Author Archives: Aaron

Dallas attorney Aaron R. Miller’s professional background began with a successful career in corporate litigation, representing large companies in cases involving multi-million dollar disputes. What gave him the most professional satisfaction was helping people with whom he had developed personal relationships. A skilled attorney with a passion for many aspects of law, Aaron nonetheless found himself at a crossroads when he realized that with many years of practice in front of him, he did not want to continue a career involving such combative work. The Personal Family Lawyer® program was the perfect solution. The focus of Miller Law Firm, PLLC shifted from representing individuals and small businesses in legal disputes over business matters in both trial and appellate courts to estate planning, giving Aaron the opportunity to protect individuals and have a positive, direct effect in their lives. But rather than having a traditional estate planning practice, which is focused on transactions (such as the drawing up of wills and other documents), Aaron was drawn to the relational focus of the Personal Family Lawyer® program – having on-going contact with clients over the long-term, helping clients to protect themselves and their families by using such tools as the Kid’s Protection Plan™, helping them pass on more than just financial wealth with the Priceless Conversation™, and being the first person the client calls when they have a question or a change of circumstances. Aaron is one of only 70 lawyers to earn the designation of Personal Family Lawyer® by the Family Wealth Planning Institute, a national organization dedicated to providing affordable access to a lifetime relationship with a personal lawyer. As a Personal Family Lawyer®, Aaron only charges flat fees for his work and those fees are always agreed to in advance so there are never any surprises or fear about what anything will cost. Aaron offers his clients a unique membership program so they can call him on an ongoing basis to answer questions, address concerns, and explain legal jargon, without fear of incurring further expenses. It’s like having a lawyer in the family, without the drama, dysfunction, or judgment. Aaron’s clients love to know they have developed a lasting relationship with their personal lawyer, who they can turn to for objective trusted guidance before making any important family, business or financial decisions.

A Team Approach To Estate Planning

Written on July 18, 2010 by Aaron in Videos
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In this video, attorney Aaron Miller discusses why it is important to have a whole team of professionals when you put your estate plan in place.

Hi I’m Aaron Miller attorney at law, and today we are going to talk The Team Approach to Estate Planning, Why it is important to involve all your Professional Advisors and Your Family in your estate plan.

When it comes to estate planning, a team approach ensures that you’re getting complete advice that encompasses the legal, financial, and health aspects your family will need as you transition from your working years into retirement.  Your team should consist of your elder law attorney, your tax advisor, insurance agent, banker, and financial advisor, as well as your family, and, if it applies, a qualified health care advisor. Here’s why.

Your elder law attorney is essential because they will make sure all of your legal documents are in order to protect you from having 3rd party interests control your assets and decisions.  Without the right legal documents and planning in place, you lose options and control over your affairs.

Your accountant can provide valuable information to your elder law attorney, such as when you purchased a piece of real estate and for what price, or how your business is structured. Aside from this, your accountant will need to know, particularly if you do any advanced estate planning or asset protection planning, the tax status of the trusts you’ve created and the tax consequences of the gifts that you’ve made.

Your banker, insurance agent and financial advisor can also provide important information to your elder law attorney, such as how your accounts are titled, cash values and beneficiaries of your life insurance policies, and values and beneficiaries of your retirement accounts and annuities. In addition, these professionals should be instrumental in making sure that your accounts are properly funded into your Revocable Living Trust and your beneficiary designations are updated to comply with the terms of your new or updated estate plan.

Involving your family in your estate plan from the beginning can promote harmony and avoid confusion and distrust later. If you keep everything a secret, then your estate plan will be more prone to challenges after you die since no one other than your attorney and professional advisors will understand your true intent. Also, involving your family in complex estate planning transactions from the beginning will give them peace of mind after you’re gone since they’ll already understand what was done and why. Your elder law attorney can assist you in creating an action plan that ensures all family members know their role and who becomes responsible for financial and health decisions.  This plan will eliminate confusion, bad decisions, and prevent discord.

Well those are the reasons why it is important to have a whole team in place for your family’s financial and legal affairs.  You can find more videos at aaronmillerlaw.com/resources/videos

This is Aaron Miller and thank you for watching.

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5 Most Common Estate Planning Mistakes

Written on July 17, 2010 by Aaron in Videos
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In this video, attorney Aaron Miller discusses the five most common estate planning mistakes.

Hi I’m Aaron Miller attorney at law, and today we are going to talk about the 5 most common Estate Planning Mistakes People Make

When it comes to basic estate planning, these are the most things I run into the most.  Let’s talk about what they are and how you can avoid them when making or updating your estate plan.

Mistake #1 – Failing to Make an Estate Plan

When it comes to basic estate planning, the easiest thing to do for people is to avoid it.  The typical reasons why range from fear of death, to a belief that it is too expensive, to complicated family situations. Needless to say without an estate plan, you’ll be leaving your loved ones in the dark, and they can end up spending a ton of money figuring out what to do for you if you become disabled and what to do for themselves after you die. Avoid this #1 mistake. Begin your planning early, while you still have your wits about you.

