Tag: Personal Family Lawyer

Missing Assets: Why Estate Planning is More Than Just Documents

Post author By Sara Thomas
Post date February 19, 2025
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Did you know your assets could become “unclaimed property” and be turned over to the government? It happens more than you think! State governments across America currently hold a staggering $60 billion in forgotten and abandoned assets. And this isn’t just spare change we’re talking about. These are life insurance policies, forgotten bank accounts, uncashed checks, retirement funds, and other valuable assets that have lost their connection to their rightful owners.

I regularly see the consequences of overlooked assets and inadequate estate planning. Let’s explore how assets are lost and become “unclaimed,” how to prevent your assets from ending up in this $60 billion pool, and, most importantly, how to ensure your hard-earned assets reach your loved ones the way you want.

How Assets Become “Lost”

You might wonder how billions of dollars in assets could go missing. The truth is, it happens more easily than you’d think. Think about this: you become incapacitated or die, and someone in your family (either someone you named legally or someone chosen by a judge) has the job of finding all of your assets. Would they be able to find everything? How easy would it be for you to find everything, and you know what you earned, the accounts you set up, when you worked for that one company that set up a retirement account for you, got that insurance policy, etc.

What we see commonly when someone passes away without an updated estate plan (including a comprehensive asset inventory), is that their loved ones often have no idea what assets exist or where to find them. Those assets could eventually end up in state custody instead of going to the people you love. That money could be used to fund your children’s education, an investment in a loved one’s business, or to enhance the lives of the people you love most.

“Traditional” or “old school” estate planning often contributes to the problem. With an estate plan drafted by a financial advisor or lawyer who sells a will or trust rather than a comprehensive plan (or from a DIY tool like cheap legal or AI), you typically receive a set of documents to review and sign. You might take these documents home, put them on a shelf or in a drawer, and never look at them again. There’s usually no inventory of your assets, which means that some of your assets could be lost or overlooked and end up part of that $60 billion in unclaimed property.

Why an Asset Inventory and Regular Review is Crucial

I know that effective estate planning isn’t a one-time event – it’s a lifelong process that includes an inventory of what you have, regular updates to your inventory, and the legal documents that go along with it. My process begins with a Life & Legacy Planning® Session, where you’ll create an inventory of your assets, ensuring nothing gets overlooked or forgotten. This inventory includes not just the obvious assets like your home and bank accounts but also:

Life insurance policies
Retirement accounts from all previous employers
Investment accounts
Business interests
Valuable personal property
Intellectual property rights
Digital assets and cryptocurrency

Digital assets present a particular challenge in today’s world. Cryptocurrency, online banking accounts, social media profiles, and digital business assets can be especially difficult for loved ones to track down and access without proper planning. Many people don’t realize that without proper documentation and access instructions, their digital assets could become effectively lost forever, even if their family and friends know they exist.

I’ll also help you keep your inventory updated when you work with me. I regularly review your Life & Legacy Plan to ensure your asset inventory stays current and properly aligns with your goals, wishes, and values. This comprehensive approach helps prevent your assets from becoming lost so they can go to the people you want in the way you want.

Beyond the Financial Impact

While creating an asset inventory is crucial, my Life & Legacy Planning process goes several steps further. It’s not enough to simply list what you own – you need to ensure these assets are properly titled, beneficiary designations are up to date, and your loved ones know how to access everything when the time comes. I support you with it all. I will also be there for your loved ones when you no longer can.

In addition, there’s another crucial part of planning that’s often omitted from traditional or DIY planning. It’s the realization that the value of many assets isn’t financial. Family photographs stored in the cloud, emails containing important family history, and digital collections of music or art can have tremendous sentimental value. Yet without proper planning, these too can become effectively “unclaimed property” – inaccessible to the very people meant to inherit them. When these invaluable family legacies are lost, they become another kind of unclaimed property, though their value can’t be measured in dollars.

Remember, proper estate planning isn’t just about having the correct documents – it’s about taking all the steps needed to make things as easy as possible for your loved ones. It’s the greatest act of love you can give to the people you cherish most.

Your Next Step

I can help you create a comprehensive Life & Legacy Plan that includes a complete asset inventory, regular reviews, and updates to ensure nothing gets lost or forgotten. I’ll also help you create a Life & Legacy Interview so your most valuable assets – your values, traditions, and love – get passed on to the people you love most. Let’s work together to protect your legacy.

Schedule a complimentary 15-minute consultation and learn more about how I can help.

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.

Tags Asset Inventory, Estate Plan, Lost Assets, Personal Family Lawyer, Trust Funding, Unclaimed Property

Estate Planning

Utilizing Estate Planning For FAFSA Eligibility

Post author By Kylie Casper
Post date January 29, 2025
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Understanding how financial aid and estate planning intersect can make a significant difference when preparing for college expenses. This article will explain how asset ownership influences aid eligibility, offer actionable strategies to increase the chances of receiving aid and highlight estate planning tools that can protect your wealth while optimizing support for your child’s education.

FAFSA and Asset Ownership: The Basics

The FAFSA, or Free Application for Federal Student Aid, evaluates a student’s financial need based on several factors, including family income and assets. However, not all assets are created equal in the eyes of FAFSA. How those assets are owned—by the parent, the student, or even a third party—can significantly impact financial aid eligibility.

Here’s the key: FAFSA assesses up to 5.64% of parent-owned assets when calculating the Expected Family Contribution (EFC). For student-owned assets, though, that number jumps to a whopping 20%. So, keeping assets out of your student’s name increases their chances of receiving financial aid.

In other words, parent-owned assets are less punitive than student-owned ones. Consider assets like your savings account, investments, or a 529 college savings plan. If you, the parent, own the asset, only 5.64% of its value is considered in the EFC calculation.

But if your child owns assets outright—like in a UGMA or UTMA custodial account— those accounts will be subject to a 20% assessment. For example, if your child has $10,000 in one of these accounts, FAFSA will expect $2,000 to go toward college costs. Ouch.

What can you do? You can’t legally change UGMA/UTMA account ownership because they belong to the child. However, consider using a 529 plan or a parent’s investment account instead for future savings.

Estate Planning Meets FAFSA

Here’s where estate planning comes into play. By structuring your assets wisely, you can minimize their impact on financial aid. Let’s explore a few strategies:

1. Irrevocable Trusts

An irrevocable trust can be a powerful tool in estate planning and remove assets from a person’s estate for tax purposes. However, irrevocable trusts are counted for FAFSA purposes if the student or parent is a beneficiary of an irrevocable trust. Note that the entire value of the trust should not be reported, but the beneficiary’s proportional share must be reported. In addition, if the trust distributes income to the student, that income will be assessed at up to 50%. So, use irrevocable trusts with caution.

