Common Estate Planning Questions on How to Handle Your Assets - Part 1
In this first installment of a two-part series, I’ll answer the most common questions about asset ownership and management. I’ll also outline ways in which you can make things as easy for your family after your death. So let’s dive in, beginning with a question about joint assets. Read more…
When it comes to estate planning, I get many questions about many topics. One of the most common questions I hear concerns account ownership and asset management. Understanding how accounts are titled and who has access to them isn't just about convenience—it's about ensuring your assets transfer smoothly to your loved ones while protecting them from potential risks.
In this first installment of a two-part series, I’ll answer the most common questions about asset ownership and management. I’ll also outline ways in which you can make things as easy for your family after your death. So let’s dive in, beginning with a question about joint assets.
Q: What's the difference between joint ownership and transfer-on-death designation?
A: Joint ownership means both parties have full access to and ownership of a specific account or piece of real estate, while living. When one owner dies, the surviving owner automatically receives full ownership. This can be convenient but comes with risks - a joint owner can withdraw all the money at any time, and the account could be vulnerable to either joint owner’s creditors or legal judgments.
On the other hand, transfer-on-death (TOD) or payable-on-death (POD) beneficiary designations give you sole control during your lifetime. Your designated beneficiary has no access or rights to the account while you're alive but receives the assets automatically upon your death. This arrangement prevents another person from accessing your assets while you’re alive and also avoids the court process (called probate) after you die.
One important note: When you have a joint owner on your account, or a designated beneficiary, that person will receive all the funds after you die, no matter how old they are or what your family dynamics are. This can create conflict in your family or can cause someone who’s fiscally irresponsible to potentially inherit a windfall with no safeguards. Lawsuits are filed all the time by disgruntled siblings who find out that the caretaker sibling receives all the money in a parent’s account (or sole title to real estate) rather than being distributed equally among all siblings. If this is a concern to you, read on to find out how you can book a call with me to learn about your options.
Q: If I hold my property jointly, or use a TOD or POD, do I need to have a Trust?
If you use joint ownership or TOD/POD instead of a Trust, you need to consider some traps for the unwary. First, as indicated above, jointly owned property could be at risk from creditors of either party. I think of the case of the granddaughter, who was titled on grandma’s bank account. When granddaughter’s husband didn’t pay the bill on the copier contract for his business, the copier company sued and got a judgment against him. Next thing you know, grandma’s account gets garnished because it was held jointly with granddaughter, and granddaughter was liable on the copier judgment.
Suppose you use a TOD or POD to avoid a scenario like that. In that case, the problem is that the TOD/POD only operates in the event of death, not incapacity, and TOD/POD could result in the wrong person ending up getting the assets or the assets ending up in probate if there is an unexpected “order of death” issue. Imagine, grandma leaves house to grandson using TOD, but grandma and grandson are in the car together when there’s an accident, and grandson dies first, with grandma dying shortly thereafter, and before she could change the TOD/POD. Who gets the property, and how? In this case, the property would have to go through probate and pass to grandma’s “next of kin” according to the state intestacy statutes. Given that grandma was leaving her property to grandson, it’s likely she didn’t want the “state’s plan” for her assets. But, that’s what she’ll end up with.
The solution is not to use joint ownership or a TOD/POD to pass title to assets at your death. Instead, set up a trust and retitle the property, and everything can be handled with ease, privately, and in our office, for the people you love.
Q: What happens to retirement accounts and life insurance policies after death?
A: These accounts pass directly to your named beneficiaries, bypassing probate and any instructions in your will, as long as you have named beneficiaries, and if you haven’t named a minor as a beneficiary This is why keeping your beneficiary designations up to date is crucial. If your beneficiary designations are outdated – listing an ex-spouse or deceased person, for example – your assets might not go where you want them to. Even worse, if you have no beneficiary listed, these accounts would go through probate, costing your loved ones unnecessary time and money. If you’ve named a minor as a beneficiary, the assets will be subject to a court process to hold the assets under court order until your minor beneficiary is “of age” - usually 18 or 21, depending on state law.
Q: Do I need an inventory of my assets?
A: Yes, and it’s critically important that you create an inventory and keep it up to date. We include this in all of our planning options because it’s one of the most important parts of the planning process, even though, surprisingly, it’s not part of most estate planning with traditional lawyers or legal insurance plans. Our process, called Life & Legacy PlanningⓇ, includes an asset inventory because if you don’t inventory your assets, your family will not know what you have, how to find it, and how to get access to it as easily and affordably as possible. Lost assets end up in your state’s treasury as unclaimed property. According to the National Association of Unclaimed Property Administrators, approximately 1 in 7 people in the U.S. - or about 33 million people - have unclaimed property, totaling approximately $77 billion dollars. If you want to ensure that your assets go to the people or charities you want rather than to your state government’s unclaimed property fund, you need an asset inventory. And it must stay up to date.
Q: How often should I review my asset inventory and account designations?
A: Your inventory and beneficiary designations need to be kept up to date over time so they reflect your current circumstances when you die. My Life & Legacy Planning process includes regular, ongoing reviews of your asset inventory so no asset ever gets lost.
It’s also important to update your asset inventory and account designations whenever you experience a major life event such as:
Marriage or divorce
Birth or adoption of a child
Death of a beneficiary
Purchase or sale of significant assets
Moving to a new state
Starting a business
Retirement
When you work with me, you won’t have to remember this on your own. I’ll proactively remind you to update your inventory and beneficiary designations and help make it as easy as possible for you to take action.
Q: What's the best way to organize and store my asset information?
A: Create a clear, organized system that your loved ones can easily access if something happens to you. However, be careful about including sensitive information like passwords in your will, as it becomes public record after death. Instead, consider keeping this information in a secure location and telling your trusted family members, executor, or trust administrator how to access it. I will help you explore options for the best way to do this when we work together.
How We Help You Get Organized and Protected
As your Personal Family Lawyer® Firm, we help you create a comprehensive Life & Legacy Plan that includes a complete asset inventory, proper account titling, and coordinated beneficiary designations. We'll help you understand the implications of different ownership structures and guide you in making the best choices for your family's unique situation. Plus, we'll help you keep everything updated through regular reviews, ensuring your plan continues to work as intended. You’ll gain peace of mind knowing that your assets will go to the people you want in the way you want.
Click here to schedule a complimentary 15-minute consultation to learn more:
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.
Lessons from Tony Bennett's Estate Battle
When legendary singer Tony Bennett passed away in July 2023, he left behind an estimated $100 million estate and, unfortunately, a family divide threatening to tarnish his legacy. Read more…
When legendary singer Tony Bennett passed away in July 2023, he left behind an estimated $100 million estate and, unfortunately, a family divide threatening to tarnish his legacy. His daughters Antonia and Johanna Bennett are now suing their brother, Danny, who serves as trustee of their father's estate, alleging a lack of transparency and potential mismanagement of assets. Let's explore what went wrong and how you can protect your family from suffering the same fate.
