Will Christoferson 9/2/24 Will Christoferson 9/2/24

3 Questions to Ask Yourself Before Creating Your Estate Plan With AI

When it comes to estate planning, some people use AI for what they believe to be a simple and cost-effective solution. Read more…

Have you jumped on the AI bandwagon yet? If so, you’ve probably used it to make your life easier. AI can be incredibly helpful, especially when the stakes are low. Need a personalized meal plan or an exercise routine? AI can handle that. But when it comes to estate planning, some people use AI for what they believe to be a simple and cost-effective solution.

The allure of Do-It-Yourself estate planning through AI is strong, especially when you think your situation is simple and straightforward. You may also think you don’t have much money, and so your circumstances aren’t complicated. Both of these beliefs are extremely common - and rarely true.

Here’s the truth: estate planning is not just about creating a set of documents, and it’s almost always more complicated than you think. To do it effectively, it must be personalized to fit you, your family dynamics, and the specific types of assets you have. But unless you’re an expert, you don’t know how your personal circumstances apply to the law and your values - or how your estate plan should be structured to fit the law and your values. AI cannot do any of this. And if you get it wrong, there are legal (as well as financial) consequences. You need a human to guide you; a human who understands you, your family, your assets, your wishes and desires, and how all these things work together with current law.

So before you’re tempted to use AI for your estate plan, ask yourself the following three questions. Then consider your answers before turning to AI or any other free or cheap legal service. If you’ve already done your estate plan, these questions are important for you, too.

Question No. 1: What Matters?

First and foremost, who or what matters most to you? When you’re creating a legal plan for what happens if you become incapacitated and when you die, the place to start is by getting clear on what matters. Is it the money you’ve worked hard to earn, or is it the people around you and the relationships you’ve nurtured? Most likely, it’s the people.

Think about this. How are you affected when a loved one passes away? You’re probably filled with grief, and their absence leaves a void in your life. While their money can ease financial strain, it’s the memories and the love you shared that truly matter (this is their “legacy”). Your loved ones will feel the same way after you’re gone. What will your legacy be?

Imagine that your family is left to deal with a big legal and financial mess after you're gone, all because you didn’t create an estate plan or created one that failed. Are you ok with that being your legacy? Does it matter to you that people will need to spend time away from work and their lives to manage your affairs? And what if they ended up fighting or estranged? Does that matter to you?

What about your assets? Does it matter to you if your estate has to pay unnecessary taxes, or that your assets get lost and turned over to your State’s Department of Unclaimed Property? Or do you care about supporting a cause you believe in, or supporting a family member who needs help?

When you create a Life & Legacy Plan with our office, you gain the power to influence these outcomes in a way that AI cannot do. But first get clear on what truly matters to you.

Question No. 2: What’s It Worth?

Once you’re clear on what matters, the next question is: what are those things worth? How important is it to ensure your family’s relationships are preserved, for example? How important is it that your assets don’t get used to pay taxes when there’s an option to give them to your loved ones? It’s critical to know not only what’s important, but how important it is, so you know how much time, energy, attention, and money to dedicate to it.

One of the main reasons people may use AI to draft their estate plans is that they think estate planning is simple. However, estate planning is much more complex than most people realize. Even licensed attorneys who practice estate planning often find themselves overwhelmed by the intricacies of the law, which changes regularly and varies from state to state. AI is a one-size-fits-all approach that doesn’t take into account the complexities. So if you rely on AI, you’re leaving a lot to chance. Is it worth it to you to take a chance on what matters? There is no wrong answer here; it may be yes or it may be no. The key is that you’re being true to yourself.

Question No. 3: Is AI Actually Cheaper and Easier?

And now we’re at the third and final question: is AI or Do-It-Yourself legal really cheaper and easier than working with an expert? If the program makes a mistake in your estate plan and your family ends up in court, embroiled in conflict, with relationships irreparably broken, was it worth the supposed savings? What if your assets were lost to the government, eaten up by unnecessary taxes, or depleted by lawyers’ fees and court costs due to litigation?

When you weigh the potential costs—financial, emotional, and relational—against the upfront savings you might achieve by using AI, the true worth of those things that matter to you becomes clearer. You see that estate planning is about much more than just money; it’s about protecting the people you love and ensuring your legacy is honored as you intend.

You and Your Family Deserve More Than a Quick and Cheap Fix

The way to ensure that your plan works when you and your loved ones need it to, and saves you and your family money, is by working with me to create a Life & Legacy Plan. With my Life & Legacy PlanningⓇ process, I’ll guide you to get clear on what matters, then together we’ll create a complete plan that honors your wishes and creates a loving legacy at a price that fits your budget. When it comes to something as important as your estate plan, it’s worth taking the time to do it right. Your legacy deserves more than a quick fix—it deserves the thoughtful attention of someone who understands your unique situation and can help you navigate the complexities of the law to achieve your goals.

As a Personal Family LawyerⓇ Firm, we understand that estate planning isn’t just about the documents you sign or the money you leave behind. It’s about ensuring that the people and things that matter most to you are protected and honored in the way you intend. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.

Click here to schedule a complimentary 15-minute consultation to learn more:

Schedule a Consultation by Clicking Here

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 Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy 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.

Will Christoferson 8/26/24 Will Christoferson 8/26/24

Labor Day Reflections and Your Legacy

Labor Day also provides an opportunity to think about your personal labor, or the work you’ve put into building your life. Your home, your family, your career – these all came about from hard work! Let’s reflect on everything you’ve worked hard for throughout your life. Read more…

Labor Day, observed in the United States on the first Monday in September, is not only the unofficial end of summer but also a celebration of the contributions and achievements of American workers. Originating from the labor movement and the quest for better working conditions, Labor Day also provides an opportunity to think about your personal labor or the work you’ve put into building your life. Your home, your family, your career – these all came about from hard work! So, as you’re firing up the grill or relaxing by the beach this Labor Day, I invite you to reflect on everything you’ve worked hard for throughout your life. In fact, let’s do it together.

Reflection No. 1: Remember When?

Do you remember your first job? It may have been babysitting for a neighbor or mowing lawns when you were a kid. Or, maybe you had a part-time job in high school in the evenings and on weekends. As you grew up and became a young adult, how did it feel to have that first taste of independence? Pretty good, probably! For the first time, you were able to decide what to do with your time and money, and that felt extremely empowering, right? You may have also worked hard for this financial independence, with a full schedule balancing classes, homework, extracurricular activities, and a part-time job (Can you even imagine doing that now? Where does the energy go, anyway?!).

But your hard work didn’t stop there. Even if you did not have a part-time job with financial independence as a young person, you probably still worked hard. You worked hard in school to get good grades, or you worked hard at sports or playing a musical instrument.

There are many different types of work, and one thing they all have in common is the sense of pride and accomplishment when you see the results. That feeling is hard to beat and so worth all the blood, sweat, and tears.

So before we move on, take a minute to remember. Remember your accomplishments as a young person and how you felt as you tasted independence for the first time. What’s coming up for you that you’d want to share with your kids or nieces and nephews so they learn from your experience?

Reflection No. 2: In the Thick of It

As you grew into the adult you are now, your work evolved. You may have spent many years in school completing a degree program. And you probably got that first “real” job, whether you went to college or not. Another first in your life was when you had a full-time job making full-time money - but also with full-time adult responsibilities.

During this phase in your life, you may have bought your first home and had children. You may have also taken on debt - in the form of a mortgage or a school loan. If so, you’ve no doubt worked hard to make your payments in full and on time.

This is the stage of life where you’re in the thick of it. You may even feel like all you do is work - even if it’s work you aren’t being paid for. But isn’t this a wonderful time, too? If you have children, you work hard to teach them what they need to know to become successful adults. You also support them financially to ensure they have all they need in life. And when you see them grow into adulthood, you see the results of all your hard work for them as they become caring, compassionate, productive members of society.

You've undoubtedly worked hard if you start a business during this time. You probably gave most of your time, energy, and attention (and maybe even money) to make your dream a reality. You’ve worked hard to create jobs for other people who need them. You’ve created a solution to a problem that didn’t exist before you came along.

Now, take a moment to think about what you’ve accomplished with all your hard work. Have you enriched other people’s lives? Have you supported the people you love most to grow into their full potential? Have you created something in the world that wasn’t there before? What else? Think about not only the tangibles, like creating a business or succeeding in a demanding career, but also the intangibles, like the love you give and receive.

How do you feel as you reflect on your life at this stage? Has all the hard work been worth it? What do you want to pass on to the people you love?

Reflection No. 3: What Happens Next?

As you become older - and wiser - your work shifts again. At this stage, you may retire from a career or become ready to exit a business, and if you have children, you’ve seen them in their own careers and have their own families. Now is the time to truly enjoy all the fruits of your labor. It’s also time to think about what happens next.

Assuming you live long enough to reach this stage of life, what can you do to ensure that all the hard work you spent throughout your life isn’t wasted? What can you do to make sure that when you’re gone, the assets you’ve worked hard for don’t get lost and turned over to the Department of Unclaimed Property, subject to the claims of creditors or squandered by irresponsible heirs?

More importantly, what work can you do to ensure your family doesn’t end up in court and conflict with each other, potentially resulting in irretrievably broken relationships? After all the time, energy and attention you’ve put into those you love, you don’t want to see this happen. So the work here involves making big decisions and documenting those decisions and communicating them well with a Life & Legacy Plan.

A Life & Legacy Plan is a complete estate plan that ensures your life’s work isn’t lost, wasted or results in a mess for the people you love. It ensures your hard-earned assets are passed to those you want in the way you want when you’re no longer here, and it ensures your wishes are honored if you become incapacitated. A Life & Legacy Plan also preserves the family relationships you’ve worked to cultivate by keeping your family out of court and conflict. Finally, a Life & Legacy helps you pass on what matters most: your legacy.

Before you think, “Legacy? That doesn’t apply to me. No one is ever going to put my name on a hospital wing!,” I want to stop you right there. Legacy isn’t just for the rich or philanthropic; that’s a misconception. Legacy is the way you’re remembered. And you can control your legacy with a Life & Legacy Plan. When you work with me, not only will we ensure your assets are distributed and used the way you want, but we’ll also capture the fruits of your life’s work in the form of a Life & Legacy Interview. My clients tell me that this is their favorite and most meaningful part of the process, bar none. Book a call with me using the link below to learn more.

Warning! Life Doesn’t Always Go as Planned So Don’t Wait Until It’s Too Late

Ideally, you live to make it through each of the stages above, but it’s possible you may not. I’m not trying to scare you but it’s important for us to remember that death is a part of life. The one thing we don’t know is the exact time death will find us. If we don’t face it before something happens, we leave the people we love with a big, expensive, time-consuming mess. The sooner we face our mortality and plan for the inevitable, the greater the chance your legacy will be one of love. And, you’ll likely start making even better choices about the use of your resources during your life - hence, why we call it Life & Legacy.

Estate planning is for everyone, including you, no matter your stage of life. In fact, you already have an estate plan; you just may not know what it is. If you haven’t created your own plan, specifying your wishes and outlining how you want it all to go if you become incapacitated or when you die, your State has one for you. And chances are, it’s not what you want. When you create your own, you get to override what the State has planned for you. You get to determine how you want your life’s work remembered on your terms. After how hard you’ve worked, don’t you deserve it?

How We Help Secure Your Life’s Work

Your life's work is a testament to your dedication, perseverance, and love. From your first job to your current achievements, you've built a legacy worth protecting. This Labor Day, as you reflect on your journey, consider how you want that legacy to endure. Take control of your future and protect what matters most by creating a comprehensive Life & Legacy Plan with us. Book a consultation call today to learn how we can tailor a plan that honors your life's work and ensures your legacy lives on. Let's work together to secure your family's future and celebrate the fruits of your labor for generations to come.

Schedule a Consultation by Clicking Here

Will Christoferson 8/19/24 Will Christoferson 8/19/24

How Beneficiary Designations Put Your Family at Risk

Many financial advisors, accountants, and even other lawyers will tell you that you don’t need an estate plan and that naming beneficiaries on your accounts is enough. But they’re not telling you about the risks you may unknowingly take with your family's financial future. Read more…

You've worked hard to build your assets and secure your family's future. Like many responsible adults, you've named beneficiaries on your retirement accounts, life insurance policies, and maybe even your banking and investment accounts. It feels good to know you've put something in place for your loved ones.

But here's the truth many financial advisors, CPA’s, and even other lawyers won’t tell you: relying solely on beneficiary forms for your estate plan can lead to unintended consequences and potential financial disasters for your loved ones. While beneficiary designations serve a purpose, they're far from a comprehensive estate planning solution. Let's explore why beneficiary designations alone fall short and the risks you may be unknowingly taking with your family's financial future.

The Dangers of Naming Minor Children As Your Beneficiaries

You love your children and want to ensure they're cared for if something happens to you. Naming them as beneficiaries on your accounts seems like a straightforward way to achieve this goal. However, this approach can backfire spectacularly when your children are minors.

You create a legal and financial quagmire when you designate a minor as a beneficiary. Financial institutions can't simply hand over large sums of money to children. Instead, the court will likely appoint a guardian to manage the funds. This process can be time-consuming, expensive, and may not align with your wishes.

Even more concerning is what happens when your child reaches the age of majority, typically 18 or 21, depending on your state. At this point, they gain complete control of the inherited assets. Ask yourself: Is your 18-year-old ready to manage a six or seven-figure life insurance policy? What about your retirement account? For most young adults, the answer is a resounding no.

Imagine your child receiving a windfall at an age when they're still learning to navigate adult responsibilities. They might make impulsive financial decisions, fall prey to manipulative friends or partners, or simply lack the maturity to handle sudden wealth. By relying solely on beneficiary designations, you're potentially setting your child up for financial mismanagement or even exploitation.

There is a much better way to ensure your children receive their inheritance at an age (or ages) you deem appropriate: a Life & Legacy Plan. With our Life & Legacy Planning process, we support you in providing for your child's needs while protecting the assets until they reach a more appropriate age to manage them independently. This approach ensures your hard-earned money supports your child's long-term well-being rather than funding a brief period of reckless spending.

When a Beneficiary Dies Before You

Life is unpredictable, and tragedy can strike at any time. While it's uncomfortable to contemplate, your named beneficiaries may predecease you or die with you in an accident. This scenario can throw your estate into chaos if you've relied entirely on beneficiary forms.

When a named beneficiary dies before you, the fate of those assets becomes uncertain. Some accounts may have provisions for contingent beneficiaries, but many people neglect to name backups. In other cases, the asset may revert to your estate, potentially subjecting it to probate – a time-consuming and potentially expensive legal process you likely wanted to avoid by using beneficiary designations in the first place.

The situation becomes even more complex if you and your primary beneficiary die simultaneously or in quick succession. In such cases, determining the order of death can have significant implications for how your assets are distributed. Without a comprehensive estate plan in place, your assets may end up going to unintended recipients or getting tied up in lengthy legal battles.

A Life & Legacy Plan, however, can provide clear instructions for various scenarios, including the death of beneficiaries. By establishing a will or trust, you can create a chain of inheritance that accounts for multiple contingencies, ensuring your assets are distributed according to your wishes regardless of the circumstances.