2. Retirement Accounts: Hidden Gems

Good news: FAFSA does not count assets in qualified retirement accounts like 401(k)s, IRAs, and Roth IRAs. This makes retirement savings a double win—you’re preparing for your future in a tax-advantaged manner and protecting your child’s financial aid eligibility.

Pro tip: If you have extra savings that would otherwise count on FAFSA, consider contributing to your retirement account. It’s a FAFSA-friendly way to reduce your countable assets.

3. Pay Down Debt

Another savvy move is using liquid assets to pay down debt, such as mortgages or student loans. Since FAFSA doesn’t count your home’s equity or the balance of your debts, this strategy can reduce your reportable assets without hurting your financial position.

4. Timing Is Everything

FAFSA looks at your financial situation as of the day you file the form. That means you can time certain financial moves to optimize your aid eligibility. For instance, if you plan to sell an investment or receive a large bonus, try to do so after filing FAFSA to avoid inflating your assets or income for that year.

Practical Steps to Take Now

So, what can you do right now to prepare? Here are some actionable steps:

Review Your Assets: List all your family’s assets, including who owns them. Pay special attention to student-owned accounts and assets held in trusts.

Shift Savings to FAFSA-Friendly Accounts: If you’re saving for college, prioritize 529 plans owned by you, the parent. Avoid putting large sums into custodial accounts.

Create a Life & Legacy Plan: Work with me to create a comprehensive Life & Legacy Plan that may include irrevocable trusts or other strategies to protect your assets and your financial aid eligibility.

Max Out Retirement Contributions: If possible, contribute to your 401(k) or IRA to reduce your countable assets while securing your financial future.

Plan Ahead for Income Events: Be mindful of how bonuses, stock sales, or other income events could affect your FAFSA profile. If possible, defer these until after filing.

The Big Picture

Balancing estate planning and FAFSA eligibility can feel like walking a tightrope. On one hand, you want to preserve your family’s wealth and secure your child’s future. Conversely, you don’t want to leave money on the table regarding financial aid.

Understanding how asset ownership works and taking strategic steps can position your family for success. Whether it’s shifting assets, leveraging trusts, or timing your financial moves, a little planning can go a long way. And when that acceptance letter arrives—along with a generous financial aid package—you’ll be glad you took the time to get it right.

How We Help

We can help you create a comprehensive strategy that optimizes education funding and wealth preservation goals. We’ll work with you to structure your assets effectively and ensure your plan adapts as the law, your assets, or your family dynamics change. Our approach focuses on creating clarity and consistency across all aspects of your financial planning, from education funding to legacy preservation.

Book a call to learn how we can help you create the right plan for your family. Contact us today to get started.

Tags Custodial Accounts, Estate Planning, FAFSA, Financial Planning, Personal Family Lawyer, Strategy

Estate Planning

Our Top 10 Most Common Estate Planning Questions: Part 2

Post author By Sara Thomas
Post date January 23, 2025
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When planning for your family’s future, the options can feel overwhelming. Should you get a will? Create a trust? And what happens if you do nothing at all? These aren’t just academic questions – your choices today will impact your loved ones tomorrow. In this second installment of a two-part Q & A series, I’ll break down the key differences between your primary estate planning options and explore practical ways to ensure your family is protected, no matter what the future holds. So, let’s dive in, beginning with a question about the basic estate planning documents.

Q: What is the difference between a will, living trust, and dying intestate? And what does that mean, practically speaking?

A: If you die without an estate plan, you do have a plan – it’s just the plan chosen for you by the state, and you may not like it. Your loved ones probably won’t like it because it means they’ll likely need to deal with a court process called “probate.” When you die without a will, it’s called dying “ intestate,” and it means that your assets are distributed according to state law after a process in which a judge decides who gets what. This could mean your assets would not go to the people you choose in the way you choose, and your family could face a lengthy, expensive, and public court process during an already difficult time.

A will is your basic instruction manual for what happens to your assets after you die, but it still requires your family to go through the probate process. While a will allows you to name guardians for your minor children and specify who gets what, your “executor” or “personal representative” must file the will with the court and potentially wait months or even years before receiving your assets. Plus, everything becomes public record – so anyone can look up what you owned and who got what, leaving the inheritors open to predators.

If you create a trust, your assets can be passed to the people you choose without a court process and completely privately. Think of a trust as a container that holds your assets during your lifetime. Then, upon your incapacity or death, a successor trustee you’ve named can step in to handle your assets, manage your affairs, and pass your assets to your chosen beneficiaries. With a properly funded trust, your beneficiaries could receive their inheritance within weeks or months instead of months or years.

Q: Is probate always required when someone dies?

A: The necessity of probate depends largely on how your assets are titled when you die and the total value of assets in your personal name at the time of your death. Assets solely in your name with no beneficiary designation must go through probate, and a Judge must order the distribution. Some exceptions: jointly owned property automatically passes to the surviving owner, assets with named beneficiaries (like life insurance policies and retirement accounts) go directly to those beneficiaries, and assets held in a properly funded living trust transfer according to the trust’s instructions, without court involvement.

These issues can be complicated and have a huge impact on your loved ones, so it’s important to work with a trusted advisor who can help you understand your goals, and then properly structure your assets to accomplish your goals, especially if you want to keep your family out of court and out of conflict. Keep reading to find out how I can help.

Q: What if I’m uncomfortable talking about death and money?

A: While it’s completely natural to want to avoid thinking about death and avoid talking about money, not planning for the reality of death or a possible incapacity before death can leave your loved ones with an expensive, time-consuming mess to clean up during what will already be an emotionally difficult time. Here’s what you absolutely must know: First, if you become incapacitated or die without a plan, the court will make all the decisions about your care and your assets according to state law, not according to what you would have chosen.

Second, if you have minor children and no estate plan, the court will decide who raises your children and who takes care of the assets you leave behind without your input. Think about that for a moment. A judge is a stranger to you and your kids, yet that’s who will decide your children’s future – who makes decisions about their education, health matters, and financial affairs. And, then, whatever you leave behind and whatever is left after the court process goes to your children when they turn 18 without protection (i.e., they’ll be free to spend it all as quickly as they want). If that concerns you, you need a plan of your own.

Third, your family will likely have to spend significantly more time and money dealing with your affairs if you don’t have a plan than if you had taken the time to create one. The good news is that making a plan doesn’t have to be overwhelming or uncomfortable—working with a trusted advisor who can guide you through the process step by step can bring you peace of mind, knowing you’ve taken care of the people you love.

