Yours, mine & ours:Estate Planning for People in Blended or Stepfamilies
A podcast with Paul Hood on his new book series
NEW BOOK AVAILABLE FEBRUARY 1, 2022!
We’re humbled and grateful to have some of the country’s leading specialists in the area of estate planning on our team.
We want to highlight a wonderful new resource becoming available on February 1! Vice President Paul Hood releases his second book in his trilogy Planning Your Future series.
Yours, Mine & Ours: Estate Planning for People in Blended or Stepfamilies is written for the lay audience to provide these families with a comprehensive guide to estate planning for people in blended or stepfamilies. As a member of a blended family himself, Paul has pooled his personal and professional knowledge to create this resource.
Grieving children are often left drowning in paperwork and tough decisions. It’s even more demanding and grueling for stepchildren and members of blended families to sort through these estates.
In this short 9-minute podcast, Paul shares his passion and intention behind this series, including a sneak peek into book 3.
Sampling of Paul’s Books
The Tools & Techniques of Estate Planning, 20th edition
In the course of a single year, estate planning has been directly affected by numerous, significant revisions to the law. When rules change, every estate planner must stay completely up-to-date with all the opportunities—and pitfalls—arising from the new legislation.
The Tools & Techniques of Charitable Planning, 3rd Edition
Historically low interest rates and higher income taxes have led to an increased interest in charitable planning. Today, many taxpayers are searching for new ways to maximize their deductions. In the current financial and tax environment, charitable giving is more valuable than ever.
Buy-Sell Agreements represents over 30 years of work and study of buy-sell agreements for closely-held or family businesses of all shapes and sizes. I’ve drafted or edited hundreds of buy-sell agreements and reviewed over a 1000 more. In my opinion, it’s the hardest agreement to draft and get right. Buy-Sell Agreements will define what I mean by a buy-sell agreement, identify the three types of buy-sell agreements, describe what I mean by a “triggering event,” describe the tax consequences of a buyout and much, much more!
Yours, Mine & Ours: Estate Planning for People in Blended or Stepfamilies
As parents, we spend our lives caring and providing for our children. However, many of us lack the foresight to create a plan that will ensure our children are supported even after we are gone. Parents neglect to handle their estates and affairs during their lifetime and leave their grieving children drowning in paperwork and tough decisions. It is even more demanding and grueling for stepchildren and members of blending families to sort through these estates.
While Paul Hood is a Thompson associate, Thompson & Associates is not affiliated with these books nor receives anything in return for their purchase or going through the provided purchase links. We just whole-heartedly believe in these resources!
About Paul Hood, Jr., J.D., LL.M., FCEP. A native of Louisiana (and a double LSU Tiger), after obtaining his law degrees in 1986 and 1988, Paul settled down to practice tax and estate planning law in the New Orleans area until he entered the nonprofit world in 2012.
Paul has spent over 30 years specializing in taxes and estate planning. He has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law.
He finds great joy in teaching others its importance and the impact they are able to make. Joining Thompson & Associates in 2018, Paul is able to combine his technical background and love for the details most cringe to think about and marry it with his teaching heart to guide individuals and families through a thoughtful process in ensuring their values are evident in their estate plan.
The proud father of two Eagle Scouts and LSU Tigers, Paul has authored or co-authored eight books and over 500 professional articles on estate, charitable and tax planning and business valuation. Paul now calls Sylvania, Ohio home.
Transcript Conversation with Paul Hood on His New Book
Eddie Thompson: Thank you for joining us today on this podcast! We have a special guest today, L. Paul Hood, Jr., who’s an attorney. He has his LL.M., he’s a CFRE and a FCEP. Paul is a great mind, who has the ability to communicate complex issues in simple terms. Paul has written over 500 articles and a number of books.
Paul, what I would like to do today is to have you cover a series of books that you are writing. I really want to encourage people to get when they become available.
Of all the things I think about Paul, would be his love for sports and his love for the Astros and LSU. We are really proud that he is part of our Thompson & Associates team. I really wanted to share what he is currently working on, because I think it is really desperately needed in all industries that provide services for planning, but especially for those who are in estate planning or individuals who work for a charity.
So, Paul, thank you for joining us today.
Paul Hood: Well, Eddie, I’m glad to be here and always glad to be with you.