The Risks of “Set-It-and-Forget-It” Planning

Life is dynamic and filled with changes, both big and small. Your financial situation evolves, relationships shift, and laws change. Yet, all too often, people treat beneficiary designations as a "set it and forget it" solution. This static approach to estate planning can lead to severe problems down the line.

Consider how much can change over the course of a few years or decades:
You may divorce or remarry, dramatically altering your family structure.
Children grow up, and your relationship with them may change.
Your financial situation could improve significantly, making previous designations inadequate.
Tax laws and regulations around inherited assets may be revised.
You might develop new philanthropic interests or want to include charitable giving in your legacy.

If you don't regularly review and update your beneficiary designations, they may no longer reflect your current wishes or circumstances. It's not uncommon for people to unknowingly leave substantial assets to ex-spouses or estranged relatives simply because they failed to update their beneficiary forms (in fact, check out my blog for a recent article about this).

In addition, beneficiary designations don't allow for the nuanced distribution of assets that many people desire as their wealth grows. You might want to establish conditions for inheritance, protect assets from creditors, or provide for family members with special needs. These complex wishes simply can't be accommodated through standard beneficiary forms.

On the other hand, a Life & Legacy Plan is designed to adapt to life's changes. Regular reviews with my office ensure your plan evolves with you, reflecting your current situation and desires. This means your assets go to the people you want in the way you want, and your plan works when you and your loved ones need it.

The Peace of Mind That Comes From Careful Planning

To truly protect your legacy and ensure your wishes are carried out, you need a Life & Legacy Plan, rooted in education about what would happen to you, your family, and your assets if you become incapacitated and when you die. From there, we craft a plan together that reflects your wishes, works when you need it to, and fits within your budget. This might include a will, one or more trusts, powers of attorney, and healthcare directives, in addition to carefully considered beneficiary designations. When we complete your original Life & Legacy Plan, you’ll have peace of mind knowing that it will:

Protect minor beneficiaries and ensure assets are managed responsibly;
Provide for multiple contingencies, including the death of beneficiaries;
Minimize taxes and avoids probate when possible;
Reflect your values and complex wishes for asset distribution;
Adapt to changes in your life, finances, and the legal landscape.

Don't leave your legacy to chance or expose your loved ones to unnecessary financial risks. Your family's future security is worth the time and financial investment in proper planning. Remember, a truly effective estate plan is a living document that grows and changes with you, providing peace of mind today and security for generations to come.

Know, too, that if you’ve already created your Life & Legacy Plan with me, keep an eye out for reminders to review and update your plan. If you know that you need to update your plan before we remind you, don’t hesitate to call us immediately.

How We Help You Create the Right Plan For Your Needs

As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and have a plan that works when you need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your assets protected. We’ll also touch base regularly to ensure your plan and beneficiary designations stay updated over time, taking the burden off your shoulders to make changes to your plan when needed. After all, you have enough to worry about each day.

Schedule a Consultation by Clicking Here

Will Christoferson 8/12/24 Will Christoferson 8/12/24

Would $23,000 Make a Difference to You?

Imagine discovering thousands of dollars that belong to you, only to be told you can't have it. It’s called “unclaimed property,” which is money that’s yours but has been handed over to the government without your knowledge. And it happens more often than you may think. Read more…

Imagine discovering thousands of dollars that belong to you, only to be told you can't have it. This frustrating scenario became a reality for a woman named Dale Benerofe, a Georgia resident, when she found $23,000 in unclaimed property from her deceased parents. Her tragic story sheds light on a little-known issue that affects millions of Americans: unclaimed property.

In this article, you'll discover what unclaimed property is, how to find it, and why proper estate planning could have ensured Ms. Benerofe received her inheritance. But before we dive into her story, let’s get clear on what unclaimed property is, and how it could impact you and your family.

What Is Unclaimed Property?

Unclaimed property refers to financial assets that have been abandoned or forgotten for a specific period, typically three to five years. The financial institutions can’t hold on to your money indefinitely. If no one comes forward to claim the assets, the law requires these assets to be turned over to the state for safekeeping.

Typical forms of unclaimed property include:

Forgotten checking or savings accounts
Uncashed dividends or payroll checks
Abandoned stocks, bonds, or brokerage accounts
Unclaimed life insurance proceeds
Refunds and trust distributions
Forgotten certificates of deposit and annuities

Often, these assets end up unclaimed because someone dies and their loved ones have no idea that the assets exist. And, it’s far more common than you may think, to the tune of approximately $60 billion across the US.

Consider your personal reality for a minute. If something happened to you tomorrow, would your family know exactly what you have and where to find it? Are you certain they wouldn’t miss something? If you’re like most people, the answer is no, you aren’t certain. What you are likely certain about is that your family would overlook some of your assets if you were to become incapacitated or die tomorrow. And, if they did, those assets could either disappear entirely or end up in your state’s department of “unclaimed property.” According to the National Association of Unclaimed Property Administrators, approximately one in seven Americans has some form of forgotten property owed to them. As of this writing, the total amount of unclaimed property nationwide is between $50 billion and $70 billion. You read that right. Billions of dollars. With a sum that high, it’s easy to see how it’s possible you, too, may have unclaimed property belonging to you.

What the Process Looks Like

Finding out if you have unclaimed property can be an arduous process. Even though you can search online, you’ll go through many steps before (or if) you can receive your money. Here’s what the process looks like:

Step 1—Check multiple states. Conduct a search in your current state of residence and any other states where you've lived, worked, or conducted business.

Step 2 - Search variations of your name. Try different spellings and include your middle name or initial to ensure a thorough search. If your name has changed over the years, you must also check your former names. Again, search all variations of your name in states where you’ve lived, worked, or conducted business.

Step 3 - File a claim. If you find property owed to you, you must file a claim form (usually online) with the state holding your assets. You’ll need to file a form in every state where your assets are held; there is no one-form-to-rule-them-all.

Step 4 - Gather documentation to prove your identity and the identity of your loved one(s). Be prepared to provide documentation to prove your identity and your right to the property. This may include proof of address (at any address you’ve lived), proof of name change, or proof of marriage or divorce. You’ll need to provide similar documentation for your loved ones if you have a claim to their property.

Finally, be patient. Depending on the state and the complexity of your claim, the claim process can take weeks, months, or even years.

A Real-Life Experience and Cautionary Tale

Even if you take the above steps to find the property and make a claim for it, you may not be able to receive the money rightfully owed to you. This is what Dale Benefore’s story can teach us.

Ms. Benefore discovered $23,000 that had belonged to her parents and should have been passed on to her after their deaths. She was surprised and excited because that sum would have made a significant difference to her and her family. So, in May of 2023, she filed a claim for the money with the State of Georgia’s Department of Revenue. As requested by the State, she provided her parents’ death certificates and other documentation proving their deaths. However, when the department requested her father’s driver's license, she couldn’t provide it. It had been long gone.

As of this writing - more than a year since Ms. Benefore filed her claim - she’s still fighting for her money. She’s frustrated, saying the process has been time-consuming and disheartening, and that this is not what her parents would have wanted for her. In a news interview, she claimed her “mom would be livid” if she knew what Benefore has been through.

The Easy Way to Ensure Your Assets Aren’t Lost

There’s an easy solution to this problem and a way to ensure no assets get lost and turned over to the government. It’s called Life & Legacy PlanningⓇ, and it’s the type of estate planning I do. A well-crafted Life & Legacy Plan includes a comprehensive inventory of assets that stays updated over time so your loved ones know exactly what you have when something happens to you. If her parents had had a Life & Legacy Plan, Ms. Benefore would have received the $23,000 years ago, without the time and stress of fighting with the State of Georgia.

My Life & Legacy Planning process starts with education about what would happen to the assets you have, and how you want them distributed after you die. From there, we’ll go through the many options available to you so you can pick the right plan that works for you and your family.

We work with you throughout the planning process to create a thorough inventory of your assets that’s kept private (and maintained and updated throughout your life) until your family needs it. With a Life & Legacy Plan, you have peace of mind knowing that your loved ones can’t access your money while you’re alive (unless you want them to), but they’ll also be able to get to it easily after you’re gone. No worrying about losing your hard-earned money to the government.

And if you’ve already created your Life & Legacy Plan with us, you already know how important it is to keep your asset inventory updated, so keep an eye out for our reminders to review and update your plan. However, if you know now that you need to update your plan due to a life change or a change to your assets, don’t hesitate to call us right away.

Ready to Secure Your Assets? We Can Help

There is way too much money in the State Treasury Departments not to take notice. But by reading this article and educating yourself, you’re already on the path to protecting your assets for your loved ones. We can guide you the rest of the way.

As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your plan works when your family needs it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. It’s the last and greatest gift you can give to those you love most.

Click here to schedule a complimentary 15-minute consultation to learn more:

Schedule a Consultation by Clicking Here

Will Christoferson 8/5/24 Will Christoferson 8/5/24

Would You Make This Million Dollar Mistake?

You're in your twenties and you fill out a form at work, naming your significant other as the beneficiary of your retirement account. Fast forward 28 years - you've long since broken up, lived a full life, and died, and your ex gets your now-million-dollar nest egg. Sound far-fetched? It's not. Read more…

Imagine this: You're in your twenties, just starting your career. You fill out a form at work, naming your live-in significant other as the beneficiary of your retirement account. You start contributing to your retirement account, and it begins to grow. Fast forward 28 years - you've long since ended that relationship, lived a full life, and then died. But you never changed that beneficiary designation, and now that ex-partner is entitled to your million-dollar retirement nest egg while your family is left with nothing.

Sound far-fetched? It's not. This is precisely what happened in a high-profile lawsuit involving Margaret Losinger and her former boyfriend, Jeffrey Rolison, and his estate and Proctor and Gamble, the Company he worked for during those 28 years.

Here’s a closer look at this shocking real-life story, the lessons we can learn, and how having a trusted advisor at every stage of life can protect you from making a million-dollar mistake like this or any other mistakes that you just might be overlooking.

What Happened?

In the 1980s, Jeffrey Rolison dated Margaret Sjostedt, and the two lived together. Rolison worked at a Procter & Gamble (P&G) plant, where he signed up for a profit-sharing and savings plan. In 1987, he listed Sjostedt as the sole beneficiary of his retirement account. The relationship ended two years later, and both moved on. Sjostedt eventually married, taking on the last name Losinger.

Rolison, however, never updated his beneficiary designation on his retirement plan. In 2015, Rolison passed away at age 59, single and childless, with no will and no guidance on who should inherit his assets. His retirement account, which had grown to $1.15 million, was still designated to Losinger, formerly Sjostedt.

Rolison’s brothers, Brian and Richard, were shocked when they learned that Losinger was the beneficiary of Rolison’s retirement account. They believed their brother wouldn't have intended for his long-ago ex-girlfriend to receive his retirement savings. The brothers filed a lawsuit against P&G and Losinger in 2017, trying to get the money directed to Rolison’s estate.

On April 29, 2024, an appeals court issued an order, ruling that Losinger was entitled to the money. After fighting for four years, Rolison’s family lost their claim, the million dollars in Rolison’s retirement account, and all the legal fees and court costs invested in the fight. Because we have no doubt you wouldn’t want this to happen to your family, read on …

Why Even “Simple Estates” Require Trusted Guidance

Before we go on, I’ll clarify what estate planning is, how beneficiary accounts factor in and why you likely need the guidance of a trusted advisor, even if you think you don’t have an estate, your estate is “simple” or you don’t really need an estate plan.

What estate planning is. Many people consider estate planning something only needed by the wealthy or the elderly. As you can see from this case, that’s just not true. Rolison wasn’t wealthy when he chose to name Losinger as the beneficiary of his retirement account. And he probably wasn’t wealthy when they broke up. Nevertheless, not having an estate plan or the trusted guidance he would have needed to know what he needed, he ended up making his ex-girlfriend a wealthy woman and cost his siblings quite a lot of time and money in the process.

At the most basic level, estate planning is about ensuring all of your assets pass to the people you want, in the way you want, with the right guidance and support to ensure that happens with the least effort, cost and mess possible. And, it’s about ensuring that if you become incapacitated, your wishes are known, honored and able to be followed with the least amount of cost and most amount of privacy possible.

Most importantly, estate planning is about your choices and your freedom. So, how important is it to you that you have a say in what happens to you, your hard-earned assets, and your loved ones when the time comes? If it’s important, you need an estate plan. It’s truly as simple as that. Otherwise, the government gets to decide on your behalf. When you create an estate plan, your wishes override the government’s plan for you and your loved ones.

How Beneficiary-Designated Accounts Factor Into Your Estate Plan

Beneficiary-designated accounts - like retirement accounts or life insurance - are part of your estate plan. Beneficiary designations override the government’s plan for you, and they also override whatever you might have written in your will or trust, if you created one.

From the case I shared here, we learn that Rolison did not have a will, but it would not have made a difference even if he had. Beneficiary designations come before any will or trust, even if you made the designations years ago.

Beneficiary forms are powerful documents. They alone determine who gets your retirement accounts, life insurance policies, and bank accounts, often taking precedence over your will. If you filled out a beneficiary form years ago and haven't updated it, the person named on that form will likely receive the assets, regardless of your current wishes. So the biggest takeaway from the Rolison/Losinger story is that beneficiary accounts are an integral part of your estate plan and should be reviewed on a regular basis. This is why we include a review of all of your accounts, your beneficiary designations and an inventory of all of your assets - plus we have updating programs for ongoing review - in all of our Life & Legacy Plans.

Why You Need Regular Reviews of Your Accounts and Beneficiary Designations

Rolison’s case highlights the fact that it’s easy to forget about your beneficiary designations, especially if they were filled out years ago. However, the case also tells us that neglecting to update your accounts can lead to unintended consequences and legal battles for your loved ones.

In Rolison’s case, his brothers argued that P&G failed to adequately inform him about his beneficiary designation. They claimed the company provided insufficient warnings when it changed service providers and in its monthly statements. However, most companies do not remind you to review and update your beneficiary accounts. When was the last time your bank reminded you to review the beneficiary designations on your checking account (if ever)? What about your life insurance company? And if not, have you taken it upon yourself to check your beneficiary designations regularly? Your life is busy enough. Is this a priority?

If not, it should be. In its decision, the court stated that it ruled in favor of P&G and Losinger because the responsibility for keeping beneficiary information current rests on the individual.

How Accountability Makes All the Difference

Your life is busy. Sometimes, just making it through the day with all your responsibilities can be a challenge, right? Probably the last thing on your mind is planning for your death and incapacity. And maybe the second-to-last thing is reviewing and updating your beneficiary accounts. You’re probably thinking you can do it later.

But the truth is this: “later” could be tomorrow. We all know we will die; we just don’t know when. Death doesn’t care about your age or how busy you are. I’m not saying this to scare you. It’s a fact, and I want you to be prepared so that what happened to the Rolison family won’t happen to yours. Death doesn’t have to be scary. When you plan for it, you’ll find that you can live your life with more purpose and peace of mind, knowing you’ve done the right thing for your loved ones.

If this sounds good to you, know that having a trusted advisor who is there for you throughout your lifetime can make all the difference. That’s why my Life & Legacy PlanningⓇ process includes regular check-ins and reviews of your plan, including your beneficiary accounts. The best part is you never have to think about it on your own! Unlike most lawyers who do estate planning, I will remind you on a regular basis to update your plan - and keep you accountable for doing so. I’ll also be there for you as life changes so your plan reflects your current wishes. Together, we’ll make sure your family inherits your accounts, not an ex-girlfriend you dated 40 years ago.