Q: How can you minimize your family’s stress by handling these matters the simplest way possible?

A: The best way to minimize stress for your family is to create a clear, comprehensive Life & Legacy Plan before anything happens to you. Many people think creating an estate plan will be stressful, but lack of planning causes the most stress for families.

I make the process simple:

First, I help you understand what you own and what would happen to everything you own and everyone you love (including yourself) when something happens to you. Then, I support you to make informed, empowered choices about who should receive your assets, who should carry out your wishes, and how you want it all handled. Finally, I help ensure your plan will work when your family needs it by supporting you to review your plan regularly as your life changes and ensuring we maintain an updated inventory of your assets to ensure none of your assets are lost to the state due to oversight after your death.

Beyond creating the right legal documents, I’ll support you in other ways to make things easier for your loved ones. I’ll help you document specific wishes for personal items with sentimental value and have conversations with your loved ones about your choices so there are no surprises later. We’ll conduct a Life & Legacy Interview so you can pass on your values, insights, and stories – the intangible (and most important) assets that are often lost when someone dies. Most importantly, I will be there for your family when you can’t be there, to guide them through the process and ensure your wishes are carried out properly. This is the power of our Life & Legacy Planning® process.

How We Help You Create Peace of Mind

We understand that thinking about death and money can feel overwhelming. We’ve created a simple, step-by-step process to help you get your affairs in order and protect your family. Our Life & Legacy Planning process goes beyond just creating legal documents – we help you make informed decisions about your family’s future, keep your plan updated as your life changes, and ensure your wishes will be carried out properly when the time comes. Most importantly, we’ll be there for your family when you can’t be, providing the guidance and support they’ll need during a difficult time. You’ll gain peace of mind knowing you’ve done everything possible to make things easier for the people you love.

Tags Dying Intestate, Estate Planning, Estate Planning FAQs, Living Trust, Personal Family Lawyer, Probate, Will

Estate Planning

Lessons from Tony Bennett’s Estate Battle

Post author By Sara Thomas
Post date December 23, 2024
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When legendary singer Tony Bennett passed away in July 2023, he left behind an estimated $100 million estate and, unfortunately, a family divide threatening to tarnish his legacy. His daughters Antonia and Johanna Bennett are now suing their brother, Danny, who serves as trustee of their father’s estate, alleging a lack of transparency and potential mismanagement of assets. Let’s explore what went wrong and how you can protect your family from the same fate.

Background

A complex legal battle is unfolding in the New York Supreme Court. Tony Bennett’s daughters Johanna and Antonia have filed suit against their brother Danny, who serves as trustee of their father’s estate. The lawsuit raises alarming questions about the management of Bennett’s assets. While the legendary singer earned over $100 million from live performances in his final 15 years, his daughters were told the estate was valued at less than $7 million.

The dispute centers around Danny’s role as both trustee and former manager. In July 2022, Danny orchestrated the sale of Bennett’s memorabilia, personal property, and name and likeness rights to Iconoclast, a company specializing in legacy works. The daughters allege they were in the dark about which assets were included in this deal and have received only “a modest distribution.” They also claim Danny received $1.2 million in loans from their father in 2020 and lifetime gifts totaling $4.2 million – more than double what Bennett’s other children received.

Making matters worse, when Johanna and Antonia were finally allowed to visit their father’s apartment in 2024, they discovered many of his personal belongings were either missing or declared off-limits due to the Iconoclast sale. They learned that most of their father’s clothing had been donated to charity without their knowledge, despite these items being specifically bequeathed to Bennett’s children in the trust. An auction of Bennett’s belongings was held in April 2024, but his daughters allege they were largely “kept in the dark” about the details and had to rush to identify which items they wanted to keep.

Court filings also state that the trust was established in 1994, but we don’t know if it was ever reviewed and updated. We also cannot know if Mr. Bennett was ever advised about the potential disputes that could arise from naming one of his children as his sole trustee and administrator of the estate.

Why Family May Not Be the Best Choice

Like Mr. Bennett, many people select family members to administer their estate after they die. They trust family members and assume they’ll do the right thing. Or they haven’t been properly advised about the potential consequences of naming a family member as the estate administrator. However, as the Bennett lawsuit teaches, family members aren’t always the right people for the job. Here are several common issues that arise when family members serve as trustees:

Power Imbalance: Having one sibling control their siblings’ inheritance creates an uncomfortable dynamic and breeds distrust.

Dual Roles: Danny’s position as trustee and former manager created a potential conflict of interest. Questions about decisions and motivations often arise when personal and professional roles overlap.

Transparency Issues: The significant discrepancy between known earnings and reported estate value raises red flags about financial transparency – a crucial element of trust administration.

Emotional Complications: Family relationships can cloud judgment and make it difficult to maintain the objectivity required of a trustee.

If you’re concerned about family conflict after you die, consult with a trusted advisor who can educate you about the potential ramifications of your decision and guide you to choose the right person—whether a family member or not. My priority is helping you make the process as easy on your loved ones and giving you peace of mind that you’ve done everything possible to keep your family out of court and conflict.

How to Prevent a Similar Conflict in Your Family

The primary way to prevent conflict in your family after your incapacity or death is to start courageous conversations with your family now. Conflict occurs when people are surprised about choices made by a loved one that are only revealed after it’s too late to gain understanding. Deep grief combined with surprise is a volatile combination. Communicating often and early is the best way to save your loved ones from this fate. If you’ve created your plan with my office and desire me to host a family meeting, reach out, and let’s schedule it. If you have not yet created your plan, let’s start there.

If you do not believe you can get your loved ones on the same page, I sometimes recommend choosing a non-family member or professional as your Successor Trustee. For instance, a professional or corporate trustee can provide the objective oversight needed to maintain family harmony while ensuring proper estate administration. This might have been a better choice for the Bennett family.

However, if you strongly prefer having a family member serve as trustee, you can implement additional safeguards with an effective estate plan. An effective plan may include adding co-trustees or creating independent oversight mechanisms to help ensure transparency and accountability. It might mean appointing a professional advisor to review major decisions or requiring regular external audits of estate administration.

Finally, make sure your chosen trustee has access to proper professional support. Managing an estate requires complex legal and financial knowledge that most family members don’t possess. That’s why my Life & Legacy Planning process has built-in mechanisms to ensure your chosen representatives will always have help from me when needed. However, ongoing support for your family is rarely a part of a typical estate plan.

Essential Elements of an Effective Estate Plan

Creating an estate plan that truly protects your family requires careful consideration. It requires guidance on how to pick the right representative for you and your loved ones. It requires proper documentation of assets, including detailed records of everything from real estate to intellectual property rights. It requires clear distribution guidelines. It also involves transparency to help maintain family trust and prevent disputes from arising.

