Archive for the Blog Category

Pixels and Passcodes: Managing Your Digital Footprint

On April 22, 2024   /   Blog  
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Pixels and Passcodes: Managing Your Digital Footprint

In our increasingly digital world, we leave behind a substantial footprint of online assets and digital legacies. From social media accounts to email subscriptions, these digital assets hold both sentimental and financial value. However, many individuals overlook the importance of incorporating these assets into their estate plan. When we talk about “digital assets,” this may cover a wide range of items, including but not limited to: Social Media Accounts such as Facebook, Instagram, and LinkedIn profiles. What needs to be done with those? Is there a way to keep the content? Email Accounts including Gmail®, Outlook®, Yahoo® and other email services. Who can access that? Digital Subscriptions like our beloved streaming services, online publications, and software licenses. This includes ancestry profiles, picture storage sites, airfare miles, and other points and rewards. Cryptocurrencies and Online Financial Accounts: Bitcoin, PayPal, and online banking accounts. Failure to account for these digital assets in

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The Importance of Choosing a Qualified Trustee

On April 15, 2024   /   Blog  
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The Importance of Choosing a Qualified Trustee

A trustee can be one person, multiple people, or what is called a “corporate trustee,” such as a bank or trust company staffed by people who manage and grow trust assets. It is essential to choose the right trustee because this person or institution is responsible for carrying out your wishes and protecting trust assets. Many grantors name a spouse, an adult child, a relative, or a close personal friend as trustee. The person you choose must have the ability to serve in this capacity and the willingness to devote all of the time and energy necessary to carry out the mandates of the trust. It is important to note that the trustee must administer the trust faithfully and accurately. He or she can be held legally and financially responsible for any mistakes, even those that are unintentional. This is why you should think long and hard about your choice

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Are You Prepared for the New Business Reporting Requirements?

On April 8, 2024   /   Blog  
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Are You Prepared for the New Business Reporting Requirements?

Do you own a business? Have you established a LLC for any reason? Did you transfer a business or LLC into a Trust? The reporting landscape for businesses is undergoing a huge transformation with the introduction of the Corporate Transparency Act (“CTA”). This legislation creates a new framework for ownership reporting, impacting smaller and larger businesses alike. The CTA was passed in an effort to combat money laundering and other illegal activities. This federal law applies to any businesses that are formed by registering or filing paperwork with the state or commonwealth. If you do not fall into one of the few, very narrow exceptions, that means your business now must report certain business information to the Financial Crimes Enforcement Network (“FinCEN”), a part of the U.S. Treasury Department. If the CTA applies to a business entity, that business must now disclose the following information about the business itself: The

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The Risks of Giving Adult Children an “Advance” on Their Inheritance.

On February 26, 2024   /   Blog  
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The Risks of Giving Adult Children an “Advance” on Their Inheritance.

There are many reasons you might consider giving your adult children a portion of their inheritance now, while you’re alive and well. Maybe you’ve seen your nest egg grow thanks to a robust stock market, and you have more in savings than you thought you would at this stage of your life. Perhaps you and your spouse enjoy excellent health and have received nothing but good checkups for years, so you’re not overly concerned about medical expenses. Or maybe just want to be there to experience how your financial assistance helps your children pursue their dreams and achieve their goals. While many parents would like to help their adult children financially as much as possible, before acting on your generous inclinations you should consider a number of potential problems. For instance, what if one of your children could use some help right now, perhaps with paying off student loans or

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Should Your Beneficiary Serve as Your Executor or Trustee?

On February 19, 2024   /   Blog  
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Should Your Beneficiary Serve as Your Executor or Trustee?

For most people, choosing an executor or trustee means choosing someone close to them – a family member or a friend. However, this often means their executor or trustee is also a beneficiary. But, will choosing a beneficiary create a conflict of interest? The short answer is, the best way to avoid a conflict is to be as specific as possible in your instructions to your executor and beneficiaries. An executor or trustee has a legal duty to manage the property and assets in the decedent’s estate for the benefit of the trust or estate beneficiaries. This means that while the executor/trustee should be compassionate, they must also act in an equal and unemotional manner toward every beneficiary. A beneficiary, on the other hand, is often emotionally involved. Even those beneficiaries who are not concerned with the monetary aspect of their inheritance will likely be emotionally invested in the heirlooms

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Is a ‘Sweetheart Will’ Best for You and Your Valentine?

