Trish Dressen 7/3/23 Trish Dressen 7/3/23

Estate Planning Pitfalls - 3 Mistakes That Could Make Your Estate Plan Worthless

Including a Trust as part of your estate plan is a smart decision. It allows you to avoid probate, maintain privacy, and distribute your assets to your loved ones while also providing them with a lifetime of asset protection, if you choose it for them. But, here’s the thing you might not know, and is critically important to remember: simply creating a Trust is not enough. For your Trust to work, it has to be funded properly and may need to be updated over time.

Funding your Trust means transferring ownership of your assets from your own name into the name of your Trust. This can include bank accounts, investments, real estate, and other valuable possessions.

By funding your trust properly, you ensure your assets are managed according to the terms of your Trust and will be distributed according to your wishes when you die or if you become incapacitated.

But, if you fail to fund your Trust, it becomes nothing more than an empty vessel. Your assets will not be protected or distributed as intended, at least partially defeating the purpose of creating a Trust in the first place! While your assets can still get into your trust and be governed by your Trust after your death, that means that your family still goes to court to get your assets there, and that is a costly endeavor.

To make sure your Trust works for you, avoid these funding fiascos and work with an attorney who will ensure that everything that needs to get into your Trust does.

Forgetting to Update Your Account Beneficiaries

Many people mistakenly believe that a Will or Trust alone is enough to dictate how their financial accounts should be distributed after they die. However, this isn’t the case. Without proper beneficiary designations on your accounts, your wishes may not be honored and your assets could end up in the wrong hands.

Remember, the beneficiaries you designate on your accounts supersede any instructions in your Will or Trust, so this step is vitally important.

Take a moment to review your various accounts, such as bank accounts, retirement plans, and life insurance policies. Ensure that each account has your Trust named as your designated beneficiary, unless you’ve made different plans for that specific account.

When you are working with a lawyer, make sure your lawyer has a plan for each one of your beneficiary-designated assets, communicates that plan to you, and that the two of you decide who will handle updating your beneficiary designations. Then, make sure you review your beneficiary designations annually. In our office, we support our clients to do all of this with well-documented asset inventories, and a regular review process built into all of our plans.

Your Attorney Didn’t Move Your Home Into Your Trust

For many of us, our home is our most important and valuable asset. But if your attorney doesn’t deed your home into your Trust, your home won’t be included under the terms of your Trust if you become incapacitated or pass away.

That means your home could end up going through the long and expensive probate court process in order to be managed during an illness or passed on to your loved ones after you die. If you own a $300,000 home, that means your family could lose up to $15,000 or more just to transfer your home to your trust and then distribute your home pursuant to the terms of the trust - and that’s not including any other assets that would have to go through probate.

A knowledgeable estate planning attorney shouldn’t miss this step, but it happens. And if you’re using a DIY service online to create a Trust without the help of any attorney at all, it’s bound to happen!

That’s why it’s so important to work with a lawyer who takes the time to make sure every asset you own is in your Trust before they say their farewells.

Not Reviewing Your Plan and Accounts Every Three Years

You might wonder how not reviewing your estate plan every few years could really make your plan worthless. Well, the good news is that failing to review your plan is unlikely to completely eliminate the benefits it provides you because an estate plan is made up of a number of moving parts, not just a Will or a Trust.

But, failing to keep your financial assets up to date and aligned with your estate plan can result in huge issues for you and your family and can even make the Trust you invested in worth little more than the paper it’s printed on!

That’s because your Trust can’t control any assets that don’t have the Trust listed as the owner or beneficiary. By reviewing your accounts every 3 years, you can help catch any accounts that don’t have your Trust listed in this way.

For example, it’s very common for clients to open a new bank account and forget to open the account in the name of their Trust or add their Trust as a beneficiary.

Thankfully, by comparing my clients' financial accounts to their estate plan at least every 3 years, I’m able to catch simple oversights like this that could cause their assets to be completely left out of their Trust.

Make Sure All of Your Assets Are Included In Your Plan with Help From Our Firm

Getting your legal documents in place is an important step, but it's equally important to know that the documents themselves are not magic solutions (as magical as they may seem!). Merely creating a Trust or naming beneficiaries on your accounts does not guarantee that your wishes will be carried out unless all of the pieces of your plan are coordinated to work together.

If you aren’t experienced in the area of estate planning, trying to coordinate all these pieces yourself can be a recipe for disaster.

That’s why I work closely with my clients to not only create documents but to create a comprehensive plan that accounts for all of your assets and how each one needs to be titled to make sure your plan works for you the way you intended.

Plus, I offer my clients a free review of their plans and financial accounts every three years to ensure that their plans accurately reflect their lives and their wishes for their assets and loved ones.

If you want to know more about my process for funding your Trust and making sure nothing is ever left out of your plan, click the link below to schedule a free 15-minute discovery call. I can’t wait to hear from you.

This article is a service of BC Counselors at Law, PLLC. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session.

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.

Trish Dressen 6/26/23 Trish Dressen 6/26/23

Vacation Ready: Essential Legal Preparations for a Worry-Free Getaway

Vacations are a time to relax, unwind, and create beautiful memories with your loved ones. But before you set off on your adventure, it's essential to ensure that your legal affairs are in order so you can fully relax during your travels.

Can’t imagine doing one more thing before you take some much-needed time away?

Don’t worry! As your Personal Family Lawyer®, I'm here to guide you through these important tasks, so you can enjoy your vacation worry-free. Plus, these steps only take a little time to complete and can provide you with peace of mind knowing that you have made proper arrangements if the unexpected happens to you or your family while you’re away.

Let’s dive in! (No pool puns intended!)

1. Create Powers of Attorney

Whether you’re traveling overseas or just a few hours away, it's crucial to have Powers of Attorney in place for both health care and financial matters before you leave.

A Healthcare Power of Attorney designates someone you trust to make medical decisions on your behalf if you become incapacitated during your vacation. While no one plans to become incapacitated, a slip on the diving board, an injury while boating, or a parasite caught from local cuisine (eek!) can happen.

Similarly, a Financial Power of Attorney empowers a trusted individual to manage your financial affairs for you. With a Financial Power of Attorney, you can give someone the authority to manage your investments or pay your bills away while you’re gone, or just have it as a safety net in case you become incapacitated or can’t be reached while traveling.

By having these documents prepared ahead of time, you can ensure that no matter what hiccups you run into on your travels, your wishes for your health will be respected and your financial affairs will be handled according to your instructions, even when you're away.

2. Nominate Permanent Legal Guardians for Your Kids

As a parent, naming a Permanent Guardian for your children is one of the most important decisions you can make. While it's a difficult topic to consider, designating a Permanent Legal Guardian ensures that your children will be cared for by someone you trust if the unexpected happens while you're on vacation.

It’s a good idea to take a little time to choose someone who shares your values, loves your children, and is willing to take on the responsibility of raising them. However, anyone you trust to raise your kids is a better choice than leaving the decision up to a judge who doesn’t know you or your family.

By documenting your chosen Guardian, you make sure your children will be cared for by someone who loves them and knows them if the unthinkable happens to you, and you can always update your choice at any time in the future as your children and their relationships change over time.

3. Designate Short-Term Guardians for Your Kids

In addition to naming a Permanent Guardian, it's equally crucial to designate short-term Short-Term Legal Guardians for your children. Short-Term Guardians step in when the Permanent Guardian lives far away, or in case of a short-term, immediate emergency.

You can give multiple people the authority to be your child’s Short-Term Guardian, including relatives, neighbors, or nannies. When planning a vacation, it’s a good idea to name any adults who your child will be staying with while traveling with you or staying home.

For example, if your child is spending the week at their grandparents’ house, you should name their grandparents as Short-Term Guardians and give them medical Power of Attorney for your minor child. If your child is traveling with you, naming any adult travel companions as Short-Term Guardians and giving them medical Powers of Attorney is a wise choice in case a Guardian or Medical POA is needed for your child while on your trip.

Discuss this arrangement with the individuals you've chosen and make sure they’re aware of their roles and responsibilities. By establishing Short-Term Guardians and Medical POAs, you can ensure that your children are well-cared for in the event of an emergency.

4. Tell the People You Trust About Your Plans

Last but not least, make sure that the people you trust know about your travel plans and the preparations you’ve made, including where you’ll be staying and how to get in contact with you.

Let them know about any legal documents you've put in place, and how to access them if needed. Share this information with your chosen Guardians, family members, and close friends. By keeping everyone in the loop, you can ensure that your wishes are known and your loved ones can act swiftly and effectively in case of an emergency.

You should also provide your loved ones with my contact information in case they need copies of your Powers of Attorney or kid’s Guardianship documents or need them delivered digitally.

Estate Planning for The Life (And Vacation) You Deserve

As you pack your bags and prepare for your vacation, don't overlook the importance of handling your legal affairs. Taking the time to create Powers of Attorney, Permanent and Short-Term Legal Guardians for your children, and communicating your plans to trusted individuals can provide you with peace of mind and save your family incredible stress if there’s an emergency while you’re away.

To ensure that these documents are prepared correctly and in accordance with your state's laws, I encourage you to contact me, your Personal Family Lawyer®. I start by guiding all of my clients through a unique process I call the Family Wealth Planning Session. During the Session, I get to know you and your family on a personal level and review exactly what you own and who you love to make sure everything and everyone is protected and cared for in the best way possible when you pass away or if you become incapacitated.

And if we find that things wouldn’t go the way you wanted if something happened to you, I can help you create a custom estate plan that leaves no rock unturned.

Don't let the joy of vacation be overshadowed by the “what if’s.” Contact our office today at 855-221-8251 for a free 15-minute call to learn more.

Trish Dressen 6/19/23 Trish Dressen 6/19/23

Have a Trust? How the Corporate Transparency Act Affects You

Get ready for an interesting twist in the world of legal and business news. You may already be familiar with the upcoming Corporate Transparency Act, set to kick in next year. If you aren’t, it’s time to get in the know because it could impact you, and if you it does, you’ll need support. Starting January 1, 2024, every small business will be obligated to submit an annual report revealing the names of their major owners. Now, here's where it gets intriguing. If you happen to have a Trust that holds partial or full ownership in a business, that business might be required to disclose private details about your trust, including details about the name of your Trustee or beneficiaries, in your annual corporate report to the government.