Background
A complex legal battle is unfolding in the New York Supreme Court, where Tony Bennett's daughters Johanna and Antonia have filed suit against their brother Danny, who serves as trustee of their father's estate. The lawsuit raises alarming questions about the management of Bennett's assets. While the legendary singer earned over $100 million from live performances in his final 15 years, his daughters were told the estate was valued at less than $7 million.
The dispute centers around Danny's role as both trustee and former manager. In July 2022, Danny orchestrated the sale of Bennett's memorabilia, personal property, and name and likeness rights to Iconoclast, a company specializing in legacy works. The daughters allege they were kept in the dark about which assets were included in this deal and have received only "a modest distribution." They also claim Danny received $1.2 million in loans from their father in 2020 and lifetime gifts totaling $4.2 million - more than double what Bennett's other children received.
Making matters worse, when Johanna and Antonia were finally allowed to visit their father's apartment in 2024, they discovered many of his personal belongings were either missing or declared off-limits due to the Iconoclast sale. They learned that most of their father's clothing had been donated to charity without their knowledge, despite these items being specifically bequeathed to Bennett's children in the trust. An auction of Bennett's belongings was held in April 2024, but his daughters allege they were largely "kept in the dark" about the details and had to rush to identify which items they wanted to keep.
Court filings also state that the trust was established in 1994, but we don’t know if it was ever reviewed and updated over time. We also cannot know if Mr. Bennett was ever advised about the potential disputes that could arise from naming one of his children as his sole trustee and administrator of the estate.
Why Family May Not Be the Best Choice
Like Mr. Bennett, many people select family members to administer their estate after they die. They trust family members and assume they’ll do the right thing. Or they haven’t been properly advised about the potential consequences of naming a family member as the estate administrator. However, as the Bennett lawsuit teaches, family members aren’t always the right people for the job. Here are several common issues that arise when family members serve as trustees:
Power Imbalance: Having one sibling control their siblings' inheritance creates an uncomfortable dynamic and breeds an environment of distrust.
Dual Roles: Danny's position as both trustee and former manager created a potential conflict of interest. Questions about decisions and motivations often arise when personal and professional roles overlap.
Transparency Issues: The significant discrepancy between known earnings and reported estate value raises red flags about financial transparency – a crucial element of trust administration.
Emotional Complications: Family relationships can cloud judgment and make it difficult to maintain the objectivity required of a trustee.
If you’re concerned about family conflict after you die, consult with a trusted advisor who can educate you about the potential ramifications of your decision and guide you to choose the right person—whether a family member or not. As a Personal Family LawyerⓇ, my priority is helping you make the process as easy on your loved ones as possible and giving you peace of mind that you’ve done everything you can to keep your family out of court and conflict.
How to Prevent a Similar Conflict in Your Family
The primary way to prevent conflict in your family, after your incapacity or death, is to start courageous conversations with your family now. Conflict occurs when people are surprised about choices made by a loved one that are only revealed after it’s too late to gain understanding. Deep grief combined with surprise is a volatile combination. The best way to save your loved ones from this fate is to communicate often, and early. If you’ve created your plan with my office and desire me to host a family meeting, reach out and let’s get it scheduled. If you have not yet created your plan, let’s start there.
If for some reason, you do not believe you can get your loved ones on the same page, I sometimes recommend choosing a non-family member, or professional, as your Successor Trustee. A professional or corporate trustee, for instance, can provide the objective oversight needed to maintain family harmony while ensuring proper estate administration. In fact, this might have been a better choice for the Bennett family from the start.
However, if you strongly prefer having a family member serve as trustee, you can implement additional safeguards if you have an effective estate plan in place. An effective plan may include adding co-trustees or creating independent oversight mechanisms to help ensure transparency and accountability. It might mean appointing a professional advisor to review major decisions or requiring regular external audits of estate administration.
Finally, make sure your chosen trustee has access to proper professional support. Managing an estate requires complex legal and financial knowledge that most family members don't possess. That’s why my Life & Legacy Planning process has built-in mechanisms to ensure your chosen representatives will always have help from me when they need it. But ongoing support for your family is rarely a part of a typical estate plan.
Essential Elements of an Effective Estate Plan
Creating an estate plan that truly protects your family requires careful consideration. It requires guidance on how to pick the right representative for you and your loved ones. It requires proper documentation of assets, including detailed records of everything from real estate to intellectual property rights. It requires clear distribution guidelines. It also involves transparency to help maintain family trust and prevent disputes from arising.
However, if you create a DIY plan, use a cheap online service, use a financial advisor who offers estate planning services, or if you work with a traditional estate planning attorney, these elements will most likely not be in your plan. Instead, you need a comprehensive Life & Legacy Plan that will work when you need it to.
When you work with me to create a comprehensive Life & Legacy Plan, I will help you:
Choose the right trustee for your situation;
Create systems for transparent asset management;
Establish clear communication protocols;
Protect family relationships from conflicts;
Document your wishes on video or an audio file so your family understands precisely what you want;
If you have minor children, gain peace of mind knowing that they will never be taken into the care of strangers if something happens to you; and
Review and update your plan regularly to account for changes in family dynamics, assets, and life circumstances.
We cannot know whether Mr. Bennett was advised of the potential consequences of naming his son to serve as trustee, or whether he was given proper guidance on what he could have done to keep his family out of court and conflict. But when you work with me to create a Life & Legacy Plan, I’ll support you to create a plan that leaves a legacy of love and peace, not discord and strife.
How We Help You Create a Plan That Works
As your Personal Family Lawyer®, we help you create a comprehensive Life & Legacy Plan that protects your assets and preserves family harmony. We'll help you address potential conflicts before they arise, ensure your wishes are clearly documented, create a framework for managing your assets even if you become incapacitated, and be there for your chosen representatives when you cannot be. We’ll also review your plan with you on a regular basis so your plan works when you and your family need it to.
Don't leave your family's future to chance. Click here to schedule a complimentary 15-minute consultation to get started:
Lessons from Tony Bennett's Estate Battle
When legendary singer Tony Bennett passed away in July 2023, he left behind an estimated $100 million estate and, unfortunately, a family divide threatening to tarnish his legacy. His daughters Antonia and Johanna Bennett are now suing their brother, Danny, who serves as trustee of their father's estate, alleging a lack of transparency and potential mismanagement of assets. Let's explore what went wrong and how you can protect your family from suffering the same fate.
Background
A complex legal battle is unfolding in the New York Supreme Court, where Tony Bennett's daughters Johanna and Antonia have filed suit against their brother Danny, who serves as trustee of their father's estate. The lawsuit raises alarming questions about the management of Bennett's assets. While the legendary singer earned over $100 million from live performances in his final 15 years, his daughters were told the estate was valued at less than $7 million.
The dispute centers around Danny's role as both trustee and former manager. In July 2022, Danny orchestrated the sale of Bennett's memorabilia, personal property, and name and likeness rights to Iconoclast, a company specializing in legacy works. The daughters allege they were kept in the dark about which assets were included in this deal and have received only "a modest distribution." They also claim Danny received $1.2 million in loans from their father in 2020 and lifetime gifts totaling $4.2 million - more than double what Bennett's other children received.
