Listen to Episodes of Talking Money^®

Judge Faulkner demystifies the Probate process!

Air Date: December 10th, 2022

Probate Judge Debora Faulkner joins Mike to discuss how the Probate Court helps advocate for adults who cannot advocate for the themselves. Plus, Judge Faulkner reviews the process survivors need to follow when settling an estate.

The Many Options of Beneficiary Selection

Air Date: October 16th, 2021

Mike takes a look into the world of beneficiaries and answers some common questions:

• What takes priority: what your Will says or how beneficiaries are named in the various contracts?
• Per stirpes: what is it and how does it keep your assets in your family?

(for more information on per stirpes, read this Blog post.

• How can you make sure your in-laws get what you expect?
• What are some accounts that have beneficiaries?
• Is it possible to name a charity or other non-profit as beneficiary? Is that a good idea?

For more reading on beneficiaries, check out Ron Blue’s book Splitting Heirs.

Beneficiaries, Part 2

Air Date: June 12th, 2021

Mike continues his discussion of setting up beneficiaries on your various accounts.

• Remember that beneficiary designations will take priority over anything named in your will.
• Don’t unknowingly disinherit your grandkids: a helpful tool for this is using per stirpes language.
• Is there a danger to naming only one child as the beneficiary and trusting them to distribute to the other heirs according to your desires?
• How can you make sure your IRA assets get paid out over time instead of one lump sum?
• Life Events such as birth of a new child, death of a loved one, divorce, marriage should act as triggers for you to double check your beneficiaries.
• What is the difference between Tenants in Common and Joint Tenants With Right of Survivorship (JWROS) on a real estate deed?
  • When was the last time you double checked your deed to see how it is titled?
• What about having JWROS on a bank account or a brokerage account?
• Is it a good idea to have a joint account with an elderly parent and their child who helps them with day to day responsibilities?
• What about your child’s spouse (your in-laws) and your grandchildren? Have you drafted your documents to make sure they get the assets as you intend?
• What about 2^nd marriages and kids from previous marriages?
• There are times when a trust would be the most appropriate. Have you considered that route?
• What about minor children?
• There are certain people you shouldn’t name as beneficiaries: who are they?
• Did you know you can name your church or favorite charity as a beneficiary? There are special considerations for this, too.

Beneficiaries, Part 1

Air Date: June 5th, 2021

Beneficiary designations may sound simple, but can actually be quite complex, especially when you start thinking of all the different possible scenarios:

• Are you sure your money will go where you want it to?
• When was the last time you looked at the beneficiary designations on all your accounts?
• How can naming beneficiaries help you make your heirs’ lives easier after you pass?
• If your beneficiary designations and your Will don’t match, who gets the money?
• Should you name your estate as the beneficiary?
• Are your beneficiaries emotionally and financially ready to get the money all at once?
• If your spouse dies, how important is it for you to claim their retirement accounts?
• What about taxes?
• Have you unknowingly disinherited your grandkids? Have you implemented per stirpes language to ensure this doesn’t happen?