We Do the Heavy Lifting So You Don’t Have To

When it comes to planning for your death and incapacity, we do the heavy lifting for you, freeing you to concentrate on your responsibilities to your family, your work, and yourself. As a Personal Family Lawyer Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and that your plan works when you need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, your property protected, and your plan updated throughout your lifetime.

And if you’ve already created your Life & Legacy Plan with us, keep an eye out for our reminders to review and update your plan. If you know now that you need to update your plan due to a life change, don’t hesitate to call us right away.

Click here to schedule a complimentary 15-minute consultation to learn more:

Schedule a Consultation by Clicking Here

Will Christoferson 7/29/24 Will Christoferson 7/29/24

Celebrity Estate Plans Series Part 4 of 4: Elvis and the Scammers

For the last few weeks, we’ve explored the estate planning stories of Michael Jackson, Jay Leno, and Vanilla Ice. This week, we’re concluding our series with the King of Rock, Elvis Presley and the scammers that were trying to take Graceland.

For the last few weeks, we’ve discussed celebrities and how they planned for their deaths. We started with the King of Pop, Michael Jackson, so ending our 4-part series with the King of Rock, Elvis Presley, seems fitting.

You may be wondering why I’ve chosen to talk about a man who’s been dead since 1977. The reason is that a recent case involving Graceland shows how bold scammers can be. This case is a wake-up call for anyone who owns property or stands to inherit it. So, let’s jump into this bizarre tale to uncover what you can learn about protecting your assets from the unscrupulous actors around you.

How It Went Down

You might think that a well-known property like Graceland would be untouchable, but that didn't stop a mysterious company from trying to steal it. A group calling itself Naussany Investments and Private Lending claimed that Graceland's owners owed them millions from an old loan. They even set a date to auction the property to the highest bidder. But there was just one problem – the whole thing was a scam.

Riley Keough, Elvis's granddaughter and the current owner of Graceland, quickly fought back. She filed a lawsuit, saying her mother, Lisa Marie Presley, never borrowed money from this company or put Graceland up as collateral. The courts agreed, stopping the sale just in time. Keough’s swift action got the attention of the Tennessee Attorney General’s office, which then turned over the case to the FBI, and a federal investigation is pending.

Unfortunately, there’s been a rise in these types of scams, and they aren’t just targeted at the rich and famous. Scammers are adept at taking advantage of those of us who have never had a top-10 hit. A Wall Street Journal article published on June 3, 2024, breaks down a typical scenario, which is on point:

“Here’s how it works: A fraudster targets your house and assumes your identity, using tactics similar to identity thieves to acquire your personal information and create fake IDs. He or she then tries to sell it to an unsuspecting buyer by executing a forged deed in your name. An alternative scam is to submit a mortgage application in your name to get cash out of the house.”

Often, people don’t find out this has happened until the sale is complete and by then, it may be too late to get the property back. Or at least it would be very time-consuming and costly. Some people cannot fight back because they don’t have the financial resources to do so. The results can be utterly heartbreaking.

If it can happen to Graceland, it can happen to you. So, how can you spot these scams before they spin out of control?

Red Flags You Can’t Ignore

When you're dealing with property, loans, and estate planning, keep your eyes peeled for these warning signs:

Paperwork problems: In the Graceland case, the documents had all sorts of issues. Dates didn't match up, signatures looked fishy, and the notary said she never met Lisa Marie Presley. Always read the fine print and question anything that looks off. You should also consult with a lawyer immediately if you suspect something fishy. A lawyer can confirm your suspicions and help you take action right away.

Ghost companies: According to the news articles, Naussany Investments was hard to pin down. They had no real address, just P.O. boxes, and weren't registered as a business anywhere. Before you deal with any company, especially for something as important as a loan, do your homework. Look them up online, check with the Better Business Bureau, and don't be afraid to ask probing questions.

Timing: The scammers waited until after Lisa Marie Presley passed away to make their move. Be extra cautious about any claims against a deceased person's estate – fraudsters often target families when they're most vulnerable.

Steps You Can Take to Protect Yourself

Know that you can take proactive action to protect yourself and your loved ones, before you notice red flags. Here are some practical steps to ensure your property is protected:

Keep good records: Make sure all your important documents are organized and easy to find. This includes property deeds, mortgage papers, and any loans you've taken out. If someone makes a false claim, you'll have the proof to fight back as quickly as Riley did. Regular review and updates of these documents are crucial.

Be skeptical: If something sounds too good to be true, it probably is. Be wary of unsolicited offers or demands, especially if they come with pressure to act quickly.

Stay in the loop: If you're inheriting property or managing it for someone else, know what's going on. Are the taxes paid? Is there a mortgage? The more you know, the harder it is for scammers to pull a fast one. The reason Riley Keough was able to take action quickly enough to stop the sale was because she was paying attention.

You also want to make sure someone else is paying attention to your affairs in case you become incapacitated. In last week’s article, we discussed what can happen if you become incapacitated and you haven’t planned for it. If you missed it, here’s a sneak peek: it took months for Jay Leno to be able to manage his wife’s financial affairs once she was unable to herself. And as we’ve seen with the Graceland case, months could mean the difference between keeping your property and losing it. If you haven’t planned for your incapacity, book a call with me using the scheduling link below, and let’s talk about how we can get that taken care of for you.

And this brings us to the most important thing you can do to protect yourself. Incapacity planning isn’t enough. You need a solid and thorough Life & Legacy Plan.

A Solid Estate Plan is the Key

Having a solid estate plan creates a legal framework that's much harder for fraudsters to penetrate. The type of planning I do, called Life & Legacy PlanningⓇ, is solid and thorough. It covers all possible scenarios so you and your family are prepared for anything that can happen after your death or during your incapacity. It includes an inventory of all your properties and other assets, so you know exactly what you have, and your loved ones will also know if they need to step in and help. A Life & Legacy Plan also includes regular reviews and updates so your plan stays current with changing laws and circumstances, closing potential loopholes that scammers might exploit.

Finally, we can help you ensure your loved ones know about these risks and are familiar with your estate plan. As we’ve learned from Elvis’s estate, the more eyes watching out for fraud, the better.

How We Help You Not Fall Victim to a Scam

Scams are on the rise and the best time to protect yourself is now. As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and have a plan that works when you (and they) need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected.

Click here to schedule a complimentary 15-minute consultation to learn more:

Schedule a Consultation by Clicking Here

Will Christoferson 7/22/24 Will Christoferson 7/22/24

Celebrity Estate Plans Series Part 3 of 4: Jay Leno’s Case is No Laughing Matter

In this third installment of our four-part celebrity series, we discuss a topic that no one wants to think about as it may seem to be a fate worse than death: incapacity. Find out what Jay Leno and his family can teach us about the need to be prepared, no matter what happens.

For the last two weeks, we’ve discussed celebrities and how they planned (or didn’t!) for their deaths. In this third installment of our four-part celebrity series, we discuss a topic that no one wants to think about as it may seem to be a fate worse than death: incapacity. Unlike death, not everyone will become incapacitated. Yet, it’s an essential part of your future planning because if you do become incapacitated, you want to have made your choices well before that occurs. To illustrate the importance of planning for incapacity, we’ll examine the real-life court case involving Jay Leno and his wife, Mavis. I assure you, it is no laughing matter.

The Leno case highlights what happens when you or a loved one becomes incapacitated and what can happen if you have not planned in advance. From the Leno case, we can learn several lessons, including 1) What incapacity is and what it is not, 2) What a spouse can and can’t do with the other spouse’s financial affairs, and 3) How you can end up in court with all your affairs becoming public knowledge. We’ll address all three topics here, emphasizing why these matter, even for those of us who have never hosted “The Tonight Show.”

Let’s start with the basics: what do we mean when we’re talking about “incapacity”?

What Incapacity Is and What It’s Not

If you become incapacitated, you’ve lost the ability to make sound financial, medical, or legal decisions for yourself. You may even make harmful decisions or be unable to communicate at all. Incapacity can result from several circumstances, including a tragic accident, a serious, end-of-life illness, or aging-related challenges, such as dementia or Alzheimers. Like death, incapacity can strike at any time and at any age. Once it does, it’s too late to get your affairs in order, and your loved ones will be stuck with a mess.

This may seem obvious, but stay with me: It’s important to note that incapacity occurs while you’re alive. I say this because estate planning, to some degree, has much to do with timing. You can have a plan and create documents that deal with your incapacity. However, that plan and documents become null and void once you die, and another plan and set of documents are needed.

Here’s why this matters to you: If you’re like many people, you’ve heard of a document called a Power of Attorney. You may even have authority for an aging relative under a Power of Attorney. In my practice, however, I've found that most people don’t realize that the authority granted under that Power of Attorney ends as soon as the person granting the power dies. So, while you may be able to access your loved one’s checking account to pay bills while they’re alive, that ends immediately at death if your access was under a Power of Attorney. You must then get separate authority - from a court if assets are not held in a trust - to handle the remaining assets after death.

This means your incapacity planning and post-death planning must work together so the transition is handled smoothly and with as much ease for your loved ones as possible. And that brings us to the Leno case.

So, What Happened In the Leno Family? (And What It Means for You)

Mavis Leno, Jay's wife of more than 40 years, is battling dementia and has reached the point where she can no longer handle her financial affairs. So, Jay had to go to court (essentially filing a lawsuit against his own wife) to be able to manage her finances. After a few months, the court ruled and gave Jay the authority he requested.

That’s essentially the entire story. But we can’t stop there! Even from just three simple sentences above, several key takeaways exist.

Here are the highlights:

Even though they were married, Jay did not have automatic authority to manage Mavis’s finances. And neither will you if you’re married and your spouse has separate assets. Any assets or accounts you own are your property and your property alone. Marital status is irrelevant. And, if you don’t have advance planning in place, your spouse could need to go to court and sue your “estate” to get appointed and be able to take control of your assets.

Leno had to file a lawsuit (against his wife) to gain control of his wife’s finances. That’s the process, no matter what State you’re in. If you don’t have advance planning and you become incapacitated, someone will need to go to court to get authority, even if you have powers of attorney in place. And it will cost time (a few months in most cases) and money. While waiting for the court to rule, you won’t be able to pay your spouse’s bills using their money (or they may spend away, unaware of what they’re doing). That leaves you with two options:

You can pay the bills with your money and then get reimbursed later. This may be fine, especially if you have the financial means. But if you don’t have immediate access to cash, say your spouse paid all the bills from their account, this could mean trouble and potential loss of the asset. Or, bills simply go unpaid. Maybe you can explain the situation to the financial institution, and they will be patient while the court process plays out, but this doesn’t always happen.

The court process is set up for conflict, and the more conflict there is, the longer the process will take. In Leno’s case, he and Mavis have been married for over 40 years, and it’s their first and only marriage (relationship goals, right?). Given this fact, it’s reasonable to assume that no one challenged Jay’s request. But what if one of them had been married before and had children from the prior marriage? And what if one of those children wanted to ensure they got their inheritance and didn’t want the step-parent to have any control over the money? Sadly, this happens all the time. When it does, the case can go on and on, meaning court costs go up, and the assets in question could be at risk due to the time delay.

Leno’s personal and family information became public knowledge, but not because he’s famous. In most States, you must disclose your address, your family members and their addresses, and information about the financial assets. The Leno family's story is available for all of us to read, not because he’s famous, but because they had to go to court.

This can be problematic because scammers are paying attention. They tend to pay particular attention if you (or someone you love) are vulnerable, especially if you’re older. I could write books about how often older people fall prey to these scams. And they’re all terribly disturbing.

So, what have you gleaned from these insights so far? If anything concerns you, know there is a much better way this could have been handled. And this better way lies within your reach.

A Life & Legacy Plan Keeps Your Affairs Private and Your Family Out of Court and Conflict

A Life & Legacy Plan solves the problems that left Jay Leno having to sue his wife’s estate to get access to her accounts. With a Life & Legacy Plan in place, you would have a seamless, easeful transition from capacity to incapacity and then to death. There’s no time delay; assets can be immediately available when you need them. A Life & Legacy Plan can also keep you and your loved ones out of court and conflict, saving time and money and keeping all your affairs private.

When you work with me to create your Life & Legacy Plan, we’ll ensure your plan stays updated throughout your lifetime. This is critically important because if your estate plan doesn’t reflect your current life circumstances at the time you need it, then it simply won’t work. That means you end up in court, just like the Leno family. Now, for context, most attorneys do not make sure your plan stays up to date. But I’ve seen too many plans fail because of it, so together, we’ll review your plan at least every three years and make updates as necessary.

We’re Here for You Throughout All Of Life’s Changes

Incapacity planning is more crucial than ever, especially with cases of dementia on the rise. According to Alzheimer’s Disease International, over 55 million people worldwide currently have dementia, and that number is expected to increase to 78 million by 2030. Whether you’re diagnosed with dementia, another severe illness, or a terrible accident that results in your incapacity, a Life & Legacy Plan will help ensure you’re prepared, no matter what happens.

As a Personal Family Lawyer Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and have a plan that works when you (and they) need it. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your personal information kept private.

Click here to schedule a complimentary 15-minute consultation to learn more:

Schedule a Consultation by Clicking Here

Will Christoferson 7/15/24 Will Christoferson 7/15/24

Celebrity Estate Plans Series Part 2 of 4: Vanilla Ice Has Thoughts

This week, we’re continuing to look at the lives of 4 celebrities and how they’re preparing for the inevitable (or didn’t!). Last week, we examined Michael Jackson’s planning and the holes in his plan that resulted in his family being embroiled in court and conflict for 15 years and counting (if you missed it, go back and check it out!). In this second article of our 4-part celebrity series, Vanilla Ice chimes in with his estate planning experience, advice, and lessons learned on a video he posted to his YouTube channel. He has a lot to say! I’ll share some comments users posted with their takeaways, and I’ll pull out a few lessons that we can learn, too.

Let’s start with a topic everyone no one likes to talk about: taxes.

Vanilla Ice (Really) Hates Estate Taxes

Vanilla Ice shares the story of his buddy Mark, whose parents owned a sprawling property in Palm Beach, Florida. When they passed, Mark and his siblings sold the estate, expecting to be set for life. But estate taxes ended up taking over 80% of their profit. Ouch.

Vanilla Ice calls this tax a "generational wealth killer," and he’s not wrong. Estate taxes can sneak up and bite a huge chunk out of your wealth. And the thing is, with a proper estate plan, this doesn’t have to happen! The key is to educate yourself. Knowing what you’re up against helps you plan smarter so that more of your hard-earned assets reach your heirs.

In the comments section of the video, one user wrote that he agrees. He says, “as a Certified Public Accountant (CPA), I love Rob's recommendation to gain an understanding of taxes. We spend more on taxes than everything else in life.”

I agree too! I believe that education is the most important part of estate planning. That’s why my planning process begins with a Life & Legacy Planning Session, where you’ll get the plain and simple education you need to make wise decisions about your planning, including how to keep your family out of court and out of conflict, minimize taxes, and ultimately create a plan that works for you and the people you love, when they need it.

So, first lesson: if you suspect your family could pay estate taxes at the time of your death, don’t wait to plan. There’s way too much at stake. Give us a call, and let’s get you in the know about the kind of planning you want and need for yourself, and the people you love. .