Making matters worse, when Johanna and Antonia were finally allowed to visit their father's apartment in 2024, they discovered many of his personal belongings were either missing or declared off-limits due to the Iconoclast sale. They learned that most of their father's clothing had been donated to charity without their knowledge, despite these items being specifically bequeathed to Bennett's children in the trust. An auction of Bennett's belongings was held in April 2024, but his daughters allege they were largely "kept in the dark" about the details and had to rush to identify which items they wanted to keep.
Court filings also state that the trust was established in 1994, but we don’t know if it was ever reviewed and updated over time. We also cannot know if Mr. Bennett was ever advised about the potential disputes that could arise from naming one of his children as his sole trustee and administrator of the estate.
Why Family May Not Be the Best Choice
Like Mr. Bennett, many people select family members to administer their estate after they die. They trust family members and assume they’ll do the right thing. Or they haven’t been properly advised about the potential consequences of naming a family member as the estate administrator. However, as the Bennett lawsuit teaches, family members aren’t always the right people for the job. Here are several common issues that arise when family members serve as trustees:
Power Imbalance: Having one sibling control their siblings' inheritance creates an uncomfortable dynamic and breeds an environment of distrust.
Dual Roles: Danny's position as both trustee and former manager created a potential conflict of interest. Questions about decisions and motivations often arise when personal and professional roles overlap.
Transparency Issues: The significant discrepancy between known earnings and reported estate value raises red flags about financial transparency – a crucial element of trust administration.
Emotional Complications: Family relationships can cloud judgment and make it difficult to maintain the objectivity required of a trustee.
If you’re concerned about family conflict after you die, consult with a trusted advisor who can educate you about the potential ramifications of your decision and guide you to choose the right person—whether a family member or not. As a Personal Family LawyerⓇ, my priority is helping you make the process as easy on your loved ones as possible and giving you peace of mind that you’ve done everything you can to keep your family out of court and conflict.
How to Prevent a Similar Conflict in Your Family
The primary way to prevent conflict in your family, after your incapacity or death, is to start courageous conversations with your family now. Conflict occurs when people are surprised about choices made by a loved one that are only revealed after it’s too late to gain understanding. Deep grief combined with surprise is a volatile combination. The best way to save your loved ones from this fate is to communicate often, and early. If you’ve created your plan with my office and desire me to host a family meeting, reach out and let’s get it scheduled. If you have not yet created your plan, let’s start there.
If for some reason, you do not believe you can get your loved ones on the same page, I sometimes recommend choosing a non-family member, or professional, as your Successor Trustee. A professional or corporate trustee, for instance, can provide the objective oversight needed to maintain family harmony while ensuring proper estate administration. In fact, this might have been a better choice for the Bennett family from the start.
However, if you strongly prefer having a family member serve as trustee, you can implement additional safeguards if you have an effective estate plan in place. An effective plan may include adding co-trustees or creating independent oversight mechanisms to help ensure transparency and accountability. It might mean appointing a professional advisor to review major decisions or requiring regular external audits of estate administration.
Finally, make sure your chosen trustee has access to proper professional support. Managing an estate requires complex legal and financial knowledge that most family members don't possess. That’s why my Life & Legacy Planning process has built-in mechanisms to ensure your chosen representatives will always have help from me when they need it. But ongoing support for your family is rarely a part of a typical estate plan.
Essential Elements of an Effective Estate Plan
Creating an estate plan that truly protects your family requires careful consideration. It requires guidance on how to pick the right representative for you and your loved ones. It requires proper documentation of assets, including detailed records of everything from real estate to intellectual property rights. It requires clear distribution guidelines. It also involves transparency to help maintain family trust and prevent disputes from arising.
However, if you create a DIY plan, use a cheap online service, use a financial advisor who offers estate planning services, or if you work with a traditional estate planning attorney, these elements will most likely not be in your plan. Instead, you need a comprehensive Life & Legacy Plan that will work when you need it to.
When you work with me to create a comprehensive Life & Legacy Plan, I will help you:
Choose the right trustee for your situation;
Create systems for transparent asset management;
Establish clear communication protocols;
Protect family relationships from conflicts;
Document your wishes on video or an audio file so your family understands precisely what you want;
If you have minor children, gain peace of mind knowing that they will never be taken into the care of strangers if something happens to you; and
Review and update your plan regularly to account for changes in family dynamics, assets, and life circumstances.
We cannot know whether Mr. Bennett was advised of the potential consequences of naming his son to serve as trustee, or whether he was given proper guidance on what he could have done to keep his family out of court and conflict. But when you work with me to create a Life & Legacy Plan, I’ll support you to create a plan that leaves a legacy of love and peace, not discord and strife.
How We Help You Create a Plan That Works
As your Personal Family Lawyer®, we help you create a comprehensive Life & Legacy Plan that protects your assets and preserves family harmony. We'll help you address potential conflicts before they arise, ensure your wishes are clearly documented, create a framework for managing your assets even if you become incapacitated, and be there for your chosen representatives when you cannot be. We’ll also review your plan with you on a regular basis so your plan works when you and your family need it to.
Don't leave your family's future to chance. Click here to schedule a complimentary 15-minute consultation to get started:
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.
Beyond the Turkey: How Thanksgiving Can Inspire Your Family Legacy Planning
As Thanksgiving approaches, many families are busy planning menus, coordinating travel, and preparing for the big feast. While the turkey, stuffing, and pumpkin pie are important (and delicious) traditions, this cherished holiday offers something even more valuable—a perfect opportunity to think about, discuss, and preserve your family's legacy. Read more…
As Thanksgiving approaches, many families are busy planning menus, coordinating travel, and preparing for the big feast. While the turkey, stuffing, and pumpkin pie are important (and delicious) traditions, this cherished holiday offers something even more valuable—a perfect opportunity to think about, discuss, and preserve your family's legacy.
In this article, you'll discover practical ways to capture family stories during your holiday gathering, learn how to start meaningful legacy conversations without awkwardness and understand how to transform these precious moments into a comprehensive Life & Legacy Plan that protects your family's values and assets for generations to come. This year, consider using your Thanksgiving gathering as a springboard for the meaningful conversations that can shape your family's future.
The Heart of Legacy Planning: More Than Just Money
When most people think about legacy planning, they often focus solely on financial assets. But true legacy planning encompasses much more. It's about preserving your family's stories, values, traditions, and the wisdom gained through generations. After working with families to support them with their estate planning and being there at the end of life, I’ve learned that these are the things that matter most. Values, insights, stories, and experiences, plus sentimental items, are almost always more important to families than financial assets, though, of course, money matters as well.
Those moments around the Thanksgiving table, sharing old family recipes, telling stories about ancestors, or discussing what matters most to your family, are the building blocks of a meaningful legacy. The Thanksgiving holiday, with its focus on gratitude and family togetherness, provides an ideal setting to explore these deeper aspects of your legacy.
