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Ep. 9 - Estate Planning for Real Estate
Manage episode 447375023 series 3591527
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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:
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.
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