Afleveringen
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Welcome to the Good Steward Law and Wealth Podcast with your host, Ledly Jennings. In today’s episode, we’re diving into the complex world of transfer taxes, a crucial part of estate planning. When transferring assets, whether while you're alive or after you’ve passed, it’s essential to understand the types of taxes that may apply. We’ll cover the three main types of transfer taxes: gift tax, estate tax, and the often-overlooked generation-skipping transfer tax. These taxes can have significant implications for passing wealth to your loved ones, so let’s break down what you need to know to plan strategically and minimize tax exposure. Stay tuned for valuable insights that can help protect your legacy and assets.
IN THIS EPISODE:
[0:28] Today's topic: Understanding the transfer tax when estate planning[4:50] Gifting assets before going into a nursing home [6:25] How the gift tax works with the estate tax[9:37] Planning within the revocable trust to avoid estate tax[12:24] Generation-skipping transfer taxKEY TAKEAWAYS:
You can gift up to $18,000 per person per year without triggering a gift tax, and spouses can double this to $36,000 per recipient. Strategic gifting can help reduce estate taxes and provide asset protection. Gifts exceeding this limit reduce your lifetime exemption of $13.6 million (2024).The estate tax exemption for 2024 is $13.6 million per individual ($27.2 million per couple). Proper estate planning can help high-net-worth individuals avoid estate taxes and protect assets for heirs.Designed to prevent tax avoidance by skipping generations, the GST tax has the same $13.6 million exemption as the estate tax but is calculated separately and is not portable between spouses. Gifting above this amount to grandchildren or other skip persons incurs additional taxes.RESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
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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Welcome to the Good Steward Law and Wealth Podcast with your host, Ledly Jennings. Estate planning isn’t just about documents—it’s about relationships. In today’s episode, we’ll explore why estate planning is relational, not transactional, and the importance of educating clients on their options for a comprehensive and effective plan. We’ll also delve into the Good Steward Maintenance Program, a unique approach to keeping your estate plans updated and aligned with your goals, ensuring your legacy is preserved with care. Stay tuned as we share insights on creating wealth strategies that make you money rather than costing you money!
IN THIS EPISODE:
[0:31] Estate planning is relational, not transactional[1:57] Educating clients on what is needed for their estate planning[5:07] The Good Steward Maintenance Program and what it accomplishes[7:08] Funding your trust, maintaining a relationship, and understanding the details[13:50] What sets L. Jenning’s Law apart from other firmsKEY TAKEAWAYS:
Effective estate planning goes beyond drafting documents. It involves building and maintaining a relationship with clients, educating them on their options, and ensuring their plans align with their evolving needs and goals.Many clients misunderstand the purpose of estate planning documents. For example, a living will actually relates to healthcare decisions, not asset distribution. Educating clients on the distinct roles of wills, trusts, and other estate planning documents ensures clarity and effectiveness.Estate plans require regular updates to reflect asset changes, family dynamics, and legal considerations. The "Good Steward Maintenance Program" ensures that plans remain effective and minimize beneficiary complications.RESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
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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Zijn er afleveringen die ontbreken?
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Welcome to another episode of the Good Steward Law and Wealth Podcast, where we equip you with strategies to safeguard and grow your wealth with intention and care. Today, we’re tackling a critical subject for business owners: managing business succession and setup. We’ll explore the different types of business entities, weigh their pros and cons, and cover the formalities of establishing them correctly. Most importantly, we’ll delve into strategies for creating a solid succession plan—whether through trusts, buy-sell agreements, or tailored operating agreements. If you’re a business owner, this episode is packed with insights to help you secure your legacy and protect your loved ones.
