• 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?
    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?
    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
    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
    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
    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
    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
    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
    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
    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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