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Estate Planning

Reflections on Your Legacy

As the seasons change and we transition from the warmth of summer, it’s a perfect time to reflect on the contributions and achievements that have shaped your life. The work you’ve put into building your home, family, and career is a testament to your dedication. As you enjoy some well-deserved relaxation, take a moment to consider everything you’ve worked hard for throughout your life. Let’s reflect on these together.

Reflection No. 1: Remember When?

Do you recall your first job? It could be babysitting for a neighbor or mowing lawns as a kid. You may have worked part-time during high school, balancing classes, extracurricular activities, and work. How did it feel to earn your first paycheck and experience a sense of independence? It was likely empowering, marking the beginning of your journey toward financial and personal responsibility.

Even if you didn’t work as a teenager, you probably worked hard in other areas—whether striving for good grades, excelling in sports, or mastering a musical instrument. Each of these experiences contributed to your growth, instilling a sense of pride and accomplishment as you saw the results of your efforts.

Take a moment to reminisce. Think about those early achievements and the sense of independence they brought. What memories stand out that you’d like to share with the younger members of your family?

Reflection No. 2: In the Thick of It

As you grew older, your work evolved. Whether you pursued higher education or jumped straight into the workforce, you eventually landed that first “real” job, bringing with it both financial rewards and adult responsibilities. Perhaps you bought your first home, started a family, or took on significant financial commitments like a mortgage or student loans.

This stage of life is often intense, filled with the demands of balancing work, family, and other responsibilities. It may feel like all you do is work, but there’s a deep satisfaction in seeing the fruits of your labor—especially when it comes to your children. Watching them grow, learn, and become independent adults is a reward for all the hard work you’ve invested in them.

If you’ve started a business, you’ve likely poured much of your time, energy, and resources into turning your vision into reality. You’ve created jobs, solved problems, and contributed to your community.

Reflect on your achievements during this period. Have you enriched the lives of others and supported loved ones in reaching their potential? Have you created something meaningful in the world? Consider both the tangible results, like a successful career or business, and the intangible ones, like the love and guidance you’ve given. How do you feel about your life at this stage? What wisdom would you like to pass on to those you care about?

Reflection No. 3: What Happens Next?

As you enter the later stages of life, your work shifts once again. You may be considering retirement, winding down a business, or simply enjoying the accomplishments of your earlier years. If you have children, you might now be watching them build their own careers and families.

This is a time to savor the fruits of your labor, but it’s also a moment to think about the future. What steps can you take to ensure that everything you’ve worked for is protected and passed on according to your wishes? How can you prevent your assets from being lost, mismanaged, or causing conflict among your loved ones?

Now is the time to make important decisions and document them in a Life & Legacy Plan. Such a plan is a comprehensive estate strategy that ensures your assets are distributed as you intend, keeps your family out of court, and preserves the relationships you’ve cultivated over the years. It also helps you control how you’ll be remembered—your legacy.

Before dismissing the idea of a legacy as something only for the wealthy or famous, consider this: Legacy is about how you’ll be remembered. Through a Life & Legacy Plan, you can ensure your life’s work is honored and that your story is preserved for future generations. Many people find this aspect of planning to be the most meaningful part of the process.

Warning! Life Doesn’t Always Go as Planned, So Don’t Wait

Ideally, you’ll have the time to make it through each of these stages of life, but there are no guarantees. Life is unpredictable, and while it’s unpleasant to think about, planning for the unexpected is essential. By facing your mortality and planning accordingly, you can ensure that your legacy is one of love and careful stewardship.

Estate planning isn’t just for the wealthy or elderly—it’s for everyone, regardless of your stage in life. If you haven’t created a plan, the state will have one for you, but it likely won’t align with your wishes. By taking control of your plan, you can dictate how your life’s work will be remembered and passed on.

How We Help Secure Your Life’s Work

Your life’s work is a testament to your dedication and perseverance. From your first job to your current achievements, you’ve built a legacy worth protecting. As you reflect on your journey, consider how you want that legacy to endure. Take control of your future and protect what matters most by creating a comprehensive Life & Legacy Plan with us. Book a consultation call today to learn how we can tailor a plan that honors your life’s work and ensures your legacy lives on. Let’s work together to secure your family’s future and celebrate the fruits of your labor for generations to come.

Schedule a complimentary 15-minute consultation to learn more. Contact us today to get started.

This article is a service of August Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning™ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. 

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Categories
Estate Planning

Capturing the Stories of Aging Loved Ones

When you think about an aging loved one or a loved one who has passed away, you probably don’t give much thought to the material things they’ve left you. Maybe you have a piece of their clothing that you sometimes hold close to your heart or a favorite item of theirs displayed proudly on a shelf. But what you value most about that object likely isn’t its monetary worth but the memories it evokes of your loved one and the time you spent together.  You wish you could still hear from them, learn from them, and share memories with them.