Mistake #2 – Forgetting About the Little Things

I find that many people overlook making a plan for their personal effects, including jewelry, art work, and collectibles. They simply assume that their family will be able to agree on how to divide it all up. But in my experience, these things are what people argue over the most. Recently I visited with a friend who was involved in an estate where two sisters fought for over a year on who was to receive the family picture albums left in their mom’s house. They ended up spending over $2,000 on attorney’s fees fighting over 2 photo albums that had a simple resolution, had they stopped to think about duplicating the originals. Don’t let this planning mistake happen to you and your loved ones. Ask what everyone wants and then make a simple but smart plan for your “stuff.”

Mistake #3 – Failing to Fund Your Revocable Living Trust

I see this mistake over and over again – people who don’t understand the importance of properly funding their living trust. If you’ve taken the time and invested good money on creating a solid foundational estate plan, then don’t stop there, or your assets will0still end up in a court-supervised guardianship if you become disabled, and they’ll still have to go through probate after you pass away. Instead, take the time to have your attorney assist you in the funding process of your trust and update the beneficiaries of your life insurance and retirement accounts. Otherwise, plan will only be worth the paper it’s written on.

Mistake #4 – Choosing the Wrong Fiduciaries

When it comes to basic estate planning, this is another common mistake I see over and over again – people who choose the wrong people or institutions to serve as their Personal Representatives, Successor Trustees, Power of Attorney Agents, and/or Health Care Agents. In fact, choosing the right fiduciaries for your estate plan is just as important as creating the plan in the first place, since your plan won’t work as you intended if your fiduciaries aren’t capable of doing the jobs you’ve given to them. Avoid this estate planning mistake by working with your estate planning attorney to choose the right people or institutions for the right jobs.

Mistake #5 – Making Your Estate Plan Too Complicated

When it comes to basic estate planning, some people go over the top and make their plan so complicated that it will take several lawyers, accountants and a judge, not to mention thousands of dollars, to unscramble the plan and make it work. An overly complex estate plan will not only frustrate your loved ones, but it will also tie the hands of your fiduciaries since they won’t be able to do their jobs without seeking expensive professional advice. Avoid this mistake by working with your estate planning attorney to create a practical and common sense estate plan that will work as you intended but without the need for advice from multiple attorneys and accountants.

Well those are the top 5 mistakes people make with their estate plan.  You can find more videos at aaronmillerlaw.com/resources/videos

This is Aaron Miller and thank you for watching.

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Should I do estate planning?

Written on June 20, 2010 by Aaron in Videos
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In this video, attorney Aaron Miller discusses why estate planning is for everyone.

For more videos check out http://aaronmillerlaw.com/resources/videos

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Why do you need long term care planning?

Written on June 15, 2010 by Aaron in Videos
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In this video, attorney Aaron Miller discusses why it is important for everyone to consider long term care planning.

For more videos check out http://aaronmillerlaw.com/resources/videos

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Advanced Estate Planning, Going Beyond the Basics

Written on June 8, 2010 by Aaron in EP Articles
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Too many people I meet have misconceptions that only those that are wealthy or retired need estate planning beyond just a simple will. This might be true for some, but in most cases, these thoughts are not valid. While basic estate planning involves creating a plan for what happens if you die, advanced estate planning goes beyond these basics in several ways:

  • Asset Protection Planning – Reviewing your assets and determining which are exempt and nonexempt from creditors’ and nursing home claims in the event of an unexpected disability;
  • Trust Planning- Using trust instruments beyond the basic will to ensure proper control of your assets;
  • Business Succession Planning – Addressing what will happen to you and your closely-held business if you become disabled or die;
  • Planning for Disabled or Problem Beneficiaries – Discussing all of the needs of your beneficiaries and then planning accordingly with certain trust documents that you will always control;
  • Creating a Family or Charitable Legacy – Working to establish a wealth transfer/dynasty trust, one or more charitable trusts, and/or a private foundation.

Trust Planning and Asset Protection Planning:

Working with your elder law attorney, you need to establish your foundational estate plan which will allow you and your attorney to assess further, your needs for estate and/or asset protection planning. Why? Because as part of creating your base estate plan you’ll need to make a list of all of your assets and liabilities and then calculate your net worth. This, in turn, will reveal the estimated value of your estate and which of your assets are exempt or nonexempt from potential creditors’ or long-term care claims. From there, your elder law attorney can develop a plan to reduce or even eliminate the potential forced liquidation of your estate and by restructuring your assets, protect and preserve them for your spouse or heirs.

Business Succession Planning:

If you’re in a partnership or sole owner of a closely-held business, then having a strategy to exit your business in the event of your disability or death should be a crucial part of your estate planning. With your attorneys help you can create a plan to ensure what will happen to your interest in the business in the event of an unexpected disability or untimely death.

Planning for Disabled or Problem Beneficiaries:

With advanced planning, your attorney can assess the needs of all of your beneficiaries. If a beneficiary is disabled and receiving government benefits, then the beneficiary won’t be able to receive a direct distribution and will require a Special Needs Trust be prepared. Should there be a beneficiary who is bad with managing money or is in a shaky marriage, it may require that a lifetime irrevocable trust be created for this beneficiary instead of receiving their inheritance as an outright distribution.

