Archive for the Blog Category

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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Protecting Seniors from Sophisticated Scams

On January 8, 2024   /   Blog  
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Protecting Seniors from Sophisticated Scams

In an era dominated by technology, scams targeting seniors have become increasingly sophisticated, both over the phone and online. It is crucial to equip our elderly loved ones with the knowledge and tools to safeguard themselves from potential threats. Here are some best practices to help prevent scams and ensure the financial well-being of our seniors. Stay Informed: Knowledge is power. Seniors should stay informed about common scams circulating in their communities and online. Familiarize them with the latest tactics fraudsters employ to exploit trust and manipulate emotions. Be Skeptical: Encourage skepticism when dealing with unsolicited phone calls, emails, or messages. Remind seniors that legitimate organizations will not pressure them into immediate action, and they should take the time to verify the legitimacy of any unexpected communication. Secure Personal Information: Emphasize the importance of safeguarding personal information. Remind seniors to avoid sharing sensitive details like Social Security numbers, bank account

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There’s Still Time: End-of-Year Tax Planning Considerations

On October 27, 2023   /   Blog  
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Many people think of estate planning as merely a set of documents that lays out their instructions after they die. However, estate planning also involves strategic preparation during your lifetime. Everyone has different goals with their estate planning including protecting their vulnerable beneficiaries, leaving instructions for end of life care, providing for children and grandchildren, or even maximizing gifts to charities. But there is one goal that everyone can typically agree on:  Minimizing taxes. Here are some steps to take before the end of the calendar year to reduce your tax bill. Tax Losses If some of your investments have done really well this year, and you have significant gains, you might want to offset some of those with tax losses. While you might not think of investment losses as a good thing, they could really help reduce your tax bill. In order to “harvest” your losses, you’ll need to

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Expanding Horizons: Estate Planning Law Center Ventures into Real Estate Sales

On July 26, 2023   /   Blog  
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Providing Comprehensive Solutions for Clients’ Real Estate Needs In an exciting move to better serve our valued clients, we are thrilled to announce that our esteemed Estate Planning Law Center is expanding its services to include real estate sales. This strategic decision stems from our commitment to providing comprehensive solutions and meeting the evolving needs of our clients. In this article, we delve into the reasons behind our expansion into real estate sales and how it enhances our ability to serve as a trusted resource in all aspects of our clients’ financial and legal well-being. Meeting Diverse Client Demands As an estate planning law firm, we have witnessed firsthand the intricate interplay between estate matters and real estate holdings. Many of our clients seek advice on how to effectively manage and transfer their real estate assets as part of their estate plans. Recognizing this need, we are broadening our expertise

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The Sandwich Generation: Have Your Sandwich and Eat It Too!

On July 17, 2023   /   Blog  
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Stay ahead of the curve in securing your loved ones’ futures. We find ourselves in an era where the responsibilities of care-giving and financial planning have intertwined, placing a significant burden on a generation aptly named “The Sandwich Generation.” This unique group of individuals is caught between the demands of caring for their aging parents while simultaneously supporting their own children. In this edition, we delve into the crucial topic of estate planning and how it plays a pivotal role in securing the future for both the Sandwich Generation and their loved ones. Understanding the Sandwich Generation: A Balancing Act The term “Sandwich Generation” resonates with those individuals who find themselves squeezed between the responsibilities of caring for elderly parents and attending to the needs of their children, often spanning across different generations. This delicate balancing act can be emotionally, physically, and financially draining. The Dual Responsibilities: Don’t Let Your

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Estate Planning vs. Tax Planning: Know the Advantages & Disadvantages

On April 25, 2023   /   Blog  
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As we are in the midst of tax time and are navigating the complex world of financial planning, it can be easy to get overwhelmed by the various strategies and terminology used in the industry. Two terms that are often used interchangeably are “estate planning” and “tax planning.” While both strategies are important components of a comprehensive financial plan, they are not the same thing. Estate planning is the process of creating a plan for the distribution of your assets after you pass away. This can include creating a will, establishing trusts, naming beneficiaries for retirement accounts and life insurance policies, and making decisions about end-of-life care. Tax planning, on the other hand, is the process of minimizing your tax liability through strategic financial decisions. This can include taking advantage of tax deductions and credits, contributing to tax-advantaged retirement accounts, and creating trusts or other structures that offer tax benefits.

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Stay Ahead of the Storm and Plan Ahead this Winter

On January 18, 2023   /   Blog  
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Stay Ahead of the Storm and Plan Ahead this Winter

    An estate plan is like a warm blanket on a cold night – protecting your loved ones and your assets. Winter sports such as skiing, snowboarding, ice skating, and ice hockey can be a fun and exciting way to spend these cold months. However, it is important to remember that these activities come with an element of risk. Accidents can happen, and it is important to be prepared in case the worst occurs. As the winter months approach, one way to protect yourself and your loved ones is by having an estate plan in place. An estate plan is a set of legal documents that outline how you want your assets to be managed and distributed after your death. Having an estate plan is essential for ensuring that your wishes are carried out and that your loved ones are taken care of after you are gone. There are

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Estate Planning Isn’t Just for the Rich and Famous – It’s Necessary!

On January 18, 2023   /   Blog  
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Estate Planning Isn’t Just for the Rich and Famous – It’s Necessary!

    As we enter the time of year when the entertainment industry recognizes and celebrates the best in film, television, and music, it is a time of glamour and excitement as celebrities flock to the red carpet for their biggest award shows of the year. As many may not realize, there are many celebrities who have passed away without having an estate plan in place. One example is Prince, the iconic musician who died in 2016 at the age of 57. At the time of his death, Prince did not have a will or any other estate planning documents in place. As a result, the distribution of his $200 million estate was left in the hands of the courts. The probate process was long and complicated, and it took more than two years for his assets to be distributed according to Minnesota state law. The process was further complicated

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