Episode 9

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Published on:

29th Oct 2024

Ep. 9 - Estate Planning for Real Estate

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:

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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About the Podcast

The Good Steward Law and Wealth Podcast
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.

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Ledly Jennings