As an estate planning attorney, I know the value of planning for what happens to your financial assets. But I also know that there is something even more valuable to pass on to your loved ones than money – your stories, lessons, insights, and values. While we might not be able to pause time, there are things we can do to preserve the precious memories and lessons of the people we love.

That’s why I offer a unique service to my clients called a Family Wealth Legacy Interview to help preserve your unique legacy for future generations. The Family Wealth Legacy process is built into all of our plans, and it’s an opportunity to share your love with the ones you care about most, and if you have aging parents or grandparents, the Family Wealth Legacy Interview is an even more important way to preserve their stories and create a cherished memory of their legacy for years to come.

What to Expect During Your Family Wealth Legacy Interview

If the idea of giving an interview sounds intimidating, don’t worry – the process is an easy conversation, and most of my clients tell me that their Family Wealth Legacy Interview was their favorite part of the estate planning process and a heart-touching experience.

During your Family Wealth Legacy Interview, we’ll ask you a series of helpful questions and prompts that we plan in advance. Or, you can talk freely about whatever you’d like to share with your loved ones.  It’s your interview, so I encourage you to be your authentic self and make it your own. We’ll be there the entire time to guide you through the process.

We’ll record your interview on video, either in-person or remotely, depending on your preference. After the interview is completed, we’ll provide you with a digital recording that can be shared with your family members or kept with your estate planning materials as a special memento of your story and your love for your family.

We’ve built this into all of our plans because we find that while everyone says they intend to document stories and write letters to their loved ones, very few people ever actually get around to it.

Starting the Conversation with Your Loved Ones

Talking to your aging loved ones about estate planning and the legacy that they’ll leave behind can be difficult or uncomfortable for a lot of people. We all deal with the concept of aging and dying differently, but it’s important to have a conversation about your loved one’s wishes and how much it would mean to you for them to plan ahead.

If you aren’t sure how your loved one will respond to the topic, try saying something like, “I know this might be hard to talk about, but it’s something that’s really important to me. If something does happen to you, I want to make sure that we’re able to take care of you, and I know that you wouldn’t want to leave us with a big mess.”

You could also let your loved one know how much you value them, and how much it would mean to you for them to create a Family Wealth Interview so that you have a recording of them as they are right now before illness or incapacity are even a part of the picture.

By approaching the conversation in a vulnerable way, they’ll likely be more receptive to the idea of planning for their assets and more intentional in how they leave their legacy behind for the ones they care about.

Bringing Families Closer Together

Besides preserving a message for your loved ones, the Family Wealth Legacy Interview is a great time to reconnect with the moments and memories from your life that you might have otherwise forgotten.

In today’s hectic world, it can be hard to live in the moment, but by taking a little time to reflect on where your life has taken you, you’ll remember all that you’ve accomplished and all that you want to share with your loved ones, not just in your Family Wealth Legacy Interview, but every day.

The Importance of Life & Legacy Planning

The Family Wealth Legacy Interview is a wonderful tool for seniors and their families, and I offer it as a complementary service to all of my estate planning clients, young and old. It’s part of my comprehensive Life & Legacy Planning process, which goes beyond creating documents and takes a holistic approach to planning for a life you love and a legacy your loved ones will cherish forever.

At the core of Life & Legacy Planning is the understanding that your family’s most precious wealth is not money, but the memories you make, the values you instill, and the lessons you pass down. By planning for your life and legacy, you can ensure that your family’s wealth is preserved and protected for generations to come.

I believe that Life & Legacy Planning is not a one-time event but an ongoing process because it mirrors the ongoing process of your life. By working with an attorney who knows you and has a relationship with you, you make your Life & Legacy Planning as effective as possible and have the opportunity to continue to record your values and wisdom in additional Family Wealth Legacy Interviews as life goes on.

Whether you are growing your family or well into retirement, I work with you to create a plan that evolves over time and adapts to changes in your life and family circumstances. If you want to pass on more than money to the ones you love and leave them with an even greater gift that they will treasure for generations, give me a call. And if you have a senior loved one, contact me today to see how I can help them not only make a plan for their assets but capture the love and memories they share with you.

Contact us today to get started.

This article is a service of August Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love..

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Categories
Estate Planning

Create a Stronger Blended Family Through Estate Planning

Blended families were once considered “non-traditional” families. Today, blended families have become just as common as non-blended families. Currently, 52% of married couples (or unmarried couples who live together) have a step-kin relationship of some kind, and 4 in 10 new marriages involve remarriage.

If you’re part of a blended family, you’ve probably recognized the extra layer of complexity that comes with planning for your family’s needs and accommodating the many relationships that exist between step-parents, step-kids, and step-siblings. Topics that might be straightforward for a “traditional” family – such as where to spend the holidays or who gets the old family car  – are more complex.