Creating a Family or Charitable Legacy:

Finally, creating your foundational estate plan will ensure an ongoing legacy for your family through the use of generation skipping planning or lifetime trusts that preserve the stretch out of required minimum distributions from retirement assets, and/or a charitable legacy through the use of one or more charitable trusts or a private foundation.

There are other reasons you should consider advanced estate planning over that of just creating a simple will, but these reasons I’ve listed above are what I’ve found that clients have the most concerns about.

If you have other questions or would like to discuss the benefits of protecting and preserving your family nest egg, please call 214-292-4225 for a COMPLIMENTARY CONSULTATION.

Estate Planning for Young Couples with Children

Written on June 8, 2010 by Aaron in EP Articles
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Estate Planning for Young Couples with Children is an area of law that Plano, Texas Attorney Aaron Miller is very sensitive to.  He helps Parents find proper legal remedies that protect their family

One of the areas of estate planning I focus on is helping young families cover the basics when it comes to protecting their children and themselves in the event of an untimely death or disability.  All too often, I hear families who feel the only legal document they need is a simple will.  It would be nice if one document could solve all of our legal obligations, but in truth, it can be more complex and require other planning beyond just a will if we really want our wishes honored when we pass.

When I meet with a family for the first time, I try to relieve their fears and concerns that the process of estate planning is so final.  I know that families will transition through a lot of changes over the course of their children growing up, and so I make sure the estate plan is just as flexible.  There are several issues that must be addressed when developing a plan that covers all the unexpected happenings parents can face from birth until their children reach adult age.  I’ve identified some immediate concerns that should be a priority to any family with minor children.

What financial planning has been created  in the event either parent should pass  before the children reach adulthood?

If, God forbid, both parents were killed before the kids were grown, who will be in charge of the estate to make sure the kids are cared for?

Who is responsible for raising the children until 18?

Financial Planning for an Unexpected Death

Being a single parent is tough, and it’s even harder if you have no money for emergencies and expenses that go with raising a child, whether it’s 3 years, 5 years, or 15 years.  The reality is that the best and most affordable solution lies in  life insurance.  No matter how good your group benefits are, I always recommend that both spouses consider investing in additional insurance.  The purpose is not to make anyone rich,  but a proper amount of life insurance ensures that the loss of income that would have been there, is now replaced so that the family doesn’t have to change their lifestyle.  Healthy, young parents can get a lot of life insurance for less than $50 a month, which will provide “peace of mind” that no other financial product can guarantee.  One word of caution for parents with minor children, never name minor children as contingent beneficiaries of the policies.  The reason is simple, minors can’t receive or control assets.  For this reason, I suggest creation of a Will with trust provisions which names the estate in care of the trust as the contingent beneficiary. Or a Living Trust can be created that names an alternate trustee that can be designated as the contingent beneficiary, who will be there to act on behalf of the kids.

Management of the Estate Assets

If both parents should simultaneously pass before their children are grown, someone must be appointed to handle all the financial affairs of the estate until the children are entitled to receive their inheritance.  For this reason I strongly promote the use of a Living Trust because of the protections it provides to the beneficiaries of the estate along with guidelines it offers for the person managing the finances.  Most families will undoubtedly think it’s best to choose a relative to act in this capacity.  At first, it would only make sense to have a family member handle these duties, but certain questions must be asked before appointing anyone that will have to deal with large sums of money.

How will they manage the funds?

What experience do they have with making these types of decisions?

Do they understand their fiduciary responsibilities?

A lot can change over the course of a few years especially in the financial markets, so I suggest that my clients map out a strategy that entails a combination of conservative and semi conservative approaches to seeking a decent rate of return while keeping risk to a minimum.  They might also have their financial adviser involved in helping their trustee make decisions for the management of the funds.

Guardianship Choices

Who will raise your child as close to your values had you been there?  The truth is that NO ONE can truly fill your role, but you still never want to leave this decision to the State of Texas. You need to decide who will watch over and guide your children if you are not there to do it.  Without a doubt, this is one of the most difficult decisions parents have to make, but one that should be dealt with as early as possible – ideally before you bring your child comes home from the hospital.  I don’t have a crystal ball, if I did, it would make my job a lot easier, but planning for this contingency means that who ever is appointed will have to make a lot of the decisions on the child’s upbringing, values, religion, schooling, etc.  Not a small task, but one that must be dealt with by those you feel will make the best  surrogate parent if you couldn’t be there.

Estate planning is not just about dying, there are a lot of aspects people just don’t think about, but no matter what happens, by using the services of a competent estate planning attorney you prevent the courts and the State from becoming partners with your family.

If you have questions about this, or about elder care planning for your loved ones, please visit my website: www.aaronmillerlaw.com or contact me, Aaron Miller, directly at 214-292-4225.  My office is located at 101 E. Park Blvd., #600, Plano TX .   Remember -

“Your Life, Is Our Life’s Work”

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