However, if you create a DIY plan, use a cheap online service, use a financial advisor who offers estate planning services, or work with a traditional estate planning attorney, these elements will likely not be in your plan. Instead, you need a comprehensive Life & Legacy Plan that will work when you need it to.

When you work with me to create a comprehensive Life & Legacy Plan, I will help you:

Choose the right trustee for your situation;
Create systems for transparent asset management;
Establish clear communication protocols;
Protect family relationships from conflicts;
Document your wishes on video or an audio file so your family understands precisely what you want;
If you have minor children, gain peace of mind knowing that they will never be taken into the care of strangers if something happens to you, and
Review and update your plan regularly to account for family dynamics, assets, and life circumstances changes.

We cannot know whether Mr. Bennett was advised of the potential consequences of naming his son to serve as trustee or whether he was given proper guidance on what he could have done to keep his family out of court and in conflict. But when you work with me to create a Life & Legacy Plan, I’ll support you in creating a plan that leaves a legacy of love and peace, not discord and strife.

How We Help You Create a Plan That Works

We help you create a comprehensive Life & Legacy Plan that protects your assets and preserves family harmony. We’ll help you address potential conflicts before they arise, ensure your wishes are clearly documented, create a framework for managing your assets even if you become incapacitated, and be there for your chosen representatives when you cannot be. We’ll also review your plan with you regularly so your plan works when you and your family need it to.

Don’t leave your family’s future to chance – schedule a complimentary 15-minute consultation. Contact us today to get started.

Tags Celebrity Estate Plan, Estate Plan, Estate Planning, Personal Family Lawyer, Tony Bennett, Tony Bennett’s Estate Battle

Estate Planning

How To Create a Lasting Family Legacy This Holiday Season

Post author By Sara Thomas
Post date December 20, 2024
No Comments on How To Create a Lasting Family Legacy This Holiday Season

The holidays, a time for family, reflection, and gratitude, present a unique opportunity to build a meaningful and lasting family legacy. While financial inheritance is important, the value you pass down extends far beyond money—your values, insights, stories, and experiences. These intangible treasures shape the essence of your family’s identity and can serve as a guiding light for generations to come.

Unfortunately, many families leave this legacy-building process to chance. However, intentionally capturing and preserving these meaningful aspects requires more effort and focus. As part of our unique planning process, we help families solidify their legacy through a recorded Family Legacy Interview—a priceless gift for their loved ones.

This holiday season, we invite you to embrace the joy of storytelling by asking meaningful questions and recording the answers. This process can deepen family connections, uncover hidden wisdom, and create a legacy that your children and grandchildren will eagerly cherish for years to come.

Start a Family Tradition of Reflection

The best way to preserve your family legacy is to start with meaningful conversations. These discussions allow family members to reflect on their lives, share insights, and recount stories that might otherwise remain untold. We’ve found that asking the right questions is a powerful way to unlock memories and reveal the values that have shaped your loved ones.

To help you get started, we’ve compiled 32 meaningful questions that can serve as a guide during your holiday gatherings. Whether sitting around the dining table, gathered by the fireplace, or enjoying a quiet one-on-one moment, these questions can inspire deep and heartfelt conversations.

Here are some examples to spark meaningful conversations and preserve your family history:

What comes to mind when you think about growing up in your hometown?
What did you love to do as a kid before high school?
What did you love to do in high school?
What do you remember most about your teenage years?
What do you remember most about your mom (grandma)?
What was most important to her?
What do you remember most about your dad (grandpa)?
What was most important to him?
If Grandma and Grandpa had a message to pass along to the grandchildren, what would it be?
How did you meet your spouse? How did you know (s)he was the one?
How did you choose your career? What was your favorite part about it?
What made you successful?
What did you believe about yourself that helped you become successful and deal with hard times?
What times in your life “tested your mettle,” and what did you learn about yourself by dealing (or not dealing) with them?
What three events most shaped your life?
What do you remember about when I was born?
Were you ever scared to be a parent?
What three words would you say represented your approach to parenting and why?
When you think about [sibling], how would you describe him/her?
What message do you have for [sibling] that you want him/her to always keep in mind?

[Do the last two questions above for each sibling in your family]

When you think about [spouse], how would you describe her/him?
What message do you have for [spouse] that you want her/him to always keep in mind?
What three words best describe who you tried to be in life? How would you like to be remembered?
What do you think your children and grandchildren should focus on professionally?
What have you learned about people in life?
What do you think the world needs more of right now?
What do you believe people want the most in life?
What were the three best decisions you ever made?
What are you most proud of?
What were five of the most memorable moments of your life?
What message would you like to share with your family?
What are you most thankful for?

Asking these questions is just the beginning. Recording the answers ensures that future generations can experience shared wisdom and stories. Whether you record these conversations using your smartphone, a video camera, or a written journal, the effort creates a lasting keepsake.

The Power of Recording Your Legacy

Capturing your family’s stories and values in a tangible form makes the experience even more impactful. The recording becomes a treasure for future generations, allowing them to hear the voices, see the faces, and feel the emotions of their ancestors. It’s a gift that transcends time and provides a profound sense of continuity and connection for your family.

As estate planning professionals, we’ve seen how meaningful this process can be. We include a Family Wealth Legacy Interview in every estate plan we create. This interview ensures that your stories and insights are preserved alongside your financial and legal documents, creating a holistic legacy plan.

Beyond Stories: Protecting What Matters Most

While recording your family’s legacy is essential, it’s only one part of safeguarding your family’s future. To ensure your values and assets are protected, creating a comprehensive estate plan—or what we like to call a Life and Legacy Plan-is crucial. This type of plan doesn’t just focus on financial wealth but also captures and protects the intangible aspects of your legacy, ensuring a holistic approach to preserving your family’s heritage.

The holiday season offers a unique opportunity to gather with loved ones and reflect on what truly matters. It’s a time when family stories naturally come to the surface and when the importance of connection feels most profound. Use this season to initiate these meaningful conversations and take the first steps toward preserving your family legacy.

We are here to guide you through the process. From conducting a Family Legacy Interview to creating a comprehensive estate plan, we’ll ensure that your life’s values, lessons, and treasures are thoughtfully preserved and protected. Our expertise and support will make the process smooth and rewarding, allowing you to focus on what truly matters: family and their legacy.

Create Your Legacy Today

Don’t let another holiday season pass by without capturing the priceless wisdom and stories of your loved ones. Use our list of questions as a springboard to discover the hidden gems in your family’s history. And when you’re ready to take the next step, schedule a Life & Legacy Planning Session with us. Together, we’ll create a plan to ensure your legacy will be a cherished gift for future generations. Contact us today to get started.

