About Episode:
Welcome to “LegacyGuard: Navigating Estate Planning Law” with your host, Micah, a seasoned expert with over two decades of experience in the world of estate planning. In this podcast, we delve into the intricate world of estate planning law, shedding light on crucial questions that demand your immediate attention.
Estate planning isn’t just about distributing assets; it’s about securing your family’s future, ensuring your wishes are met, and navigating the legal intricacies that surround it. With Micah as your guide, you’ll embark on a journey to demystify this often complex and daunting subject matter.
Host Bio:
Guest: Micah
Micah is the owner of The Hall Law Firm and practices in the areas of Estate Planning and Probate/Estate Administration helping families create a proud legacy. Micah is currently admitted to practice law in Missouri and North Carolina. Micah has served as an Assistant Attorney General for the State of Missouri and Trust Administrator with the Edward Jones Trust Company where she managed trust and probate transactions. Micah has presented on the subjects of Probate and Estate Planning and is an author of the Missouri Bar’s Practice Series on Trusts, Powers of Attorney, Custodianships, and Non-Probate Matters.
https://www.linkedin.com/in/micah-d-hall/
http://www.facebook.com/people/The-Hall-Law-Firm-LLC/100070550042832/
Host: Ankita
Ankita is a dynamic professional with a passion for legal tech, social media management, and podcasting. With a keen eye for the intersection of law and technology, Ankita has carved her niche in the ever-evolving world of legal tech. Her expertise in harnessing cutting-edge technology to streamline legal processes is second to none.fg
As a social media manager, Ankita brings her creative flair to the digital realm, crafting engaging content and strategies that resonate with audiences across platforms. Her knack for storytelling and digital marketing has propelled brands to new heights.
Ankita’s true calling, however, lies in the world of podcasting. With a real knack for captivating storytelling, she hosts and produces insightful podcasts that delve into the intricacies of law, technology and their societal impacts. Her podcasts have garnered a dedicated following, making her a respected voice in the legal tech community.
Ankita’s journey continues to inspire, as she combines her passions to bridge the gap between law, technology, and the digital landscape.
Podcast Transcript
Ankita 0:00:10
Welcome to another exciting episode of Legal Tech Briefs. I’m your host, Ankita. And today we have a special guest, Micah D. Hall. Welcome to the show, Micah.
Micah 0:00:20
Thank you.
Ankita 0:00:21
Micah D. Hall is a seasoned lawyer with over two decades of experience in specializing in estate planning. And now, Micah, can you introduce yourself?
Micah 0:00:33
Sure.
Micah 0:00:34
My name is Micah Hall with the Hall Law Firm. I practice in probate administration and estate planning, drafting documents, and I’ve been in the practice for over 20 years.
Ankita 0:00:46
Oh, that’s so great to hear. I think that it going to be a really awesome podcast session with you. So in today’s episode, we are diving into the realm of estate planning, a crucial aspect of law that touches all of us, and who better to guide us through the intricacies of estate planning than our esteemed guest speaker? Let’s jump right in. So, all right, Mika, let’s start with the basics. Imagine I have never heard of estate planning law before. How would you break it down for me in a way that it doesn’t sound like a boring lecture?
Ankita 0:00:46
Oh, that’s so great to hear. I think that it going to be a really awesome podcast session with you. So in today’s episode, we are diving into the realm of estate planning, a crucial aspect of law that touches all of us, and who better to guide us through the intricacies of estate planning than our esteemed guest speaker? Let’s jump right in. So, all right, Mika, let’s start with the basics. Imagine I have never heard of estate planning law before. How would you break it down for me in a way that it doesn’t sound like a boring lecture?
Ankita 0:01:55
before. I just know the concept, but not the details of it. So it was interesting to me. So when we talk about estate planning, what is the coolest part of estate planning that folks might not know about? Like if there are any shortfalls or something that the normal people should be aware of?
Micah 0:02:16
Absolutely. So the best thing about estate planning is it’s a really powerful tool. It’s a tool to help avoid creditors from coming after you. It’s a cool tool to protect from taxes. You can have tax protections. It’s also a cool tool to transfer assets to people who may not be family members. You know, maybe you wanna transfer assets to your church or your school or an organization. And the other cool thing is that it helps you pre-plan what happens to you when you’re unable to care for yourself. So you can make these decisions ahead of time so that they’re in place when the time comes. So it’s a really cool tool for people to use. Yes. If I’m not confused,
Ankita 0:03:08
is a will related to estate planning, right? It’s like part of the estate plan, right?
Micah 0:03:17
A will is part of an estate plan, but a will is one of those documents that only become effective after you pass away, but you get to choose who gets your items when you pass away, and it may not necessarily all be family members, right? Maybe you wanna choose a school or a library to donate things to. So that’s the purpose of a will, is to be able to make those types of decisions.
Ankita 0:03:43
Okay, so will covers everything when you’re not here, and a state plan covers everything when you’re here and after that also.
Micah 0:03:52
That’s exactly right.
Ankita 0:03:53
Okay, okay. Then I’ll shift to my other next question. Nobody likes being the oops or I messed up person, but when it comes to state planning, we all fear making mistakes, right? So what are the top blunders people often stumble upon and how can they avoid them?
Micah 0:04:15
The biggest blunder that I see is procrastination. People waiting to do an estate plan because they think, oh, I have time or nothing’s going to happen to me. And oh, I can wait to do that. But understand that this is pre-planning. You’re planning for if anything happens. So procrastinating, you end up being in a horrible situation and not having a proper plan. Another blunder is when people, you know, when you’re incapacitated and you choose someone to help take care of you, choosing the wrong person. You have to choose someone that can make good sound decisions and has good sound judgment. You have to choose someone that is that you can trust to take care of your finances, you know, to make sure that your bills are paid, and that they’re taking care of your medical needs. So if you’re not choosing the right person, it could be a bad scenario for you. And then the last blunder is leaving assets to minor children. People do that all the time and they don’t realize that children, at least in the US under 18, cannot accept property. So it ends up being more trouble than what they intended.
