Episode 12: In this episode of Protect Your Nest, Attorney Brandon Lawrence explains how a Special Needs Trust allows disabled individuals to receive inheritances, gifts, or lawsuit settlements without forfeiting critical government benefits like Medicaid, Supplemental Security Income, and Section 8 housing. He outlines the differences between a first party and third party special needs trust. The first party special needs trust, which is funded with the beneficiary's own assets and requires Medicaid payback upon death. A third party special needs trust, which can be funded by family members and others, has no Medicaid reimbursement requirement, and remains private without court filing in Kentucky. Brandon also introduces pooled trusts for multiple individuals. He stresses the importance of selecting a trustworthy trustee, funding the trust properly, and writing a Letter of Intent to outline personalized medical, dietary, and recreational preferences. Finally, Brandon advises against several specific, but very important issues when setting up a special needs trust.

Until next time, I'm estate planning attorney Brandon Lawrence. This has been the Protect Your Nest podcast. Feel free to call me and get in contact with me, always. Let's talk it over.

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 11: In this episode of the Protect Your Nest podcast, Louisville estate planning attorney Brandon Lawrence discusses Power of Attorney documents. He outlines the key differences between general, limited, durable and springing POAs. A Power of Attorney authorizes your designated agent to make transactions on your behalf. These could be financial, involve healthcare decisions, or other types of actions. In Kentucky, a POA is only valid while you (the principal) are alive. It automatically terminates upon death. Ideally, your Will and/or trust will take control. Brandon also discusses what happens if your agent becomes incapacitated or dies, before you. There are steps you can take to ensure your intentions are able to be carried out.

Until next time, I'm Louisville estate planning attorney Brandon Lawrence. This has been Protect Your Nest. Let's talk it over.

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, KY 40202.

Episode 10: In this episode of Protect Your Nest, Attorney Brandon Lawrence discusses the rising need for memory care facilities to assist aging individuals suffering from dementia, severe memory loss, and Alzheimer's. He details the physical and financial requirements to qualify for Kentucky Medicaid, while noting that a non-applicant spouse is allowed an asset limit of $162,660. Lawrence explains that while a home and a car are excluded from these initial limits, strategic planning with irrevocable trusts is crucial to prevent the state from recovering care costs from the home after the owner passes away. To emphasize the importance of regular estate plan reviews, he highlights high-profile legal battles, including a family trust dispute involving actor Malcolm-Jamar Warner and the intestate estate of Chadwick Boseman. Finally, he explains that under Kentucky law, individuals cannot legally disinherit a spouse without a prenuptial agreement, and failing to plan simply defaults to state intestate laws that split the estate between the surviving spouse and parents.

Conclusion

So it was good talking to you again as usual and I look forward to the next episodes and go back and look at other episodes on my website, YouTube. I hope you found this information helpful.

You can find more of these estate planning episodes, of course, on my website, lawyerforthecity.org, YouTube, Spotify, other podcast platforms. This has been attorney Brandon Lawrence, the Lawyer for the City, and this has been Protect Your Nest Podcast. Until next time, let's talk it over.

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.