On February 12, 2024   /   Blog  
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Is a ‘Sweetheart Will’ Best for You and Your Valentine?

When it comes to estate planning, one of the most important decisions you’ll make is choosing the individuals who will help you manage your affairs when you either lose capacity or pass away. These individuals, often referred to as your “agents”, “personal representatives” and/or “executors,” will play a crucial role in ensuring that your wishes are carried out and your assets are distributed according to your plan. Choose Someone You Trust: The most important factor in choosing your personal representatives is trust. These individuals will have access to your financial accounts, personal information, and legal documents, so it’s crucial that you trust them to act in your best interests, in accordance with your wishes. Consider family members, close friends, or trusted business associates who have a history of being responsible and reliable. Consider Experience and Knowledge: Estate planning can be complex, and it’s helpful to choose individuals who have some

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Choosing the Right People to Help with Your Estate Plan

On February 5, 2024   /   Blog  
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Choosing the Right People to Help with Your Estate Plan

When it comes to estate planning, one of the most important decisions you’ll make is choosing the individuals who will help you manage your affairs when you either lose capacity or pass away. These individuals, often referred to as your “agents”, “personal representatives” and/or “executors,” will play a crucial role in ensuring that your wishes are carried out and your assets are distributed according to your plan. Choose Someone You Trust: The most important factor in choosing your personal representatives is trust. These individuals will have access to your financial accounts, personal information, and legal documents, so it’s crucial that you trust them to act in your best interests, in accordance with your wishes. Consider family members, close friends, or trusted business associates who have a history of being responsible and reliable. Consider Experience and Knowledge: Estate planning can be complex, and it’s helpful to choose individuals who have some

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Sentimental Assets and Your Will: Understanding When Someone Can Challenge Your Wishes

On January 29, 2024   /   Blog  
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Sentimental Assets and Your Will: Understanding When Someone Can Challenge Your Wishes

Emotions can run high after a loved one dies, particularly if your family’s assets include items with sentimental value, and the last thing you want is for your family to start fighting after you pass away. Defuse Conflict Over Sentimental Items Before You Pass Away How can you prevent your heirs from fighting over items with sentimental value? Many people believe that a statement in a will or trust that basically says “tangible personal property should be divided as my heirs see fit” will solve the problem. However, this can lead to a host of potential conflicts. A better approach is to put specific items that you believe are of interest to certain family members in writing, and then discuss your decisions in advance with your family. In this way, many emotionally charged disputes can be avoided. What if you are convinced that a former spouse, one of your children,

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Protecting Inheritances For and From Your Heirs

On January 22, 2024   /   Blog  
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Protecting Inheritances For and From Your Heirs

Our clients often express concern about protecting the inheritances of their children. Sometimes, parents worry about the security of a child’s job and what will happen if he or she loses that job, cannot pay bills, and subsequently loses the inheritance to creditors. Other times, parents worry about the influence a child’s spouse has over their child’s money management decisions. A child embroiled in a “bad marriage” frequently leads to parental concerns over an inheritance being diminished or lost through divorce. Finally, parents often wonder whether their children are mature enough to handle an inheritance on their own. Fortunately, there are a number of ways for you to leave an inheritance to your children and protect that inheritance against threats such as these and more. Certain types of trusts, for example, have the power to accomplish this goal, with the added benefit of avoiding probate. Here are a few examples.

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Mind Matters: Distinguishing Dementia from Alzheimer’s

On January 15, 2024   /   Blog  
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Mind Matters: Distinguishing Dementia from Alzheimer’s

In this blog, we will shed light on a topic that impacts numerous families – the distinction between dementia and Alzheimer’s. Developing a better understanding of these terms is essential, particularly when navigating legal matters associated with the well-being of loved ones. Dementia: The Broad Term Dementia is like an umbrella term that covers a range of cognitive issues affecting memory, reasoning, and daily activities. Think of it as a category that includes various conditions causing cognitive decline. Common symptoms include forgetfulness, difficulty concentrating, and challenges in communication. Alzheimer’s: A Specific Type of Dementia Under the dementia umbrella, we can zoom in on Alzheimer’s. It’s a specific type of dementia, representing the most prevalent cause (accounting for 60-70% of all dementia cases as of 2022). Alzheimer’s is characterized by the build-up of abnormal protein deposits in the brain, leading to the death of brain cells over time. This progressive condition

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