Ankita 0:05:33
Yeah.
Ankita 0:05:34 Yeah, that is something which is interesting. Okay, and speaking about blunders, like you just told me that we shouldn’t like assign our properties to minor children. So could you tell us some shocking stories of what went down when they ignored planning and state law? I can.
Micah 0:05:56
I have two scenarios that kind of stand out to me that were clients of mine. I had a client that had children and then got divorced and got remarried to his new wife and they did not have any children together. Well, unfortunately, he was going to get a second divorce and during the divorce, he found out that he had cancer. And so I talked to him about having an estate plan because his goal was for his second wife not to receive anything. He wanted his children to have everything. Well, of course he procrastinated and said, oh, I can wait, I can wait. Once the divorce is over, then I’ll get the estate plan done. Well, he passed away before the divorce was over and his wife ended up getting half of everything. And it was just, if he would have had those documents together, that would have avoided that situation. Another scenario I had was there was people who don’t have children or who are not married don’t ever think of estate planning, but it’s important for single people to do it as well. I had a case where a person was not married, did not have any children, had one sister who had already died, no nieces or nephews, but 29 cousins had to share everything that this person had because he didn’t have a plan to give it to someone else. And so imagine trying to go through a process for 29 people to receive a share. It was a nightmare. It was expensive. There were fighting between people. you know people so that was one of my nightmares about you know making sure that even as a single person you have a an estate plan to care for your things
Ankita 0:08:14
when you when you pass away. Okay so I just whatever you told me I’m this question arises in my mind how do you protect people with estate plan law estate planning law like you told me that there were 29 cousins. How can they have avoided it if he had the right set of mind and he has approached you on the right time?
Micah 0:08:35
Absolutely. So, the default is your state law. And your estate planning allows you to circumvent your estate law in regards to who you choose to be your executor, and as well as who you choose to give your things to. So with the proper plan, he would have been able to designate his items to go to maybe charity, or maybe if he had really close friends because he didn’t have a lot of family, he could have designated that those assets go to his friends and as long as it’s a valid estate plan, the court would have honored that and then you wouldn’t have had the scenario of 29 cousins who receive it by default because he didn’t have an estate plan.
Ankita 0:09:19
Okay, okay. How does an estate plan help you write a happy ending for these stories like you just told me, even when they involve complex character like assets and relatives? Like, how can the law help everything?
Micah 0:09:41
So the law helps because it sets up structures and when you own items while you’re living, you can decide what you give, who you give them to while you’re living. And an estate plan just makes sure that the decisions you made during life are also carried out when you pass away. So, you know, it really helps those people who have those unique situations that again may not have a spouse or may not have children, or even if they do, what if they have a second spouse and they don’t have the same children? Or what if you do have a spouse and your spouse is estranged? Or what if you’re estranged from a child? So, you know, really having a conversation with your estate planning attorney to kind of understand the family dynamics, and you can really draft unique and special documents suited just for you and your situation. And that’s what helps you avoid those nasty scenarios.
Ankita 0:10:45
Yes.
Ankita 0:10:46
Okay.
Ankita 0:10:47
Yeah, that was really insightful for me. Now I’m going to have a state plan for myself or my family.
Micah 0:10:55
Everyone should.
Ankita 0:10:56
Yes.
Ankita 0:10:57
Okay, so let’s wrap this up with a powerful ending. When it comes to state law, what’s the key ingredient that helps us to prevent family feuds and financial cures?
Micah 0:11:11
Put it in writing. That’s the key. Once you have these documents reduced to writing and they’re signed and maybe notarized or even have witnesses, that secures it. Because there’s no doubt that whatever you put in writing, that that’s what your wishes are. So as long as it’s in writing and it follows your state law, again, like with witnesses and with notarization, that’s the key. Because people, you know, sometimes tell other people, this is what I want, but if it’s not in writing, there’s never a way to verify that. Put it in writing.
Ankita 0:11:52
Yeah, put it in writing. I’m going to tag this as a caption for this podcast.
Micah 0:11:57
Yes.
Ankita 0:12:00
So, thanks a million for joining us today, Mika. If our listeners are thrilled as we are and we want to connect with you and your team, how can they embark on this journey? Micah 0:12:11 Absolutely, so I have a website. You can go to www.mhallfirm.com. You can also follow me on social media at mhallfirm. I’m on LinkedIn. I’m also on Facebook. Or you can email me at mika.mhallfirm.com.
Micah 0:12:36
Sounds really great.
Ankita 0:12:37
So, just wrapping up with this, I would like to ask if there is anything that you would like to highlight in this podcast.
Micah 0:12:46
Well, nothing really to highlight. I think we covered everything, but I really appreciate you for having me on. I think that educating people on estate planning is the key. People need to be educated to understand what it is and how it can be positive for them and their lives and for the lives of their family and help them create a legacy that they’ll be proud of.
Ankita 0:13:10
Also, I just want to appreciate one thing in your email signature. I really like that preserving legacies The tag you have it’s really nice. That’s my goal Okay, so Amika and then this would be like the wrap-up of this thing and I’d like to see you on another podcast We’ll have in future. Thank you so much for being here We’ll have in future. Thank you so much for being here Thank you for having me. Okay, I’ll just put stop on the recording.