Show notes
Malory Lea counsels clients on all aspects of estate planning, including estate, gift and generation-skipping transfer tax issues and income tax issues related to estate planning. Malory develops comprehensive estate plans for a wide range of clients, including high net-worth individuals, and is skilled at drafting wills and various trust agreements which address the needs of her clients.Malory shared that, though she knows that she grew up privileged, her family never spent money unnecessarily. Her mother worked in the financial world, and was a strong model. Today, in her family, Malory manages the finances and is teaching money skills to her two young daughters.Malory's decision to attend law school was influenced by her father, who is a practicing lawyer. Her first job out of law school was as a litigator but, after doing some work with a Trust and Estates attorney, she realized she was drawn to working with clients and feeling like she was having an impact on their lives." It's like a puzzle, you know, putting the puzzle pieces together, because we do a lot of stuff with the finances and trying to figure out what's the best way to avoid estate taxes. It's kind of just a puzzle and I enjoy that part." - Malory LeaKey takeaways:- Estate planning documents are important no matter what, but especially in a transition, like a divorce. Although there is a statute in New York State that revokes certain estate planning designations you made in the past, it only takes effect once the divorce is final. As we all know, divorces can take quite a long time and you don't want this to be hanging over your head in the interim. - If you are currently going through a divorce, don’t forget to remove your spouse as your executor and especially as your power of attorney. You don’t want your ex-spouse to be making healthcare decisions for you in your healthcare proxy and living will. You’ll also want to review your beneficiary designations and, if needed, remove your ex-spouse from inheriting any assets.- Often, when we put our estate planning documents together, we name siblings as secondary agents to take care of our children or to be our alternate agent under our healthcare documents or power of attorney. Know that, even when our divorce is finalized the statute in New York would NOT revoke those appointments. Yet another reason to review all our documents when going through a divorce.- The statute also does NOT revoke irrevocable provisions passing to your spouse. Malory used the example of an irrevocable life insurance trust in place to pass to the spouse. Special documents need to be prepared by your estate planning attorney in order to amend or, in many cases depending upon what state you’re in, decant this trust. Similar to decanting wine, decanting a trust is the process of pouring the assets from one trust to another. - Finally, Malory noted that it is important for all of us to have estate planning documents in place: to name a health care proxy and a power of attorney, to make our healthcare decisions known in a living will, to name a guardian for our minor children, to set up trusts when appropriate and to avoid the probate process, especially in states where the process can be time consuming and onerous. About the guest:Malory counsels clients on all aspects of estate planning, including estate, gift and generation-skipping transfer tax issues and income tax issues related to estate planning. Malory develops comprehensive estate plans for a wide range of clients, including high net-worth individuals, and is skilled at drafting wills and various trust agreements which address the needs of our clients.Prior to joining the firm in 2020, Malory lived and worked as an estate planning attorney in Burlington, Vermont.Malory enjoys hiking, yoga, and spending time with her husband and two daughters.Linkedin:- https://www.linkedin.com/in/malory-goldstein-lea-727740b/Website:- http://estatelawny.com/ Interested in booking a free consultation? Schedule a call.Stay connected:Connect with Laura on LinkedIn@Rotters5 on TwitterConnect with Laura on FacebookSubscribe to my YouTube channelSubscribe to my newsletterGet your free copy of Unlock Your Money Blocks Workbook : Your step-by-step guide to unlocking your blocks to financial freedom.Disclaimer: Please remember that the information shared on this podcast does not constitute accounting, legal, tax, investment or financial advice. It’s for informational purposes only. You should seek appropriate professional advice for your specific information.