But hold on, you might be wondering, how do you figure out if your Trust needs to be reported? Fear not, for I have some answers. Keep reading, and you'll soon uncover all the essential details!

What Is the Purpose of the Corporate Transparency Act and What Does It Require?

Introducing the Corporate Transparency Act! Enacted in 2020 and set to take effect on January 1, 2024, this Act aims to tackle money laundering and terrorism financing schemes involving "shell" corporations—companies that exist merely on paper and don't engage in actual business or trade (like “Vamonos Pest” in Breaking Bad).

Under this Act, small companies will now have to disclose the names of any owners who hold 25% or more ownership in the company, as well as any individuals who exercise significant control over the company's activities. The goal is to identify and expose shell corporations that are frequently involved in money laundering, as such illicit activities tend to occur within small businesses rather than large corporations.

To comply with the requirements, businesses must submit an annual report to the Financial Crimes Enforcement Network (FinCEN) containing the following details about each owner or controller:

Business name
Current business address
State in which the business was formed and its Entity Identification Number (EIN)
Owner/controller’s name, birth date, and address
Photocopy of a government-issued photo ID (such as a driver’s license or passport) of every direct or indirect owner or controller of the company

Failing to file an annual report could result in serious repercussions, from paying a fine of $500 for every day the report is late up to imprisonment for two years.

Does My Trust Need to Be Disclosed?

Since a Trust can own a business or a share of a business, Trusts are also involved in the Corporate Transparency Act, but under more limited circumstances.

So how do you know if your Trust information will need to be disclosed?

Let’s break it down…

The new rule applies to any company that is created by filing a formation document with the Secretary of State or a similar office, such as corporations and limited liability companies (LLCs).

Non-profits, publicly traded companies, and regulated companies like banks and investment advisors are exempt from the rule. Large companies are also exempt if they have 20 or more full-time employees in the US and generate $5 million in sales. So, if your trust owns a share of any of these types of companies, it does not need to be reported.

If you have an LLC or corporation you created but aren’t actively using to run a business, that company is exempt from reporting due to its inactivity, so your Trust would not be reported in that instance, either.

But, if your Trust owns a share of a small, for-profit company, (like a small family business or local investment) the beneficial owner of the Trust will need to be reported to the Financial Crimes Enforcement Network.

The beneficial owner is the person or people who benefit from the Trust or have the power to make major decisions about the Trust assets. Depending on how your Trust is written, this is usually the trustee, but it can also be the beneficiaries of your Trust.

Make sure to contact us to have your Trust reviewed before 2024 to make sure you report the correct beneficial owner of your Trust.

Does the Corporate Transparency Act Affect My Trust’s Asset Protection?

One of the best things about creating a Trust is that it provides you and your family with an extra level of privacy and provides asset protection from divorce or lawsuits for your Trust’s beneficiaries after you’re gone.

Thankfully, having a Trust that owns a business or a share of a business doesn’t take away from the Trust’s ability to provide asset protection to your heirs.

And while the new Corporate Transparency Act rule reduces some of the privacy benefits that come with owning assets in a Trust, the names of your Trust, trustees, and beneficiaries are not made public and are only used by the government for the specific purpose of investigating financial crimes.

Because of this, Trusts remain an excellent tool for providing privacy, avoiding probate, and setting up your family with a lifetime of asset protection and financial security.

Guidance for Your Family Now and For Years to Come

If you have a Trust or are curious about creating an estate plan for your family, you may be wondering how changes in the law will affect your plan in the future and how you can possibly plan for them.

As your Personal Family Lawyer®, that’s where I come in. Unlike many estate planning attorneys who serve their clients once and never see them again, I see estate planning as a life-long relationship.

Your life and the world around you are constantly changing, and your estate plan should too.

That’s why I keep my clients informed about any changes in the law that may affect their estate plan and offer to review your plan for free every three years to make sure that your plan still works for you just as well as it did on the day you created it.

If you’re ready to create a custom plan for the ones you love or have questions about how the Corporate Transparency Act might affect you, schedule a free call today.

I can’t wait to serve you now and for years to come.

Trish Dressen 6/12/23 Trish Dressen 6/12/23

5 Types of Insurance No Business Owner Should Go Without - Part 2

Last week, we looked at three types of insurance coverage that every business owner should have. While buying insurance coverage may seem low on your to-do list, making sure you and your business are protected from lawsuits is one of the most important things you can do for your business.

After all, your business can’t grow and succeed if you’re forced to sell it to cover lawsuit expenses! This is especially true for smaller companies. While you may think your chances of being sued are lower than a large corporation, the damage your small business could sustain due to a lawsuit is all the more harmful because your business likely doesn’t have the liquid cash reserves you’d need to pay off the costs of being sued.

Facing a lawsuit as a small business isn’t just stressful, but it could cost you your entire business!

Instead, investing in appropriate insurance coverage will give you peace of mind and let you focus on expanding your business knowing that if something happens, you’ll be able to handle it and move forward with confidence.

Here are two more types of insurance you should never go without!

4. Employment Practices Liability Insurance

A lesser-known but very important insurance coverage for business owners is Employment Practices Liability Insurance or EPLI. EPLI insurance protects you against lawsuits filed against your business by your own employees under claims that your company violated their workers’ rights.

Types of lawsuits covered under these policies include:

Wrongful termination
Poor management of employee benefit plans such as retirement accounts
Sexual harassment claims
Discrimination
Infliction of emotional distress
Breach of employment contract

In our increasingly litigious world, the chance of being sued by one of your own employees is greater than ever. While every business owner should have policies in place to reduce the likelihood of employment issues that can lead to a lawsuit, there’s always still a risk, and that risk is simply not worth it.

If you aren’t sure how to get EPLI coverage, start by talking to your general liability insurance policy provider to see if they offer it as a rider on your general liability policy. Otherwise, many companies offer affordable stand-alone EPLI policies.

5. Professional Liability Insurance

Last but certainly not least, professional liability insurance is an essential safeguard for service-oriented businesses. Also known as errors and omissions insurance, this coverage protects your business against claims arising from errors, omissions, or negligence in your professional services. Even the most seasoned professionals can make mistakes, and in such cases, your clients may seek compensation.

Professional liability insurance provides financial protection by covering legal fees for your defense and money for settlements and damages paid to the suing party. If you need a license to do what you do - such as doctors, lawyers, contractors, and accountants - professional liability insurance is an absolute must.

These policies also usually include an option for “prior works coverage” and “tail coverage” that extend your policy coverage limits for work you did before taking out the policy and for work you completed during the policy term even after you’ve canceled that policy.

For example, a tail coverage policy will cover an error you made while doing tax work for a client during the policy term, even if the error isn’t discovered by an IRS audit until two years later when you are no longer paying premiums for the policy.

Protecting Your Business and Planning for Its Future

As your Personal Family Lawyer®, it’s my passion to help business owners create businesses and lives that they love, and that starts with a strong foundation that protects you and your business.

That’s why I offer the LIFT™ Business Breakthrough Session to make sure your Legal, Insurance, Financial, or Tax systems are set up for success. Once you have the essential building blocks in place, I support my clients as an extension of your team with monthly support that helps you grow your client base, understand your cash flow, and plan for steady, reliable growth.

If you’re ready to take the next steps toward building and protecting your business, schedule your free 15-minute discovery call by calling our office at 972-584-9668. We can’t wait to be part of your team.

This article is a service of BC Counselors at Law, PLLC. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

Trish Dressen 6/6/23 Trish Dressen 6/6/23

5 Types of Insurance No Business Owner Should Go Without - Part 1

As a business owner, you pour your heart and soul into building your dream, making strategic decisions, and managing day-to-day operations. With an eye on your business’s future growth, it's crucial not to overlook the importance of protecting your business from unexpected setbacks.

Even if you think your business is too small to worry about a potential lawsuit, no business is immune to legal trouble as a result of an accident, employee incident, or technology mishap that could cost your business more than just money.

Insurance is a powerful tool that can provide you with peace of mind and safeguard your hard work, but it can be tough knowing what coverage you need. In this blog post, we'll explore four types of insurance that no business owner should go without. Let's dive in!

1. General Liability Insurance

General Business Liability Insurance is the first place to start when it comes to getting insurance coverage for your business. This type of coverage acts as a safety net by protecting your business (and you) from lawsuits that can result from someone getting injured on your business’s property, damage that can occur to your building from issues such as a pipe bursting, and protection from theft or damage to your business property like machines and furniture.

General liability insurance can help cover legal fees, medical bills, and settlement expenses that can arise from these issues, and can give you confidence in knowing you’ll be able to navigate unforeseen circumstances without jeopardizing your business's financial stability.

2. Worker’s Compensation Insurance

Next on our list is worker's compensation insurance. Your employees are the backbone of your business, and ensuring their well-being should be a top priority. Worker's compensation insurance provides coverage for medical expenses and lost wages in the event of work-related injuries or illnesses.

By investing in this insurance, you not only protect your employees but also shield your business from potential lawsuits resulting from workplace accidents. It's a win-win situation that promotes a safe and secure work environment.

Workers' compensation insurance is mandatory by law in most states if you have W2 employees. If you aren’t sure whether workers’ comp rules apply to your business, give me a call. I’d be happy to walk you through our state’s requirements and help guide your business through these fundamental decisions.

3. Technology Insurance

In today's digital age, technology is an integral part of almost every business. Whether you rely on computers, software, or other technological tools, protecting your digital assets is crucial. Technology insurance offers coverage for equipment malfunctions, data breaches, and cyber-attacks. Even if you aren’t a tech giant, a single security breach or system failure can have severe repercussions, leading to financial losses, reputational damage, and legal liabilities.

Any business that handles or stores confidential information, such as Social Security numbers, addresses, health records, bank account information, or credit card information should have technology insurance. By having technology insurance, you can mitigate the risk of this sensitive data being breached and protect yourself and your business from the world of online hackers and cybercriminals.