Eddie: Well, thank you, sir!
I’m going to ask Paul to spend a little bit of time with us, talking about a series of books that he has worked on. If you have read Paul’s writing, you would agree with me that his depth of understanding is tremendous, but his ability to communicate is really amazing.
Paul, do you mind taking a few minutes to share with us the project you are currently working on, the three books series?
Paul: Sure, Eddie! Basically, the series is entitled, Planning Your Future, and the first book in the series, which is actually out. It’s available at Amazon, Barnes and Noble, and all the major booksellers. It’s called Buy-Sell Agreements: The Last Will and Testament for Your Business. That’s the first one.
The second book is in production, and its title is Yours, Mine, and Ours: Estate Planning for People with Blended or Stepfamilies. That book is in production – I just got the edited copy back today, and we’re on schedule to have that book out in February of 2022, and it’ll be the second book in the series.
The third book in the series is in the writing phase; it’s fully outlined, and I am about 60% done with the text, but it has a working title (and I don’t know if this will be the final title), but it is Emotionally Intelligent Estate Plan.
It’s sort of my signature book. It is really sort of the essence of the fine points of estate planning that I think are most important. What I mean by that is, I am a simple guy, and I break it down simply this way: estate planning is comprised of bricks and mortar, because you’re really building a structure, and the bricks are things like, your will, trust, family entities, family foundation, powers of attorney, and living wills and things like that. But, those bricks are really not very strong unless they have a strong mortar.
The mortar are things like communication, managing expectations, thoughts about your mortality, and how to keep family angst and squabbling down. The third book really tells a story that changed my life, Eddie. When I was 36, I had a 93-year-old client, Hattie Lee Higgins, and she reminded you frequently that she was from the Virginia Lees (as in Robert E. Lee). She was an unmarried 93-year-old spinster, very wealthy, and one of her financial advisors got me to represent her.
I had to go see her in her home, which was an Antebellum home outside of New Orleans. I didn’t know how old she was, or what kind of health she was in, or anything like that. I show up, and she had a house staff of five, she lived alone, so we are talking about opulent wealth. I was shown into the parlor of this home and it didn’t have air conditioning, but it was high ceilings. You know, a plantation house. I was waiting for her and she was wheeled in in a wheelchair. I’m like, “I got this,” because I had really great bedside manner with elderly, particularly elderly women clients. Well, I wasn’t ready for the curve ball that was Hattie Lee Higgins.
She comes in firing. She said, “Sunny boy, before you tell me how smart you are, I just want you to know that I’ve done nothing. And, I don’t have much time left so I need your best advice. What I mean by that, son, is I need the advice that you would consider so important that you’d impart it to me on your deathbed. We will start with your last best advice and we’ll work backwards. What’s your last best advice counselor?”
I want to tell you, I was 36, and I was already a sole practitioner, I was the editor of the Louisiana Estate Planner, I was a co-author of Louisiana Wills and Trusts, I was a leading estate planner in Louisiana already at 36. It was literally the emperor is naked! I stumbled around for an answer. In fact, I was trying to figure out what the best answer was. What I ended up telling her was, “Your estate planning decisions are going to impact the relationships of your survivors.”
In the third book, I really go through things like your fears of estate planning, why estate plans fail, the importance of the initial client interview, what are your values, your mission, and your goals, things of this sort. Like I said, it’s really the mortar of estate planning, which I think is critical.
Eddie: I tell you, Paul, you have this tremendous gift of communication, whether it’s writing or speaking. What I’m going to do if it’s OK with you, Paul, is attached to this is a list of your books, and if you can share a little bit about the reasons behind the books with that information, and then how they could purchase the books – especially notification of the two new ones you have coming out, I would appreciate that. Would that be OK with you?
Paul: Oh certainly, Eddie!
Eddie: Paul, thank you for your time, and thank you for your contributions to our industry and for your depth of knowledge, your wisdom, but also your compassion to help, it means a great deal.
Paul: Well, thank you, Eddie. Those are great words coming from you.
Eddie: Thank you all for joining us on this podcast. Again, you can look at the information we have available on Paul’s books.
This is L. Paul Hood, Jr., great writer, someone that we are proud that he is in our company at Thompson & Associates. We hope you have a great day. We look forward to you joining us again on the next podcast.