Using Holiday Gatherings to Plan for the Future
With a little planning, Thanksgiving can be a great time to discuss the future. These conversations don't have to be formal or heavy—they can emerge naturally from your holiday interactions:
Talk About Family Values: When expressing gratitude (a Thanksgiving tradition), encourage family members to share what they value most about being part of the family. These discussions can help inform how you structure your estate plan to reflect and perpetuate these values.
Discuss Family Philanthropy: If giving back is important to your family, use this time to talk about causes that matter to everyone. This can lead to meaningful discussions about charitable giving and how to incorporate it into your legacy plan.
Address Family Dynamics: Holiday gatherings often reveal family dynamics that should be considered in your estate planning. Who are the peacemakers? Who might need additional support? Understanding these dynamics can help you create a plan that promotes family harmony rather than conflict.
Bring Up Your Own Planning: If you’ve recently completed your own estate planning process, or plan to before the end of the year, or early next year, this is a great time to bring up your plans. Consider saying: “Because I want to make sure that everything is as easy as it can be for you all, if something happens to me, I’m doing/did a kind of estate planning called Life & Legacy Planning, and I’d love to share about it with you because you’ll all be impacted. Are you open to having a conversation about that, and what we all want to happen for ourselves if we become incapacitated or when we die?”
Understanding your family's values, philanthropic interests, and dynamics isn't just about having nice conversations—it's about gathering crucial information that will help you create a Life & Legacy Plan that truly serves your family and preserves harmony for generations to come. For more information about Life & Legacy Planning, book a call with us using the link below.
Capturing Your Family's Story
Thanksgiving can encourage storytelling. As families gather and reminisce, precious memories and important family history often emerge. But without intentional effort to preserve these stories, they can be lost to time. Here are some ways to capture these valuable moments:
Record Your Family's Food Heritage: That special stuffing recipe from your grandmother isn't just about ingredients—it's about family history. Document not just the recipe but the story behind it. Why is it important? How has it been adapted over generations? Who taught it to whom? If your relative is still alive, consider asking them to write out the recipe with important notes. Having something in their handwriting can be very special for the younger generations.
Create a Family Interview Tradition: Designate time after dinner for family interviews. Have younger family members ask older ones about their childhood, important life lessons, or family history. Record these conversations (with permission) using your phone or video camera. It doesn’t have to be complicated.
Share Family Artifacts: Bring out old family photos, letters, or heirlooms. These physical items often spark stories and discussions about family history and values. Use these moments to explain why certain items are meaningful and what they represent in your family's journey.
My Life & Legacy Planning process includes a legacy interview, so your family’s traditions are captured. Keep reading to find out how to book a call with me to learn more.
Making Legacy Planning Part of Your Holiday Tradition
The key to successful legacy planning is making it an ongoing process, not a one-time event. Consider establishing new Thanksgiving traditions that support this goal. Here are a few ideas:
Create a Family Time Capsule: Each year, have family members contribute something meaningful to a time capsule—letters, photos, or small items that represent the year's important moments.
Start a Family Mission Statement: Work together to create and update a family mission statement that reflects your shared values and goals. This can guide both current decisions and future legacy planning.
Document Family Medical History: While families are together, take time to update your family medical history. This information is crucial for future generations and can inform healthcare decisions.
Remember that legacy planning isn't a one-time task but an ongoing journey that can be woven into your family's holiday traditions each year. By incorporating these intentional practices into every Thanksgiving gathering, you create a natural way to capture and preserve what matters most while building a stronger foundation for your family's future.
How We Help You Create a Lasting Legacy
While Thanksgiving conversations are valuable for legacy planning, they're just the beginning. To truly protect your family's legacy and ensure your wishes are carried out, you need professional guidance and support to create a comprehensive Life & Legacy Plan. Our Life & Legacy Planning process goes beyond traditional estate planning to capture not just your assets, but your values, wisdom, and family story. As your Personal Family LawyerⓇ firm, we help ensure that the conversations you have around the Thanksgiving table become part of a lasting legacy that benefits generations to come.
Take the first step toward preserving your family's legacy. Click here to schedule a complimentary 15-minute consultation and learn how we can help:
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.
The Hidden Truth About Settling a Loved One’s Estate
Many people don't realize is that being an executor can turn into a demanding part-time (or full-time) job that lasts months or even years, often during a time when you're also grieving the loss of a loved one. Read more…
When someone names you as their executor, it might feel like an honor – a sign that they trust you to handle their final affairs. However, what many people don't realize is that being an executor can turn into a demanding part-time (or full-time) job that lasts months or even years, often during a time when you're also grieving the loss of a loved one. The responsibilities can be overwhelming, from tracking down assets to dealing with creditors to managing family dynamics. Then, there are legal obligations and potential personal liability if things aren't handled correctly. Making complex decisions while processing grief often proves more challenging than most people anticipate. Let's explore what's really involved in administering someone's estate and how proper planning can make this process easier for the people you love.
The Unexpected Time Commitment
Most people don't realize that administering an estate isn't just a matter of reading a will and distributing assets. The process typically begins with locating and gathering all estate planning documents, which can be challenging if they aren't stored in an easily accessible place. The executor must then notify numerous institutions of the death, often requiring multiple copies of death certificates and extensive documentation. This notification process alone can take weeks or even months, as each institution has its own requirements and timeline for processing.
The time commitment becomes even more substantial when dealing with financial institutions. Each bank, investment firm, and insurance company has its own procedures for handling a deceased person's accounts. Many require original documents rather than copies, meaning executors spend countless hours making phone calls, writing letters, and visiting institutions in person. The process often involves repeated follow-ups and submission of additional documentation as requested by various institutions.
Property management, another time-consuming process, also falls to the executor. Whether it's maintaining a house until it can be sold, managing investment accounts, or dealing with personal property, these responsibilities continue throughout the entire administration process. Real estate can be particularly demanding, requiring regular maintenance, payment of utilities and property taxes, and coordination with realtors if the property needs to be sold. Add to this the requirement to file court documents, appear at hearings, and prepare final tax returns, and it becomes clear why estate administration often takes far longer than expected.
What makes this incredibly challenging is that most executors also work full-time jobs and manage their own families while trying to handle these responsibilities. Without proper guidance, the process can quickly become overwhelming, taking over evenings and weekends for months. The stress of juggling these responsibilities often leads to burnout and can affect both personal and professional life.
The Financial and Emotional Costs
Beyond the time commitment, serving as an executor often comes with unexpected financial and emotional burdens. Many executors don't realize they may need to pay for expenses out of pocket before being reimbursed by the estate. Court filing fees, property maintenance costs, professional service fees – these expenses can add up quickly, sometimes reaching thousands of dollars before any reimbursement is possible. In some cases, executors may need to hire attorneys, accountants, or other professionals to handle complex aspects of the estate, further increasing the financial burden.
The emotional toll of serving as executor often proves even more challenging than the financial aspects. Family dynamics frequently become strained during estate administration, as grief and stress can amplify existing tensions. Long-buried conflicts may resurface when it comes time to distribute personal property or interpret ambiguous instructions in estate documents. The executor often finds themselves in the difficult position of trying to maintain family harmony while fulfilling their legal obligations to the estate.