Helping You Build a More Secure Business

Insurance goes beyond external protection; it supports your business from the inside out. By investing in comprehensive insurance coverage, you create a safety net that allows you to focus on what you do best: generating new customers for your business.

Moreover, having the right insurance demonstrates your commitment to responsible business practices, which can enhance your reputation and build trust with clients, employees, and partners. These insurance policies act as shields, safeguarding your business, employees, and clients from potential financial and legal pitfalls. By investing in insurance, you can sleep well at night, knowing that your hard work is protected.

If you want to make sure your business doesn’t have any gaps in its Legal, Insurance, Financial, or Tax systems, give me a call and ask about my LIFT™ Breakthrough Session. During the session, I review your business’s needs and the systems you currently have in place to make sure your business has the foundational components it needs to thrive. From there, I support my clients toward reaching their ultimate work-life dreams through an ongoing relationship and monthly support.

To learn more about how I can help you create the business of your dreams, you can call our office at 972-584-9668 to schedule your free 15-minute discovery call.

Trish Dressen 5/22/23 Trish Dressen 5/22/23

Want to Grow Wealth? Warren Buffet's Unexpected Investment Advice

If you are going to take investment and estate planning advice from anyone, Warren Buffett is likely one you want to consider. As one of the most successful investors in history, his track record speaks for itself. However, his wisdom goes beyond picking stocks and making money.

At this year’s Berkshire Hathaway annual shareholder meeting, Buffett shared several pieces of financial advice but also provided insights on the importance of personal growth and estate planning when seeking to grow wealth. While many of us may feel overwhelmed by the thought of estate planning or building our wealth, Buffett's advice reminds us of two key but simple steps we can take to create financial and generational wealth.

Focus on Your Human Assets to Build Your Wealth and Your Legacy

In almost every interview Buffett provides, he stresses the importance of investing in yourself. “The best thing you can do is to be exceptionally good at something," said Buffett. "Whatever abilities you have can't be taken away from you. They can't actually be inflated away from you. So the best investment by far is anything that develops yourself, and it's not taxed at all."

Your earning power is the greatest determiner of your financial well-being, and the one thing you can count on no matter what’s happening in the external economic environment. If you have a highly valuable skill, and you know how to get paid well for that skill, market your services, and sell your services to those who need them, you’ll never have to worry about money. That doesn’t mean you won’t worry about money; but it does mean you don’t have to worry about money.

If you don’t have a highly valuable skill or if you have a skill that will soon be replaced by AI, that’s the first place for you to invest. You may need to get retrained, or uplevel your skills to be more human or relational so you can use AI, but not compete with it, and all that may take investment. Don’t shy away from investing in additional training to get even better at your service, or even get the additional support to learn to market and sell your services. Those investments will always pay off whereas the stock market is out of your control.

Investing in yourself not only leads to financial success but also personal fulfillment and a clear sense of purpose that will organically become your legacy. At the end of the day, you likely won’t be remembered for your financial success (though it’s a nice bonus if you are!). Even Warren Buffett, who is renowned for his wealth and investment skill, is even more often acclaimed for his wisdom, humility, and generosity than for his money.

Raising Kids Well is Key in Effective Wealth Planning

During a Q&A session with an estate planning attorney, Buffett stressed the importance of talking to your children about your estate planning well before your death. Buffett stated, “If the children are grown when the will is read to them and it’s the first they’ve heard about what the deceased thought about things, the parents have made a terrible mistake.”

Leaving your family in the dark about your personal and financial wishes until you die or become incapacitated due to an accident or illness can lead to large amounts of confusion and conflict among family members. If you don’t want to leave a mess, don’t wait to talk to the people you love.

As we recommend and build into our Life & Legacy Planning Process, Buffett recommends involving your heirs in the planning process. By doing so, you can ensure that everyone is on the same page and that your wishes are understood and respected far in advance. Additionally, this provides an opportunity to discuss your values and beliefs with your heirs, which can have a lasting impact on their lives. Buffett expressed that if you really want your heirs to act responsibly with their inheritance, you must live out your values and instill them in your heirs.

How to Start the Conversation About Estate Planning With Your Heirs

So how do you start the conversation about estate planning with your heirs? We recommend you do it directly and with an invitation to meet with you and your lawyer together. This is something we love to do with our clients, and we’d love to support your family in this way too. You might say something like: "I want to make sure that we're all taken care of, both now and in the future. That's why I'd like to talk to you about my wishes for our family resources, and how we can ensure that everything is handled smoothly when I can’t be here."

If your loved ones aren’t immediately open to having a conversation about estate planning with you or are resistant to how you want your assets managed after your death, don’t worry. Talking about estate planning can be uncomfortable at first, but as you normalize the topic, the conversation will become easier and more open.

Or, if you are worried that filling your heirs in on what they’ll receive will cause harm, please call us. This is a place we can really help by supporting you to get prepared to have a conversation with your heirs and also supporting them to be ready to receive their inheritance.

When you talk money and inheritance with your heirs during your lifetime, you have the opportunity to truly pass on not just the money, but your values too. If you wait until you are incapacitated or have died, it’s simply too late.

Finally, if you are the future heir of a parent who has not yet talked with you about estate planning, you can jumpstart the conversation by getting your own planning done, and then talking with your parents about the choices you made, why you made them, and letting them know you’d like to help them feel comfortable talking to you about the choices they are making. If you aren’t sure how to handle any of this, please reach out.

Thoughtful Guidance to Build Your Personal and Financial Life and Legacy

Warren Buffett's advice on building and preserving wealth is timeless and valuable no matter the size of your family or your estate. By involving your heirs in your estate planning and investing in yourself, you can set yourself and your loved ones up for long-term financial success and create a legacy that spans not only through your life but through the generations that follow you.

If you aren’t sure where to start or how to talk about your wishes with your family, give me a call. I’d be happy to guide you and your loved ones through the process of creating an estate plan that focuses on the needs and hearts of everyone it involves, so you can build a life you love today knowing that your loved ones and your community will be impacted by your legacy for years to come.

To learn more about my heart-centered approach to estate planning, call our office at 855-221-8251 to learn about my Family Wealth Planning Session™ process.

Trish Dressen 5/15/23 Trish Dressen 5/15/23

Why “Just a Will” Is Never Enough

When you think of estate planning, a Will is usually the first thing that comes to mind. In fact, most people who contact me tell me they don’t need anything complicated for their estate- just a Will. Indeed, Wills have a reputation as the number one estate planning tool and can be seen all over TV shows and movies, from the dramatic “reading of the Will” (which rarely happens in real life) to characters plotting how best to defraud their billionaire uncle’s Will in order to inherit his lavish estate.

But although Wills are a key part of your estate plan - and a big part of the movies - relying on a Will alone won’t solve your estate planning needs - no matter what Hollywood says. Instead, using just a Will to plan your final wishes is likely to leave your loved ones with an expensive mess that won’t distribute your assets in the way you intended.

What’s more, a Will alone won’t ensure that you’re taken care of in the event of incapacity, and contrary to what you might think, relying on only a Will actually guarantees that your family will need to go to court when you die.

If you don’t want to leave your family with a mess if something happens to you, it's important to know how a Will works and when it can be used to benefit you and your family.

What Exactly Is a Will and How Does it Work?

A Will is a written document that directs how the creator of the will wants their possessions disposed of after their death. The creator of the Will is called the testator or testatrix. In your Will you can name someone you trust to manage the distribution of your assets, called your personal representative or executor. You can also write out what you want to have happen to your property, what charitable gifts you want to make, and who will receive them.

A Will can be a complex document or a very simple document. You can even write your Will on a napkin if you really want to!

With that said, a Will isn’t a legally binding document unless it’s executed according to the laws of the state where you reside. In general, you need to sign your will in front of a witness, and sometimes a notary.

Some states have laws that allow you to create a Will that isn’t witnessed at all so long as it is handwritten by the testator themselves. But because every state has different laws for the creation of a Will, it’s important to consult with an experienced estate planning attorney (like me) to create your Will rather than trying to write your own.

A Will Requires Probate Court

One of the biggest estate planning myths I hear from clients is the belief that by having a Will, their loved ones won’t need to go to court after they die.

This is sadly the opposite of the truth.

If you use only a Will as your main method of estate planning, you are actually guaranteeing that your loved ones will go to court after you die because a Will is required by law to go through the court system called probate before any of your assets can be distributed. In fact, a will is only effective within the probate court.

Once your Will is admitted to the court after your death, your personal representative or executor will be given official authority to move your assets under the court’s supervision. This ensures your property is distributed according to your wishes and that the court can intervene if there are any disputes over who gets what.

While court oversight can be helpful if there is any confusion or disagreement about your estate, the probate process is long and expensive. For very small estates the process may take about 6 months, but for most estates, the process can take 12 - 18 months or sometimes even more.

Due to the length and complexity of the process, going through probate can easily cost your family tens of thousands of dollars. Some states even require that probate cost a certain percentage of your estate’s value.

In addition, because probate is a public court proceeding, your Will becomes part of the public record upon your death, allowing everyone to see the contents of your estate, who your beneficiaries are, and what they’ll receive. Unfortunately, it’s not uncommon for scammers to use this information to try to take advantage of young or vulnerable beneficiaries who just inherited money from you.

A Will Does Not Apply to All of Your Assets or All of Your Needs

Although movies make it seem like you can and should leave all your property to your loved ones through your Will, a Will actually only covers certain items of your property, including any property owned solely in your name and any property that doesn’t have a beneficiary designation.

A Will does not cover property co-owned by you with others listed as joint tenants or owned as marital property, meaning you can only give away your share of any property you own with others, not the entire property.

Any assets that have a beneficiary designation, like retirement accounts or life insurance, are not controlled by your Will at all but will instead be paid out to the person listed as your beneficiary on each account. Because of this, it’s especially important to make sure your account beneficiaries are up to date.

In addition, a Will has no power until you die, so you can’t use it to give someone you trust the power to make decisions for you if you’re incapacitated due to illness or injury. Even if you named someone in your Will to manage your estate or watch over your children, that person will have no authority to do so while you’re alive.