Let’s talk life insurance next.

Vanilla Ice Thinks Life Insurance is Cool

(“Ice” and “cool” - get it? Sorry, couldn’t resist.)

Life insurance isn’t just for covering funeral costs – it’s a secret weapon in estate planning. Vanilla Ice suggests “maxing out your life insurance” to pass on as much money to your kids as you can. What makes life insurance “cool” is that death benefits aren’t subject to income tax, meaning your heirs can get more bang for your buck than if you were investing the money you’d put into life insurance premiums into just about any other asset class.

It’s worth considering what Vanilla Ice suggests here. When you take out a life insurance policy, the payout can cover any necessary taxes, probate fees, and debts, ensuring your heirs receive the lion's share of your assets. Life insurance can help with short-term needs, like paying off a mortgage, or it can serve your family’s long-term needs, like maintaining the lifestyle to which they’re accustomed.

When you get educated via our Life & Legacy Planning process, we’ll look at your life insurance, whether you have the right amount and the right type, and ensure you are 100% clear on what it might mean to “max out your life insurance” and if you really should do that. We’ll consider whether you need more insurance, less insurance, or a different kind of insurance altogether based on your family dynamics, assets, and what you want for the people you love after you are gone.

Second lesson: If you want to be cool, make the right type and kind of life insurance part of your planning.

Ice Says Trusts Are Not Just for the Rich and Famous (and He’s Right!)

Trusts might sound like something only the super-wealthy need, but they’re a smart tool for anyone looking to protect their assets. One commenter agreed, saying he’s learned this from experience, “It isn’t just millionaires that need planning. I’ve seen families torn apart fighting over $100,000 or less. Siblings not speaking to each other again over $50,000.”

Ice mentions irrevocable trusts specifically. These types of trusts let you transfer assets to a beneficiary while removing the assets from your taxable estate, ensuring your assets aren’t subject to estate taxes. Any assets placed in an irrevocable trust are also protected from legal judgments and creditors IF you do it the right way and in the right jurisdiction. Don’t go at this one alone. But if it’s something you are interested in, contact us and let’s talk. In the video, Ice jokes about putting his classic car collection into a trust and setting rules, such as his kids can lease but not sell the cars. This kind of protection ensures your heirs benefit from, but don’t squander, the assets. In other words, even after death, you get to determine how your assets will be used. And if you want to protect them for future generations, you can. This is one way to create generational wealth.

So now we’re up to our third lesson: If you want to protect and preserve your assets for generations, take Vanilla Ice’s advice and utilize trusts in your planning.

Ice Has Some Not-So-Nice Things to Say About Lawyers

While trusts can undoubtedly be a useful tool in estate planning, Ice has some, let’s say, not-so-nice things to say about some lawyers who draft trusts for their clients. He calls them “vultures.” Yikes. One commenter couldn’t resist throwing in a lawyer joke, saying, “What do you call a 1,000 lawyers @ the bottom of the sea? A good start.”

Believe me, I’ve heard all the lawyer jokes out there, and I’ll say this. They wouldn’t be “jokes” if people didn’t find them funny. And people find them funny because there’s some truth in them. Sadly, lots of people have had a bad experience with a lawyer in the past.

Ice aptly describes what a bad experience looks like: the lawyer confusing you by using complex language and legal concepts, selling you documents you don’t really need, and charging way too much for what the lawyer offers. He warns against blindly trusting lawyers like this.

And, he’s right.

It is exactly why I have the processes in place that I have. My Life & Legacy Planning process has been developed precisely to ensure you are well-counseled to understand all the decisions you are making, we never put in place documents that we know are likely to fail, and that you choose your own fees through our education process.

Our education first process is designed so you understand enough about how the law works in your unique situation so that you can make wise choices and be your own best advisor first and foremost. Our pricing model is all flat fee, agreed to in advance, no gimmicks, no surprises, and all chosen by you. No tricking you with fancy legal language and then charging you an arm and a leg for something you don’t need - or even want.

This brings us to our fourth and final lesson: hire a lawyer you can trust to be there for you and your family, for life and beyond.

Put Vanilla Ice’s Advice Into Action Today

Vanilla Ice’s video brings forward lessons everyone can benefit from. By understanding your options, including how taxes and life insurance impact your family and assets specifically, and considering the use of well-counseled trusts, you can safeguard your assets and ensure they benefit your loved ones the way you want. To quote his classic hit, “Ice Ice Baby,” ‘Anything less than the best is a felony.’ Take these lessons from Vanilla Ice to heart, and start building a solid estate plan today. Your future generations will thank you for it.

As a Personal Family Lawyer Firm, we help you create a Life & Legacy Plan rooted in education and clarity, so your loved ones stay out of court and conflict and your assets are protected. And once we’ve created your plan, you can rest easy knowing you’ve done the right things for the people you love most—word to your mother.

Click here to schedule a complimentary 15-minute consultation to learn more:

Schedule a Consultation by Clicking Here

Will Christoferson 7/8/24 Will Christoferson 7/8/24

Celebrity Estate Plans Series Part 1 of 4: Michael Jackson

What is it about celebrities that always draws us in? For whatever reason, we just can’t resist a good, juicy celebrity story. Maybe it’s because we can relate in some way, or maybe we feel like we can’t relate and that’s what makes celebrities interesting. Their lives always seem attractive but somehow…just out of reach.

So for the next few weeks, we’re going to look at the lives of 4 celebrities and see what we can learn from their stories. I think you’ll be surprised to learn that you have more in common with these folks than you thought (even if you don’t also have your own private jet).

This week, we’re going to turn the spotlight on Michael Jackson. Even if you aren’t old enough to “Remember the Time” when Michael Jackson was dominating the charts, by the end of this article, you’ll see that he left holes in his estate plan that we can learn from.

Before we get started, however, I want to address the elephant in the room: many people, maybe you’re included, find Michael Jackson’s personal life and choices… concerning. That is completely understandable. The intent of this piece is not to defend or promote him in any way. Rather, this article’s focus is on his family and what they’ve endured in the court system for the last 15 years.

Now, let’s dive in and learn how you can avoid the same fate for your loved ones.

It’s As Easy as “ABC” (and 1, 2, 3)

Before we take a look at the specifics of Michael Jackson’s story, let’s dispel a myth about estate planning: That it’s only for the rich or philanthropic. You do not need to be rich, philanthropic, or famous to need estate planning. You need estate planning if you own anything - even a bank account - and have people in your life you love. It’s as simple as that (dare I say it’s as simple as “ABC” and 1,2,3?). So as you think about your own estate planning, it's time to "Beat It" past the misconceptions so you’re empowered to do the right thing by your loved ones.

So what happened in Michael Jackson’s case? He had an estate plan that included a Will, and the Will established trusts for his mother, Katherine, and his three children, Paris, Prince, and Bigi.

Let’s stop right there because there’s already an increased potential for conflict with this setup.

When your assets pass via “Will” (instead of via Trust), your assets must go through a court process called probate, which, my mentor says, is a “lawsuit you file against yourself with your money for the benefit of your creditors.” Subjecting your assets and your family to probate can result in a long, time-consuming, and messy court process that can be unnecessarily expensive to resolve. Plus, the court process is entirely public, meaning anyone can access the records and see information about your assets and family that you would rather keep private.

A trust, on the other hand, bypasses the court process altogether, as long as your assets are owned in the name of the trust when you become incapacitated, or when you die. If your assets are properly transferred and retitled into the trust (this is called “funding” the trust), your estate can be administered privately and often takes less time than the court process does. A trust can be set up and funded while you’re alive, thereby avoiding probate, or it can be a part of your Will. When it’s part of your Will, like in MJ’s case, it isn’t established or funded until after the court process has played out. So if you’re trying to keep your family from going through the court process, putting a trust in your Will completely defeats the purpose.

Here’s what we’ve learned so far: if your intent is to keep your loved ones out of court and conflict, creating a Will alone is a “Bad” choice.

Peace of Mind For the “Man in the Mirror”

Since Michael Jackson’s assets were not owned in a trust, and instead his assets needed to pass via Will, there have been ongoing legal matters in court, which still aren’t resolved 15 years (yes, you read that right) after his death. Currently, MJ’s family is embroiled in a dispute with the IRS, and so the trusts he intended to be created for his mother and children remain unfunded, and therefore, some of his assets cannot be transferred to them, in the way it seems he intended. It’s also highly probable that the legal disputes continue to cost the estate a lot of money. That’s money that would have gone to his mother and children otherwise.

To make sure the people you love receive your assets in the way you want, I cannot underscore the importance of education and intent. This is exactly why my Life & Legacy Planning process begins with educating you first. The first time we meet, I will show you exactly what will happen to your family and your assets after your death, based on your current plan (or the state’s plan for you, if you don’t have a plan). From there, I help you make intentional decisions about what’s right for you and your loved ones, based on your desires, your assets, your family dynamics, and your budget.

Taxes - A Potentially “Dangerous” Situation!

The Jackson estate's ongoing battle with the IRS also serves as a stark reminder of the tax implications that can affect your plan and your loved ones. When it comes to taxes, you can’t think in terms of "Black or White" – there are many shades of gray to consider. If you intend to avoid as many taxes as possible, you don’t want to cut corners by either doing your estate planning cheaply or on your own. That could be “Dangerous!” I can help you create a comprehensive plan that minimizes taxes as much as possible, potentially saving you and your family (lots of) money.

Speaking of saving money, taxes can significantly reduce the value of what you pass on to your heirs, which has a direct impact on your loved ones. To minimize this impact, together you and I will explore different strategies such as gifting assets during your lifetime, establishing irrevocable trusts, or using life insurance policies to cover potential tax liabilities.

So our next lesson from Michael Jackson’s story is: when it comes to saving money on taxes, the stakes are too high to go at it alone. Work with a professional who can advise you properly. We aren’t clear why Michael Jackson didn’t get the kind of support necessary to minimize taxes and protect his estate from a long drawn-out court process, but what we do know for sure is that we can help you and your loved ones.

Avoiding the “Thriller” of Legal Disputes

The Jackson case also highlights the importance of choosing the right representatives for your estate. These are the people who handle your affairs after you’re gone (they’re called “executors” if there’s a Will or “trustees” if there’s a Trust). MJ’s family members have criticized the representatives for the way they’ve managed the estate. In particular, Katherine Jackson has alleged that the executors have been too frugal and are holding onto assets to maintain control.

There’s always a possibility of conflict between your representatives and your loved ones, even if you aren’t famous and don’t have millions of dollars to fight over. So to help minimize the potential, we recommend you communicate your intentions to your representatives and to your loved ones during your lifetime. Consider holding a meeting so everyone knows what your wishes are and understands the intent behind your decisions. You may not be able to “Heal the World” on your own, but you can promote healing within your own family and prevent future conflict by opening the lines of communication now. We often facilitate these meetings for our clients.

Also, know that you don’t have to choose family members to be your representatives - even if you feel pressured to do so. If you aren’t sure who the “right people” are, think about people you know who are not only trustworthy but also capable of handling complex financial and legal matters. There’s also the option of choosing a professional representative, as Michael Jackson did, who might be more appropriate for your situation. When you work with us, we’ll be there to “Rock With You” through all the different scenarios that could arise, so you can then choose the right people for your unique circumstances.

Our two final lessons from Michael Jackson’s story are these: 1) Communicate your wishes openly to your representatives and your family, and 2) Choose the right people to act for you when you no longer can.

By learning from the challenges faced by Michael Jackson’s family, you can ward off the possibility of a similar outcome for your loved ones. Your careful planning today can pave the way for a smoother transition of your assets in the future, ensuring that you are able to support your family after you’re gone, rather than creating a mess for them to handle without you. I’m here to serve you and help you ensure your estate doesn't become a "Thriller" of legal battles, but instead a harmonious transition that would make even the King of Pop proud.

“You Are Not Alone” - We’re Here for You

It’s “Human Nature '' to want to avoid thinking about your death, much less plan for it. We get it. But when we face our mortality, we’re able to live a more fulfilling life. The good news is that you don’t have to deal with it alone. We’re here to support you every step of the way.

As a Personal Family Lawyer Firm, we help you create a Life & Legacy Plan from a place of education and intention, so that your loved ones stay out of court and conflict. And once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.

Click here to schedule a complimentary 15-minute consultation to learn more:

Schedule a Consultation by Clicking Here

Will Christoferson 7/1/24 Will Christoferson 7/1/24

Value Freedom? Here’s Why an Estate Plan Is Your Declaration of Independence

As you celebrate the Fourth of July and all it represents - freedom, independence, and the pursuit of happiness - take pride in the ultimate American liberty: the right to decide your own affairs, even after death or in the event of incapacity. An estate plan, specifically a Life & Legacy Plan, is the way to express your liberty. It’s your personal Declaration of Independence. I know; it sounds weird. How in the world can an estate plan give me freedom?

Here’s how: Creating a Life & Legacy Plan (a unique estate planning process I use in my firm) preserves your self-determination, protects your family, grows your wealth, and defines your legacy on your own terms. Just as the Founding Fathers declared freedom from the British crown over two centuries ago, your Life & Legacy Plan declares your autonomy from the courts, state laws, and conflicting viewpoints that could unravel your final intentions. Read on to find out how.

You Have a Plan: It Just May Not Be What You Want

The first thing to know is that you already have a plan for what happens in the event you become incapacitated or when you die. You may not know what that plan is, and you may not like what that plan is! You see, the government has created a plan for you, without your input. Or, you may have already created your own plan, but didn’t really understand the choices you made, haven’t updated it, or may not even own your assets in a way that has them covered by your plan.

When you have a Life & Legacy Plan, you get to override the government’s plan for you with your choices. YOU get to decide exactly how you want your assets collected and distributed - whether that's providing for certain loved ones over others, leaving assets to chosen family members, who aren’t related by blood or marriage, but who have become close kin to you by choice, or donating portions to charitable causes near and dear to your heart.

With a Life & Legacy Plan in place, you maintain that plan throughout your lifetime, so as your assets change, your life changes, and the law changes, so does your plan. It grows with you, rather than becomes stale and outdated over time. Because you aren’t a stagnant human. You are evolving, changing and likely growing. Your plan needs to evolve, change and grow along with you, otherwise it’s not even worth the paper it’s written on.

The Liberation of Making Your Decisions With Eyes Wide Open

Planning for incapacity or death is the equivalent of planning for your best possible life, and for the best possible life of the people you love. It may not have ever been presented to you that way, but think about it - if you accept that you are going to die one day, and you may become incapacitated first, and you want your family and assets to be cared for in a certain way when those things happen, wouldn’t that naturally inform choices you’ll make around the allocation of your resources throughout your life?

We call this “eyes wide open” decision-making, and it leads to the most optimal use and allocation of your resources throughout your life, and makes things as easy as possible for the people you love, in the event of your incapacity or death. For example, when you consider how you want to be cared for in the event of your incapacity, and document those choices, you can then ensure you have the necessary close personal relationships to deliver on your desires, as well as the required financial means to provide for yourself or the people who will care for you (or your kids). Otherwise, you are just leaving it up to happenstance … or a judge … and we call that “eyes squeezed shut/pretend it’s not going to occur” decision-making, and it’s not responsible, mature or kind to yourself or the people you love.