The pressure increases when executors discover complications like missing documents, incorrectly titled assets or outdated beneficiary designations. These issues often require lengthy court proceedings, during which family members may grow increasingly impatient or suspicious. Without clear documentation and proper planning, even simple estates can become sources of lasting family conflict. Managing these interpersonal dynamics while handling technical legal requirements can be extraordinarily taxing.
Digital assets also present another layer of complexity that few executors anticipate. In our increasingly online world, accessing and managing everything from email accounts to cryptocurrency can become nearly impossible without proper password documentation and legal authority. Many digital platforms have complex policies regarding account access after death, and navigating these policies without adequate preparation can lead to lost or inaccessible assets.
How a Life & Legacy Plan Makes a Difference
This is where working with a Personal Family Lawyer® Firm Leader like me makes all the difference. My Life & Legacy Planning process is explicitly designed to prevent these common challenges and make estate administration as smooth as possible for your loved ones. Rather than simply creating documents, this comprehensive approach ensures that everything your executor or trust administrator needs will be organized and accessible when the time comes. The process includes detailed documentation of your wishes, clear instructions for asset management, and specific guidance for handling digital assets.
When you create a Life & Legacy Plan with me, it will include a complete inventory of assets that's regularly updated, ensuring nothing gets overlooked or forgotten. Your plan will also provide clear instructions about how to access both physical and digital assets, eliminating the need for extensive searches or court intervention. You’ll also be supported in creating specific provisions for personal property distribution, helping prevent family conflicts before they arise. By addressing these details in advance, you significantly reduce the burden on your executor or trust administrator and minimize the potential for family disagreements.
Perhaps most importantly, working with me means your family won't have to figure things out alone. Unlike traditional estate planning, which ends when you sign your documents, our relationship continues with your family. Your executor will have professional guidance through every step of the administration process, making their job significantly easier and reducing the likelihood of costly mistakes. This ongoing support helps ensure that your wishes are carried out efficiently and that your loved ones are protected during a difficult time.
How We Help You Create a Plan That Works
As your Personal Family Lawyer® Firm, we understand that estate planning isn't just about creating documents – it's about making things easier for the people you love. Our Life & Legacy Planning process ensures your chosen executor or trust administrator will have the support and resources they need to handle your affairs efficiently and keep your family out of court and conflict. We'll help you create a plan that works when your family needs it most, and we'll be there to guide them through the process.
Don't leave your loved ones to navigate the complexities of estate administration alone. Book a call with us today to learn how we can help you create a plan that makes things easier for everyone involved:
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.
Veterans: Your Legacy is Worth Protecting
As we approach Veterans Day, we pause to honor the brave men and women who have served our nation with unwavering dedication. Read more…
As we approach Veterans Day, we pause to honor the brave men and women who have served our nation with unwavering dedication. Your military service demonstrated a profound commitment to protecting America's future – and now it's time to protect your family's future through thoughtful estate planning I call Life & Legacy Planning. Just as you approached missions with precision and care during your service, attending to your Life & Legacy Planning with the same attention to detail can ensure your loved ones are well-cared for and your legacy is preserved.
In this article, I will help you understand the unique estate planning opportunities available to veterans and the steps you can take to secure your family's tomorrow. Let’s start with veterans' benefits.
Understanding Your Veterans Benefits
Your military service has earned you and your family special benefits that extend beyond your lifetime. The Department of Veterans Affairs (VA) offers several programs that can provide for your loved ones after you're gone. Your spouse may be eligible for Dependency and Indemnity Compensation (DIC), if you pass away due to a service-connected condition. Additionally, your family might qualify for burial benefits, including a free burial plot in a national cemetery, a headstone or marker, and a burial flag. To ensure your family can access these benefits, keep your discharge papers (DD Form 214) with your estate planning documents and inform your executor of their location.
You should also maintain a current list of all VA benefits you receive, as this information will be crucial for your family to continue receiving eligible benefits. When you work with me to create your Life & Legacy Plan, I will help you organize the information your family will need so they’ll know for sure they’ll receive all the benefits they are entitled to. No guessing, no extra work, and no lost benefits simply because they didn’t know what was available to them.
Creating Your Estate Planning Strategy
Life & Legacy Planning for veterans requires careful consideration of both military and civilian assets. I recommend you create a comprehensive list of your assets, including:
Military pension and retirement accounts
Life insurance policies (both military and private)
Property and real estate
Investment accounts
Personal possessions with monetary or sentimental value
When you meet with me for a Life & Legacy Planning Session, I will support you to create this inventory before we create your plan, because this inventory is incredibly important. Without an inventory, your family will not know how to find your assets and assets you care about could easily get lost, or be difficult to find.
Once you have created your inventory, we’ll meet for up to 2 hours and review your assets, your benefits, your family dynamics and your desires, values, and wishes for what you want to happen with everything you own and everyone you love, in the event of your incapacity, or eventual death. We’ll go through your asset inventory and I’ll tell you what will happen to each under your current estate plan. I’ll also tell you what will happen to your loved ones, including your minor children. Armed with this knowledge, you’ll then decide on the right plan for you, based on what’s important to you and in alignment with your budget.
Note that service members can create basic estate planning documents through the military legal assistance office at no cost. This may or may not be an adequate option for you, depending on your needs. For example, if you have minor children, you need a comprehensive plan that will keep your children from being taken into the care of strangers or raised by people you’d never want to raise them, if something happens to you. Or, if you have a blended family, no children, a business, a child with special needs, or significant assets, you need a comprehensive plan that will keep your family out of court and conflict, which a free, documents-only plan will not do. Finally, for your plan to work when you need it to, your plan needs regular reviews and updates as your life changes, your family dynamics change, and your assets change.
A free, documents-only plan is just that - documents. You won’t have a trusted advisor who has your back and will ensure your plan stays updated over time. But you get all these benefits (regular reviews, a comprehensive plan that keeps your family out of court and conflict, etc.) when you work with me and create a Life & Legacy Plan. So I encourage you to educate yourself before creating a plan based only on documents. I have many free resources for you on my website to help, or you can book a complimentary consult call with me using the booking link below.
Working with a Trusted Advisor
While the military legal assistance office provides valuable services, you may benefit from working with an attorney who understands estate planning, especially if you have a potentially complex situation, like a blended family, a family member with special needs, a debilitating illness, no children (yes, this is often a complex matter, not a simple one!), or many varied assets. A competent attorney can help you:
Structure your estate to maximize benefits for your survivors
Create trusts to protect assets if you need long-term care
Ensure your estate plan complies with state and federal laws
Update your plan as laws and regulations change
Please book a complimentary call with us below for more information and guidance about what’s right for you and your loved ones.
Your service to our nation demonstrates your commitment to protecting what matters most. Now, it's time to protect your own legacy through careful estate planning. By taking these steps, you're continuing your tradition of service by ensuring your family's security and well-being. Remember that Life & Legacy Planning isn't a one-time task. It’s imperative to review your plan regularly, especially after major life changes like marriage, divorce, a birth, or significant changes in your financial situation. When you work with me, we include regular reviews to ensure your plan works when you and your loved ones need it.