Don’t Just Get a Will, Get an Estate Plan

With all the issues that using a Will for estate planning can create, you might be wondering why a Will is even used at all. The thing is, a Will isn’t the one-and-done solution that most people are led to believe by TV shows and even some lawyers.

Instead, a Will should be used as a piece of your overall estate plan, not as the entire plan itself. And ideally, your Will shouldn’t even need to be used at all.

How can that be? Well, an estate plan isn’t just one or two documents - it’s a range of tools and coordinated planning that makes sure everything and everyone you love is taken care of.

And by using better tools like a Trust instead of a Will as your main tool for estate planning, you can direct what happens to your property while avoiding probate court entirely and ensuring the people you trust can step in and manage your assets immediately if you become incapacitated because of an illness or injury.

In addition, any assets you put in the name of your Trust are entirely private, meaning the court and the public will never know what you own or who will inherit it after you’re gone.

When using a Trust-based estate plan, you’ll still have a Will, but your Will should only need to serve as a backup and safety net to make sure that any assets that are accidentally left out of your Trust at your death are added back into your Trust.

And, even more important than both a Will and a Trust, is an inventory of your assets so your family knows what you have, where it is, and how to find it when you become incapacitated or die. Without an inventory of your assets, your family will be literally lost when something happens to you. A comprehensive inventory updated throughout your lifetime is a critical, and often overlooked, piece of an estate plan that is not “just a Will”.

If you’re ready to see how having an estate plan for your family is different than having “just a Will,” schedule your Family Wealth Planning Session™ today. During the session, we’ll review an inventory of everything you have and everyone you love, and together look at what would happen to your possessions and loved ones when something does happen. Then, I’ll help you develop a plan to make sure your loved ones are taken care of when you can’t be there and that your plan works for you, and for them, exactly as you want it - at your budget and within your desires.

Most importantly, I don’t just create documents - I guide you and your family through every step of the process, now and at the time of your passing. I even help all of my clients pass on something more valuable than their money - their values, stories, and wisdom - through a Family Legacy Interview.

To get clear on what you really do need for yourself and the people you love, call us at 855-221-8251 so you can get on the road to your Family Wealth Planning Session™ today.

Trish Dressen 5/1/23 Trish Dressen 5/1/23

Create a Stronger Blended Family Through Estate Planning

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

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

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

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

What Estate Law Says About Blended Families

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

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

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

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

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

Avoid Conflict in Your Blended Family Through Open Communication

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

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

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

Maybe you have a step-parent or step-sibling that you would want to gift a special item of yours like a watch or necklace. Well, for better or worse, a person you have a step-relationship with has no right to inherit from you under the law, unless you put your plan in writing.

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

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

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

Create More Than a Plan, Create a Family Legacy

To make sure your wishes for your blended family are followed in the event of your death or incapacity, it’s essential to have a well-crafted estate plan created by an attorney experienced in serving blended families. As your Personal Family Lawyer®, I know all too well the importance of planning for blended families and can help you navigate your options and desires for your family’s plan.

But what really sets me apart from other estate planning lawyers is that I know that your material possessions are only a small part of a successful estate plan. What will really matter to your family members, no matter how they became your family, is your legacy.

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

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

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

If you want to protect your blended family from a court battle and emotional conflict, give me a call today to schedule a Family Wealth Planning Session™. During the Session, I take the time to really get to know you and your family’s unique situation and educate you about what exactly will happen to your family under the law if something happened to you right now, so you can make confident decisions about what’s right for your family. Even more, I welcome you to invite the members of your blended family to be a part of the conversation.

Call us at 855-221-8251 to schedule your session today.

Trish Dressen 4/24/23 Trish Dressen 4/24/23

Leaving Your Pet in Your Will Won’t Protect Them - Do This Instead

If you’re a pet owner, you know the special bond that exists between you and your pets, and to many pet owners, our furry friends aren’t just a pet - they’re a loved and important part of our families. So if you’re thinking about how best to provide for your family after you die or if you become incapacitated, it makes sense for your beloved pet to be a part of the plan.

You want your pet to continue to have the kind of love and care you provided during your life, but estate planning for furry friends requires a little more thought than you might expect. To understand why, it’s important to know two things:

A pet is considered property under the law
When someone receives a gift of property through a Will, that person can do whatever they want with that property, including your pet.

A Will Won’t Cut It

While you see them as part of the family, under the law, a pet is considered personal property, just like your money, furniture, and clothes. Because of this, you can’t actually leave money or possessions to your pet directly through your Will or Trust. Even if you try to leave money directly to your pet in your Will, the money will instead skip your pet and pass to the beneficiaries you named to receive the remainder of your possessions. Or, if you didn’t name anyone else, the court will give your possessions, including your pet, to your next of kin, as determined under the law.

Worst of all, the person that receives your pet and money for its care through your Will has no legal obligation to use that money for your pet’s care or to even keep your pet at all. That’s why it’s so critically important to work with an estate planning attorney who knows the proper way to plan for your pet, so that when you die or if you become incapacitated, your beloved companion won’t end up in an animal shelter or given away to anyone you wouldn’t want raising your beloved familiar.

A Will Provides No Guarantees For Their Future

Because you can’t leave money to your pet directly, your first thought might be to leave your pet and money for its care to someone you trust through your Will instead. While this is an option, it’s not guaranteed to work.

That’s because the person you name as the beneficiary of your pet in your Will has no legal obligation to use the funds you leave for your pet’s care for that purpose. Even if you leave detailed instructions for your pet’s care, there is no law holding the beneficiary to accept the responsibility of caring for your pet or stopping them from changing their mind in the future after the court probate process is finished.

You might be thinking that the person you’d leave your pet to loves them and would never think of abandoning them. But even if this person is committed to caring for your pet, it’s simply impossible to predict what circumstances might occur in the future that could make it impossible for them to provide for your pet for your pet’s full lifetime.

For example, when you die, the new caregiver might:

Live in an apartment or condo that doesn’t allow pets
Suffer from an unforeseen illness that makes it difficult to care for your pet
Have an allergy to your pet you knew nothing about
Become so busy with work or family that they just don’t have the time to make a lifelong commitment to your pet’s care

A Will Isn’t Fast Enough

The other issue a Will creates for your pet is that a Will is required by law to go through the court process known as probate before any of your property can be distributed to the people you’ve named, and of course, it only operates in the event of your death, not your incapacity.

The probate process itself can take months or even years to complete. During that time, your pet could be passed around between family members and friends, who may even argue over who should care for it. In the worst-case scenario, no one may even think to check in on your pet regularly while the court process is unfolding.

Plus, a Will only goes into effect upon your death, so if you’re incapacitated by accident or illness, it would do nothing to protect your companion. This leaves your pet in limbo and vulnerable to being rehomed to someone you would not have chosen or wanted to care for your pet. In the worst scenario, your pet could be surrendered to a shelter by the time everything gets figured out.

Provide Long-Lasting Care for Your Pet Through a Pet Trust

In order to be completely confident that your pet is properly taken care of and that the money you leave for its care is used exactly as intended, ask us to help you create a Pet Trust.

By creating a Pet Trust, you can lay out detailed, legally binding rules for how your pet’s chosen caregiver (the trustee) can use the funds you leave for your furry friend. And unlike a Will, a Pet Trust does not go through probate, so it goes into effect immediately in the event you become incapacitated or pass away, whereas a Will requires the court process called probate to take place before any decisions can officially be made about your pet.

Additionally, in a Pet Trust, you can name backup trustees who will receive your pet and any funds left for them if the first person you chose as trustee declines to take your pet or isn’t able to care for them in the future. To add even more certainty to your pet’s future, you can name multiple trustees for your pet. In this way, you’d have two people invested in the care of your pet who can see that the money you leave for its care is used wisely.

Finally, all of the care decisions and financial distributions for the care of your pet will happen in the privacy of our office, in the event of your death or incapacity. We’ll guide your decision-makers about how and why you made your decisions, and how they need to care for your pet to receive distributions. You’ll literally have a lawyer ensuring the care of your pet happens as you would want it. And, while that may seem excessive for some, we have many clients who care that much about the well-being of their pets and want to ensure their care is handled as they want.

Do Right By Your Pet

Don't leave your beloved pet's future up to chance. Let us help you create a Pet Trust that will provide for your furry friend's long-term care and be there for your pet and your decision-makers when you cannot be.

At our firm, we can help you create a legally binding Pet Trust that outlines detailed rules for how your pet's chosen caregiver can use the funds you leave for their care. Unlike a Will, a Pet Trust doesn't go through probate, which means it goes into effect immediately if you become incapacitated or pass away. And we will be there for the people you love when you cannot. Contact us today to schedule a consultation and ensure you're doing right by your pet.

Trish Dressen 4/18/23 Trish Dressen 4/18/23

Stephen “tWitch” Boss Dies Without a Will

Stephen Laurel Boss, also known as “tWitch,” was an American DJ, hip-hop dancer, choreographer, television producer, and actor whose personality lit up the stage on So You Think You Can Dance and as a producer and frequent guest host on The Ellen Degeneres Show. Boss also co-hosted the TV show Disney’s Fairy Tale Weddings alongside his wife and fellow dancer, Allison Holkers.

Boss and Holkers shared a seemingly extremely happy life together in Los Angeles, California where they were raising their three children, ages 3, 7, and 14. Sadly, on December 13, 2022, Boss died by suicide at the age of 40. Boss’ death was a complete shock to fans and loved ones who reported the star seemed happy in the weeks leading up to his death.

Boss died without a Will or Trust in place, meaning his wife, Allison Holker, has the task of petitioning the California court system to release Boss’ share of their assets to her. While California has tools to simplify this process for some couples, Holker will still need to wait months before she can formally take possession of the property Boss owned with her, as well as property held in his name alone, including his share of his production company, royalties, and his personal investment account.

Unnecessary Court Involvement In a Time of Grief

In order to have access to her late husband’s assets, Holker had to make a public filing in the Los Angeles County Probate Court by filing a California Spousal Property Petition, which asks the court to transfer ownership of a deceased spouse’s property to the surviving spouse. Holker must also prove she was legally married to Boss at the time of his death.