Tags Estate Plan, Family Interviews, Family Legacy, Holiday Traditions, Personal Family Lawyer

Estate Planning

How the Holidays Can Inspire Your Family Legacy Planning

Post author By Sara Thomas
Post date December 11, 2024
No Comments on How the Holidays Can Inspire Your Family Legacy Planning

As the holidays approach, many families are busy planning menus, coordinating travel, hitting those holiday bucket list activities, baking treats for friends and neighbors, and preparing for a big feast. While these are important traditions, these cherished holidays offer something even more valuable—a perfect opportunity to think about, discuss, and preserve your family’s legacy.

In this article, you’ll discover practical ways to capture family stories during your holiday gatherings, start meaningful legacy conversations without awkwardness, and transform these precious moments into a comprehensive Life & Legacy Plan that protects your family’s values and assets for future generations. This year, consider using your holiday gatherings as a springboard for the meaningful conversations that can shape your family’s future.

The Heart of Legacy Planning: More Than Just Money

When most people think about legacy planning, they often focus solely on financial assets. But proper legacy planning encompasses much more. It’s about preserving your family’s stories, values, traditions, and the wisdom gained through generations. After working with families to support them with their estate planning and being there at the end of life, I’ve learned that these are the things that matter most. Values, insights, stories, experiences, and sentimental items are almost always more important to families than financial assets, though money also matters.

Those moments around the holiday table, sharing old family recipes, telling stories about ancestors, or discussing what matters most to your family are the building blocks of a meaningful legacy. The holidays, with their focus on gratitude and family togetherness, provide an ideal setting to explore these more profound aspects of your legacy.

Using Holiday Gatherings to Plan for the Future

With some planning, the holidays can be a great time to discuss the future. These conversations don’t have to be formal or heavy—they can emerge naturally from your holiday interactions:

Talk About Family Values: When expressing gratitude, encourage family members to share what they value most about being part of the family. These discussions inform how you structure your estate plan to reflect and perpetuate these values.

Discuss Family Philanthropy: If giving back is essential to your family, use this time to talk about causes that matter to everyone. This can lead to meaningful discussions about charitable giving and how to incorporate it into your legacy plan.

Addressing Family Dynamics during holiday gatherings can often reveal important insights to consider in estate planning. Who are the peacemakers? Who might need additional support? Understanding these dynamics can help you create a plan that promotes family harmony rather than conflict. By openly discussing these dynamics, you can ensure that everyone’s needs and concerns are considered, potentially reducing the risk of future family disputes.

Bring Up Your Planning: If you’ve recently completed your estate planning process or plan to before the end of the year or early next year, this is a great time to bring up your plans. Consider saying: “Because I want to make sure that everything is as easy as it can be for you all if something happens to me, I’m doing/did a kind of estate planning called Life & Legacy Planning, and I’d love to share about it with you because you’ll all be impacted. Are you open to having a conversation about that and what we all want to happen for ourselves if we become incapacitated or when we die?”

Understanding your family’s values, philanthropic interests, and dynamics isn’t just about having pleasant conversations—it’s about gathering crucial information to help you create a Life & Legacy Plan that genuinely serves your family and preserves harmony for future generations.

Capturing Your Family’s Story

The holidays are a time for storytelling, a chance to share and preserve the precious memories and important family history that often emerge when families gather and reminisce. This joyful act of capturing family stories not only connects us to our past but also strengthens our bonds for the future. Here are some ways to make these moments even more special:

Record Your Family’s Food Heritage: That special stuffing recipe from your grandmother isn’t just about ingredients—it’s about family history. Document not just the recipe but the story behind it. Why is it important? How has it been adapted over generations? Who taught it to whom? If your relative is still alive, ask them to write out the recipe with essential notes. Having something in their handwriting can be very special for the younger generations.

Create a Family Interview Tradition: Designate time after dinner for family interviews. Have younger family members ask older ones about their childhood, important life lessons, or family history. Record these conversations (with permission) using your phone or video camera. It doesn’t have to be complicated.

Share Family Artifacts: Bring out old family photos, letters, or heirlooms. These physical items are not just objects but gateways to our family history and values. They often spark stories and discussions that deepen our appreciation for our family’s journey. Use these moments to explain why certain items are meaningful and what they represent in your family’s legacy.

Making Legacy Planning Part of Your Holiday Tradition

The key to successful legacy planning is making it an ongoing process, not a one-time event. Consider establishing new Thanksgiving traditions that support this goal. Here are a few ideas:

Create a Family Time Capsule: Each year, have family members contribute something meaningful to a time capsule—letters, photos, or small items that represent the year’s important moments.

Start a Family Mission Statement: Work together to create and update a family mission statement that reflects your shared values and goals. This can guide both current decisions and future legacy planning.

Document Family Medical History: While families are together, take time to update your family medical history. This information is crucial for future generations and can inform healthcare decisions.

Remember that legacy planning isn’t a one-time task but an ongoing journey that can be woven into your family’s holiday traditions each year. By incorporating these intentional practices into every holiday gathering, you’re capturing and preserving what matters most and building a stronger foundation for your family’s future. It’s a commitment, a responsibility, and a labor of love that will endure for generations.

How We Help You Create a Lasting Legacy

While holiday conversations are valuable for legacy planning, they’re just the beginning. To protect your family’s legacy and ensure your wishes are fulfilled, you need professional guidance and support to create a comprehensive Life & Legacy Plan. Our Life & Legacy Planning process goes beyond traditional estate planning to capture your assets, values, wisdom, and family story. We help ensure that your conversations around the holiday table become a legacy for future generations.

Take the first step toward preserving your family’s legacy. Contact us today to get started.

Tags Estate Plan, Estate Planning Attorney, Family Legacy Planning, Holidays, Personal Family Lawyer

Estate Planning

The Hidden Truth About Settling a Loved One’s Estate

Post author By Kylie Casper
Post date December 5, 2024
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When someone names you as their executor, it might feel like an honor – a sign that they trust you to handle their final affairs. However, what many people don’t realize is that being an executor can turn into a demanding part-time (or full-time) job that lasts months or even years, often during a time when you’re also grieving the loss of a loved one. The responsibilities can be overwhelming, from tracking assets to dealing with creditors and managing family dynamics. Then, there are legal obligations and potential personal liability if things aren’t handled correctly. Making complex decisions while processing grief often proves more challenging than most people anticipate. Let’s explore what’s involved in administering someone’s estate and how proper planning can make this process easier for the people you love.