IN THIS EPISODE:
[0:24] How to set up business entities in your estate plan[2:43] The advantages of an LLC and a new filing requirement[9:57] Passing your business to the next generation[12:02] Passing on inheritance equally among children[13:37] Having a Buy/Sell Agreement for a partnership to avoid problemsKEY TAKEAWAYS:
A Limited Liability Company (LLC) is often the ideal business entity, combining the liability protection of a corporation with the flexibility and simplicity small to medium-sized businesses need. Setting up an LLC involves choosing a unique business name, filing Articles of Organization with the state, and crafting an Operating Agreement—ideally with legal guidance—to define the company's structure and operations. This streamlined approach makes LLCs a top choice for entrepreneurs seeking protection and ease of management.Business owners have four main entity options: Sole Proprietorship, Corporation, Partnership, and LLC. LLCs are often the top choice for small to medium businesses, combining strong liability protection, tax flexibility, and easier upkeep than corporations.Use trusts to avoid probate, ensure fair distributions among heirs, and maintain operations. For partnerships, establish buy-sell agreements funded by life insurance or other methods, with clear valuation strategies for smooth transitions.RESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
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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Welcome to the Good Steward Law and Wealth Podcast, where we explore strategies to protect and manage your wealth with the utmost care and responsibility. In today’s episode, we’re diving into an essential topic—how to manage your bank accounts to ensure they’re handled smoothly during incapacity and after your passing. We’ll discuss the best ways to ensure your accounts are accessible when needed, how to pass them on outside of probate, and why naming your child as a joint owner might not be the best solution. Tune in as we break down these crucial steps for securing your financial legacy while being a good steward of your wealth.
IN THIS EPISODE:
[0:27] Let’s talk about bank accounts and protecting them in your estate plan[1:48] Keeping your bank account out of probate[4:59] Why naming a beneficiary is the preferred way of protecting your bank account[7:07] Naming a trust as beneficiary[8:55] Do not name your child as joint owner of your bank accountKEY TAKEAWAYS:
Avoid Naming Your Child as a Joint Owner: While it may seem convenient, naming a child as a joint owner of your bank account can expose your assets to creditors, lawsuits, or even divorce settlements. It also gives them unrestricted access to the account, which could lead to unintended financial consequences.Instead Of Adding A Child As A Joint Owner, Appoint Them As Your Power Of Attorney. This allows them to manage your bank account if you become incapacitated, ensuring your bills and medical expenses are paid without exposing the account to their risks.Designate A Beneficiary To Avoid Probate: To ensure your bank account passes smoothly to your heirs without going through probate, designate a beneficiary on the account. This can be done through a Transfer on Death (TOD) designation, allowing the account to transfer directly to the beneficiary upon death and avoiding court involvement.RESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
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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Welcome to the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In this episode, Ledly is joined by Ben Barker—known as the “Neighborhood Alpha Dad” and a passionate fitness coach. Together, they explore the pillars of a fulfilling life: faith, family, fitness, finances, and freedom. Ben shares his journey from the 9-to-5 grind to thriving as an entrepreneur and the importance of creating lasting family core values. From debunking health myths to applying the 80/20 rule and discussing the role of nutrition and fitness, Ben offers actionable insights to elevate your life. Don't miss this engaging conversation packed with wisdom and practical advice!
IN THIS EPISODE:
[0:27] Ben Barker, The Neighborhood Alpha Dad and fitness coach[5:09] Faith, family, fitness, finances and freedom and GoBundance[9:55] Leaving your 9 to 5 to become an entrepreneur[13:54] Habits are caught, not taught and living the life you hope your children will live can help establish core family values[20:06] Nutrition and applying the 80/20 rule and home blood test kits[24:19] Ben’s insight into the biggest myth in the health industryKEY TAKEAWAYS:
True wealth comes from balancing faith, family, fitness, finances, and freedom—the essentials of a fulfilling life. When these pillars are aligned, they create a foundation for happiness, resilience, and purpose. By nurturing each area, you enrich your life and build a legacy that can inspire and uplift future generations.Creating family core values is something to live by and pass down through generations because many habits are caught and not taught. These values serve as a guiding compass, shaping character and decision-making in subtle yet powerful ways. By living out these principles daily, you create a lasting legacy that reinforces the importance of integrity, purpose, and a strong family identity.Creating family core values provides a guiding foundation to live by and pass down through generations, as many habits are caught not taught. Along with these values, your good name becomes a legacy for future generations.RESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
GoBundance - Website
The Millionaire Fast Track - Book
Hone Bloodwork - Lifeforce Website
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Welcome to the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In this episode, Ledly explores essential strategies for long-term care planning, covering the complexities of Medicaid eligibility, the risks and rewards of gifting assets, and the benefits of irrevocable trusts. He explains how the L. Jennings Law Firm helps clients maximize their wealth responsibly, using legal approaches to protect assets for future generations. By understanding Medicaid’s requirements, utilizing tools like Ashber for compliance, and making wise financial decisions, listeners can be well-prepared to preserve their legacy and ensure financial security.