While California’s Spousal Property Petition helps speed up an otherwise lengthy probate court process, the court’s involvement nonetheless delays Holker’s ability to access her late husband’s assets - a hurdle no one wants to deal with in the wake of a devastating loss. In addition, the court probate process is entirely public, meaning that the specific assets Holker is trying to access are made part of the public record and available for anyone to read.

During such a difficult time, all a person wants is the space to mourn and manage their loved one’s affairs in privacy and peace. With court involvement, the timeline of steps that need to be taken is dictated by the court, and the process of proving your right to manage your loved one’s assets can feel like an unfair burden when there are so many other things to take care of during the death of a loved one.

This isn’t just a problem for the wealthy. Even if you own a modest estate at your death, your family will need to go through the probate court process to transfer ownership of your assets if you don’t have an estate plan in place.

How to Prevent This From Happening to Your Loved Ones

When someone dies without an estate plan in place, the probate court’s involvement can be a lengthy and public affair. At a minimum, you can expect the probate process to last at least 6 months and oftentimes as long as 18 months or more. Court involvement in Boss’ passing could have been completely avoided if Boss and Holker had created a revocable living trust to hold their family’s assets. If they had, Holker would have had immediate access to all of the couple's assets upon Boss’ death, eliminating the need to petition a court or wait for its approval before accessing the funds that rightly belong to her.

A Trust would have also kept the family’s finances private. With a Trust, only the person in charge of managing the Trust assets (the Trustee) and the Trust’s direct beneficiaries need to know how the assets in a Trust are used. There is also no court-imposed timeline on the Trustee for taking care of your final matters (with the exception of some tax elections), so your family can move at the pace that’s right for them when the time comes to put your final affairs in order.

The privacy that a trust provides also helps to eliminate potential family conflict because only the parties directly involved in the Trust will know what the Trust says. If issues between family members arise over the contents of the Trust, the Trust will lay out all of your wishes in detail, so that all family members are on the same page and understand your wishes for the ones you’ve left behind.

Guidance for You and the Ones You Love

Most importantly, creating a revocable living Trust through us, your Personal Family Lawyer® firm, ensures your loved ones have someone to turn to for guidance and support during times of uncertainty. No one expects the sudden loss of a loved one, but when it happens, your world is shaken. Even the simplest tasks can feel overwhelming, let alone the work involved to manage a loved one’s affairs.

That’s why we welcome you to meet with us for a Family Wealth Planning Session to discuss your wishes for when you die or if you become incapacitated. During the session, we’ll walk you through all of your options for estate planning and how your choices will impact your loved ones after you’re gone. We even encourage you to bring your family with you to your planning session so they have a chance to meet the attorney who will guide them through any future loss or incapacity your family may experience.

If you’re ready to start the estate planning process, contact us today at 855-221-8251 for a 15-minute discovery call or to schedule your Family Wealth Planning session today.

Trish Dressen 4/10/23 Trish Dressen 4/10/23

3 Simple Mistakes That Can Derail Your Estate Plan

If you’re tempted to use a DIY estate planning service or have already created a plan you aren’t 100% confident in, be sure to read how these three simple mistakes can derail your estate plan and leave your family with an expensive mess.

We regularly meet with clients who ask us to review an estate plan that they created online or with an attorney who isn’t experienced with estate planning. You see, these clients usually think they found a faster and cheaper solution to estate planning, but once the plan is signed and done, they’re often left wondering whether this “cheap” plan will actually accomplish their goals, or if it will leave their family with a big mess instead. And what I see time and again when I review these estate plans are poorly designed plans with simple but devastating mistakes. What’s more, these clients wouldn’t even realize their plan had these mistakes if they hadn’t met with us!

While it might seem simple enough to put together a trust online or have your tax attorney prepare your will, it can be very difficult to create an estate plan that works without the proper training and experience. What might seem like minor details to the inexperienced eye can often have major effects on your plan’s final outcome.

More often than not, clients who meet with us to review a DIY plan find out that instead of saving money on their estate plan, they’ve actually cost themselves much more by buying a plan that has mistakes. And if these mistakes aren’t caught by you while you’re alive and well, your loved ones will be the ones paying the price to resolve them after you’re gone.

Here are the three biggest mistakes I see when reviewing DIY and low-cost estate plans:

Leaving Assets Outright to Loved Ones

One of the simplest mistakes you can make in estate planning is distributing your assets directly to your beneficiaries upon your death. This is a bad idea for several reasons:

· The assets have no protection from your beneficiaries’ creditors once they leave your estate

· The money can be squandered and used however the beneficiary wants

· If the beneficiary is a minor, a court will decide who manages the assets and how they’ll be used

Instead of gifting your assets directly to your beneficiaries, distribute your assets into a trust for the beneficiaries' benefit. When creating a trust, you can choose who will manage your assets for your beneficiaries while also sheltering those assets from your beneficiaries’ creditors or their own poor money-management skills.

Setting up a trust to hold your assets is especially important if you have minor children. Minors cannot own money on their own, which means they can’t receive any assets from you directly on your death. Instead, a court will need to appoint a trustee or conservator to manage the assets you leave for your children. There’s a high chance that the person the court appoints will not be the person you would have chosen yourself. And if the court appoints a professional trustee, your assets will be reduced by expensive trust administration fees.

A court-appointed trustee will distribute the assets to your children outright when they reach the age of 18, but this only puts the assets at risk. Few young adults have the maturity or knowledge to manage a large sum of money responsibly so that it can grow and support them over time. Even if your adult child is responsible or has guidance from someone you trust, those assets are still susceptible to any lawsuits, divorces, and unforeseen financial troubles your child may experience in the future.

Instead of leaving assets outright to a minor or young adult, leaving your assets in a trust, established for the child’s benefit, allows you to choose the person who will manage the assets you leave for them, helps the assets grow through careful financial management, and protects the assets from your child’s lack of experience and future risk.

Not Creating a Lifetime Asset Protection Trust

Creating a trust to hold your assets can provide years of asset protection for your loved ones, but that protection only exists so long as the assets are held in the name of the trust. The second big mistake I see are trusts that direct the assets to be taken out of the trust’s protection and given to your child or beneficiary at a specific age. You might not see the problem with this scenario at first, but even if your child or beneficiary is mature enough to manage a sum of money, doing this still leaves those assets susceptible to future legal and financial risks.

Instead, everyone should consider creating a Lifetime Asset Protection Trust to hold their beneficiaries’ assets indefinitely. This gives the assets lifelong protection while still providing financial support to your beneficiaries.

Unfortunately, most lawyers do not understand how to use trusts to establish this kind of protection for the inheritance you are leaving behind, and some may even try to dissuade you from using a trust at all unless you have a very large estate. Even if you are leaving behind a small number of assets, protecting those assets and helping them grow can make a huge difference in the future well-being of your loved ones.

Forgetting to Update Beneficiary Designations

This final mistake is so simple yet so easily forgotten when creating a DIY plan or using an inexperienced estate planner: forgetting to update your insurance policies and retirement beneficiary designations so they match your estate plan. While your will and trust are important parts of your estate plan, it’s vital to update your insurance policies and retirement accounts to pay out to your trust instead of directly to your beneficiaries.

Leaving the names of your beneficiaries on your insurance and retirement accounts instead of the name of your trust ensures the largest assets you own won’t be a part of the plan you just created. Instead, the assets will be distributed directly to the beneficiaries listed on the account, to do with however they want, even if you had other plans for protecting the funds under your trust. We’ve even seen cases where the beneficiaries named on a life insurance or retirement account are so outdated that the person named on the account isn’t even a part of the client’s life anymore!

Estate Planning That Works

In order to make sure your estate plan truly works the way you intend it to, it’s essential that all of your assets are reviewed and accounted for to make sure that any accounts you have reflect the name of your trust or other estate plan method. That’s why at BC Counselors at Law, PLLC we always create an inventory of your assets and follow up with you to make sure your assets are updated into the name of your trust. We can even update your assets for you, so you can rest assured that every piece of your plan works together.

If you're thinking about using a DIY estate planning service or had an estate plan created by an attorney in a different practice area, it's crucial to check your plan for these three simple but major mistakes. Otherwise, your estate plan might end up causing more problems than it solves, leaving your family in court and conflict.

That’s why we offer to review your current estate plan during your initial consultation. During this session, you'll have the opportunity to discuss your concerns, learn how your current plan will (or won’t) work for you, and if you don’t feel confident in your current estate plan, we’ll create a new comprehensive plan for you that will provide the protection and support your family needs for years to come.

Don’t let a simple estate planning mistake derail your plans for your family. Call 855-221-8251 or email us at attorneys@bccounselorsatlaw.com to schedule your complimentary estate planning consultation. Your loved ones will thank you for it!

This article is a service of BC Counselors at Law, PLLC. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

Top 5 Questions To Consider Before Hiring A Lawyer For Your Estate Planning Needs

Trish Dressen 4/3/23 Trish Dressen 4/3/23

Estate Planning Before You Travel: Why It's Critically Important

Vacations can be the perfect opportunity to relax, disconnect from work and responsibilities, and enjoy your spouse, partner, kids’ or friend’s company. But before you head off on your next getaway, there’s something else you should consider doing that might not sound quite as fun—creating an estate plan. While it may not sound like the most thrilling way to spend a day, here are some reasons why you need to think about your estate plans before you travel.

An estate plan ensures any medical decisions needed while away from home will be handled according to your wishes, and with as much ease as possible, no matter what the rules are where something happens. If you fall ill or become injured and can’t make medical decisions for yourself, your estate plan will ensure that decisions will be made by the person you choose, and with your indicated desires for your care at the forefront.
Without an estate plan in place, your family or friends could have a heavy lift to get you back home, locate your assets, keep your bills paid, and even ensure your children get taken care of by the right people in the right way.
Lastly, an estate plan ensures that any debts or liabilities are taken care of properly in case something happens while on vacation. This can help prevent creditors from trying to collect from surviving family members after the fact — something no one wants to deal with during such a difficult time.