The Unexpected Time Commitment

Most people don’t realize that administering an estate isn’t just reading a will and distributing assets. The process typically begins with locating and gathering all estate planning documents, which can be challenging if they aren’t stored in an easily accessible place. The executor must notify numerous institutions of the death, often requiring multiple copies of death certificates and extensive documentation. This notification process alone can take weeks or even months, as each institution has its requirements and timeline for processing.

The time commitment becomes even more substantial when dealing with financial institutions. Each bank, investment firm, and insurance company has its procedures for handling a deceased person’s accounts. Many require original documents rather than copies, meaning executors spend countless hours making phone calls, writing letters, and visiting institutions in person. The process often involves repeated follow-ups and submission of additional documentation as requested by various institutions.

Property management, another time-consuming process, also falls to the executor. Whether it’s maintaining a house until it can be sold, managing investment accounts, or dealing with personal property, these responsibilities continue throughout the entire administration process. Real estate can be particularly demanding, requiring regular maintenance, payment of utilities and property taxes, and coordination with realtors if the property needs to be sold. Add to this the requirement to file court documents, appear at hearings, and prepare final tax returns, and it becomes clear why estate administration often takes far longer than expected.

This is incredibly challenging because most executors also work full-time jobs and manage their own families while trying to handle these responsibilities. The process can quickly become overwhelming without proper guidance, taking over evenings and weekends for months. The stress of juggling these responsibilities often leads to burnout and can affect personal and professional life.

The Financial and Emotional Costs

Beyond the time commitment, serving as an executor often comes with unexpected financial and emotional burdens. Many executors don’t realize they may need to pay for expenses out of pocket before being reimbursed by the estate. Court filing fees, property maintenance costs, and professional service fees can add up quickly, sometimes reaching thousands of dollars before any reimbursement is possible. In some cases, executors may need to hire attorneys, accountants, or other professionals to handle complex aspects of the estate, further increasing the financial burden.

The emotional toll of serving as executor often proves even more challenging than the financial aspects. Family dynamics frequently become strained during estate administration, as grief and stress can amplify existing tensions. Long-buried conflicts may resurface when it comes time to distribute personal property or interpret ambiguous instructions in estate documents. The executor often finds themselves in the difficult position of maintaining family harmony while fulfilling their legal obligations to the estate.

The pressure increases when executors discover complications like missing documents, incorrectly titled assets, or outdated beneficiary designations. These issues often require lengthy court proceedings, during which family members may grow increasingly impatient or suspicious. Without clear documentation and proper planning, even simple estates can become sources of lasting family conflict. Managing these interpersonal dynamics while handling technical legal requirements can be extraordinarily taxing.

Digital assets also present another layer of complexity that only some executors anticipate. Accessing and managing everything from email accounts to cryptocurrency can become nearly impossible in our increasingly online world without proper password documentation and legal authority. Many digital platforms have complex policies regarding account access after death, and navigating these policies without adequate preparation can lead to lost or inaccessible assets.

How a Life & Legacy Plan Makes a Difference

This is where working with our firm makes all the difference. My Life & Legacy Planning process is explicitly designed to prevent these common challenges and make estate administration as smooth as possible for your loved ones. Rather than simply creating documents, this comprehensive approach ensures that everything your executor or trust administrator needs will be organized and accessible when the time comes. The process includes detailed documentation of your wishes, clear instructions for asset management, and specific guidance for handling digital assets.

When you create a Life & Legacy Plan with me, it will include a complete inventory of regularly updated assets, ensuring everything is noticed and remembered. Your plan will also provide clear instructions about accessing physical and digital assets, eliminating the need for extensive searches or court intervention. You’ll also be supported in creating specific provisions for personal property distribution, helping prevent family conflicts before they arise. By addressing these details in advance, you significantly reduce the burden on your executor or trust administrator and minimize the potential for family disagreements.

Perhaps most importantly, working with me means your family won’t have to figure things out alone. Unlike traditional estate planning, which ends when you sign your documents, our relationship continues with your family. Your executor will have professional guidance through every step of the administration process, making their job significantly more accessible and reducing the likelihood of costly mistakes. This ongoing support helps ensure that your wishes are carried out efficiently and that your loved ones are protected during a difficult time.

Don’t leave your loved ones to navigate the complexities of estate administration alone. Book a call with us today to learn how we can help you create a plan that makes things easier for everyone involved. Contact us today to get started.

Tags Estate Administration, Estate Planning Attorney, Executor, Personal Family Lawyer, Probate, Trust, Will

Estate Planning

Honoring Service: Essential Estate Planning Tips for Veterans and Their Families

Post author By Sara Thomas
Post date December 1, 2024
No Comments on Honoring Service: Essential Estate Planning Tips for Veterans and Their Families

Every day, we honor the brave individuals who have served our nation with dedication and resilience. Your service was a testament to your commitment to a better, safer future – and now it’s time to extend that commitment to securing a stable future for your loved ones. Through a personalized estate planning process I call Life & Legacy Planning, you can ensure that your family is well-cared for and your legacy is preserved. Just as you approached each mission with precision and care, this planning requires the same detail and intentionality to safeguard your family’s future.

In this article, I will help you understand the unique estate planning opportunities available to veterans and the steps you can take to secure your family’s tomorrow.

Understanding Your Veterans Benefits

Your military service has earned you and your family special benefits that extend beyond your lifetime. The Department of Veterans Affairs (VA) offers several programs to provide for your loved ones after you’re gone. It’s crucial to understand these benefits and take steps to ensure your family can access them. This includes keeping your discharge papers (DD Form 214) with your estate planning documents and informing your executor of their location.

You should also maintain a current list of all VA benefits you receive, as this information will be crucial for your family to continue receiving eligible benefits. When you work with me to create your Life & Legacy Plan, I will help you organize the information your family will need so they know they’ll receive all the benefits they are entitled to. There will be no guessing, extra work, or lost benefits simply because they didn’t know what was available to them.

Creating Your Estate Planning Strategy

Life & Legacy Planning for veterans requires careful consideration of both military and civilian assets. I recommend you create a comprehensive list of your assets, including:

Military pension and retirement accounts
Life insurance policies (both military and private)
Property and real estate
Investment accounts
Personal possessions with monetary or sentimental value

With an inventory, your family will know how to find your assets so assets you care about aren’t lost or difficult to find.

Note that service members can create basic estate planning documents through the military legal assistance office at no cost. Depending on your needs, this may or may not be an adequate option. For example, if you have minor children, you need a comprehensive plan that will keep your children from being taken into the care of strangers or raised by people you’d never want to raise them if something happens to you. Or, if you have a blended family, no children, a business, a child with special needs, or significant assets, you need a comprehensive plan that will keep your family out of court and conflict, which a free, documents-only plan will not do. Finally, for your plan to work when you need it to, your plan needs regular reviews and updates as your life changes, your family dynamics change, and your assets change.