The Power to Choose

The most mature, adult and loving thing you can do for yourself and the people you love is to clarify well in advance how you want to be cared for, if you cannot care for yourself, who should make decisions for you, and how you want those decisions to be made. In addition, it’s critical to provide a roadmap for the people you love, so they know what you have, where it is and how to find it.

Establishing a Life & Legacy Plan does all of that, and it doesn’t matter how much or how little you have because your loved ones will have to deal with it, whether it’s a little or a lot -- and your choices while you are living, healthy and clear empowers them and minimizes their outlay of time, energy and attention they may not have, especially during a time of grief. With a Life & Legacy Plan we help you create, you can also account for special circumstances like children or spouses from previous marriages, loved ones with disabilities, or family members you intentionally want to omit. No more worries about assets getting unfairly split or ending up in the wrong hands.

Finally, holding a family meeting can unite your loved ones around a shared understanding of your intentions rather than driving them apart through conflicts and differing interpretations of your wishes. Your Life & Legacy Plan gives you the power to choose to create more ease for yourself and the people you love.

A Declaration of How You Want to Be Remembered

Your Life & Legacy Plan represents your final declaration of the values and life experiences you'll impart to loved ones and the world at large. Use this opportunity to put your final stamp on how you want your individuality and life's purpose remembered, rather than leaving it up to chance, or leaving a legacy of mess and drama.

All of our plans include a Life & Legacy recording that guides you to express your deepest hopes, guiding wisdom, and ethical frameworks acquired over decades of successes, struggles, and personal growth. You will share cherished stories, meaningful quotes, and carefully-cultivated philosophies that give your life meaning. The Life & Legacy recording is the most meaningful gift your family will cherish and carry into future generations.

So, this Independence Day, make your own personal declaration of freedom by establishing your own comprehensive Life & Legacy Plan. Take pride in exercising your liberties to the fullest by removing all uncertainties over your final affairs and ensuring your true wishes will be honored.

Let Us Be Your Life & Legacy Planning Partner

As a Personal Family Lawyer Firm, Life & Legacy Planning is all we do. We work with you to craft a plan on your terms, taking into account what you want, not what someone else has decided for you. And once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.

Contact us to learn more about how we help you exercise freedom over your own choices. Click here to schedule a consultation:

Schedule a Consultation by Clicking Here

Will Christoferson 6/24/24 Will Christoferson 6/24/24

The Surprising Connection Between Men’s Health and Estate Planning

June marks Men’s Health Month, a time dedicated to raising awareness about health issues predominantly affecting men and encouraging the early detection and treatment of disease among men and boys. So this month, let’s turn the focus to you, gentlemen. You already know that taking care of your health allows you to prolong your life and enhance your quality of life. But have you given serious thought to how your health directly impacts your future? Your legacy? The ones you love the most?

What we’re talking about here is estate planning, and it’s every bit as important as your physical health. I know, I know, it could sound weird to equate health with estate planning, but hear me out. By the end of the article, the connection will be clear.

The Link Between Your Health and Estate Planning

Estate planning often brings to mind wills, trusts, and other legal paperwork, and in fact, that’s maybe what you initially thought when you read the title of this article. However, I want to challenge that assumption with this: the documents are merely the byproduct of estate planning.

You may be thinking, How are documents the “byproduct” of estate planning? Here’s what I mean.

Estate planning is all about ensuring your wishes are honored if you become incapacitated so you can live and die with dignity. It’s also about ensuring that the people you love most will know you loved them, that they’re cared for when you’re gone in a way you cared for them while you lived, and that you’ve removed all the pain, potential conflict and expense they will have to endure if you have no plan in place. Estate planning supports your loved ones to grieve in peace rather than face a long, expensive court process or confusion regarding how to find your assets or understand what to do when you are gone.

Estate planning is also about leaving a legacy. Contrary to what you may be thinking - that legacy is not only related to money and reserved for the wealthy and philanthropic - legacy is about the mark you make on those you hold most dear. It’s about defining your humanity and what you stood for. Putting your affairs in order now so your loved ones don’t have to deal with a mess later is a legacy, too. Making it clear that you loved your family is a legacy.

What about health? How does your health connect with estate planning?

Your health plays a significant role in shaping your preparations for the future in general, and how you structure your estate plan in particular. I want to first say that while “health” can refer to mental health, emotional health and spiritual health, and all are important, we’ll focus on physical health here.

So let’s take a look at the direct link between your physical health and estate planning. You’ll come to see that by prioritizing your physical health, you can not only enjoy life with more ease, but also avoid complications in your estate planning.

Longevity and Retirement Savings. Your physical health has a direct impact on your lifespan, which in turn affects how long your retirement savings need to last. If you maintain good physical health, you’re likely to live longer (yay!) and will need a more extensive plan regarding your assets, for your longer life.

Healthcare Decisions. Consider the potential need for long-term care. Alzheimer's or dementia could require long-term care solutions that you may or may not choose. In your estate plan, it’s crucial to not only make sure you’re financially covered for these possibilities, but to also ensure you’ve made it clear how you want to be cared for, if you cannot make decisions for yourself. There comes a point in time at which it’s too late for you to make your wishes known, and given that you are reading this … now is the time to document what you would choose, if you could not choose.

This is why you need a healthcare power of attorney or a living will in your plan. These are documents that designate the person (or people) you choose to make medical decisions on your behalf if you’re unable to do so. Your designated healthcare agent (or agents) will not only ensure that your healthcare preferences are respected but will also align your medical treatment with your personal wishes. Without these documents in place, a judge (i.e., a complete stranger) could appoint someone to act on your behalf. Maybe even someone you don’t trust or wouldn’t want making decisions for you. Or, in a worst case scenario, a judge could even appoint a professional conservator who could drain your estate financially.

Disability and Its Impact. Poor health can sometimes lead to disability, affecting your ability to manage your own affairs. Including a disability clause in your estate plan ensures that your assets are managed according to your wishes, even if you’re not able to oversee them personally. A revocable living trust can be particularly useful here, as it allows your chosen person or entity to manage your affairs without the need for court intervention. Again, without a plan in place, a judge will make decisions for you, and those decisions may not be what you want.

Having gone through the potential consequences of not prioritizing your physical health and its direct link to your estate planning, let’s turn to practical steps you can take now to make sure you and your family don’t have to experience any negative consequences.

Practical Steps to Integrate Health and Estate Planning

Unless you’re already incapacitated and can’t make decisions for yourself, know that it’s not too late to take action. It’s not too early, either. Death and incapacity don’t discriminate based on age. When you face that fact, and then plan accordingly, you can live life with more ease, more joy, and less stress. Truly.

So if you haven’t planned for the future, here are some practical steps you can take now:

Schedule Regular Check-Ups. It may seem obvious, but regular medical examinations are vital. They not only help in detecting illnesses early but also provide a clear picture of your health, which, as we’ve discussed above, is crucial for accurate estate planning. If you discover a new health condition, you can plan accordingly when you’ve caught it in time. If not, it could be too late to get your plan in place.

Update Your Estate Plan Regularly: As your health changes, so should your estate plan. Make it a habit to review and update your plan on a regular basis or whenever there is a significant change in your health. As a Personal Family Lawyer®, I can not only help you get your initial plan in place, but with a unique process I use called Life & Legacy Planning®, I will always include a free review of your plan at least every three years. This ensures your plan works because it will be updated as your health, life and assets change over time. Without updates, your plan will fail, sending your family to court and increasing the probability of conflict.

Discuss Your Plans Openly: Talk with your family about your healthcare wishes and how they relate to your estate plan. Taking this courageous, and maybe uncomfortable, step, makes a big difference when it comes to decreasing the likelihood of conflict in your family. Make sure to discuss your preferences for end-of-life care, which can create conflict in your family if you haven’t clarified your wishes.

Consult A Professional Who Has Your Best Interests in Mind: I approach estate planning from a place of heart, always keeping your best interests, and by extension, your loved ones’ best interests, in mind. I not only help you to get your plan in place, but also help you keep your family out of court and conflict so your legacy is one of love and care. I can also help you navigate difficult discussions with your family about your wishes, so you can feel confident knowing you’ve done all you can to preserve the family bonds.

How We Support You and Your Loved Ones

As a Personal Family Lawyer® Firm, we recognize the integral connection between your physical health and your estate planning needs. Our commitment goes beyond mere legal documentation; we aim to ensure your life's work and values are preserved with dignity and clarity. By understanding the specific challenges and opportunities that arise from your health, we tailor estate plans that not only protect your assets but also your well-being and your family's future.

This Men's Health Month, take a proactive step toward safeguarding your legacy and enhancing your peace of mind. Contact us to learn how our Life & Legacy Planning® process can align your health priorities with your estate planning goals. Click here to schedule a 15-minute consultation to discuss your next best steps:

Schedule a Consultation by Clicking Here

Will Christoferson 6/17/24 Will Christoferson 6/17/24

They’re Not Kids Anymore! Navigating Your Child’s Transition Into Adulthood

When your child turns 18, they’re legally considered an adult even though they have a lot more growing to do (though they may not think so!). Just like any other adult, their health and financial information is protected by privacy laws. But unlike any other adult, that’s still your child and you want to be there to support them in a crisis. Unless you’ve planned ahead you won’t be able to step in and support your child.

As an estate planning attorney, I often see families caught off guard when I tell them this. Like those families, you may also assume that as a parent, you’ll always have a say in your child’s medical and financial matters. But you don’t. Under the law, you have just as much access to their medical and financial information as you do for Joe down the street (which is none).

The good news is that with proper planning, you can help your newly-minted adult child navigate this transition and ensure you’re able to step in if something happens. Here I’ll share 3 strategies to help you and your child make the transition to their adulthood as easy as possible.

Strategy 1: Education

The first strategy for a successful transition to adulthood is education. At my firm, I start every client relationship with education. That’s because I believe that education equals empowerment, which supports you to make the right choices for yourself and your family. Young adults also need to be empowered through education. The more you can teach your child about their new financial and legal responsibilities, the more empowered they’ll be to make the right decisions.

If you haven’t already started talking with them about legal and financial matters, now is the time s. Start with a kind of budgeting we call “money mapping”. Explain the importance of tracking their income and expenses, setting financial goals, and investing wisely, both now and for the future.

Help them understand the basics of banking, such as how to use checking and savings accounts, the benefits of maintaining a good credit score, and assist them in setting up their own bank account if they don’t already have one. Explain how to avoid overdrafts and the significance of keeping track of their balance. Introduce them to how to access credit, and use it responsibly. Explain how credit cards work, the importance of paying off balances in full each month, when it’s okay to carry a balance, and the long-term benefits of building a positive credit history.

And let’s not forget your child’s new tax obligations. Teach them how to file taxes, what documents they need, and how to understand their W-2 forms, or what it means to be a 1099. Explain the importance of keeping accurate records and how to navigate basic tax software.

Health care is another critical area where your child needs education. Let your child know that you can’t make medical decisions for them and you won’t have access to their health records anymore - unless they give it to you. I’ll cover which essential documents they need in a minute, but first, let’s talk about the importance of communication in helping them document their wishes properly.

Strategy 2: Encourage Communication

Adulthood often involves having difficult conversations (as if I’m telling you anything you don’t know!). Two of those conversations to have with your child have to do with their healthcare and financial decisions in the event of an emergency.

First off, I want to say that even thinking about your child being in an emergency medical situation is hard to think about, much less talk about. And it will probably be much harder for you than it will be for them. It’s OK. Take a deep breath. You can do this!

After you’ve breathed your way to calm, have an open conversation about what your child would want to happen in various medical scenarios. If they became incapacitated, who would they want to make decisions on their behalf? Both parents or one of you first, then the other? Or do they want anyone else involved in the medical decisions, if they cannot make them on their own. Be open to the possibilities that they have other people in their life that they may want to include, and be glad they are telling you about it, if that’s the case.

Do they know what a ventilator is and whether they’d want one if it became an issue? What about a feeding or hydration tube? And what about resuscitation? It’s necessary to talk about these things so your child’s wishes are honored. Who would they want to have access to them, in case of an accident or an illness? Once you know the answers to these questions, you can help your child create a health care directive and medical power of attorney.

Have the same conversations about finances. Do you know which and how many financial accounts they have? If they’re in college, how will you access their account to stop tuition payments or housing payments if necessary? Will you be able to access their checking account if bills need to be paid? Your child may be reluctant to discuss these matters with you, but assure them you have no intent to violate their autonomy. You simply want to be there for them, if needed.

Strategy 3: Legal Planning

Once you and your child have had these difficult conversations, emphasize the need to get a legal plan in place so their wishes are documented and honored. At the least, your adult child’s legal plan should include the following documents:

Health Care Proxy and Advance Directive. A health care proxy grants someone, usually you, the authority to make medical decisions on your child’s behalf if they cannot. An Advance Directive complements this by outlining their medical treatment preferences in various scenarios, ensuring their wishes are respected even when they can’t voice them.

HIPAA Authorization. The HIPAA Authorization is equally important. HIPAA (Health Insurance Portability and Accountability Act) is designed to protect patient privacy, but it can also prevent you from accessing your child’s medical information without their explicit permission. By signing a HIPAA Authorization, your child can ensure that you can speak with doctors and receive updates on their condition.

Living Will. A Living Will is another important document to consider. This outlines your child’s wishes regarding end-of-life care, such as whether they want to receive life-sustaining treatments. Having these preferences documented can provide clarity and guidance during difficult times, ensuring that their wishes are honored.

Power of Attorney. A Power of Attorney allows your adult child to appoint someone (again, usually you) to manage their financial affairs if they are unable to do so. This can include everything from paying bills to managing bank accounts and handling investments. Without this document, you might find it difficult to step in and help when needed.

It may also be important for your adult child to have a plan in place for what happens after death. If that’s the case, they need a will or trust. Reach out to me and I can educate you and your child on whether post-death planning is needed at this stage in your child’s life.

Finally, life circumstances will change, so let your child know it’s important to review their documents regularly and update them as needed. Encourage your young adult to revisit their decisions periodically, especially if they experience significant life changes such as getting married, moving to a new state, or starting a new job. At my firm, constant contact is part of our process so our clients never have to remember on their own to update their plan. We do the remembering for you.

Your Next Step

Now that you are armed with 3 strategies for navigating your child’s transition into adulthood, your next step is to book an appointment with our firm so we can support you to have these conversations, and to get your child’s legal plan in place.

Now, before you go thinking that you don’t need an attorney and can use a cheap online tool, or even AI, I encourage you to think about what’s at stake. Your child’s health and well-being. Your child’s growth. The opportunity to teach your child about how to prioritize the things that matter most. When I work with you, one of the best things I can do is to get to know your children as they become adults. Ideally, it will be me (or my firm) that they’ll turn to for guidance throughout their lifetime, and to be there for them, when you can’t be. No cheap legal plan can do that.

The Support You and Your Child Need

As a Personal Family Lawyer Firm, we know that navigating the transition to adulthood can be challenging, both for you and your child. Understanding the legal changes that come with turning 18 and using the 3 legal documents (and the conversations that go with them) in this article can help you provide the support and guidance your child needs. But you don’t need to navigate this transition alone. We can educate you and your child about their new legal responsibilities, support you to have the hard conversations, and help your child put a legal plan in place.