Yes, Even Married Couples Need an Estate Plan

You might think that because you are married, you don’t need an estate plan. Or you might even think your Will is enough and would just handle everything. But that’s generally not the case. Even if you are married, you still need medical powers of attorney, making it clear that you want your spouse making medical decisions for you, or even potentially adding in additional decision-makers. You still want a Living Will to give clarity on how you want medical decisions made for you. Finally, if you have dependent children, you want to ensure you’ve made it as easy as possible for their care needs to be continued by the people you want, in the way you want. Without a plan in place, decisions around their care could be tied up for months, including access to the financial assets their caregivers would need to ensure they have what they need along the way.

The Benefits of Working With an Attorney

While you can create an estate plan without legal assistance, there are serious risks to the people you love, if your plan is not completed, not updated after it’s been done once, or not completed properly. The only real guarantee for the people you love to have as much ease as possible, is if you work with an experienced attorney specializing in estate planning, and particularly Life & Legacy Planning. As a Personal Family Lawyer® firm, we understand what needs to go into a thorough and complete estate plan — as well as the potential pitfalls or issues that could arise due to your unique personal and family dynamics — so you can rest assured knowing everything is being taken care of properly before you embark on your trip. As a Personal Family Lawyer®, we can advise you on other important documents such as Wills, Trusts, powers of attorney (POA), health care directives (HCD), and guardianship paperwork (for minor children) so you can make informed decisions based on what you want to have happen if you become incapacitated or die . All these items should be considered when creating an effective estate plan — especially when one or both parties will be traveling outside their home country at any point.

Don't Let a Lack of Planning Dampen Your Vacation Spirits!

Taking a few simple, yet critically important, steps now can save you and your family considerable headaches down the road if anything were ever to happen while on the road—not only do we want you to enjoy each moment spent together, but we want peace of mind knowing that whatever comes your way is handled according to your wishes! We can help put a plan together now so that you don’t forget about this important task before packing up for your next adventure. Making sure all your affairs are in order will ensure nothing stands in the way between you and enjoying time together! Contact us today to get started.

Trish Dressen 3/20/23 Trish Dressen 3/20/23

Why Everyone Needs to Keep Their Estate Plan Updated

As the world and its laws continue to evolve, everyone needs to keep their estate plans up to date. An estate plan is a set of documents, such as a will or trust, that dictate how assets will be distributed upon death or incapacity. An individual's current legal and financial situation should be considered to create a comprehensive estate plan tailored specifically to their needs.

Ensure Your Wishes Are Respected

The primary reason to update an estate plan is to ensure that an individual's wishes are respected upon death. For example, suppose an individual has recently acquired valuable property or has had changes in family structure (such as marriage or children). In that case, updating the documents that outline how assets should be distributed is important. If the documents are not updated, this could lead to disputes between family members and legal complications when probate occurs. Additionally, if laws change at the state or federal level, those changes need to be incorporated into the existing estate plan to remain valid and effective.

Ensure Your Loved Ones Are Protected From Tax Implications

Another reason for updating an estate plan is for future tax planning purposes. Without proper planning and asset allocation, taxes can significantly reduce the amount that beneficiaries receive after one's death. Additionally, some states have transfer taxes on certain assets (such as real estate), which must be factored into one’s estate planning decisions. In addition, changes in Federal tax law may affect whether other taxes, such as capital gains tax, applies at the time of death or while transferring assets during life – thus providing additional incentive for individuals to review their plans regularly with their advisors and make necessary updates when necessary.

Ensure Your Medical Decisions Are Handled With Care

Estate planning also encompasses contingency plans in case of incapacity due to illness or injury – commonly referred to as disability planning. This means creating end-of-life documents such as Advance Health Care Directives which list specific instructions about medical treatments that should be administered if certain conditions arise – such as if a person suffers from dementia or a traumatic brain injury and can no longer make decisions on their behalf. This planning can provide peace of mind knowing that an individual’s wishes will be respected even if they cannot make decisions themselves due to illness or injury.

Ensure You Leave a Legacy For Your Loved Ones

Finally, updating an estate plan allows people to express gratitude for those who have helped them over the years - whether it be through providing advice on financial matters or being there simply by offering emotional support during difficult times - by including them in a legacy interview with our firm. Specific instructions can also be included in your plan regarding how charitable donations should be handled after death - enabling individuals who wish to donate part of their wealth to leave behind a lasting legacy that furthers causes they believe in long after they pass away.

Keep Your Estate Plan Up-To-Date

In conclusion, having an up-to-date estate plan helps ensure that your wishes are respected upon incapacity or death; protects you from unnecessary taxes; helps with disability planning; and allows you the chance to express appreciation towards those who have had a positive impact on your life while still alive. Therefore, estate plans should consider current circumstances and anticipate future events to avoid any potential problems. As your Personal Family Lawyer, we hold regular reviews of your estate plan through the stages of change in your life or every three years. Contact us today with your questions about your current plan and if you need an update.

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.

Trish Dressen 3/13/23 Trish Dressen 3/13/23

Obtaining A Power Of Attorney For Elderly Parents

Making important decisions for aging parents can be a challenging task, but power of attorney (POA) can provide peace of mind and clarity in times of need. POA enables individuals to make crucial decisions on behalf of their parents, such as managing their finances or making medical decisions, when they are unable to do so themselves due to age or illness.

While it may be difficult to approach this topic with your parents, having these discussions early on can help ensure that you follow their wishes if their health changes over time. Starting the conversation with empathy and understanding can make all the difference.

In this article, we'll explore how to obtain power of attorney for elderly parents and provide helpful tips on how to approach these discussions with warmth and care. After all, our ultimate goal is to ensure that your aging parents receive the best possible care and support.

What’s a POA?

According to the American Bar Association, POAs are legal documents, which vary between states, that provide a person, or several individuals, with the power to perform actions on behalf of someone else. The individual with a POA is an agent, whereas the principal refers to the person who is having their affairs managed by other individuals. Agents can only perform actions outlined within the POA document. Moreover, if someone agrees to a POA, they can still make their own decisions, providing they can still do so coherently. This means the agent cannot make exclusive decisions on behalf of the principal.

POA Types

Below is more information regarding the different POA types:

General: For this POA, the agent can manage the principal’s affairs for a specific period, and the principal may revoke this at any point. These automatically finish if the principal becomes incapacitated and are common when an individual can still see to their affairs but prefers that someone else does this for them.
Durable: These POAs continue after the principal becomes incapacitated and are more common when someone cannot manage their affairs. They can conclude in many ways, including once the principal dies or if the agent completes the conditions within the POA document.
Springing: The terms in this POA do not take effect unless the principal becomes incapacitated. For this POA, the principal remains in control of their affairs until they lose capacity.
Medical: These POAs allow agents to make the principal’s medical decisions. They last until the principal is competent and might also expire after a certain period mentioned in the document.
Limited: These limit the agent’s ability to make decisions regarding certain tasks as outlined in the POA document, such as paying bills or selling a house. Limited POAs are usually temporary and end when the principal loses capacity.

Why and When to Consider a POA For Your Aging Parents

Here are the common reasons why individuals may consider getting a POA:

Finance issues: POAs enable individuals to continue paying their parents’ bills and manage their finances when their parents struggle to fulfill these obligations.
Serious illness: Having a POA for an elderly parent can be helpful as it allows them to focus on getting better and reduces the stresses associated with managing their affairs.
Memory issues: Individuals commonly obtain a POA to manage their parents’ affairs if they develop dementia. It is helpful to note that it is necessary to obtain the POA before the parent loses their capacity.
Surgery: When an elderly parent is undergoing surgery, it might be a good idea to obtain a POA so individuals can make decisions on their parents’ behalf and manage their affairs until they have fully recovered.
Frequent travel: Some elderly parents like to travel frequently, so POAs can be useful here for ensuring their affairs remain in order while they are away.

How Do I Choose a POA For My Parents?

When considering a POA for your aging parents, there are several things to keep in mind. The most crucial factor is trust - you must choose someone you can rely on to make decisions in your parents' best interests and follow their wishes.

While family members are often chosen for this role, it's important to consider whether they are the best fit. If you think an objective outsider may be better suited to the task, such as a lawyer, accountant, or financial institution, this is also an option, although it may come with additional costs.

Before agreeing to be a POA for your parents, it's essential to have a thorough discussion with them to understand their needs and preferences. Different types of POAs have different levels of responsibility, and it's important to clarify what your parents expect from you. If your parents need help with medical decisions, for example, this will require more involvement than if they only need assistance with financial decisions.

Finally, it's essential to understand the financial implications of becoming a POA. You will need to keep your finances separate from your parents' and be prepared to justify any decisions you make to avoid legal issues.

Choosing a POA for your aging parents is a significant decision, and it's essential to approach it with care and sensitivity. By having open and honest discussions and seeking objective advice, you can ensure that your parents receive the best possible care and support.

Contact Us To Learn More About Obtaining A Power Of Attorney For Your Elderly Parents

If you have elderly parents, it's understandable that discussing power of attorney (POA) may be a sensitive topic. However, starting these discussions as early as possible can bring peace of mind and clarity in the future.

When approaching these conversations, it's important to consider your parents' health and well-being. Let them know that you're there to support them and that you will only use the POA powers if it's absolutely necessary. It's a promise that can help reassure your parents that you have their best interests at heart.

Additionally, it may be helpful to seek the guidance of an experienced estate planning attorney. They can provide objective advice and alleviate any concerns that your parents may have. We understand that this is a difficult process, but we're here to help. Please feel free to contact us today to learn more about how we can assist you and your family.

Trish Dressen 3/6/23 Trish Dressen 3/6/23

Your Rights As The Parent Of A Young Adult — What You Need To Know When A Medical Crisis Hits

As a parent, you are quite accustomed to managing your children's legal and medical affairs, as circumstances require. If your child requires urgent medical attention while away from you, a simple phone call authorizing care can do the trick. But what happens when those “children” turn 18, now adults in the eyes of the law, and need urgent medical attention far from home?