IN THIS EPISODE:
[0:30] Long-Term Care Planning - explanations of options[6:40] How Medicaid works and how do you qualify[15:37] Risks of gifting assets and the upside and downside of an irrevocable trust [19:17] What the L. Jennings Law Firm can do for you[23:06] Spending that benefits you[25:16] Using Ashber as a resource for Medicaid complianceKEY TAKEAWAYS:
Good wealth stewardship means maximizing assets responsibly using legal strategies—not hiding assets or avoiding taxes. Clients with $2-2.5 million in liquid assets often use interest to fund care while preserving the principal for heirs. This firm helps clients optimize their wealth within legal and ethical guidelinesMedicare covers only short-term rehab in nursing homes, not long-term care—that’s where Medicaid comes in. To qualify for Medicaid, applicants must meet strict income and asset limits, and strategies like gifting assets have a five-year look-back period. With proper planning, families can protect assets like the family home from Medicaid liens, ensuring it passes to heirs. Professional guidance helps families navigate these rules effectively and ethicallyThis episode emphasizes the importance of pre-planning for Medicaid and long-term care. Medicaid planning is complex; only specialized elder law attorneys stay current with evolving regulations. By planning, you can protect your assets from being entirely consumed by nursing home costs, preserving your wealth for your beneficiaries and making the most of what you've built over a lifetimeRESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
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Welcome to the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. Today, Ledly is diving into "entrusted estate planning," a proactive approach to passing down wealth with purpose and responsibility. He explores critical strategies for building a solid governance structure to empower the next generation, creating a family mission statement, and defining a family constitution and values. With topics ranging from empowering heirs to establishing family foundations for charitable giving, Ledly emphasizes how education and thoughtful planning are essential to preserving wealth and values across generations.
IN THIS EPISODE:
[0:39] Entrusted planning for your estate plan[4:06] Entrusted families follow guidelines to empower the next generation[5:54] Setting up and implementing a governance structure using a hierarchy approach[9:34] Leaving money to charities by setting up a family foundation[13:31] Your trustee should be someone you've trained and understands your family values[17:55] Three things that erode financial wealth over multiple generations[19:48] Elect trustees with diverse backgrounds to avoid deadlockKEY TAKEAWAYS:
Entrusted wealth planning shifts the focus from fear-driven decisions to empowering the next generation with a strong foundation of family values and intentional financial structures. Aligning assets with core principles prepares heirs to responsibly manage wealth with a clear sense of purpose and vision. This approach emphasizes passing down opportunities—such as education, business involvement, and charitable giving—rather than simply handing over money. The result is a legacy where each generation is equipped to build upon the family’s achievements, fostering lasting impact, stability, and stewardship far beyond material wealth.Entrusted families focus on long-term stewardship, maximizing the positive impact of their wealth through education, values, and community generosity. By prioritizing the foundations of wealth—education, training, and values—they create a legacy that grows naturally across generations while minimizing the risks often seen with inherited wealth.A well-structured trust with a family LLC creates a framework to manage and preserve wealth in line with family values. Trustees oversee assets, make family loans, and provide opportunities for heirs to grow, ensuring accountability and continuity for generations.RESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
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Welcome to the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In today’s episode, we’re joined by Dr. David Rankin, President Emeritus of Southern Arkansas University, and Beth Anne Rankin Baker, Ed.D., former policy adviser for Gov. Mike Huckabee. Together, they explore key themes from their co-written book Economics of Freedom, discussing prosperity driven by productivity, the contrasts between capitalism and socialism, and the role of government in modern society. Tune in as we dive into the national debt, private property, estate taxes and economic myths. Don’t miss this enlightening and informative breakdown of capitalism.
