In this rebroadcast of the One of a Kind Financial Show, host Mike Milligan and consumer‑advocate Gary Nolan walk listeners through the essential elements of a modern estate plan and warn against outdated or dangerous advice. They explain why estate planning matters now, outline the four foundational documents—last will and testament, financial power of attorney, healthcare power of attorney (or directive), and trusts—while stressing that beneficiary designations on retirement and life‑insurance accounts outrank wills. The hosts highlight the risks of dying intestate, where state laws dictate asset distribution and may exclude partners, charities, or friends. They debunk the myth that trusts are only for the ultra‑wealthy, showing how trusts can protect minor children, special‑needs beneficiaries, and provide “control from the grave.” The segment also covers 2026 estate‑tax realities, noting the projected federal exemption around $15 million and the importance of state taxes in places like Oregon, Massachusetts, and Illinois. Overlooked assets such as pets and digital accounts are discussed, with advice to include instructions for them. Listeners are urged to review and update their plans every five years or after major life events, and are given multiple calls to action—including Mike’s direct cell number, a text‑to‑keyword service, and a free legacy review session—along with a disclaimer that the content is educational and not a solicitation. The overall tone is conversational, instructional, and promotional, aiming to motivate listeners to take concrete steps toward a personalized estate plan.
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This is the One of a Kind Financial Show Daily with your host, Mike Milligan. It is Tuesday, and what's worse than bad advice? No estate plan at all. Uh, we'll expose some of the world's worst retirement planning myths and show you how a thoughtful estate plan can spare your family stress, taxes, and conflict. Uh, Gary and I will dive into tools and strategies that can help you leave a lasting legacy and do so on purpose. Enjoy that segment. Coming up next.
No one likes thinking about their own mortality, but as uncomfortable as it may seem, estate planning isn't about death. It's about protecting the people you love, giving them clarity in times of crisis, and ensuring your wealth does what you intended. Today, we're breaking down the must-have components of a modern estate plan and uncovering the outdated or downright dangerous advice to avoid this year, whether you're worth, I don't know, $500,000 or $15 million. This is a conversation you don't want to miss. So why is estate planning so essential, especially now, Mike?
Guys, I'll tell you, there's a lot of financial advice that's given from people that are unqualified to give it. There's also a lot of attorneys who listen to the show right away who, when they hear me talk about it, they hear the colloquial way we talk about estate planning. We're going to be a little more specific in this segment right now because estate plan can't prevent life's curveballs, but it can prevent unnecessary pain and confusion for your family. Think of it like a roadmap for what happens if you're seriously ill or gone. Without one, and with all due respect to my attorney friends, I love you guys all a lot, but attorneys make a lot of money during confusion and uncertainty. If you have a well-written estate plan, your loved ones will not face the court delays, the legal battles, or even costly tax mistakes that come from having an estate plan not well written and not put down with your wishes clearly stated.
So let me ask you, Mike, what are the core pieces of a solid estate plan? What do you need?
At a minimum, most people need 4 key components of a well-drafted, well-executed estate plan. They need a last will and testament. That is what you use when immediately upon death, You would present that to the probate court to be able to show exactly what it says, your last will and testament, your directions. Then you need a financial power of attorney. Financial power of attorney is for while you are living. Financial power of attorney actually dies upon your death also, but it gives somebody during your incapacity the ability to transact on your behalf. So things like your bills are paid. Any bills that you have during your incapacity can be paid. It's very important. Then there's the healthcare power of attorney. It gives somebody where if you are not able to make a decision about your healthcare yourself, it gives somebody the ability to do that. Or you could have a healthcare directive. And healthcare directive says, if I'm not physically and mentally able to make a decision for myself, this is what I want to have. See, these tools spell out who's in charge of your finances and your medical decisions if you're unable to speak for yourself and how your assets should be distributed when you're gone. See, the goal isn't complexity, it's actually clarity. And in trying times, whether that be your death or your incapacity, you want to have these documents in place so your family knows your intention and they're not trying to guess when they can't communicate with you.
Right.
So, how much control do you actually lose? Let's say you skip the whole estate planning thing.
Well, without a plan, guys, the government steps in. The state of Texas, the state of Virginia, the state of wherever you live, the Commonwealth of Kentucky, commonwealths, they have a plan written out for you. And it might not do the things the way you want them done. So state laws prioritize almost equally spouse and children. They often exclude unmarried partners or charities or even friends that have cared for you and that you care the most about. And someone you barely know could end up making a critical decision about your healthcare. Nothing against the fine probate judges and the people that have dedicated their service to the study of the law, but they don't know you.
No.
They don't know your situation. They only know the law, and they're going to do what the law says, not what your one-of-a-kind life Yeah, that's definitely, you don't want that.
The show is the One of a Kind Financial Show with Mike Milligan. I'm Gary Nolan, your consumer advocate. Mike is with One Oak Financial. Here's Mike's cell phone number this weekend, 757-403-5078. That's very brave of you, by the way.
It's gonna be awesome.