The simple fact is that the day your child turns 18, he or she becomes an adult and has the legal rights of an adult. This means that you lose your prior held rights to make medical and financial decisions for your child unless your child executes legal documents giving you those rights back. Without the proper legal documents, accessing medical information and even being informed about your adult child’s medical condition can be difficult and in some cases, impossible.

When sending kids off to college, it is crucial to consider the legal implications of an accident or medical emergency on your ability to stay informed and participate in important decision-making for your young adult child. Medical professionals are responsible for following the Privacy Rule of the Health Insurance Portability and Accountability Act (HIPAA), which ensures medical privacy protection for all adults. Once your child turns 18, they are (from a legal perspective) no more attached to you than a stranger, making communication about medical issues is tricky if your child is incapacitated and not able to grant permission on their own.

In most states, these three legal documents can make all the difference when a medical crisis strikes and your young adult child is far from home. When utilized together, they can ensure a parent or trusted adult be kept in the loop about care and treatment when a child over the age of 18 experiences a medical event while they are away at college, traveling, or living far from home. As with most legal documents, the law varies from state to state, so be sure to seek out the counsel with us, your Personal Family Lawyer® to determine which forms suit your situation best.

HIPAA

Essentially like a permission slip, this authorization allows your adult child to specify who is allowed access to their personal medical information. Specific information can be specifically withheld, such as drug use, sexual activity, and mental health issues so that additional privacy can be protected if desired.

Medical Power Of Attorney

Designates an agent to make medical decisions for the young adult. This could be you, as the parent or another trusted adult. Each state has different laws governing medical power of attorney, requiring different forms. Be sure to check with us, your Personal Family Lawyer® to be sure you are following the laws of your state and the state where your child resides.

Durable Financial Power Of Attorney

Allows the parent or another trusted adult to take care of personal business if the adult child cannot do so. This form would allow the parent to take care of such important tasks such as signing tax returns, paying bills, and accessing bank accounts for the incapacitated adult child. A durable power of attorney is powerful and gives broad access to sensitive financial and legal decision-making and should only be given to a trusted relative or friend.

The milestones come quickly once children graduate high school and enter the big, wide world away from home. As your family navigates these significant rites of passage, consult us as your Personal Family Lawyer® to determine the steps necessary to ensure excellent communication and peace of mind when a medical emergency arises. Consider including your young adult children in the process. We’re here to help your family establish the legal and medical protections needed to live your desired lives. Contact us today to schedule your Family Wealth Planning Session for your family and get the right documents in place for your kids.

Trish Dressen 2/27/23 Trish Dressen 2/27/23

Keep the Government and Lawsuit Happy Opportunists Away From Your Children’s Inheritance

If you have a current estate plan, I'll bet you plan to leave your assets to your children outright and unprotected by age 35, or maybe a little later. Go take a look at your estate plan, and see what it does right now. And, if you don’t have an estate plan, and you have kids or other people you care about, contact us today and let’s get that handled for you.

If you do have a plan and it distributes your assets outright to your kids -- even in stages, over time, some at 25, then half of what’s left at 30, and balance at 35 (or something along those lines), you’ve overlooked an incredibly valuable gift you can give your children (and the rest of your descendants for generations); a gift that only you can give them. And a gift that, once you’ve died and left them their inheritance outright, is lost and cannot be reclaimed.

Leave your kids a nest egg protected from lawsuits, divorce, and estate taxes.

While you may think to yourself, my kids’ inheritance doesn’t need to be protected. They aren’t going to get sued. You may be right, but you may also be overlooking one of the most common “lawsuits” that causes inheritances to be lost everyday, and that’s divorce. If you want to protect the money you are leaving to your children from their future divorces, even if you love their spouses nor or expect you will, in the future, you can easily do so using a protected trust.

And, if your child is ever involved in a lawsuit, for example, a simple car accident, or if a business transaction goes bad, what you leave to your child can be protected from all future lawsuits or claims against them.

The best part is that if your child has their own taxable estate when they die, your planning now could save your family 40 cents on every dollar (or more) handed down from one generation to the next.

Save your family Up to 40 cents on every dollar -- currently -- at each generation.

As of 2023, the current federal estate tax rate is 40% -- meaning that every dollar passed on over the estate tax exemption rate is taxed at 40%. And it has been as high as 55%. On top of that, many states have estate taxes as well.

This all adds up fast, and can decimate your family’s financial legacy, over time. For every million dollars you leave outright to your children, if your children have a taxable estate when they die, could result in your grandchildren receiving only $550,000, with $450,000 going to the government...unnecessarily.

So, if you want to know that everything you’ve worked so hard to create will stay in your family for generations to come and not be lost to outsiders, leaving your assets to your children protected in a trust we call a Lifetime Asset Protection Trust, instead of outright is the way to go. And, it can be easily built in to your existing estate plan or trust, you just need to ask us to help you get a Lifetime Asset Protection Trust added to your plan.

But how will my kids get to use what I leave to them?

Here’s the best part about leaving your assets to your children in a Lifetime Asset Protection Trust. Not only is what you leave protected, but your children control what you leave them when you decide they are ready.

After your death, the assets you leave behind will pass to your children (and your grandchildren, great-grandchildren, and so on for successive generations) in a Trust that your child can control, as the Trustee of the Trust. You can decide when your child is mature enough to act as a Trustee.

As the Trustee of the Trust, your child decides how what you’ve left is invested and what to do with the Trust assets. And your child will even be able to determine the amount of control vs. the amount of asset protection he or she wants based on his or her specific circumstances.

Is this still important if I don’t have much money?

If you only leave your children a small amount of money, this is still incredibly valuable for protection, if you are leaving assets that will be invested and grown, and not just spent right away on consumables. Some might say it’s even more important because your family has less to lose to taxes, lawsuits, and divorce each generation. And the impact of such losses is much greater.

A mere $10,000 protected now can become millions for the people you love for generations to come.

Imagine that you leave just $10,000 to your child in a Lifetime Asset Protection Trust, and instead of spending that $10,000 or losing it in a divorce, they invest that $10,000 in creating their own business inside their trust, and then grow that business into a million dollar or multi-million dollar venture because of how you chose to leave your child that $10,000 gift … and it’s fully protected for generations.

Secure the future of your family today by speaking to us, Personal Family Lawyer®. We review estate plans and inherited funds with you, ensuring that all legalities are in place so generations can enjoy the benefits according to your wishes. Don't wait, get peace of mind now - contact us today to get started.

Trish Dressen 2/20/23 Trish Dressen 2/20/23

5 Reasons Why Shopping For The Cheapest Estate Plan Could Leave Your Family With An Unintended Mess

In most cases, from the most sophisticated business people with the highest net worth to those just starting in the workforce and on their path to adulthood, you very likely do not know how to evaluate estimates when shopping for an estate plan.

Shopping for an estate plan based on getting the lowest cost plan possible is often the fastest path to leaving your family with an empty set of documents (maybe in a beautiful binder, but not worth the paper they are written on) that won’t work for your family when they need it.

Unfortunately, we see the negative effects of cheap estate planning when family members come to us during a time of grief with that fancy binder that sat on the shelf for years sending out signals of false security, full of out-of-date estate planning documents, and find themselves stuck in what could have been an avoidable court process, or even conflict when that’s exactly what their loved one thought they had paid someone to handle for them.

Here Are 5 Reasons Why Shopping For The Cheapest Estate Plan Is Likely To Leave You With A Plan That Won’t Work For Your Family… And Could Leave Them With A Big Mess Instead.

01 | The least expensive plan isn’t worth the paper it’s written on once you’ve left the attorney’s office -- your life changes, the law changes, and your assets change over time; your plan needs to keep up with those changes.

And the truth is a lawyer can’t afford to provide anything more than documents that won’t get updated when you only pay a few hundred dollars for a plan. The business model doesn’t work for the lawyer and won’t work for you.

An attorney who has built a practice specifically to serve your family in their best interests cannot make a living selling $399 (or even $1,500 or $2,000) Wills, Trusts, or estate plans. Buyer beware!

02 | “Estate planning” is often sold by financial professionals who want to get their hands on your “assets under management,” not necessarily prioritizing doing right by your family or keeping the people you love out of court or conflict. They may not even know how to keep your family out of court or conflict. When your estate plan has been sold to you by an investment advisor as part of your financial advisory and retirement support services, their focus isn’t on understanding the relational and legal dynamics of families, which can flare up after the death of a loved one. As “relational lawyers,” we’ve got specific expertise and training in pre-emptively identifying potential for family conflict and heading it off before it becomes an expensive problem. We’ve seen it all when it comes to families getting stuck in court, as your Personal Family Lawyer®, we can help you design a plan that prevents your family from court and conflict.

03 | Forms and documents won’t be there for your family when you can’t be -- you want to leave your loved one’s relationship with a trusted advisor with whom you have built a relationship during your lifetime and who has met them and they already Trust.

Working with a lawyer who focuses on “the best documents” at the “lowest price” or doesn’t charge enough for their services cannot provide more than form documents. These days, especially with the rise of AI, template form documents are free- for anyone to use, which makes it difficult to know how those documents are handled when it comes to protecting the people you love.

Shopping around for the least expensive plan may get you the cheapest documents, but those documents won’t be there to guide the people you love when they need someone to turn to in a crisis or grief. We will be.

04 | You get what you pay for. It’s your family that will pay the price. Traditional law firms usually use generic forms and documents. These are called “Trust mills” and are a firm that drafts plans but doesn’t ensure assets are owned correctly or stay up to date over time. You might think that’s malpractice, but it’s not. It’s common practice, leaving your family at risk if and when something happens to you!

05 | An estate plan isn’t a set-it-and-forget-it kind of thing, it needs to stay updated with changes in your life, the law, and your assets.

There’s currently more than $58 billion in unclaimed property held in departments of unclaimed property across the United States. Yep, that is billion with a B. Assets often land there when someone dies or becomes incapacitated, and their family loses track of it because it wasn’t tracked well during life. And that’s just one way your family loses out if you’ve shopped around for the cheapest estate plan rather than having a plan that works for the people you love.

Is Something Better Than Nothing?