IN THIS EPISODE:
[0:31] David highlights the themes of prosperity, capitalism and socialism from the book Economics of Freedom book[9:42] Other resources to learn about economics and capitalism[14:24] Beth Anne talks about co-writing this book with her dad, the national debt and COVID[23:57] David's view on estate tax and private property and income tax[33:12] Economics education for high schoolers and looking forward to America's 250th birthday[37:15] The guests outline the biggest myths they see in the economic realm[41:55] David shares famous quotes regarding free markets, capitalism, socialism, and communismKEY TAKEAWAYS:
Prosperity comes from productivity. If we produce something of value that someone wants, not only does the individual benefit, but the whole nation's economy benefits because it raises the standard of living.Capitalism is the economic system that rewards production. Socialism is learning to work the system to do well for yourself. There is a famous quote: “You can choose capitalism and freedom, or you can choose socialism and force.”While government is necessary for essential functions like defense, infrastructure, and justice, its growing influence over many aspects of life has become oppressive. The founding fathers never anticipated that the government would want to control so many little details of life.RESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
The Economics Of Freedom - Book
Rankin Economics - Website
What Every American Should Know About Economics - Book
GUEST BIOGRAPHIES::
David F. Rankin, Ph. D., CF A, is president emeritus at Southern Arkansas University. As an economics and finance professor at SAU, he’s taught thousands of students for many years. He holds a B.S.B.A. in management from the University of Arkansas, an MBA in...
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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 interestKEY 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:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
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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Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In today’s episode, Ledly breaks down the essential documents that form a comprehensive estate plan. From revocable trusts and durable powers of attorney to healthcare directives and real estate deeds, Ledly explains how each document serves a specific purpose while working together to achieve your estate planning goals. He also touches on the importance of adequately managing assets outside of a trust and how recent tax law changes affect IRA distributions. Stay tuned as Ledly walks through his process for setting up a successful estate plan.
IN THIS EPISODE:
[0:25] Eight documents make up an estate plan. The first document is a revocable trust. See the Revocable Trust Podcast Ep. 3[2:40] Second document: durable financial power of attorney. See Durable Power of Attorney Ep. 7. The third document is a healthcare power of attorney, encompassing the third and fourth healthcare documents[4:35] The sixth document is a pour-over document. The seventh document is a real estate deed. The eighth document is an assignment of personal property[8:50] In addition, an assignment of a business interest may be necessary[9:53] Discussion of assets not in a trust and how tax laws have changed how IRAs pass within a trust[11:59] Ledly explains the process he uses to set up an estate planKEY TAKEAWAYS:
An estate plan comprises various documents that function together to achieve its objectives. Each specific purpose requires its own document, and they all complement one another, including financial account documents, which align with your estate plan.A durable power of attorney can be set up for several reasons. The main two are a Healthcare power of attorney and a financial power of attorney.To ensure your goals for your heirs or estate beneficiaries are correctly met, it’s essential to consult a qualified estate planning attorney. Not all attorneys are the same, so it's crucial to find an expert in this area of law.RESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
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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Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In today’s episode, Ledly dives into the critical topic of Power of Attorney, explaining why it is essential for everyone over 18. He breaks down the two primary types of power attorney, healthcare and financial, and why having separate documents for each can be beneficial. Ledly also emphasizes the importance of making your power of attorney specific to avoid common pitfalls and provides an example of why generic statutory forms may not fully protect your wishes. For example, if you want someone to step in if you're incapacitated, transitioning from a basic to a durable Power of Attorney is crucial. Don’t miss this episode – Protect your future.
IN THIS EPISODE:
[00:25] Ledly discusses the necessity of a Power of Attorney, and there are two main types of Power of Attorney: healthcare and financial[1:09] Ledly defines the different kinds of power of attorney and why multiple forms are advantageous[3:42] What are the advantages of having separate documents, one for healthcare and one for financial[4:38] Discussion of a statutory power of attorney and an example of why they need to be specific[8:41] Ledly outlines some common pitfalls[10:34] Discussion of having multiple people in succession in your power of attorney, and when your child reaches age 18, you cannot sign for them unless you are their power of attorneyKEY TAKEAWAYS:
Everyone over the age of 18 needs a power of attorney.If you want a power of attorney to step in if you are incapacitated, it will change from a basic to a durable power of attorney.States supply a form for assigning a power of attorney; however, these forms are generalized and don’t protect your wishes.RESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
GUEST BIOGRAPHY: No Guest
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.