It's gonna be awesome. 757-403-5078. Get on the calendar now. Get you all set up with that comprehensive plan. There's no cost, there's no obligation. 757-403-5078. Or text IDEAS to 600-700. So why do beneficiary designations matter more than most people think, Mike?
Well, here's a little-known fact: the beneficiary listed on your retirement account or your life insurance policy trumps your will. So if your ex-spouse is still listed from 15 years ago, guess what? They get the money, right? Reviewing those designations regularly can prevent some real-life horror stories. So Let me ask everybody out there a question. When was the last time you double-checked your beneficiary designations?
Yeah, exactly. Yeah, keep that in mind. Can trust funds be useful even if you're not ultra-wealthy? Is it just for the ultra-wealthy?
Many people think trusts are just for the— for billionaires or really wealthy millionaires. They're not, though.
A well-crafted trust gives you control over how and when your money is distributed.
Especially helpful If you have minor children or your beneficiaries are minor kids or beneficiaries with special needs, or you have concerns about your family's financial wherewithal to handle the money. So we want people— trusts do leave a legacy with a string attached. We used to call this when I was at Campbell University studying trust management, we used to call it control from the grave. Right.
Is what a trust does.
And if, if you still need to maintain some control, even if you're not here, or you— especially for minor kids or, uh, those who can't handle the money for themselves, a trust is essential.
Right. Absolutely. All right, up against the clock, Mike. Final thoughts. Tell us about the One of a Kind Financial Plan.
In the estate planning piece that we just talked about, we didn't go over taxes and some other overlooked stuff. I'll invite you guys to go out and find the One of a Kind Financial Show Daily Well, I'll include these in this segment that you could see that. But guys, if you're this week calling, Gary said I'm brave for giving out my cell phone number, but I invite you to test me. Call that number and see who picks up. Now, if I'm on the phone with the other tens of tens of people who call in this weekend, well, I may have to call you back, but you will hear my voicemail and you'll get with me. And we're going to talk about who you are, Why is money important to you? And then we're going to schedule a time to build the One of a Kind Financial Plan. At the end of the next segment, I'll tell you more about the financial plan, One of a Kind Financial Plan. But Gary, tell everybody how to, how to get in contact with me right now.
All right. Here's that number in case, you know, Mike might be in the bathroom. Keep that in mind, though, too, you know, 757-403-5078. 757-403-5078. That's Mike's direct cell phone line. No cost, no obligation. Get a better handle on your financial situation.
Guys, Gary and I had so much to share in that segment and time ran out. Let me share with you 3 more things that went on the realities of estate planning. So what are the 2026 estate tax realities and who should be considered? Well, as of 2026, the federal estate tax exemption is projected to fall back some until it was extended by the One Big Beautiful Bill to $15 million. But let's not forget about state estate taxes. So like for Oregon, they start taxing it just Massachusetts had 2. Illinois has one also. For high net worth families, the time to prepare for estate taxes is now. And I'm going to ask you this question. Are you confident your estate plan won't be caught in the tax trap? Well, another one that Gary and I should have talked about is what about the overlooked stuff like pets or digital assets? It may sound small, but it is meaningful.
Who's going to care for your pet if something happens to you?
I have a client up in Richmond, Virginia. Who has this beautiful dog, a pomegranate— not a pomegranate, the fruit— a Pomeranian dog who is just so fluffy and adorable. But in the context of doing her will, we made sure that that dog was taken care of.
But what happens to your Facebook login, your Google Photos, or even your Dropbox account?
Because we know that family photos are a thing of the past.
They're all held in the cloud now.
These are the kind of things families wish they'd talked about before a crisis happened. So let me ask you, have you left instructions for the little things that matter? That is part of an estate plan. And then finally, how often should someone revisit their estate plan? Estate plans aren't set it and forget it. Every 5 years or after major life events like marriage, divorce, inheritance, or even a new grandchild, you should revisit your plan with an estate attorney. Laws change, family dynamics shift, and so do your wishes. So let me ask you, when was the last time you reviewed your estate plans? So if it's been more than 5 years since you reviewed your estate plan, or if you've never created one, now's the time.
Reach out.
To, uh, to us on the line that Gary gave. Text ideas to 600-700, and you can get a legacy review session with our legacy specialist at One Oak Financial. We'll walk you through key documents, tax exposure, and beneficiary choices to make sure your wishes are clearly documented and legally protected. Let's help you pass on that money. Let's help you pass on peace of mind. The preceding has been a rebroadcast of the One of a Kind Financial Show with some commentary from Mike Milligan, Certified Financial Planner. The views expressed by Mike Milligan are not reflective of Advisory Alpha LLC, where he is an investment advisor representative. As the owner of Ideas by Mike, doing business as One Oak Financial, Mike provides education, coaching, and financial services to those contracted with that. Although an offer was made for you to reach out to One Oak Financial, that's neither required or mandatory for you to take part in this educational series. This has been for educational purposes only. For more information, contact www.oneoakfinancial.com. That's the number 1 Oakfinancial.com or reach out to your local financial professional.
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