A free, documents-only plan is just that – documents. You won’t have a trusted advisor who has your back and will ensure your plan stays updated over time. But you get all these benefits (regular reviews, a comprehensive plan that keeps your family out of court and conflict, etc.) when you work with me and create a Life & Legacy Plan. So, I encourage you to educate yourself before making a plan based only on documents. I have many free resources to help, or you can book a complimentary consult call with me using the booking link below.

Working with a Trusted Advisor

While the military legal assistance office provides valuable services, you may benefit from working with an attorney who understands both veterans’ benefits and estate planning, especially if you have a potentially complex situation, like a blended family, a family member with special needs, a debilitating illness, no children (yes, this is often a complex matter, not a simple one!), or many varied assets. A competent attorney can help you:

Structure your estate to maximize benefits for your survivors
Create trusts to protect assets if you need long-term care
Navigate complex VA regulations
Ensure your estate plan complies with state and federal laws
Update your plan as laws and regulations change

Please book a complimentary call with us below for more information and guidance about what is best for you and your loved ones.

How We Help You Honor and Protect Your Legacy

Your service to our nation demonstrates your commitment to protecting what matters most. It’s time to protect your legacy through careful estate planning. By taking these steps, you’re continuing your tradition of service by ensuring your family’s security and well-being. Remember that Life & Legacy Planning isn’t a one-time task. Regular reviews, especially after significant changes like marriage, divorce, birth, or significant changes in your financial situation, are imperative to ensure your plan works when you and your loved ones need it. When you work with me, we include these regular reviews to give you peace of mind that your plan is always up-to-date and ready to serve your family.

Veterans have already given so much in service to our country – you shouldn’t have to worry about your family facing legal challenges or missing out on earned benefits. We help you create a Life & Legacy Plan that honors your military service by ensuring your loved ones stay out of court and conflict while maximizing the benefits you’ve earned through your service. Once you’ve created your plan, you can rest easy knowing your wishes will be honored and your family will be protected with the same dedication you showed to safeguard our nation.

Schedule a complimentary 15-minute consultation to learn how we can help secure your military legacy. Contact us today to get started.

Tags DIC, Estate Plan, Estate Planning for Veterans, Life & Legacy Planning, Military Service, Personal Family Lawyer, VA Benefits, Veterans

Estate Planning

Shining a Light on Shelley Duvall’s Death and Estate Plan

Post author By Sara Thomas
Post date November 19, 2024
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Shelley Duvall, best known for her role as Wendy Torrance in The Shining, passed away recently at the age of 75. While her acting legacy continues to captivate fans, her passing reveals important lessons about estate planning that everyone can learn from.

In case you haven’t read about what’s happened to her estate since she died, Duvall’s death left behind unresolved legal matters, especially concerning her long-term partner, Dan Gilroy. Without a will, Gilroy is now navigating a complex legal process to inherit a portion of Duvall’s estate, valued in the six figures. There are valuable takeaways from this situation for those who aren’t movie stars but want to protect their loved ones and assets. Let’s look at what you can learn from Dan Gilroy and Shelly Duvall’s story to ensure you avoid similar challenges in your life and after your death. Remember, these issues were entirely avoidable with the right planning.

The Importance of a Life & Legacy Plan

The most striking takeaway from Shelley Duvall’s situation is the importance of having an estate plan, particularly a Life & Legacy Plan. This plan, unlike a traditional estate plan, not only outlines the distribution of your assets but also includes your personal values, life lessons, and any other non-financial legacies you wish to leave behind. Without such a plan, your state decides who will inherit your property, and your loved ones must go to court to figure it all out. Anytime you have to go to court, it can be a lengthy, stressful, and expensive process. In addition, someone else who’s a stranger to you and your loved ones (i.e., a judge) makes decisions for you and those you love. So, when you don’t have a Life & Legacy Plan, the distribution of your estate may not align with your wishes. In Duvall’s case, her partner of over 30 years, Dan Gilroy, is left in a position where he has to prove his right to inherit a portion of her assets.

Creating a Life & Legacy Plan ensures that your wishes are fulfilled after you’re gone. Whether you’re married, single, or in a long-term partnership, having a plan that clearly outlines who gets what can save your loved ones from confusion, frustration, and heartache. Contrary to what you may think, it’s especially important for those who don’t have children, as the distribution of assets can become even more complex.

In Duvall’s case, her three brothers may end up with a significant portion of her estate, which may not have been what she wanted. You can prevent these uncertainties by making a will that reflects your true intentions.

Consider Your Unmarried Partner’s Rights

Life & Legacy Planning becomes even more critical for couples like Duvall and Gilroy, who lived together for over 30 years without being legally married. Gilroy is now trying to prove that he and Duvall were, in fact, in a common-law marriage so he can claim a share of her estate.

Common-law marriage, recognized in Texas where they lived (but not in all states), requires specific legal standards to be met. These standards include proving that the couple agreed to be married, lived together as a married couple, and presented themselves as husband and wife to others. Without this proof, Gilroy may receive little to nothing from Duvall’s estate. I can’t imagine this is what Duvall wanted.

If you’re in a long-term relationship but not legally married, you should think carefully about what might happen to your assets when you pass away. When you work with me, I’ll help you make choices that are right for you. Then, together, we’ll create a Life & Legacy Plan that reflects your wishes. If you’re unmarried but have a partner you’d like to inherit your assets, we’ll create a plan that documents your relationship and makes it easier to prove if needed. In Duvall’s case, a Life & Legacy Plan would have simplified the legal process for Gilroy.

Address Mental Health and Capacity in Your Planning

Another issue that may come up in Duvall’s estate battle is her mental health. In the years leading up to her death, there was public speculation about her mental state, including a controversial interview with Dr. Phil in 2016, where she displayed erratic behavior. This may raise questions in court about whether she had the capacity to fully understand legal agreements, such as marriage, or whether Duvall had the legal capacity to make the decisions that might come with estate planning. This could be a reason she didn’t have a plan of her own.

If you or someone you love is struggling with mental health challenges, it’s essential to plan early while mental capacity is clear, and can be documented as part of the planning process. This can prevent future disputes about whether a person can make informed decisions. By working with me and creating a Life & Legacy Plan that reflects your wishes, you can help ensure that your estate is handled according to your desires, regardless of future health issues. Duvall’s case reminds us that waiting too long to address estate planning can lead to complications that leave loved ones vulnerable to long legal battles and uncertainty. The key is to start planning as early as possible to avoid such situations.