#EstatePlanning #FinancialPlanning #PowerOfAttorney #HealthcarePowerOfAttorney #FinancialPowerOfAttorney #DurablePowerOfAttorney #StatutoryPowerOfAttorney #LegalProtection
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Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. Today, Ledly dives deep into the world of Beneficiary Controlled Trusts, also known as Beneficiary Deemed Owner Trusts or simply the B Dot. He explains how these trusts are formed, their benefits, and why they work well for many families. You'll hear examples of trusts for young beneficiaries, how to impart values through these structures, and the importance of securing a qualified attorney. Ledly also touches on the critical distinctions between tax rates for trusts versus beneficiaries and how to ensure your trust meets the requirements of Secure Act 2.0 when inheriting an IRA. Stay tuned for critical insights into protecting your assets and your loved ones.
IN THIS EPISODE:
[0:28] Ledly will discuss Beneficiary Controlled Trusts, also known as Beneficiary Deemed Owner Trusts or simply by the term B Dot[2:20] How a Beneficiary Controlled Trust is formed and the benefits and why Ledly sets up trusts in this fashion for many families[5:10] Example of a Revocable Trust where under-age children become the beneficiary of the trust at a young age with a named guardian and what happens between the ages of 25 to 30[9:30] Moving on to a Beneficiary Controlled Trust and how to impart your values to your children[12:16] The importance of getting a qualified attorney and the difference between taxes at a trust rate and the rate the beneficiary has[14:22] Meeting the standards of Secure Act 2.0 when the trust inherits an IRAKEY TAKEAWAYS:
A beneficiary-controlled trust is a trust where the beneficiary controls the trustA beneficiary-controlled trust can be set up at any time to put assets into the trust for tax, nursing home care reasons, or because someone wants to give a gift to the beneficiaryGetting a qualified trust attorney cannot be overstated to obtain the protection you and your beneficiaries needRESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
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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In this episode of the Good Steward Law and Wealth podcast, host Ledly Jennings sits down with Ian Weiner of Bespoke Wealth Solutions to explore the complexities of Social Security and the crucial decision of when to start taking it. Ian dives into the often-overlooked topic of provisional income and how it can significantly impact the taxes on your Social Security benefits during retirement. They break down essential concepts like your PIA (Primary Insurance Amount) and FRA (Full Retirement Age). At the same time, Ian shares strategies to reduce your tax burden, even bringing it to zero. Tune in to learn how thoughtful planning can safeguard your legacy and ensure long-term financial stewardship.
IN THIS EPISODE:
[0:25] Ledly introduces Ian Weiner and the topic of provisional income[1:29] Ian shares insights on social security, including a discussion of provisional income and when to take social security[5:37] Know your PIA (Primary Insurance Amount) and your FRA (Full Retirement Age)[7:29] Provisional income is the primary issue on how much your social security income will be taxed and how to identify that figure[9:30] How planning could put you in a zero tax bracket on your Social SecurityKEY TAKEAWAYS
Retirement planning requires careful consideration to ensure a retiree can enjoy a secure and comfortable retirementKnowing two numbers when you retire is critical: your PIA and your FRAThere are three approaches to determining when to take social security. One is fear-based, one is a cookie-cutter approach, and the other is looking at the situation and figuring out the best wayRESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
Ian Weiner - LinkedIn
Ian Weiner - Email
Just Retire Now - Website
GUEST BIO:
I'm Ian, I help discerning investors, families and business owners take back as much of their time as possible, while making sure they don't miss out on investment opportunities, and tax strategies to keep more of their wealth and pay as little as possible to Uncle Sam.
The way we'll work together is a bit different than what most people are used to, or expect from a financial advisor. Here's how we create a team that works for YOU:
We act as a Personal CFO (Chief Financial Officer) for you or your family / business. We help you build and manage your "Wealth Team" - the group of specialists that guides through every financial area: Tax preparation, Investments, Real Estate, Banking, Estate Planning, Corporate Law, Insurance, etc.
Most people we talk to have accumulated various professionals in these disciplines over time, and each one exists in their own...
