody can claim it’s part of the community.

Not only that, if you’ve got the child who has a problem … I had a client once who came and she said, “I need to disinherit my son.” “Why?” She said, “He lives on the streets, some place in the [inaudible 03:14] Empire. He’s into drugs and alcohol. I can’t give him any money because he’ll blow it.”

Ron Stark: Right.

Larry Brock: I said, “Wait. We can do a plan that provides something for him and will help him and give him something, but not allow him to blow it, won’t allow him to drink it up.” The tears in her face of joy that said, “Hey, I can do this.”

Ron Stark: Nice.

Larry Brock: We might have done that plan ten years ago, but recently, she came back in and we updated the plan because he’s off the streets. He’s got his life change. This estate plan you do as a trust, it’s revocable. You can change it. You can update it. As your life changes, the law changes, drafting techniques change.

Ron Stark: How often should it be reviewed?

Larry Brock: Three to five years because there can be changes.

Ron Stark: Everything’s always changing.

Larry Brock: When you talk about changes, you hear the government talk or the politicians talk about the fiscal cliff, well, it’s going to change the estate planning. No doubt about it. The financial issues will change dramatically.

Ron Stark: Larry, if someone wants to get more information, they’re hearing this and they’re thinking, “Oh my gosh. I don’t have anything in place. I’m going to leave my family in a mess.” How would they get about getting a hold of you to get more information?

Larry Brock: You can call us. We do free consultations. Phone number, 909-590-9545. The office is in Chino, we’d be happy to see you, talk to you. You can go to my website, www.trustandprobatelawyer.com. We’d love to talk to you.

Ron Stark: Larry, thank you so much and we’ll see you next time.

Larry Brock: Okay.

Ron Stark: We will be right back.

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St George Estate Planning
E. Lawrence Brock, Attorney & Counselor

Address: 193 S 100 East, St George, UT 84770
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Phone: (435) 688-9117

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