You deserve the peace of mind that comes from creating a comprehensive Life & Legacy Plan. It’s one of the greatest gifts you can give your loved ones, and it's a fitting way to honor the sacrifices you've made in service to our country.
How We Help You Honor and Protect Your Legacy
Veterans have already given so much in service to our country – you shouldn't have to worry about your family facing legal challenges or missing out on earned benefits. As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan that honors your military service by ensuring your loved ones stay out of court and conflict, while maximizing the benefits you've earned through your service. Once you've created your plan, you can rest easy knowing your wishes will be honored and your family will be protected with the same dedication you showed to protecting our nation.
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.
Shelley Duvall and What We Can All Learn From Her Death
Shelley Duvall, best known for her role as Wendy Torrance in The Shining, passed away recently at the age of 75. While her acting legacy continues to captivate fans, her passing reveals important lessons about estate planning that everyone can learn from.
Shelley Duvall, best known for her role as Wendy Torrance in The Shining, passed away recently at the age of 75. While her acting legacy continues to captivate fans, her passing reveals important lessons about estate planning that everyone can learn from.
In case you haven’t read about what’s happened to her estate since she died, Duvall’s death left behind unresolved legal matters, especially concerning her long-term partner, Dan Gilroy. Without a will in place, Gilroy is now navigating a complex legal process to inherit a portion of Duvall’s estate, valued in the six figures. For those of us who aren’t movie stars but want to protect our loved ones and assets, there are valuable takeaways from this situation. Let’s look at what you can learn from Dan Gilroy and Shelly Duvall’s story to ensure you avoid similar challenges in your own life, and after your death.
The Importance of a Life & Legacy Plan
The most striking takeaway from Shelley Duvall’s situation is the importance of having an estate plan, in particular, a Life & Legacy Plan. Without one, your state decides who will inherit your property, and your loved ones must go to court to have it all figured out. Anytime you have to go to court, it can be a lengthy, stressful, and expensive process. In addition, someone else who’s a stranger to you and your loved ones (i.e., a judge) makes decisions for you and for the people you love. So, when you don’t have a Life & Legacy Plan, the distribution of your estate may not align with your wishes. In Duvall’s case, her partner of over 30 years, Dan Gilroy, is left in a position where he has to prove his right to inherit a portion of her assets.
Creating a Life & Legacy Plan ensures that your wishes are carried out after you’re gone. Whether you’re married, single, or in a long-term partnership, having a plan that clearly outlines who gets what can save your loved ones from a lot of confusion, frustration, and heartache. And contrary to what you may think, it’s especially important for those who don’t have children, as the distribution of assets can become even more complex.
In Duvall’s case, her three brothers may end up with a significant portion of her estate, which may not have been what she wanted. You can prevent these uncertainties by making a will that reflects your true intentions.
Consider Your Unmarried Partner’s Rights
Life & Legacy Planning becomes even more critical for couples like Duvall and Gilroy, who lived together for over 30 years without being legally married. Gilroy is now trying to prove that he and Duvall were, in fact, in a common-law marriage so he can claim a share of her estate.
Common-law marriage, recognized in Texas where they lived (but not in all states), requires specific legal standards to be met. Gilroy must prove they agreed to be married, lived together as a married couple, and presented themselves as husband and wife to others. Without this proof, Gilroy may receive little to nothing from Duvall’s estate. I can’t imagine this is what Duvall wanted.
If you’re in a long-term relationship but not legally married, you should think carefully about what might happen to your assets when you pass away. When you work with me, I’ll help you make choices that are right for you. Then, together, we’ll create a Life & Legacy Plan that reflects your wishes. If you’re unmarried but have a partner you’d like to inherit your assets, we’ll make sure to create a plan that documents your relationship and makes it easier to prove if needed. In Duvall’s case, a Life & Legacy Plan would have simplified the legal process for Gilroy.
Address Mental Health and Capacity in Your Planning
Another issue that may come up in Duvall’s estate battle is her mental health. In the years leading up to her death, there was public speculation about her mental state, including a controversial interview with Dr. Phil in 2016, where she displayed erratic behavior. This may raise questions in court about whether she had the capacity to fully understand legal agreements, such as marriage, or whether Duvall had the legal capacity to make the decisions that might come with estate planning. This could be a reason she didn’t have a plan of her own.
If you or someone you love is struggling with mental health challenges, it’s essential to plan early while mental capacity is clear, and can be documented as part of the planning process. This can prevent future disputes about whether a person was capable of making informed decisions. By working with me and creating a Life & Legacy Plan that reflects your wishes, you can help ensure that your estate is handled according to your desires, regardless of future health issues. Duvall’s case reminds us that waiting too long to address estate planning can lead to complications that leave loved ones vulnerable to long legal battles and uncertainty.
Don’t Leave Your Loved Ones in a Bind
Shelley Duvall’s passing highlights several important lessons you can apply to your own life. Whether or not you’re a celebrity or have a large estate, it’s crucial to have a plan in place that protects your assets and provides for the people you care about most. By creating a Life & Legacy Plan, considering the rights of an unmarried partner, and addressing potential mental health issues early, you can make sure your wishes are respected after you’re gone. And the best time to protect your loved ones is now.
As a Personal Family LawyerⓇ Firm, we help you create a comprehensive Life & Legacy Plan that ensures your assets are distributed according to your wishes and your loved ones are cared for—whether you’re married, in a long-term relationship, or navigating unique mental health concerns. With your plan in place, you can rest easy knowing that your legacy will be preserved and your family will stay out of court and conflict.
Click here to schedule a complimentary 15-minute consultation and get started:
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.
Common Estate Planning Myths Debunked
October 21-27 is National Estate Planning Awareness Week, which means it's time to shed light on this often misunderstood and frequently avoided topic.
October 21-27 is National Estate Planning Awareness Week, which means it's time to shed light on this often misunderstood and frequently avoided topic. You might think estate planning is only for the wealthy or too complicated and expensive. These are just a few myths surrounding estate planning that I hear often. In reality, estate planning is critical for everyone, including you, regardless of age or financial status.
Many people don’t really understand what estate planning is - even attorneys sometimes don’t really understand it. So, I’ll take this opportunity to set the record straight and debunk some common myths, then explore why you need an estate plan, and how to get the right one, at the right price.
Myth 1: Estate Planning is Only for the Wealthy
One of the most persistent myths about estate planning is that it's only necessary if you have significant wealth or valuable assets. This couldn't be further from the truth. Estate planning isn't about the size of your estate; it's about making sure that when something happens to you - as it will - the people you love aren’t left with a big mess to deal with. Consider this: Do you have a bank account? A car? Personal belongings with sentimental value? A life insurance policy? If you answered yes to any of these, you have an estate. But even more importantly, do you have people you care about? Family members who depend on you? Or people you love who are going to be stuck dealing with your mess, if you don’t take care of these things while you can. If so, you need an estate plan.
Estate planning isn't just about distributing assets. It's about making important decisions that will affect your loved ones. For instance:
Who will take care of your minor children if something happens to you? And, how will they take care of them?
