Mitlin Money Mindset®

Crafting Your Legacy: Essential Tips for Protecting Your Family’s Future with Brian Tully, Episode #191

June 26, 2024 | Episode #191

Meet the Guest

Brian Tully

Brian Andrew Tully, Esq. is the founder and managing partner of Tully Law Group, PC. He enjoys serving his clients and the community as a trusted senior advocate in the legal, financial and health care realms. Brian has been practicing elder care law and estate planning since 1998 and has been Certified as an Elder Law Attorney by the National Elder Law Foundation since 2003. Tully Law Group, PC focuses on helping their clients provide for their loved ones through creative estate planning, protecting their assets from financial risks and helping them to maintain their peace of mind and family relationships as they age. We are known for our unique and comprehensive elder care service called Life Care Planning which combines asset protection, Medicaid qualification, care coordination, advocacy, and crisis intervention. The firm also provides traditional elder law and trusts and estates services with a focus on Guardianship and Probate proceedings and Estate and Trust Litigation.

Show Notes

Brian Tully, Esq. is the founder and managing partner of Tully Law Group. He enjoys serving his clients and the community as a trusted senior advocate in the legal, financial, and healthcare realms.

Brian’s firm is known for a unique and comprehensive elder care service called “Life Care Planning” which combines asset protection, Medicaid qualification, care coordination, advocacy, and crisis intervention.

He also provides traditional elder law and trusts and estates services with a focus on Guardianship and Probate proceedings and Estate and Trust Litigation.

Listen in for some great takeaways about Brian and his journey to helping families navigate the financial and legal challenges of aging.

What is estate planning? Why is it important?

Estate planning has evolved into “Upon my passing, this is where my assets go.” Estate planning also encompasses incapacity planning (i.e. who helps you make decisions as you age).

Many people believe that they don’t need to do estate planning and that “Things will take care of themselves.” Only 20–25% of Americans have a will, much less a comprehensive plan in place. Secondly, people don’t understand that a will requires a probate proceeding, which can last 6–18 months before loved ones can inherit from you.

In New York, a probate proceeding is public. Everything that’s filed—the assets, kid’s addresses, personal information, etc.—are in the public realm. Companies go into the courthouses and copy the data. You don’t want that to happen.

That’s why a do-it-yourself type of plan often doesn’t cut it. Brian has seen too many estate plans and power of attorneys lacking critical information. You need to work with an experienced attorney.

Key documents for estate planning and end-of-life care

There is likely going to be a point in time in-between documents being signed and your passing that there will be a need for long-term care. Where will you receive it? Who will provide it? How will it be paid for? Will it be private funding, a long-term care policy, or covered by Medicaid?

You need to make sure you have advanced directives in place. Brian emphasizes that a “Durable Modified Power of Attorney (POA)” is the most important foundational document. The Tully Group creates plans that include a last will and testament, POA, health care proxy, and a living will.

POAs exist to appoint 1–2 agents to help you if you lose mental capacity or decline cognitively. They handle legal and financial matters. But the document is only as good as the powers written in it. Most standard forms are insufficient.

If there’s a decline in capacity and no POA in place, the family is thrust into a guardianship or conservatorship process (far worse than a probate proceeding). Listen to learn about other crucial documents to have in place.

Navigating healthcare proxies and POAs

Both Brian’s kids had a power of attorney and healthcare proxy in place before they went to college. Why is it so important? Legally, when a person turns 18, they’re no longer a minor. If something happens to them, someone needs to make their medical decisions. It’s easier and more efficient to have a healthcare proxy saying someone like mom or dad can talk to the doctors on their behalf.

It can also be as simple as a student traveling abroad for a semester. If they need help with banking or other financial matters, having a POA in place can help. Every adult, young or not, should have a basic plan in place.

If a parent passes away and there are minor children, a guardian is appointed by the court (even if one parent is still alive) to ensure the minor child is taken care of. To avoid this, name a guardian in your last will and testament.

Guardianship and inheritances for minor children

You don’t want a minor or young adult inheriting property at a young age. It’s often squandered. Instead, you want to build a trust to protect the money. The trust is made available for health and education needs but they won’t get full access to that inheritance until a certain age, specified by you. There can be protections in place for other circumstances that may arise.

Learn more about the importance of estate planning in this educational episode of Mitlin Money Mindset®!

Resources

Learn more about Larry Sprung's book, "Financial Planning Made Personal."

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Topics

2:42
Learn more about Brian Tully and his law firm
5:38
What is estate planning? Why is it important?
7:00
Common misconceptions about estate planning
11:48
Why the Tully Law Group has a social worker on staff
17:34
Key documents for estate planning and end-of-life care
21:23
Get your copy of Financial Planning Made Personal!
22:04
Some common estate planning mistakes
23:53
Helping families understand the importance of planning
26:38
Healthcare proxies and Power of Attorney for young adults
29:35
Handling guardianship and inheritances for minor children
32:56
What Brian did today that put him in the right mindset for success

About the Podcast

Welcome to Mitlin Money Mindset®️! With your host, Larry Sprung, CFP®️, Founder and Wealth Advisor at Mitlin Financial Inc®️. With over 20 years of experience as an entrepreneur in the financial services industry, Larry thrives to help you achieve your goals while finding JOY in the journey.

Each week, he’ll go deep with engaging guests who provide tangible takeaways and a whole lot of JOY along the way. Here, we don’t just talk about money; we celebrate it as a catalyst for JOY and possibility. Whether you’re saving for the future, planning your next big adventure, or just looking to add some spark to your daily money management, you’re in the right place.

We hope you enJOY these conversations as much as Larry enJOYed having them. And remember to ask yourself, what did you do today that brought you joy?®️

Crafting Your Legacy: Essential Tips for Protecting Your Family’s Future with Brian Tully, Episode #191

Meet the Host

Larry Sprung

Founder & Wealth Advisor

Disclosure

Guests on the Mitlin Money Mindset Show are not affiliated with CWM, LLC, and opinions expressed herein may not be representative of CWM, LLC. CWM, LLC is not responsible for the guest's content linked on this site.