On The Beat 8/27/20 - Crowell, Gillis & Cooper

Today on On The Beat, Bill Gillis and Elizabeth Jones from Crowell, Gillis & Cooper join Troy to discuss the basics of a will and estate planning.

Troy thompson: welcome to on the beat, everyone.

I'm troy thompson.

Joining me in the studio today is bill gillis and elizabeth jones from crowell gillis & cooper, and today it's a very relevant topic considering with what's going on in the world.

We're discussing basics of a will and estate planning.

Welcome to the show both of you.

Nice to see you again.

It's nice to see each other in person, right?

Elizabeth jones: exactly.

Troy thompson: it's been way too long.

All right.

We asked some of our viewers to send in some questions to you because we thought this was a really relevant time, and as you know, i just was discussing off air, i even need to do a will, and it's super important, right?

We have to maintain those type of thoughts at all time, don't you agree?

William gillis: indeed.

Troy thompson: all right.

The first question is, what exactly is estate planning, and what is the main goal?

William gillis: to ensure that your wishes for the disposition of your assets, which are your bank accounts, stocks, bonds, real estate, that they will be distributed at your death exactly to whom you want them to be distributed.

Troy thompson: okay.

Before we came on camera, you showed me, which we're going to bring up on the screen now...i think it was a two- or three-page questionnaire that your clients fill out when they come into your office.

Why is it so important that they fill that out correctly and in great detail?

William gillis: it's the way for them to transmit to us the information that's necessary for us to properly plan for their estate.

The first section of that questionnaire deals with family matters, husband and wife, children, grandchildren, so we understand who the family members are that could inherit from them.

And the next section of it deals with exactly what their assets are, how they're owned, so we ensure that there's not, in effect, us tripping over ourselves by not properly planning and being defeated by improper ownership of assets.

Troy thompson: i think that's really important.

Okay.

What are some examples of the wrong people ending up with your property?

That's actually a really good question.

Elizabeth jones: definitely.

And for example, it could be, say a spendthrift or a chemically dependent child or grandchild.

It could be someone who's receiving medicaid, and you could potentially disqualify them from their medicaid eligibility.

There's a five-year look back period when you receive assets.

It could also be, say, a disabled grandchild or child who's receiving government assistance, which could potentially disqualify them as well.

Troy thompson: really?

Elizabeth jones: definitely, and it could even end up being the state of mississippi or federal government with tax implications.

Troy thompson: there's so much to take into consideration, isn't there?

William gillis: there is.

Troy thompson: instead of just saying, i want to leave all this to uncle joe, it's not quite that simple.

How does the state of mississippi decide to whom to leave your property if you don't have a will?

William gillis: well, we have laws of intestacy, and that, you basically look at the table to determine who your heirs at law are.

For example, if you're married, your spouse is an heir, and your children are heirs equally.

Troy thompson: right.

William gillis: if you don't have a spouse, then your children are your heirs.

If you don't have a spouse or children, then you go up the tier to parents.

And that's, as elizabeth was touching on about disqualifying people for benefits, you might have a parent who is a medicaid recipient in a nursing home.

And if he inherits from you, he's disqualified for those benefits.

Troy thompson: i was about to say, the benefits, not the will.

William gillis: that's correct.

Troy thompson: so he could lose all the medicare benefits.

And we don't want that to happen, obviously.

William gillis: and there are ways to protect that from happening, but it has to be done through proper estate planning.

Troy thompson: interesting.

All right, now final question.

What are the basic tools of estate planning, and how do these tools work together?

Elizabeth jones: well, the basic tools are a last will and testament, or will, a general durable power of attorney, and a healthcare power of attorney and advanced healthcare directive.

And those three work together.

The powers of attorney allow you to name an agent to give you authority to handle your decisions, either business or healthcare while you're still alive, and the will takes place upon your death.

Troy thompson: you two always give me great information.

Pity i didn't listen to it last time.

I've got to get my will done!

William gillis: good.

Thank you.

Troy thompson: thank you so much.

We appreciate you.

Elizabeth jones: thank you.

William gillis: thank you.

Troy thompson: coming in, and if you want to find out more information, there it all is up on the screen for you.

Crowell gillis & cooper.

Give them a call.

Check that top drawer and make sure your will is up to date.

Back after this short