Who will make medical decisions on your behalf if you're incapacitated? And, how will they make those decisions?
Who will manage your digital assets, like email, social media accounts or cryptocurrency?
Who will make sure your bills get paid?
These questions apply to everyone, regardless of their net worth. By creating an estate plan, you're not flaunting wealth; you're taking responsibility for your life and the people you care about. After all, someone will have to deal with these things. It’s unavoidable. You can do it now and make it easy on your loved ones (and have more control over outcomes), or you can procrastinate it or avoid it altogether, and leave the people you love with a complicated and expensive mess to clean up, if you become incapacitated or after you die.
Myth 2: Estate Planning is Complicated and Expensive
Another common misconception is that estate planning is an overly complex and costly process. While it's true that estate planning involves legal documents and careful consideration, it doesn't have to be overwhelming or break the bank. In fact, we promise to make it as easy as possible for you, at the right budget based on your family dynamics, assets, and needs.
The complexity and cost of your estate plan will depend on your specific situation and goals. Our Life & Legacy Planning process is specifically designed to start with getting you educated and organized, so we can support you to choose the right plan for you and your loved ones.
You can either start with one of our educational presentations or a 15-minute call with our office. From there, we guide you through a Planning Session that will have you relieved at how educated you are. We often hear afterwards, “wow, if I knew I would feel this great after our Session, I would have done this much sooner. I didn’t know working with a lawyer could feel like this.” One of the main purposes of the Planning Session is to look at the cost of the “state’s plan” or your current plan (if you created a will or a trust in the past), and to ensure you are 100% clear about what would happen, if you become incapacitated or when you die. And, then, we look at exactly what you would want, and the cost to create a plan that meets your wishes. You are then able to make an informed, educated decision about what you want to do for yourself, and the people you love.
When you consider the peace of mind and potential savings in time, stress, and money for your loved ones down the line, Life & Legacy Planning is often the best way to save your loved ones time and money, while also creating optimal value and use of your resources, during your own lifetime. Think of it as insurance for your legacy – a small cost now can save your loved ones significant trouble and expense later.
Myth 3: I'm Too Young to Need an Estate Plan
You might think estate planning is something you can put off until you're older, but this is a dangerous assumption. Life is unpredictable, and having an estate plan in place is crucial regardless of your age.
If you're a young adult, you might not have accumulated much wealth yet, but you still have important decisions to make. For instance:
Who will manage your social media accounts if something happens to you?
Who will take care of your pets?
If you have a small business or side hustle, what will happen to it?
Who will be responsible for paying off your student loans or other debts?
Moreover, estate planning becomes even more critical if you're a young parent. Your estate plan can designate guardians for your children and set up trusts to manage any assets they might inherit. Without these provisions, the court may have to decide who raises your children, leading to family disputes and potentially placing your children with someone you wouldn't have chosen.
Even if you're single with no dependents, an estate plan is critical, maybe even more so because it’s up to you to determine who will care for you, if you cannot care for yourself. You really don’t want to leave that to a judge to decide. Your plan will ensure your wishes are respected if you become incapacitated, designate who will make medical decisions for you, and specify how you want your assets distributed. This can prevent potential conflicts among family members and ensure your hard-earned assets go to the people or causes you care about most.
Remember, estate planning isn't about planning for your death; it's about planning for life, and the uncertainties sure to come. It's about taking control of your future and caring for the people and things you love, no matter your age.
Myth 4: Once I Create an Estate Plan, I'm Done
Another common misconception is that estate planning is a one-time event. In reality, your estate plan should evolve as your life changes. Major life events that might necessitate updates to your estate plan include:
Marriage or divorce
Birth or adoption of children
Death of a beneficiary or executor
Significant changes in your financial situation
Purchase of a home or other major asset
Starting a business
Moving to a different state
Even if you haven't experienced any major life changes, it's important to review your estate plan at least every three years, though we recommend you review your assets and how they are titled, annually. Laws change, and what was optimal a few years ago might not be the best strategy now. For example, the Tax Cuts and Jobs Act of 2017 significantly increased the federal estate tax exemption. If your estate plan was created before this change, it might need adjusting to take advantage of the new tax laws.
Regular reviews also give you a chance to reconsider your choices. Maybe the person you initially chose as your children's guardian is no longer the best fit. Or perhaps your financial situation has improved, and you'd like to include charitable giving in your estate plan.
Keeping your estate plan up-to-date ensures it continues to reflect your wishes and provides the best possible protection for your loved ones. Think of it as a living document that grows and changes with you, rather than a static set of instructions. It’s so important that we include regular reviews at least every three years in all our Life & Legacy Plans, and have systems to keep your plan up to date.
As we observe National Estate Planning Awareness Week, it's time to move past these myths and recognize the true value of estate planning. It's not a luxury for the wealthy, a complex process beyond your reach, or something you can put off until later in life. It's a fundamental aspect of responsible financial planning that everyone should consider. By creating and maintaining an estate plan, you're taking control of your legacy, ensuring your wishes are respected, and providing invaluable peace of mind for yourself and your loved ones. Don't let misconceptions hold you back – consult with a qualified estate planning attorney today and take the first step towards securing your future.
How We Help You Take Action Today
Don't let common estate planning myths prevent you from securing your future. As a Personal Family LawyerⓇ Firm, we help you create a comprehensive Life & Legacy Plan that goes beyond basic estate planning. We'll outline strategies for your assets, prepare for potential incapacity, and ensure your family is cared for, even if the unexpected happens. Our approach includes regular reviews to keep your plan current with life changes, and we even help capture family memories and traditions. With our guidance, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected.
Take the first step towards peace of mind - click here to schedule a complimentary 15-minute consultation and learn how we can help you create your personalized Life & Legacy Plan:
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.
A Comprehensive Guide to Disaster Preparedness
In today's world, where natural disasters and unforeseen events can disrupt our lives at a moment's notice, preparedness is no longer a luxury; it’s a necessity.. Read more...
In today's world, where natural disasters and unforeseen events can disrupt our lives at a moment's notice, preparedness is no longer a luxury; it’s a necessity. So to make sure you and your loved ones are prepared for any emergency situation, I’ve created this comprehensive guide to provide a strong foundation for your financial security and personal well-being. From building an emergency kit to investing wisely and protecting your home, we'll explore practical steps to ensure you're ready for any challenge that may come.
Let’s dive in and discover first how immediate preparedness can empower you to navigate uncertainties with confidence and resilience.
Immediate Preparedness: Your First Line of Defense
Create a Go-Bag. Your first step in disaster preparedness is to create a “go-bag”. This essential kit should contain items to help you survive for at least three days following a disaster. Pack clothes, toiletries, and any necessary medications. Include non-perishable food and water (or a water filtration device) to sustain you during an emergency. Include copies of important documents such as identification and insurance policies.
You may also want to include a recent family photo in case someone in your family needs to be identified, as well as a device with photos of your home and its contents, in the event that you need to submit photos for an insurance claim. Having cash in small denominations can also be crucial in an emergency. Lastly, include a flash drive containing digital copies of all your important documents for easy access and portability. We provide this to all of our clients, and of course, keep electronic records of your documents as well. Keep your go-bag near your home's primary exit so you can grab it quickly if you need to evacuate.