Contact us to learn how our Life & Legacy Planning process supports your family to make the very best decisions about the things that matter most. Click here to schedule a 15-minute conversation:

Schedule a Consultation by Clicking Here

Will Christoferson 6/10/24 Will Christoferson 6/10/24

Father Knows Best: Avoiding Common Estate Planning Pitfalls

If you’re a father, you've always strived to provide the best for your family, ensuring their well-being and securing their future. However, even the most well-intentioned plans can falter if you overlook the complexities of estate planning. So this Father’s Day, let’s celebrate all of you dads and explore some common pitfalls that fathers often encounter, then offer practical strategies to navigate them successfully.

Heads up before we dive in; I’ll provide some stories below that illustrate what happens when a dad hasn’t created an estate plan or hasn’t updated it over time. The names of the people below are made up, but the scenarios I’ll describe are common.

Pitfall No. 1: Procrastination

If you’re a father, the weight of responsibility for your family's well-being often rests heavily on your shoulders. However, even the most well-intentioned plans can fail if you overlook the complexities of estate planning. One of the most significant pitfalls is procrastination, or postponing the process under the assumption that you have ample time or that your assets are currently too modest to warrant formal planning. But the truth is that estate planning is crucial for individuals of all ages and asset levels! Unexpected events can occur at any time, leaving your loved ones in a bad situation if you haven't properly documented your wishes.

Take for example, John, a 45-year-old father of three, who put off creating a will, thinking he had decades ahead of him. You can’t really blame him, can you? Many of us are in the same boat. However, he passed away tragically and unexpectedly, leaving his family to deal with his affairs in the court process called probate. The probate process was lengthy, and his assets were frozen and unavailable for his kids until the court process played out. In addition, probate drained his assets, so there wasn’t as much to leave his kids in the end.

I doubt this is what John would have wanted.

So dads, to avoid the procrastination trap, it's essential to approach estate planning with a sense of urgency. Start the process as soon as possible, and review your plan regularly to ensure it remains aligned with your evolving circumstances and family dynamics (keep reading for more information on how I can help!).

Pitfall No. 2: Failing to Update Your Plan Over Time

This brings us to another pitfall: failing to update your plan after significant life events, such as marriages, divorces, births, or deaths. Life is inherently dynamic, and your estate plan should reflect those changes. Your plan should reflect your life as closely as possible, otherwise it could become ineffective or even invalid. And if that happens, you end up like John, even if you already have an estate plan.

Updating your estate plan over time is crucial. So make a habit of reviewing your plan at least every three years, preferably annually, or whenever a major life event occurs. When you work with me, I will help you ensure your plan accurately reflects your current wishes and aligns with any changes in state or federal laws.

Pitfall No. 3: Not Communicating With Loved Ones

Contrary to common belief, estate planning is not solely about legal documents, such as a Will, Trust or Power of Attorney. Documents are merely the byproduct of good estate planning. The real power of estate planning is in having open and honest communication with your loved ones. However, many fathers make the mistake of keeping their estate plans a closely guarded secret, leaving their families in the dark about their intentions and wishes. This lack of transparency can breed misunderstandings, conflicts, and resentments that can undermine the effectiveness of your plan and strain family relationships.

Let’s look at David’s story for a greater understanding. David, a successful business owner and loving father, always assumed his oldest son would take over the family business after his passing. So David’s estate plan included a provision wherein his oldest son inherited the business. When David died, however, his son revealed that he had different career aspirations and didn’t want to run the business. This led to family conflict - because David didn’t have a “Plan B” in his estate plan.

As a result, the family had to go to probate court, spending lots of time, energy, attention, and money, to get the business transferred to the one family member who wanted to run the business. Had David discussed his wishes openly, the family could have addressed their concerns together and arrived at a mutually agreeable solution that would have saved them the unnecessary hassle of probate court.

So what can you learn from David’s story? Share your wishes with your family members, explain your reasoning, and address any concerns they may have. This open dialogue can foster a deeper understanding and strengthen the bond between you and your loved ones. It also allows your loved ones to provide valuable insights and perspectives that can help refine and improve your plan. What a loving gift to give your family!

Pitfall No. 4: Not Working With a Professional

The last pitfall I’ll address is going at it alone, or doing your plan cheaply online. As I pointed out above, estate planning is not just about creating a few documents and putting them away on a shelf until something happens. There’s much more to it.

Instead, work closely with an estate planning firm like ours, who can help you craft a plan that fits your unique family dynamics, wishes and assets, as well as keep in touch over time to ensure your plan is updated and works when you need it to. At my firm, we support you with all this and more, including helping you structure your plan in a tax-efficient manner, minimizing the impact of taxes on your assets and ensuring your loved ones receive the maximum benefit from your estate.

I also help you address any unique circumstances within your family, such as a family business, a child with special needs or a family member with addiction issues, ensuring that your plan is tailored to meet the specific needs of your loved ones.

So dads, after reading this, I hope it’s clear that estate planning is a profound expression of your love and responsibility as a father. By taking action now, you can navigate the pitfalls and create a lasting legacy that transcends your lifetime. Remember, your knowledge and attention to detail today can shape the future of your loved ones for generations to come.

How We Support You to Avoid These Common Pitfalls

As a Personal Family Lawyer Firm, we understand that protecting your family goes far beyond just legal documentation. Our mission is to empower you to enshrine your hopes, values, and profound love for your children into a comprehensive plan that preserves your family's integrity for generations to come. We take the time to truly understand what family means to you—the struggles you overcame, the values you hold dear, the future you envision. And then we help you craft a tailored estate plan that meets your needs and stays updated over time.

So this Father’s Day, give yourself and your children the greatest gift: your love. Book a call with our office to learn how we can support you, and by extension, your entire family. Simply click on the scheduling link here:

Schedule a Consultation by Clicking Here

Will Christoferson 6/3/24 Will Christoferson 6/3/24

8 Tips to Help Secure Outside Funding for Your Business

As an entrepreneur, you can appreciate how difficult it may be to get funding for your business. You've pitched your heart out, refined your business plan, and networked like it's an Olympic sport, yet the only word you seem to hear from investors is "no." But fret not! It’s possible to turn that “no” into a "yes." In this article, we’ll go through 8 tips to make your pitch irresistible and increase your chances of success of obtaining outside funding. Let’s get started with Tip 1, choosing the right business entity.

Tip 1: Choose the Right Type of Entity

Make sure you choose the right type of business entity, which takes into account the needs of the investors from a tax reporting perspective, the types of investors who can provide capital for your business, whether more capital will be needed in the future, and what those investors will desire from an entity stand-point.

For instance, a C-corporation (C-corp) offers a structured and scalable framework that investors prefer. As a C-corp, you can issue multiple classes of stock, which gives you flexibility in creating equity incentives and accommodating different types of investors, such as venture capitalists and angel investors. Importantly, you may also want your business to be able to issue qualified small business stock (QSBS), which gives you a $10 million exemption from capital gains tax - a huge attraction for investors.

A word of caution here. Do not choose your business entity on your own! There’s too much at stake. Instead, work with a LIFTed Business Advisor (LBA) who will educate you about the various entity structures and what they can do based on your business goals. Then, your LBA will help you form the entity correctly and maintain it properly to ensure your business is able to take advantage of all the benefits your chosen structure provides. Failure to choose, form, and maintain your business entity could mean the difference between success and failure.

Tip 2: Build an Aggressive, Yet Realistic Financial Model

Building an aggressive, yet realistic financial model is essential for raising outside capital because it demonstrates to investors that you have a thorough understanding of your business's potential and the market landscape. An aggressive financial model showcases your ambitious vision and growth trajectory, indicating to investors that you aim for significant returns on their investment. It will help you capture the interest of investors who are seeking high-growth opportunities.

However, it is equally important that this model remains realistic, grounded in credible data and well-researched assumptions. A realistic financial model ensures that your projections are attainable, which builds trust with potential investors and shows that you are not only visionary but also pragmatic and capable of executing your business plan.

Additionally, a well-crafted financial model helps in identifying key financial metrics and milestones that are critical for the business's success. When you’re able to outline detailed revenue streams, cost structures, and cash flow projections, you provide a comprehensive roadmap for how the business will achieve its financial goals. This level of detail and planning reassures investors that their capital will be managed effectively and that the business has a clear path to profitability. Importantly, it also enables you to anticipate potential financial challenges and develop strategies to mitigate them, which can further strengthen investor confidence. In short, an aggressive yet realistic financial model is a powerful tool for convincing investors of the viability and potential of your business, setting the stage for successful capital raising efforts.

Your financial model should be based upon measurable unit economics that take into consideration

Tip 3: Showcase Happy Customers

If your customers aren’t thrilled about your product, why should an investor be? Include testimonials and case studies in your pitch, showing real feedback from satisfied customers. This not only demonstrates market validation but also highlights your product's impact. Social proof is powerful!

Remember, investors don’t want to fund a business that provides a service or product people aren’t excited about. They’re looking for a business loved by its customers, one that has the potential to turn customers into brand ambassadors.

Another tip: You may even want to consider that it’s your happy customers who could be your first, and best, investors.

Tip 4: Embrace and Promote Diversity

Diversity isn't just a buzzword; it's a business advantage. Imagine your company as a garden—the more diverse, the more resilient and colorful it is. Lack of diversity might suggest to investors that your business could wilt under market pressures.

When you hire from diverse backgrounds, new ideas flourish, and investor interest spikes. Diversity shows investors that you're prepared for a global marketplace, not just operating in a small niche.

Tip 5: Be Open to Feedback and Collaboration

No one wants to invest in someone who appears to know everything already. Use your pitch to demonstrate your openness to feedback and collaboration. Outline past instances where you pivoted your business approach based on advice, and show how it improved your operations. This openness reassures investors that you are coachable and committed to growth, not stubbornly attached to your initial ideas alone.

Tip 6: Differentiate or Go Home

It seems obvious but is worth noting: Your business needs to stand out from the crowd. What is the unique selling proposition (USP) that makes your product or service truly remarkable? If you can't clearly articulate this, you need to put some thought into it. Don't just blend in as another "me too" player in your industry, or you'll likely get lost and your business will flounder.

For example, there are so many gyms out there, ostensibly providing the same benefits. However, consider the difference between Planet Fitness and Gold’s Gym. Gold’s Gym caters to and attracts a more serious weight lifter, whereas “P-Fit’s'' Pizza Mondays and commitment to a Judgement Free Zone® pulls in clientele that might feel intimidated working out with the typical Gold’s Gym member.

Identify your USP and ensure it aligns with what the market actually wants and needs. A novel approach that catches investors' attention is crucial for standing out among competitors.

Tip 7: Preparation is Your Best Pitch Partner

This may also seem obvious but is also worth repeating: Proper preparation is essential before entering an investor meeting. You wouldn't show up to a marathon unprepared, would you? So don't make that mistake with investors. Fumbling basic questions about your business plan, like your exit strategy, can lead to awkward silences and lost opportunities.

So before the meeting, ensure you know your business plan thoroughly - financial forecasts, market analysis, potential pitfalls, and exit strategies. Walking in unprepared demonstrates a lack of commitment that will turn investors away.

Tip 8: Fit the Investor’s Portfolio

Not every investor has the same focus or criteria. Some specialize in certain industries like tech or green innovations, while others may only fund companies at particular stages. Thoroughly research an investor's typical areas of interest before pitching to them. Pitching a business that falls outside their investment portfolio is a waste of time for both parties. So don’t make pitches to unaligned investors simply because you need money. It demonstrates a lack of preparation and understanding on your part. Take the time to ensure your pitch aligns with an investor's specific interests and criteria for a higher likelihood of success.

As you refine your pitch and prepare for your next investor meeting, remember each "no" is just another step towards that "yes." It's all part of the journey. Keep improving, keep pitching, and use every rejection as a stepping stone. After all, the best investors are not just funding a business—they're investing in your ability to learn, adapt, and ultimately, succeed. So, arm yourself with data and show them why your business deserves their support.

We’re By Your Side for the Journey

As your LIFTed Business Advisor, I am committed to guiding you through every stage of your business, allowing you to focus on what really matters—growing your business. Together, we can help you get your business in tip-top shape by implementing or improving your LIFT (legal, insurance, financial and tax) systems and ensuring your business strategies and systems are aligned with the life and business you want.

Take action now to position your business for successful fundraising. Schedule a complimentary consultation with me today, and let’s increase the chances you’ll secure the capital you need.

Book a call here to get started.

Schedule a Consultation by Clicking Here

Will Christoferson 5/28/24 Will Christoferson 5/28/24

Memorial Day Reflections: Crafting Your Lasting Legacy With Estate Planning

Memorial Day brings with it an opportunity to reflect on the concepts of mortality, remembrance, and legacy. As we remember the brave men and women who lost their lives serving in the military, may this day also inspire you to think about the legacy you wish to leave behind.

But, first, what is a legacy, really? “Legacy” is often misunderstood and so is estate planning. Legacy and estate planning are often perceived as “only for the wealthy” and/or “philanthropic”. But that couldn’t be further from the truth.

Legacy isn’t just about money or wealth. As a colleague of mine, Ali Katz, says: “Legacy is the choices you make now, the actions you take now, the way of being you are now, and the ripple of impact beyond your lifetime.”

Legacy includes capturing your life stories, passing on your values, and ensuring your loved ones have a record of the essence of what matters to you. These are the things you leave behind that mean the most to your loved ones. Money can’t even compare. Thinking of it this way, it’s easy to see that every human has a legacy to create and leave behind, including you!

Estate planning, on the other hand, is something many people think they understand, but really don’t. It isn’t just about getting your Will done, or documenting what your end-of-life health care wishes are. Estate planning, like legacy, encompasses much more. It’s not about getting some documents signed. Estate planning is the vehicle that allows you to leave a legacy.

So let’s dive in for more understanding on what “legacy” really means and how you can secure your legacy for the benefit of your loved ones.

Understanding What Legacy Truly Is

Legacy, at its core, is about connecting the generations, and Life & Legacy Planning is the way to do it. Here’s an example. Consider a teacher who has spent her career fostering curiosity and resilience in her students. She may not have millions of dollars to give away, but she can use her estate plan to leave her personal library to a local school. She may even set up a small scholarship fund in her estate plan so she can continue supporting education long after she’s gone. And, if she has children or close friends she cooks for regularly, she may leave a book full of her recipes they all love.

Her legacy then becomes not just about the resources she left behind, but about inspiring future generations to value learning and perseverance, and nourishment. Similarly, your estate plan can be crafted to perpetuate the principles you deem most important, making your influence felt well into the future.

So now, take a minute to reflect. What principles are most important to you? How do you want to use them to connect your generation to the next?

Estate Planning as a Form of Love

In emphasizing the value of estate planning as the vehicle that allows you to leave a legacy, know that estate planning should be tailored for each person, each person’s family dynamics, and each person’s values. No two people are the same, no two families are the same, and therefore, no two estate plans should be the same. This personal touch transforms estate planning from a mundane task, that most people put off because they don’t see the value, into a powerful act of love.

Proper and customized estate planning can also alleviate the potential for family conflict, which oftentimes results in irretrievably broken family relationships. But when you use estate planning as a vehicle for securing your legacy, it has the power to preserve these relationships and uphold family harmony. Estate planning is then transformed into an enduring gesture of care and love.

Consider as an example a devoted husband and father who deeply valued his family's annual summer retreats to a beloved lakeside cabin. Understanding the special place the cabin held in his and his family’s hearts, he specifically detailed in his Will his wish for the property to remain in the family, passing down to his children and grandchildren.