Feelings tend to be more sensitive, as the person in a “step” role may feel self-conscious about their place as the “outsider” of the family, whereas one parent’s children may feel put out by the addition of a new step-parent, step-sibling, or half-sibling when their mother or father remarries.

In a blended family, you work hard to navigate these complexities to keep the family unified and happy. But what you might not know is that our laws for what happens if you become incapacitated or die are still very much based on the traditional family model. Without planning for your blended family in advance, they will likely end up in court and conflict.

What Estate Law Says About Blended Families

Every state has different provisions for what happens when you become incapacitated or die, and the laws of the state where you become incapacitated or die may or may not match your wishes. What’s more, even though you may see your step-family members the same way as your blood relatives, the law does not.

For example, in Colorado, if you are survived by a spouse, your surviving spouse would only receive a part of your estate if you have living children (or parents!), and your living children or parents would receive the rest. The amount your spouse receives is variable based on the number and ages of your children.

In California, all community property assets would go to your surviving spouse, and separate property assets would be distributed partially to a surviving spouse and partially to children, if living, in amounts depend on the number of surviving children.

It can get very complex in Texas, depending on whether your assets are separate or community, and whether you have children from the marriage, no children from the marriage or living parents or siblings.

As you can see, what’s true for what happens when you die may not result in the outcome you want for your loved ones, especially in a blended family situation. That’s why it’s so important to create an estate plan for your blended family well in advance, and I encourage you to discuss your plan with the members of your family to avoid hurt feelings, confusion, or pain in the future.

Avoid Conflict in Your Blended Family Through Open Communication

Estate planning is often seen as a highly private affair, but it doesn’t have to be, and oftentimes, shouldn’t be. In the case of a blended family, having open conversations with your loved ones about your estate plan and your goals for the family can save them from hurt feelings and even court battles in the future.

Like all families, how you plan for your blended family will depend entirely on your family dynamics, your family members’ situations, and your own personal values for how an inheritance should (or shouldn’t) be received and what kind of legacy you want to leave behind.

Maybe you have step-kids and biological kids but want all of your children to inherit an equal share from you and your spouse. Perhaps there’s a large age gap between your step-kids and biological child, so you want to make sure that your youngest has the financial support they’ll need if something happens to you, whereas the older children are able to support themselves.

A person you have a step-relationship with has no right to inherit from you under the law, unless you put your plan in writing.

You don’t need to give away every detail of your Will or Trust, or tell everyone who you named to make decisions for you if you’re incapacitated. Instead, have an open conversation about the general goal of your estate plan, such as wanting everyone to have an equal share, or that you want to provide more for your biological children because your step-children will already receive a full inheritance from their other parent.

By taking the mystery out of your estate plan goals, your step-children will feel included in the discussion and feel like they are knowledgeable about your plan rather than feeling hoodwinked or hurt if they find out later that your plan doesn’t align with the expectations they created for it in their minds.

Most importantly, let the people in your life know you value and love them, and that no matter how they’re related to you, you care about them and want them to inherit not just material things from you, but also your values, stories, and legacy.

Create More Than a Plan, Create a Family Legacy

To make sure your wishes for your blended family are followed in the event of your death or incapacity, it’s essential to have a well-crafted estate plan created by an attorney experienced in serving blended families.

I know all too well the importance of planning for blended families and can help you navigate your options and desires for your family’s plan. I take the time to really get to know you and your family’s unique situation and educate you about what exactly will happen to your family under the law if something happened to you right now, so you can make confident decisions about what’s right for your family. I recognize that your material possessions are only a small part of a successful estate plan. What will really matter to your family members, no matter how they became your family, is your legacy.

Instead of leaving your family a mess to be battled over in court, leave your family an example of financial wellness, of a plan filled with personal values and family history.

To do this, I include what I like to call a Family Legacy Interview with all of my estate plans. During this interview, I give you the opportunity to leave your most important assets – your values, stories, and heart – to your family in a meaningful way that they’ll cherish for years after you’re gone.

And for a blended family, the Family Legacy Interview can be even more valuable because it gives you the opportunity to really speak to your loved ones about the plan you created for them and how much you value the place they hold in your heart.

If you want to protect your blended family from a court battle and emotional conflict, contact us today to schedule a complimentary consultation.

This article is a service of August Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

The August Law PLLC team will work hard to deliver good quality information upon subscription. However, if you decide that you no longer want to receive emails from us, feel free to click the "unsubscribe" button at the bottom of the email received.

The August Law PLLC team will work hard to deliver good quality information upon subscription. However, if you decide that you no longer want to receive emails from us, feel free to click the "unsubscribe" button at the bottom of the email received.