Sometimes, having something in place is better than nothing, but this is not one of those cases. In this case, having a “something” plan leaves your family holding the expensive, or even empty bag, when it’s too late for them and you to do anything about it. It’s risky business to leave your loved one’s with a set of documents you aren’t sure are going to work, and our guess is that you love your people too much for that.

Bottom line: don’t waste your time shopping around town for the cheapest plan possible. You don’t want the cheap plan, you want the plan that will work for the people you love when they need it.

If you already have an estate plan in place that you may have bought based on price, and are concerned you may have gotten a set of documents that won’t serve your family when they need it most, call us and ask about our 50-point assessment. We can help you save some money by giving it to do yourself, or you can pay us for a plan review to make sure your loved one’s won’t get stuck with an expensive and painful and unnecessary court process or loss of assets, when it’s too late.

Contact us at 855-221-8251 to schedule OR email atttorneys@bccounselorsatlaw.com to get on our calendar. We begin our planning process with a Family Wealth Planning Session, during which you’ll not only become more financially organized than ever before, you’ll finally be able to make informed, educated choices about the right plan for your family based on your unique family dynamics and your assets, instead of just shopping around for an estate plan based on price.

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.

Trish Dressen 2/13/23 Trish Dressen 2/13/23

Will Your Estate Plan Work When Your Family Needs It?

Like most people, you likely think estate planning is just one more task to check off your life’s endless “to-do” list.

You can shop around and find a lawyer to create planning documents for you or create your own DIY plan using online documents. Then, you’ll put those documents into a drawer, mentally check estate planning off your to-do list, and forget about them.

The problem is, estate planning is more than just a one-and-done type of deal.

It will be worthless if your plan is not regularly updated when your assets, family situation, and laws change. Failing to update your plan can create problems that can leave your family worse off than if you’ve never created a plan.

The following story illustrates the consequences of not updating your plan, which happened to the founder and CEO of New Law Business Model, Ali Katz. Indeed, this experience was one of the leading catalysts for her to create the new, family-centered model of estate planning we use with all of our clients.

A Game Changing Realization

When Ali was in law school, her father-in-law died. He’d done his estate planning—or at least thought he had. He paid a Florida law firm roughly $3,000 to prepare an estate plan for him, so his family wouldn’t be stuck with the hassles and expense of probate court or drawn into needless conflict with his ex-wife.

And yet, after his death, that’s exactly what did happen. His family was forced to go to court to claim assets that were supposed to pass directly to them. And on top of that, they had to deal with his ex-wife and her attorneys.

Ali couldn’t understand it. If her father-in-law paid $3,000 for an estate plan, why were his loved ones dealing with the court and his ex-wife? His planning documents were not updated, and his assets were not even correctly titled.

Ali’s father-in-law created a Trust so that his assets would pass directly to his family when he died, and they wouldn’t have to endure probate. But some of his assets had never been transferred into the name of his Trust from the beginning. And since there was no updated inventory of his assets, there was no way for his family to even confirm everything he had when he died. To this day, one of his accounts is still stuck in the Florida Department of Unclaimed Property.

Ali thought for sure this must be malpractice. But after working for one of the best law firms in the country and interviewing other top estate-planning lawyers across the country, she confirmed what happened to her father-in-law wasn’t malpractice at all. It was common practice.

This inspired Ali to take action. When she started her own law firm, she did so with the intention and commitment that she would ensure her clients’ plans would work when their families needed it and create a service model built around that mission.

Will Your Plan Work When Your Family Needs It?

We hear similar stories from our clients all the time. In fact, outside of not creating any plan, one of the most common planning mistakes we encounter is when we get called by the loved ones of someone who has become incapacitated or died with a plan that no longer works. Yet by that point, it’s too late, and the loved ones left behind are forced to deal with the aftermath.

We recommend you review your plan annually to ensure it’s up to date and immediately amend it following events like divorce, deaths, births, and inheritances. This is so important we’ve created proprietary systems designed to ensure these updates are made for all of our clients. You don’t need to worry about whether you’ve overlooked anything as your family, the law, and your assets change over time.

Furthermore, because your plan is designed to protect and provide for your loved ones in the event of your death or incapacity, we aren’t just here to serve you—we’re here to serve your entire family. We take the time to get to know your family members and include them in the planning process so everyone affected by your plan is well aware of your latest planning strategies and why you made the choices you did.

Unfortunately, many estate planning firms only engage with a part of the family when creating estate plans, leaving the spouse and other loved ones primarily out of the loop. The planning process works best when your loved ones are educated and engaged. We can even facilitate regular family meetings to keep everyone up-to-date.

Built-In Systems To Keep Your Plan Current

Our legal services are designed to make estate planning as streamlined and worry-free as possible for you and your family. Unlike the lawyers who worked with Ali’s father-in-law, we don’t just create legal documents and put the onus on you to ensure they stay updated and function as intended—we take care of that on our end.

For example, our built-in systems and processes would’ve prevented two of the biggest mistakes made by the lawyers who created her father-in-law’s plan. These mistakes include: 1) not keeping his assets properly inventoried and 2) not correctly titling assets held by his Trust.

Maintaining a regularly updated inventory of all your assets is one of the most vital parts of keeping your plan current. We’ll not only help you create a comprehensive asset inventory, we’ll make sure the list stays consistently updated throughout your lifetime.

Start creating an inventory of everything you own to ensure your loved ones know what you have, where it is, and how to access it if something happens to you. From there, meet with us to incorporate your inventory into a comprehensive set of planning strategies that we’ll keep updated throughout your lifetime.

To properly title assets held by a Trust, it’s not enough to list the assets you want to cover when you create a Trust. You have to transfer the legal title of certain assets—real estate, bank accounts, securities, brokerage accounts—to the Trust, known as “funding” the Trust, for them to be appropriately disbursed.

While most lawyers will create a Trust for you, only some will ensure your assets are properly funded. We’ll not only make sure your assets are properly titled when you initially create your Trust, we’ll also ensure that any new assets you acquire throughout your life are inventoried and properly funded to your Trust. This will keep your assets from being lost and prevent your family from being inadvertently forced into court because your plan was never fully completed.

For The Love Of Your Family

With us as your Personal Family Lawyer®, our planning services go far beyond simply creating documents and then never seeing you again. We’ll develop a relationship with your family that lasts not only for your lifetime but for the lifetime of your children and their children if that’s your wish.

We’ll support you in not only creating a plan that keeps your family out of court and out of conflict in the event of your death or incapacity, but we’ll also ensure your plan is regularly updated to make sure that it works and is there for your family when you cannot be. Contact us today to get started.

Trish Dressen 2/6/23 Trish Dressen 2/6/23

Before You Agree to Be a Trustee, Read This!

Being asked by a loved one to serve as Trustee for their Trust upon their death can be quite an honor, but it’s also a significant responsibility—and the role is not for everyone. Indeed, serving as a Trustee entails a broad array of duties, and you are both ethically and legally required to execute those duties or face potential liability.

Before you say yes, be sure you understand what it means to be a Trustee.

In the end, your responsibility as a Trustee will vary greatly depending on the size of the estate, the type of assets covered by the Trust, the type of Trust, how many beneficiaries there are, and the document’s terms. In light of this, you should carefully review the specifics of the Trust you would be managing before deciding to serve.

And remember, you don’t have to take the job.

Yet, depending on who nominated you, declining to serve may not be an easy or practical option. On the other hand, you might enjoy the opportunity to serve so long as you understand what’s expected.

To that end, this article offers a brief overview of what serving as a Trustee typically entails. If you are asked to serve as Trustee, feel free to contact us to support you in evaluating whether you can effectively carry out all the duties or if you should politely decline.

A Trustee’s Primary Responsibilities

Although every Trust is different, serving as a Trustee comes with a few core requirements: managing assets held in the name of the Trust, accounting for those assets, and following the terms of the Trust regarding distributions of income and/or principal to the beneficiaries of the Trust.

Remember, a Trust is simply an agreement between the grantor and the distribution of assets. The Trust agreement directs distribution to a Trustee to hold and manage the assets “inside the Trust” for the benefit of the beneficiaries.

As a Trustee, you will be acting as a “fiduciary,” meaning that you must act in the best interests of the beneficiaries of the Trust. And if you fail to abide by your duties as a fiduciary, you can face legal liability. For this reason, if you are named as Trustee, you should hire us to review the Trust Agreement and provide an analysis of the specific duties and responsibilities required of you before you agree to serve.

Regardless of the terms of the Trust or the assets it holds or will hold, some of your key responsibilities as Trustee include the following:

Identifying and gathering the Trust assets
Determining what the Trust’s terms require in terms of management and distribution of the assets
Hiring and overseeing an accounting firm to file income and estate taxes for the Trust
Communicating regularly with beneficiaries
Being scrupulously honest, highly organized, and keeping detailed records of all transactions
Closing the Trust when the Trust terms specify

No Experience Necessary

It’s important to point out that being a Trustee does NOT require you to be an expert in the law, finance, taxes, or any other field related to Trust administration. Trustees are not only allowed to seek outside support from professionals in these areas, but they’re also highly encouraged to do so, and the Trust estate will pay for you to hire these professionals.

So even though serving as a Trustee may seem daunting, you won’t have to handle the job alone. And you are also able to be paid to serve as a Trustee of a Trust.

That said, many Trustees, particularly close family members, often choose to forgo any payment beyond what’s required to cover the Trust expenses, if that’s possible. But how you are compensated will depend on your personal circumstances, your relationship with the Trust’s creator and beneficiaries, and the nature of the assets in the Trust.

We Can Help

Because serving as a Trustee involves such serious responsibility, you should meet with us, as your Personal Family Lawyer®, to help decide whether to accept the role. We can offer you a clear, unbiased assessment of what's required of you based on the Trust’s terms, assets, and beneficiaries.

And if you choose to serve, it’s even more critical to have an experienced lawyer in estate planning to assist you with the Trust’s administration. As your Personal Family Lawyer®, we can guide you step-by-step throughout the entire process, ensuring you properly fulfill all of the Trust creator’s wishes without exposing the beneficiaries—or yourself—to any unnecessary risks. Contact us today to learn more.