Don’t Leave Your Loved Ones in a Bind

Shelley Duvall’s passing highlights several vital lessons you can apply to your own life. Whether you have a large estate or not, it’s crucial to have a plan that protects your assets and provides for the people you care about most. By creating a Life & Legacy Plan, considering the rights of an unmarried partner, and addressing potential mental health issues early, you can make sure your wishes are respected after you’re gone. And the best time to protect your loved ones is now.

We help you create a comprehensive Life & Legacy Plan that ensures your assets are distributed according to your wishes and your loved ones are cared for—whether you’re married, in a long-term relationship, or navigating unique mental health concerns. With your plan in place, you can rest easy knowing that your legacy will be preserved and your family will stay out of court and conflict.

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

Tags Estate Plan, Estate Planning, Estate Planning for Unmarried Couples, Personal Family Lawyer, Shelley Duvall

Estate Planning

Debunking 4 Common Estate Planning Myths

Post author By Sara Thomas
Post date November 8, 2024
No Comments on Debunking 4 Common Estate Planning Myths

You might think estate planning is only for the wealthy or too complicated and expensive. These are just a few myths surrounding estate planning that I hear often. In reality, estate planning is critical for everyone, including you, regardless of age or financial status.

Many people don’t understand what estate planning is – even attorneys sometimes don’t understand it. So, I’ll take this opportunity to set the record straight and debunk some common myths, then explore why you need an estate plan and how to get the right one at the right price.

Myth #1: Estate Planning is Only for the Wealthy

One of the most persistent myths about estate planning is that it’s only necessary if you have significant wealth or valuable assets.

Estate planning isn’t about the size of your estate; it’s about making sure that when something happens to you – as it will – the people you love aren’t left with a big mess to deal with.

Consider this: Do you have a bank account? A car? Personal belongings with sentimental value? A life insurance policy? If you answered yes to any of these, you have an estate. But even more importantly, do you have people you care about? Family members who depend on you? Or people you love who will be stuck dealing with your mess if you don’t care for these things while you can. If so, you need an estate plan.

Estate planning is about more than just distributing assets. It’s about making important decisions that will affect your loved ones. For instance:

Who will take care of your minor children if something happens to you? And how will they take care of them?
Who will make medical decisions on your behalf if you’re incapacitated? How will they make those decisions?
Who will manage your digital assets, like email, social media accounts, or cryptocurrency?
Who will make sure your bills get paid?

These questions apply to everyone, regardless of their net worth. By creating an estate plan, you’re not flaunting wealth; you’re taking responsibility for your life and the people you care about. After all, someone will have to deal with these things. It’s unavoidable. You can do it now and make it easy on your loved ones (and have more control over outcomes), or you can procrastinate it or avoid it altogether and leave the people you love with a complicated and expensive mess to clean up if you become incapacitated or after you die.

Myth #2: Estate Planning is Complicated and Expensive

Another common misconception is that estate planning is overly complex and costly. While it’s true that estate planning involves legal documents and careful consideration, it doesn’t have to be overwhelming or break the bank. In fact, we promise to make it as easy as possible for you and within the right budget based on your family dynamics, assets, and needs.

The complexity and cost of your estate plan will depend on your specific situation and goals.

Myth #3: I’m Too Young to Need an Estate Plan

You might think estate planning is something you can put off once you’re older, but this is a dangerous assumption. Life is unpredictable, and having an estate plan in place is crucial regardless of your age.

If you’re a young adult, you might have yet to accumulate much wealth, but you still have important decisions to make. For instance:

Who will manage your social media accounts if something happens to you?
Who will take care of your pets?
What will happen to you if you have a small business or side hustle?
Who will be responsible for paying off your student loans or other debts?

Moreover, estate planning becomes even more critical if you’re a young parent. Your estate plan can designate guardians for your children and set up trusts to manage any assets they might inherit. These provisions are necessary for the court to decide who raises your children, leading to family disputes and potentially placing your children with someone you wouldn’t have chosen.

Even if you’re single with no dependents, an estate plan is critical, maybe even more so, because it’s up to you to determine who will care for you if you cannot care for yourself. You don’t want to leave that to a judge to decide. Your plan will ensure your wishes are respected if you become incapacitated, designate who will make medical decisions for you, and specify how you want your assets distributed. This can prevent conflicts among family members and ensure your hard-earned assets go to the people or causes you care about most.

Remember, estate planning isn’t about planning for your death; it’s about preparing for life and the uncertainties sure to come. It’s about taking control of your future and caring for the people and things you love, no matter your age.

Myth #4: Once I Create an Estate Plan, I’m Done

Another common misconception is that estate planning is a one-time event. In reality, your estate plan should evolve as your life changes. Major life events that might necessitate updates to your estate plan include:

Marriage or divorce
Birth or adoption of children
Death of a beneficiary or executor
Significant changes in your financial situation
Purchase of a home or other major asset
Starting a business
Moving to a different state

Even if you have yet to experience significant life changes, reviewing your estate plan at least every three years is essential. However, we recommend you review your assets and how they are titled annually. Laws change, and what was optimal a few years ago might not be the best strategy.

Regular reviews also give you a chance to reconsider your choices. Keeping your estate plan up-to-date ensures it continues to reflect your wishes and provides the best possible protection for your loved ones. Think of it as a living document that grows and changes with you, rather than a static set of instructions. It’s so important that we include regular reviews at least every three years in all our Life & Legacy Plans, and have systems to keep your plan up to date.

How We Help You Take Action Today

Estate planning is not a luxury for the wealthy, a complex process beyond your reach, or something you can put off until later in life. It’s a fundamental aspect of responsible financial planning that everyone should consider.

Our Life & Legacy Planning process is specifically designed to start with getting you educated and organized, so we can support you in choosing the right plan for you and your loved ones. We’ll outline strategies for your assets, prepare for potential incapacity, and ensure your family is cared for, even if the unexpected happens. Our approach includes regular reviews to keep your plan current with life changes, and we even help capture family memories and traditions. With our guidance, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected.

When you consider the peace of mind and potential savings in time, stress, and money for your loved ones down the line, Life & Legacy Planning is often the best way to save your loved ones time and money while also creating optimal value and use of your resources during your own lifetime. Think of it as insurance for your legacy—a small cost now can save your loved ones significant trouble and expense later.

Take the first step towards peace of mind–schedule a complimentary 15-minute consultation and learn how we can help you create your personalized Life & Legacy Plan. Contact us today to get started.

Tags Estate Plan, Estate Planning, Estate Planning Attorney, Estate Planning Myths, Personal Family Lawyer

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