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In this episode of the Good Steward Law and Wealth podcast, host Ledly Jennings welcomes Ian Weiner of Bespoke Wealth Solutions to dive deep into the world of financial advisory, retirement planning, and the often-overlooked connection between estate and financial planning. They explore the three critical phases of financial life—Accumulation, Preservation - Distribution or Retirement, and Legacy, and how understanding them can set you up for a secure financial future. Ian also sheds light on a critical but little-discussed topic: provisional income and its impact on your Social Security taxes in retirement. Tune in to learn how these strategies can help protect your legacy and ensure long-term financial stewardship.
IN THIS EPISODE:
[0:26] Ledly welcomes Ian, and they discuss how they met and their shared interest in wine[3:36] Ian shares what excites him about the work he does and how he became interested in financial planning[10:05] Ian explains the difference between the big box world of financial advisors versus Bespoke Wealth[17:04] Once you understand the differences in advisors, Ian now explains the conflicts of interest and what are the various ways advisors can charge[29:50] Discussion of a low expense ratio on individual funds and hidden costs[34:42] Ian discusses investing in retirement and how taxes can be the most significant expense in retirement if you are not careful[40:13] Ian advises the listener on the one test to ask your financial advisor – How is provisional income going to affect me in retirement[45:25] Ian answers rapid-fire questionsKEY TAKEAWAYS
The Sunset Law will take effect in 2026, and it is essential to pay attention to the candidates running in this year's election. They all have different views that may have tax consequencesAdvisors must technically disclose to the client when acting in a brokerage or RIA capacityIn retirement, it’s not how much you earn; it’s how much you keepRESOURCES:
L. Jennings Law - Website
L. Jennings Law - Facebook
Ledly Jennings - LinkedIn
L. Jennings - Instagram
L. Jennings Law - YouTube
Ian Weiner - LinkedIn
Ian Weiner - Email
Just Retire Now - Website
GUEST BIOGRAPHY:
I'm Ian, I help discerning investors, families and business owners take back as much of their time as possible, while making sure they don't miss out on investment opportunities, and tax strategies to keep more of their wealth and pay as little as possible to Uncle Sam.
The way we'll work together is a bit different than what most people are used to, or expect from a financial advisor. Here's how we create a team that works for YOU:
We act as a Personal...
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Today’s episode of Good Steward Law and Wealth, hosted by Ledly Jennings, founder of L. Jennings Law in Little Rock, Arkansas, focuses on Revocable Trusts, highlighting their primary benefits: avoiding probate and ensuring your assets are distributed according to your wishes. Estate planning is crucial for protecting the wealth you’ve worked hard to build, and a Revocable Trust is a safeguard against government intervention and the costly, time-consuming probate process. Proper estate planning also offers significant tax benefits, ensuring a smooth property transfer to your heirs. “Don’t trust your trust” to just anyone. Work with an estate planning attorney to ensure your revocable trust is created correctly. Tune in to upcoming episodes on Revocable Trusts.
IN THIS EPISODE:
[:46] Ledly explains why the Revocable Trust is the best method to avoid probate and provides an example [4:13] Ledly defines a Revocable Trust and discusses the role of a trustee and successor trustee[8:23] Discussion of beneficiaries and the various complications that can arise[11:28] Ledly shares the risks involved in how assets are passed on to heirs[13:57] Ledly warns against consulting an attorney who does not specialize in trusts. You need a specialist.KEY TAKEAWAYS
A Revocable Trust has various benefits. The main two are avoiding probate and the ability to control how assets are left. If you have not named a trustee and are incapacitated, your estate will go through guardianship proceedings in court, and the judge will name someone to manage the trust.There are certain circumstances where it is beneficial to name a corporate trustee.RESOURCES:
L. Jennings Law - Website
Ledly Jennings - Facebook
Ledly Jennings - LinkedIn
L. Jennings Law - Instagram
L. Jennings Law - YouTube
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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Welcome to Good Steward Law and Wealth with your host, Ledly Jennings. In today's episode, we dive into why probate can be a significant burden. Ledly begins by defining probate and outlining when it occurs. He then delves into the four major problems associated with probate, supported by real-life examples illustrating how time-consuming and costly this process can be. Additionally, you’ll learn about other risky scenarios that can arise when going through probate. Most importantly, Ledly shares the best solution to avoid probate altogether: Revocable Trust planning. Don’t miss this series on Revocable Trusts.