He also set up a small fund to cover the cabin's upkeep, ensuring that his family would continue to enjoy it without financial burden. In doing so, this loving husband and father not only preserved a cherished family tradition but also created a physical space for remembrance and togetherness, allowing future generations to share in the joy and serenity he found there. This thoughtful element of his estate plan demonstrates how such preparations are acts of love, weaving his memory and values into the fabric of his family’s future.

Take another minute to reflect. How would you craft your own legacy into a plan of action?

Practical Steps to Create Your Legacy

Taking the first step in estate planning can feel daunting, but when you frame it as an act of love and legacy preservation, it becomes a deeply meaningful process. Start by identifying what matters most to you. This could be family traditions, a commitment to charity, a passion for art, or anything else that defines your personal story and values. Begin by listing these priorities and considering how they can be integrated into your estate plan.

Next, consult with one of our attorneys who understands the intersection of legacy and estate planning through an initial consultation. Our attorneys will help you get clear on your values and goals, then together, you’ll create a customized plan that fits you and honors the legacy you wish to leave behind. For instance, if you, like the devoted father in the example above, have a cherished family property, our attorneys can advise you on how to set up a trust to manage that property and stipulate how it should be maintained and used by future generations.

Our attorneys can also give you instructions on how you can even record messages to send to beneficiaries that provide stories and details about a special possession or heirloom and why you chose to give it to them.

By taking these steps, you’re not just planning for the future; you’re crafting a legacy that carries your values and love forward, ensuring that your impact on the world persists and that your memory continues to serve as a source of inspiration and unity for those you hold dear.

Memorial Day Is an Opportunity for Action

This Memorial Day, as you reflect on the sacrifices of those who gave their all (and what a legacy that is!), take action to get your estate plan in place. Remember, estate planning is not just for the wealthy; it is for everyone. It's about making your mark, much like the soldiers we honor, whose legacies are remembered for generations.

So let this Memorial Day be the catalyst for you to start or update your estate plan. In doing so, you honor your life and ensure connection among the generations. Just as we come together as a nation to remember, let’s also take steps to put our love into action.

How We Can Help You Take Action Today

As a Personal Family Lawyer Firm, we don't merely dispense legal counsel; we empower you to reflect on how you want to be remembered and how you want to pass on the values you hold dear. We take the time to fully understand what’s important to you, and then together, we’ll craft a thoughtful and holistic plan that results in the greatest gift you can leave your loved ones: your love.

To learn more about how we approach estate planning as the intersection of love and legacy, schedule a complimentary 15-minute call with our office.

Schedule a Consultation by Clicking Here

Will Christoferson 5/20/24 Will Christoferson 5/20/24

10 Steps to Take Now to Secure a Comfortable Retirement: Part 2

Welcome back to our discussion on securing a comfortable retirement! In the first part of this series, we explored essential steps including estate planning, preparing for long-term care, and passing on your legacy. As we continue with the second part of our series, we'll delve into additional areas that are crucial for ensuring your golden years are not only financially stable but also enriched with independence, health, and continued personal growth. So let's pick up where we left off.

Step 6: Consider Your Housing Needs

Why It’s Important: Adapting your living environment to meet your changing mobility and health needs can enhance your independence and quality of life (and who doesn’t want that?!). As physical abilities change with age, a home that accommodates these changes can help maintain a higher level of independence, reduce the risk of accidents, and potentially delay or avoid the need for an assisted living facility. Moreover, comfortable and accessible living conditions contribute significantly to happiness and well-being in your later years.

Practical Steps:

Assess Home Accessibility: Evaluate your home for potential mobility issues and consider modifications like ramps, wider doorways, or bathroom grab bars.

Explore Senior-Friendly Housing Options: If extensive modifications are too costly or impractical, consider moving to a senior-friendly community that offers additional amenities and services.

Find a Personal Family Lawyer in Your Community Who Offers Elder Care Planning. A Personal Family Lawyer (“PFL”) who offers elder care planning can help you navigate your options and create a plan that preserves your assets for your loved ones, rather than draining them for housing and health care costs. Go to personalfamilylawyer.com to find the nearest PFL who offers elder care planning and make an appointment on their website. Many PFLs have virtual offices for your convenience, so if there isn’t a PFL listed in your locality, choose the closest one.

Step 7: Embrace Technology for Independence

Why It’s Important: Modern technology can significantly improve the convenience and safety of daily life for seniors. Technologies that assist with daily tasks can extend independence, reduce caregiver burden, and enhance your overall quality of life. Additionally, health-monitoring technologies can alert caregivers and medical professionals to potential health issues before they become severe, ensuring timely medical intervention.

Practical Steps:

Consult with a PFL and Join Their PFL FamilyCare Program. A PFL who has a FamilyCare Program in place has, as one of the benefits of membership, a subscription to a secure, online system that houses your important legal and health care documents so they’re immediately available to doctors, hospitals, and caregivers. This is really important! Most people who have estate plans with health care documents have them stored on a shelf and aren’t accessible when they need them. That’s no good in the event of an emergency. But a PFL has your back.

Health Monitoring Technologies: Employ devices that can monitor vital signs and remind you to take medications. Your doctor may be able to help with this.

Consider Using Smart Home Devices: You can automate lighting, heating, and security to manage your home environment easily. If you aren’t technologically savvy, ask a younger family member to help. Gen Z can figure that out in a heartbeat!

Step 8: Stay Active and Engaged

Why It’s Important: Active engagement in physical, social, and mental activities can significantly enhance your quality of life and health in retirement. Maintaining an active lifestyle helps prevent common age-related health problems, improves mental health, and provides valuable social interactions that can combat loneliness and depression. When you engage in a variety of activities you also keep your mind sharp and gain a sense of accomplishment and happiness.

Practical Steps:

Join Community Groups or Clubs: Engage in activities that match your interests, such as book clubs, gardening, or volunteering. If you’re active on Facebook, you can find groups there that meet in your local community. Joining online groups counts too!

Regular Exercise: Participate in senior-friendly exercise programs to maintain health and mobility.

Pursue New Learning Opportunities: Consider taking classes at local community colleges or online to keep your mind sharp and learn new skills.

Step 9: Develop a Sustainable Retirement Budget

Why It’s Important: A well-planned budget is crucial to ensure that your savings last throughout your retirement years. A sustainable budget helps you manage your finances effectively, avoiding overspending and ensuring that you have funds available for unexpected expenses. A good budgeting practice can also help you maintain a comfortable lifestyle while safeguarding against market volatility and economic downturns.

Practical Steps:

Identify Essential vs. Non-Essential Expenses: Consider making adjustments to your spending habits if needed to ensure you can cover necessary costs while still enjoying your retirement.

Plan for Unexpected Costs: Include a buffer in your budget for unforeseen expenses to avoid financial strain.

Consult with a PFL. A PFL, as part of their unique PFL Life & Legacy Planning process, will help you get more financially organized than you’ve ever been before. Together, you’ll create a complete asset inventory (we call it a “personal resource map”, so you know exactly what you have and how long it will last. The inventory also ensures that your loved ones will be able to find your assets after you’re gone, so nothing is lost to the government. Check out your State’s Department of Unclaimed Property website and prepare to be shocked to see how much money has been lost! Traditional estate planning attorneys will not help you, but a PFL includes the inventory as part of every estate plan.

Step 10: Review and Adjust Your Estate Plan Regularly

Why It’s Important: Life changes, and so should your estate plan to ensure it continues to meet your evolving needs and circumstances. Regular reviews ensure your plan works when you and your family need it to, keeping them out of court and conflict after you’re gone. If your estate plan is current with the ever-changing estate and tax laws, chances are it will work and your wishes will be honored if you become incapacitated or when you die.

Practical Steps:

Work with BC Counselors at Law to establish your plan and we will provide a complementary review of your plan every year.

Reviewing your assets every year with your plan is important. This ensures your family will receive your assets, not the government.

And now we’ve come to the end of our 2-part series on how to enjoy your retirement with ease and peace of mind. I hope you’ve found this information helpful and inspired you to take action right away because what matters most to me is your ability to live a fulfilling life and give your loved ones a legacy they will treasure.

We Can Help Secure Comfort in Your Retirement

At our firm, we do more than just assist with your immediate retirement planning needs; we ensure that your future is as vibrant and secure as possible. The intricacies of adapting your living space, integrating modern technology for better health and independence, staying socially and physically active, and managing your finances can make retirement seem overwhelming. As your Personal Family Lawyer Firm, we simplify these aspects and tailor solutions to fit your lifestyle and aspirations, all within your time and budget.

If you want to explore how we can help you develop a retirement plan that not only safeguards your finances but also enriches your daily life, we encourage you to book a complimentary 15-minute call with us. Together, let's make your retirement years as fulfilling and carefree as possible.

Schedule a Consultation by Clicking Here

Will Christoferson 5/13/24 Will Christoferson 5/13/24

10 Steps to Take Now to Secure a Comfortable Retirement: Part 1

Retirement is more than just an end to the working years; it's an exciting new phase of life that requires thoughtful preparation and strategic planning. Since May is Older Americans Awareness Month, it's the perfect opportunity to explore 10 steps you can take now to ensure a comfortable and fulfilling retirement. In this article, we’ll discuss the first 5 steps, why they’re important, and how to implement them. Next week, we’ll continue with the remaining 5 steps.

Let’s dive in, shall we?

Step 1: Plan for the Transfer of Your Assets

Why It’s Important: Effective estate planning ensures that your assets are distributed according to your wishes, potentially reduces estate taxes, and can prevent a lot of legal complications for your heirs. Proper estate planning also helps to avoid the public, often lengthy and costly process of probate, ensuring that your heirs have quicker access to the assets you leave behind. Moreover, clear directives in estate planning can prevent family disputes (sometimes resulting in irretrievably broken relationships) and ensure that your specific instructions are followed, preserving your legacy exactly as you intend.

Practical Steps:

Consult with a Personal Family Lawyer. A Personal Family Lawyer (“PFL”) always starts the client relationship with education about your options that align with your specific family dynamics, assets and wishes. From there, your PFL will help you create a tailored Life & Legacy plan that works when you and your family need it to, keeping you and them out of court and conflict. Importantly, a PFL can also help you avoid unnecessary taxes before and during retirement (and who doesn’t want that?).

Life Insurance: Having adequate coverage to handle any debts and funeral expenses can provide a financial cushion for those who depend on you. As part of the PFL Life & Legacy Planning process, your PFL can educate you about how much insurance you need and how to pass the funds to the people you want, while avoiding unnecessary taxes and ensuring the funds are available as soon as possible.

Find a PFL in Your Community. Go to personalfamilylawyer.com to find the nearest PFL and make an appointment for a 15-minute consult call on their website. Many PFLs have virtual offices for your convenience, so if there isn’t a PFL listed in your locality, choose the closest one.

Step 2: Prepare for Long-Term Care Expenses

Why It’s Important: As we continue to live longer, so does the probability of needing some form of long-term care. These services, whether in-home care, assisted living, or nursing facilities, can be costly and are not typically covered by Medicare. Without proper planning, the high costs of long-term care can quickly deplete retirement savings, potentially leaving less financial support for spouses or other family members. Furthermore, preemptive financial planning can significantly ease the emotional and logistical challenges of arranging for long-term care.

Practical Steps:

Research Long-Term Care Insurance: Investigate different policies early, ideally in your 50s or early 60s, before premiums rise significantly. Compare benefits, coverage limits, and the reputation of insurance providers.

Learn About Government Programs: Understand what Medicare covers and explore Medicaid eligibility for long-term care, which varies by state but generally requires spending down your assets.

Find a PFL in Your Community Who Offers Elder Care Planning. Preparing for long-term care can be tricky because the laws are quite complicated. However, a PFL who offers elder care planning can help you navigate your options and create a plan that preserves your assets for your loved ones, rather than draining them for health care costs. Go to personalfamilylawyer.com to find the nearest PFL who offers elder care planning and make an appointment on their website.

Step 3: Pass on Generational Wealth

Why It’s Important: By ensuring that wealth passes effectively to future generations, you can secure their financial future and teach them how to manage and grow that wealth responsibly. Furthermore, generational wealth can enhance the lives of future family members and their communities by providing educational opportunities, fostering entrepreneurship, and supporting philanthropic efforts. It also instills a sense of responsibility and stewardship, which are crucial for maintaining family wealth over generations.

Practical Steps:

Educational Trusts: A PFL can help you set up trusts that release funds for your children or grandchildren based on milestones such as graduation from college. These trusts also have tax benefits, and a PFL can educate you about how they work.

Create a Family Investment Plan: Include younger family members in discussions about family investments to educate them about financial principles.

Find a PFL in Your Community. A PFL can not only help you create an educational trust but also asset protection trusts so you can create generational wealth for your family. Go to personalfamilylawyer.com to find the nearest PFL and make an appointment on their website. Keep in mind that many PFLs have virtual offices for your convenience, so if there isn’t a PFL listed in your locality, choose the closest one.

Step 4: Leave a Legacy

Why It’s Important: What your family will treasure most is not the financial gifts you leave, but your life lessons, values, and memories that define your family heritage. A well-planned legacy can inspire and guide future generations, providing them with a sense of identity and belonging to a greater family story. You can ensure that your philosophical and ethical beliefs continue to influence even when you're no longer present, helping to shape the character and choices of your descendants.

Practical Steps:

Record Life & Legacy Interview with a PFL: All PFLs include an interview as an important part of their unique Life & Legacy Planning process. The interview ensures your family has a piece of their family history they can hold onto long after you’re gone. They’ll also treasure being able to see you and hearing your voice whenever they want.

Step 5: Cultivate and Share Family Values and History

Why It’s Important: Continuing the idea of leaving a legacy, know that strengthening family bonds through shared history and values helps maintain a sense of continuity across generations. This cultural and historical continuity enhances their psychological resilience and emotional well-being. Additionally, a well-documented family history can serve as a valuable asset for educational and genealogical purposes, enriching the lives of current and future generations. Here are some steps you can take outside of recording a Life & Legacy Interview with a PFL.

Practical Steps:

Create a Family Archive: Gather photos, letters and important documents in a digital format to ensure preservation and easy sharing. Enlist the help of a younger family member (Gen Z, anyone?) if you need to. Also consider writing down recipes, stories, and holiday traditions that can be passed down as family legacies.

Compile Family Histories: Write or record stories about family elders, significant events, and the origins of family traditions. Note that writing these down the “old school” way, i.e., pen and paper, will be meaningful to younger generations. They’ll love having a piece of paper with your handwriting on it.

Host Family Reunions: Regular gatherings not only help reinforce family bonds but also allow older generations to impart wisdom and traditions firsthand.

So whether you're a few years away or are about to retire now, it’s never too early (or too late!) to start planning. Be sure to check back next week for even more steps you can take to ensure peace of mind when the time comes.

Let Us Help Secure Comfort in Your Retirement

At our firm, we do more than just guide you through estate planning; we provide you with peace of mind, knowing you are free to enjoy retirement. However, understanding the complexities of retirement—from estate planning to ensuring long-term care and preserving generational wealth—can be daunting. That's why, as your heart-centered Personal Family Lawyer Firm, we streamline the process, making it as easy on you as possible.