IN THIS EPISODE:
[0:49] Ledly defines probate and how and when it occurs [3:30] The four main problems of probate are defined[5:44] Ledly shares two examples of how time-consuming and costly probate can be[9:16] What are other risky scenarios that can occur if you go through probate[13:23] The best solution is Revocable Trust planningKEY TAKEAWAYS
If you pass away with anything in your name alone, it will go through probate. A Will also must go through probate. Going through probate is a costly procedure that often does not match the deceased’s intent. Having a Revocable Trust is the best way to avoid probate.RESOURCES:
L. Jennings Law - Website
Ledly Jennings - Facebook
Ledly Jennings - LinkedIn
L. Jennings Law - Instagram
L. Jennings Law - YouTube
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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Welcome to the first episode of Good Steward Law and Wealth, hosted by Ledly Jennings of L. Jennings Law in Little Rock, Arkansas. In this inaugural episode, Ledly introduces what you can expect from the podcast and delves into the four core principles that form the foundation of his law firm. Drawing inspiration from the biblical Parable of the Talents in Matthew 25, he shares how these tenets guide his firm in assisting clients to become good stewards of their wealth. Ledly encourages you to subscribe, like, and share this podcast with anyone who might benefit from it. Be sure to follow on social media to stay updated. Don’t miss next week’s episode, where we’ll explore why avoiding probate is crucial. Thank you for tuning in to the first episode of Good Steward Law and Wealth!
IN THIS EPISODE:
[0:25] Ledly welcomes listeners to the inaugural episode of the Good Steward Law & Wealth podcast, and he shares his background[2:42] Law and wealth will be the topics discussed on this podcast, covering how law and estate planning come together[4:01] Expert guests will share their expertise[5:35] Ledly outlines how the firm's vision and name come from biblical philosophy gleaned from Matthew 25, the Parable of the Talents[8:56] Ledly explains what the parable means and how he applies those tenets to estate planning[12:11] Ledly’s firm is built upon four values that they deliver to their clientsKEY TAKEAWAYS
L. Jennings Law is a firm specializing in estate planning. Ledly founded his firm in Little Rock, Arkansas, based on the Biblical truth of Matthew 25. This podcast will explore the intersection of law and financial planning. New episodes will be released three to four times a month.This podcast is for anyone starting their estate planning journey.RESOURCES:
L. Jennings Law - Website
Ledly Jennings - Facebook
Ledly Jennings - LinkedIn
L. Jennings Law - Instagram
L. Jennings Law - YouTube
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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Are you ready to secure your financial future and protect your legacy? Welcome to 'The Good Steward Law and Wealth Podcast,' where Attorney Ledly Jennings shares his extensive knowledge and experience in estate planning, elder law, probate, and business planning. This podcast is designed for high-net-worth individuals, family business owners, and anyone committed to effective wealth management and preservation.
In each episode, you'll master the latest tools and strategies in estate planning to secure your assets and provide for your heirs. Understand the intricacies of wills, trusts, and power of attorney to make informed decisions about your legacy. Discover best practices for business succession planning, whether you're passing the baton to the next generation or preparing for a sale, with expert discussions guiding you through the process.
Navigate the complexities of elder law with confidence, from long-term care planning to guardianship issues, gaining the knowledge to protect your elderly loved ones. Demystify the probate process and learn how to efficiently manage the settlement of estates with step-by-step guidance for a smooth and stress-free experience. Benefit from the wisdom of guest experts in law, finance, and business, with each episode featuring interviews with professionals who share their insights and real-world experiences.
Ledly Jennings brings a unique combination of qualifications and experience to the podcast. With a J.D. and an MBA, and valuable experience at Stephens, Inc., Arkansas’s largest investment bank, Ledly is uniquely positioned to address the challenges faced by high-net-worth clients and family businesses. His practical advice and innovative solutions are designed to help you manage and protect your wealth effectively.
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.
Socials:
Facebook - Ljenningslaw
Instagram - ljenningslaw
LinkedIn - Ledly Jennings
YouTube - ljenningslaw