If you're interested in learning more about how to create a Life & Legacy Plan that secures your comfort in retirement, we invite you to schedule a complimentary 15-minute call with our office. Let us help you live your best life, every step of the way.

Schedule a Consultation by Clicking Here

Will Christoferson 5/7/24 Will Christoferson 5/7/24

Estate Planning: A Gift of Peace and Power for Every Mother

Moms spend their days and nights thinking about how to make sure their children are happy, healthy, and safe. If you’re a mom, you know. If you aren’t a mom, you were born because of a mom. It’s one of the two things we all have in common.

So, as Mother’s Day approaches, let’s talk about the most meaningful gift you can give or receive on this hallmark holiday that means a lot: every mom deserves the peace of mind and power to create financial security for themselves and their children with thoughtful estate planning.

Now you may be thinking, “Estate planning? Really? Isn’t that just for rich people?” Or, “How does drafting a Will give me peace of mind and financial security?”

Glad you asked! Most people have a general concept of what “estate planning” means, but in reality, don’t fully understand it. Believe it or not, estate planning is far more complex than just drafting a Will, and it’s not just for rich people, though doing it will leave your family much more “rich” than if you don’t. Once you appreciate the power of estate planning, you’ll know why it has the power to “gift” you peace of mind.

So let’s start by parsing out what estate planning really is and why it matters for every mom you know, including yourself if you are a mom.

Why Estate Planning Matters for Moms (and Dads too)
Imagine having a roadmap that clearly shows how your financial assets, the guardianship of your children, and even your most cherished possessions are handled should anything happen to you. Now imagine that your roadmap is a legal document and the people receiving that roadmap are required to abide by your wishes and are able to easily do so because your wishes are so clear and you’ve left a guide for your family along with the roadmap.

That’s what estate planning is: a legally enforceable plan for your future, and ideally a guide to help your loved ones navigate the plan. And contrary to what most people think, estate planning isn’t just for the wealthy or those who are nearing the end of life. It’s for everyone, including you! Thoughtful estate planning gives you the power to make decisions now that will impact your and your family's future, giving you peace of mind to know you aren’t leaving a mess for the people you love.

You may be wondering, “Really? How does estate planning give me peace of mind?” Relax - grab a mimosa or some tea, kick your feet up, and let’s talk about how it works.

Estate planning allows you to specify who will care for your children if you are unable to do so yourself. It’s undoubtedly a tough subject, but choosing a guardian you trust to raise your kids as you would brings immense comfort, and may even guide you to build deeper relationships with the people you’d call upon to care for your children, if you cannot. Knowing that your wishes are written down and legally protected can relieve a lot of stress, and relax any of those “stressful in the background” thoughts about that one person you would never want raising your kids.

Without a plan, a judge would decide who takes care of your children if you cannot, and they might not choose the person you would have wanted. Or worst of all, they may even choose the one person you’d never want raising your kids because maybe they look great on paper. Think about it: a judge knows nothing about you or your kids. They only know what they see in court filings. That’s it. They’d have to make decisions with no input from you. Kinda scary, right?

When done right, estate planning also lets you direct the distribution of your property and finances. Specifically, it ensures your assets are transferred to the people you choose without unnecessary delays, legal hurdles, or family conflict.

This not only secures your children’s future but also simplifies the administrative process at a time when your family should have space and time to mourn and heal, not get tangled in legal complexities. And if they do get tangled up in conflict, it’s highly likely that those relationships will be forever destroyed. That also happens. Again, more often than you may think.

Here’s the bottom line. When you get these things in order, you can die in peace, and that means you live life more fully.

Estate Planning Equals Empowerment
Estate planning puts the power in your hands. It's a declaration of your values and your voice, legally secured to guide your family when you can't be there. By setting out your wishes clearly, you prevent disputes and ensure your legacy lives on exactly as you intend. After all, someone will have to wrap up your affairs after you die, so it may as well be you, now, while you’re living. So step into your power, safeguard your children's future, and cement your role as the heart and protector of your family.

In the process of getting your estate planning handled, when you work with a Personal Family Lawyer® firm, you’re going to learn a tremendous amount about your finances, and your financial literacy is going to grow in a way that will result in you feeling exponentially more financially secure and clear.

Financial Protection In Case of Loss
Estate planning is especially vital if the unthinkable happens and your spouse or partner dies. Many mothers face not only devastating emotional loss but also the potential for significant financial instability - especially if you aren’t the primary breadwinner in your family. An effective estate plan, however, includes setting up mechanisms such as life insurance, trusts, and instructions for pension or retirement benefits, which can provide you with financial support when it’s most needed. There’s absolutely no reason you and your children need to compromise your lifestyle should something happen to your partner.

For example, an estate plan ensures that you have access to joint assets and that any individual assets held by your spouse or partner are transferred to you or your children without delay. This can be critical in preventing financial hardship during an already challenging time, ensuring that you have the resources needed to maintain your home, cover living expenses, and continue to provide for your children’s needs.

The Personal Family Lawyer Difference
By now, it should be clear that creating an effective estate plan that honors your wishes and secures your and your family’s financial future isn’t as simple as creating a Will. It’s more complicated than that and can be overwhelming, particularly with the legal jargon and the multitude of decisions that need to be made. These decisions are hard, too. When you’re living your life, probably the last thing you want to think about is your death. You’d probably rather have a root canal.

Fortunately, you don't have to navigate the process alone. Personal Family Lawyer firms, like ours, are uniquely trained, and trusted advisors who can guide you through the process, ensuring that your plan fits your specific circumstances and family dynamics. Here’s a bonus: A Personal Family Lawyer can also advise you on tax implications and the best ways to structure your finances to benefit you and your heirs. Yay! (Unless you want to pay extra taxes and give your money to the government instead of your kids, then knock yourself out).

Finally, a Personal Family Lawyer is committed to serving you and your family for the long term by checking in to update your plan as life changes, assets change and your kids grow. By working with a Personal Family Lawyer Firm, you create a plan that is thorough, thoughtful and works when you and your family need it to.

Let Us Give You the Gift of Peace and Power
At our law firm, we don’t just give legal advice or draft documents. We take your power and peace of mind seriously. We also know that you’re busy. As a Personal Family Lawyer Firm, we have processes in place that make getting your estate plan in place as easy as possible, all while being thorough, thoughtful, and mindful of your time and budget.

If you want to learn more about how we can help you create an estate plan that gives you the Mother’s Day gift of power and peace of mind - so you can live life to the fullest - schedule a complimentary 15-minute call with our office.

Schedule a Consultation by Clicking Here

Will Christoferson 4/29/24 Will Christoferson 4/29/24

The Dark Side of the Internet: Protect Yourself From Online Scams and Digital Attacks

In the digital age, online scams and cyber attacks are becoming more frequent, posing risks to not only everyday users but also to lawyers who manage clients’ sensitive information. But there’s no need to fear if you take measures to keep your data safe. And if (when?) you’re working with a lawyer, you should also know what actions lawyers take to protect your data. Taking these two approaches, let’s discuss how you can safeguard yourself from these digital attackers and how lawyers ensure their clients’ data is protected from the bad guys.

And since this article is being published around “Star Wars Day” (i.e., May 4th, as in “May the fourth (Force) be with you”), I’ll refer to the bad guys as the “Dark Side” just for fun.

7 Tips to Protect Yourself From the Dark Side

Navigating the internet safely requires vigilance and knowledge about potential threats, even as the Dark Side constantly comes up with online scams and attacks designed to steal personal information or harm your devices. Here are some essential steps to protect yourself from these cyber threats and ensure your digital experience remains secure.

Verify who you’re interacting with and confirm the identity of anyone asking for personal details online. Scammers often pretend to be from a trusted company. If you receive an email or message that looks suspicious, or even a little off, contact the company directly using information from their official website.
Create strong passwords. This is crucial. Your passwords should be long, unique, and include a combination of letters, numbers, and symbols. Avoid using common words or sequences that can be easily guessed. Additionally, use different passwords for different sites. A password manager can help you generate and manage secure passwords.
Don’t click on links or attachments without knowing who the sender is. Clicking on links or downloading attachments from unknown sources can be dangerous. These can lead to fake websites designed to steal your information or install malware on your device. When in doubt, don’t click, especially when links come to you via text. Never, ever click a link sent to you via text without verifying that the sender is a real friend or company you are doing business with.
Keep your software and devices updated. Regular updates help fix security vulnerabilities. Use antivirus software to protect against malware and other threats.
Educate yourself about the types of scams that exist, such as phishing emails that ask for personal information or offer too-good-to-be-true deals. Being aware is your first line of defense.
If you get a call from a bank, a government agency or even from a child or grandchild asking for money or gift cards for any reason, or access to your computer, tell the caller you will call them back. Hang up, and call your child or grandchild directly, OR the bank or government agency and find out if they were actually calling you. As an added measure, with your family, have a family “code phrase” that must be spoken out loud in the event of an emergency, such as “blackie is a brown dog” or something unique that only your family would know.
MOST IMPORTANT: Never give anyone remote access to your computer, unless it is from a tech support company you engaged with proactively, meaning you called the tech support line on the Company’s website directly, and you initiated the request for support. Scammers will pretend they are from Coinbase or your bank, and tell you they need to access your computer to resolve your account problem. Do not fall for it.

It’s also important to note here that the elderly are the most targeted group for online scammers. So if your parents fall into this age group, pass along this article to them so they are armed with knowledge to protect themselves.

The Dark Side Won This Time, Now What?

Even after taking all these measures, sometimes the bad guys get away with it and scam you, or a loved one. If you think you’ve fallen victim to a scam, it’s important to act quickly. Immediately inform your bank or relevant service provider if you’ve shared any sensitive information. They can take steps to protect your account. You should also update your passwords right away, especially if you believe they may have been compromised. Again, ensure your new passwords are strong and unique. You may also want to report the scam to the alleged sender, so they know someone is impersonating them and can take protective measures themselves. And if applicable, report the scam to the relevant online platform, or even the local police, consumer protection agencies, or internet crime complaint centers.

Rest Easy Knowing We Have Your Back

At our law firm, we don’t just give legal advice; we’re your trusted advisor for life. If you’ve been scammed, we can help you set up your affairs in such a way that there are layers of protection built-in so it doesn’t happen again. As a Personal Family Lawyer Firm, we’re also here for your family. If your elderly parents don’t have an estate plan in place - or it’s been a while since they had it reviewed - we are here for them too. We can help them protect not only their data, but everything they want to pass on to you.

If you want to learn more about how we can help you and your parents create a Life & Legacy estate plan that keeps your family out of court and conflict and ensures your plan works when you need it to, schedule a complimentary 15-minute call with our office.

Schedule a Consultation by Clicking Here

Will Christoferson 4/22/24 Will Christoferson 4/22/24

What Happens To Your Social Media Account When You Die?

When you die, what happens to your online life? Each social media platform has its own rules for dealing with the accounts of deceased users, ranging from permanent deletion to transforming accounts into places for mourning and memory. Understanding these options is essential for managing digital assets responsibly and respecting your wishes. So let’s take a look at the various policies of major social media sites and what you can do to make sure your accounts are handled the way you want. After all, our social media accounts reflect our personalities, interests, and memories, so we want them handled with care.

What Each Platform Allows

Let’s take a look at the practical aspects and discuss what each digital platform allows or requires. Note that these provisions are updated as of April 2024, as this article is being published.

Facebook. Facebook offers two options for accounts of deceased users: either close the account permanently or convert it into a memorial account where loved ones can share memories. The platform allows you to designate a "Legacy Contact" while you’re alive; someone who can manage your memorialized account by updating your profile picture, accepting friend requests, and posting memories. Importantly, they cannot log into the account or view your private message history.

Instagram. Instagram also allows accounts to be either memorialized or permanently deleted. A memorialized Instagram account will display a "Remembering" label and will not appear in public spaces like the “Explore” section. The process requires proof of death, such as a death certificate, so someone will need to provide that after you’re gone.

TikTok. TikTok permits family members or legal representatives to request the deactivation of a deceased user’s account by providing appropriate proof of death. Unlike Facebook and Instagram, and at the time of this writing, TikTok does not currently offer a memorialization option, so your account is permanently removed once the request is processed.

X. X (formerly known as Twitter) allows the family to close the account of a deceased user. This involves submitting proof of death, after which your account and its contents are permanently deleted. X does not provide a memorialization option.

YouTube. YouTube is covered by Google’s overall policies, which offer a proactive feature called the Inactive Account Manager. This allows you to set instructions for your account if you become inactive for a specified period. You can also choose to have your data shared with trusted contacts or have the account deleted.

LinkedIn. On LinkedIn, immediate family members or colleagues can request to remove a deceased member's profile by providing proof of death. LinkedIn focuses on maintaining a professional network and so does not offer account memorialization.

How to close or memorialize an account

It’s important to know that social media platforms generally discourage logging into a deceased person's account as it poses privacy and security risks. To close or memorialize your account, family members must directly contact the service and provide the necessary documentation. They won’t be able to make a phone call, either - they’ll have to find out how to close or memorialize your account on each site separately, which can be time-consuming and frustrating. But there’s a better way! You can create a plan that helps your loved ones navigate the process. To do that, you need a trusted estate planning lawyer.

What an Estate Planning Attorney Can Do

A trusted estate planning attorney plays a crucial role in helping manage your digital legacy, ensuring that your wishes for your online accounts are carried out after your passing. Here’s what a skilled attorney can do to help ensure that your loved ones have the necessary information and authority to manage your accounts:

1. Create a Digital Asset Plan

An estate planning attorney can help you draft a digital asset plan that details your wishes for each of your online accounts. This plan can specify which accounts should be closed and which should be memorialized. It includes all kinds of digital assets, from social media accounts and emails to digital wallets and personal blogs.

Your attorney can also guide you in appointing an executor, a person who will be responsible for managing your online assets according to your wishes. A knowledgeable attorney will explain the responsibilities involved and help ensure that the executor has the legal authority they need to act on your behalf with various digital platforms.

2. Provide Necessary Legal Documentation

A skilled attorney can prepare necessary legal documents that authorize your executor to access your accounts. This might include special powers of attorney and directives that are included in your will, trust, or in a separate document.

3. Secure Your Account Information

A trusted attorney can suggest secure ways to store your account usernames, passwords, and any other necessary information. This information can be kept in a way that respects privacy and security but becomes accessible to the digital executor or designated individuals after your death.

4. Update the Plan Over Time

As laws and platform policies change, a trusted estate planning attorney can help update your digital estate plan. This ensures that it remains compliant with new regulations and continues to reflect your wishes accurately.

However, it’s important to know that most estate planning attorneys treat their clients as a “one and done” transaction. Once your plan is signed, they won’t contact you again to ensure that your plan stays updated over time. And they won’t explain that failure to update your plan regularly means your plan won’t work when you need it to. Instead, work with a Personal Family Lawyer who will keep in touch for your lifetime to ensure your plan works.

How We Can Help

As a Personal Family Lawyer Firm, we don't merely dispense legal counsel; we safeguard all your assets and guide you to make the right decisions for your unique situation. We take the time to fully understand what’s important to you, and then together, we’ll craft a thoughtful and holistic plan so you and your family can avoid the stress, conflict, and chaos that comes with incomplete planning - including incomplete digital planning.

To learn more about how we approach estate planning from a place of heart and understanding, schedule a complimentary 15-minute call with our office.

Schedule a Consultation by Clicking Here