Stock Up on Essentials. Beyond your “go-bag”, maintain a 1-3 month supply of non-perishable food at home. This longer-term stock will sustain you through extended emergencies or periods of scarcity. Consider investing in a generator to provide power during outages. Solar power equipment can offer a sustainable energy source during prolonged emergencies. Water filtration devices are also crucial, ensuring you have access to clean water even if municipal systems fail.
Plan for Extended Independence. Prepare for situations where you might need to live away from your home for two weeks to a month. Invest in high-quality camping gear, including robust water filtration systems and efficient cooking equipment. Scout locations in your local community where you could safely hunker down if needed. Familiarize yourself with these areas and plan potential routes to reach them. Some people find it beneficial to invest in a vehicle like a camper van, equipping it with essential survival gear. This mobile approach to preparedness can provide flexibility in various emergency scenarios.
Financial Preparedness: Building a Strong Foundation
Manage Your Cash Wisely. Smart cash management forms the basis of financial preparedness. Keep between $1,000 to $20,000 in cash at home, stored securely in a safe. Use small bills to facilitate easy exchange in emergency situations. Additionally, maintain 1-12 months of living expenses in a local bank account, but be sure to stay under FDIC limits. The exact amount you keep liquid will depend on your personal circumstances and how quickly you can generate income, if needed.
Invest in Proper Insurance Coverage. Review your homeowners’ insurance policy carefully to ensure it provides adequate coverage. Your policy should cover full replacement of your home's structure and your belongings. It should also include "loss-of-use" coverage, which pays for living expenses while your home is being repaired. For comprehensive protection, consider additional policies. Earthquake insurance is crucial in many areas, even those not traditionally associated with seismic activity. Flood insurance, available through the National Flood Insurance Program (NFIP), is essential as flooding can occur almost anywhere. If you live in a high-risk area for hurricanes or tornadoes, look into specialized windstorm or hurricane policies.
Create a Life & Legacy Plan. Work with me to create your Life & Legacy Plan, which is a comprehensive estate plan that accounts for what happens to you if you were to become incapacitated and what happens to your assets and your family after you die. Together we’ll ensure your assets aren’t lost to the government, your kids are raised the way you want by the people you want if something happens to you, and that your family doesn’t end up in court and conflict. Read to the end and I’ll show you how to book a call to learn more.
Invest in Human Capital. Once you've covered your basic preparedness needs, turn your attention to investing in the people around you. Support those who help raise your children, recognizing the crucial role they play in your family's well being. Invest in local farmers growing food in your area, strengthening your community's food security. Invest in artisans who can help you rebuild, if needed. Work on healing relationships with family members, building a strong support network. Develop relationships with trusted advisors and supporters who can guide you in various aspects of your life and financial journey. We often overlook investing in human capital in service to financial investments that grow our money, but it’s the humans you will need in case of an emergency.
Final Considerations
Sometimes, the most valuable items are the most difficult to replace, even with cash on hand or insurance proceeds. So, digitize photo albums, home videos, old letters, and family histories. Store digital copies in the cloud for easy access from anywhere.
And finally, regularly review and update your preparedness plans, adjusting them as your circumstances change and as you learn about new potential threats. If you need assistance with this - or even accountability - book a call with me for support.
By following this comprehensive guide, you're not just preparing for disasters – you're embarking on a journey to financial liberation. Remember, wise stewardship involves investing your time, energy, attention, and money (TEAM resources) across all aspects of your life.
How We Help You Prepare For the Unexpected
The journey to comprehensive preparedness starts now. By following the steps outlined in this guide, you're not just protecting yourself from disasters but building a more resilient and secure future for yourself and your loved ones.
As a Personal Family Lawyer Firm, we help you create a Life & Legacy Plan, which outlines plans for your assets, your incapacity, and your family, even if the unexpected happens. We’ll also review your plan with you regularly so it changes as your life changes, and we’ll even help you capture family memories, stories, and traditions so those are never lost - no matter what happens. 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:
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.
Navigating End-of-Life Care: Lessons from a Daughter's Tragic Experience
In an aging society, you might find yourself facing difficult end-of-life decisions for your loved ones sooner than you expect. And when you do, you’ll realize the journey through end-of-life care is rarely straightforward. Read more...
In an aging society, you might find yourself facing difficult end-of-life decisions for your loved ones sooner than you expect. And when you do, you’ll realize the journey through end-of-life care is rarely straightforward. A recent and heartbreaking story published by Maggie Schneider Huston in Newsweek illustrates this fact. In this article, I’ll highlight key insights from Maggie's experience and offer practical advice for your situation.
First, know that an advance directive is a legal document that outlines your wishes for medical care in the event you cannot make decisions for yourself. In most states, it also gives authority to a person or people you choose to act on your behalf and ensure your wishes are carried out. With that, let’s dive into Maggie’s story. As you read, consider how you might prepare for similar situations in your own life or the lives of your aging relatives.
What Happened?
Maggie’s story begins in 2023. Her mom died, and shortly after, Maggie’s father, Terry, revised his will and created an advance directive. He wanted to be entirely prepared for a planned heart surgery he was to have less than three months later.
His advance directive reflected his desires that he’d been clear about - that he did not want to suffer when his life was coming to an end. He did not want machines to keep him alive. He only wanted to be comfortable. Maggie and her siblings understood and supported their father’s wishes. They gave one of his doctors a copy of his advance directive before the surgery. That doctor later admitted that he hadn’t read it. Terry’s other two doctors did not know he had an advance directive.
After Terry’s heart surgery, his health declined rapidly. As he was lying in the hospital bed, his doctors arguing that he could live with the assistance of machines, he told them that’s not what he wanted. He repeatedly asked for hospice care. Despite Terry’s wishes, his doctors would not order hospice care for him.
Maggie and her siblings quickly got involved and read Terry’s advance directive to the doctors. And after repeated requests, the doctors finally relented. He died shortly after. Even though Terry’s wishes were finally honored, it wasn’t without frustration and heartache for Terry and his family.
It’s easy to see why the doctors insisted on keeping Terry alive. Their job, after all, isn’t to facilitate death but to promote life (no doubt the fear of being sued for medical malpractice was a factor, too). So it’s not a leap to think that if Terry didn’t have an advance directive, he would still be alive today, subsisting on the assistance of machines at an extreme cost to the family.
So, as Maggie's story illustrates, having an advance directive is just the first step. You also need to ensure that the advance directive is readily available and that your chosen advocates are prepared to fight for your wishes if necessary. It really helps to have a trusted lawyer by your side, as well.
Advocating for Your Loved Ones
Maggie's experience with her father shows how important advocacy can be. If you find yourself in Maggie’s situation with a parent or other loved one, here are some strategies you can take to ensure their wishes are honored:
Be prepared to speak up and ask questions. If you don't understand something, ask for clarification. Don't be intimidated by medical jargon or feel embarrassed about asking for explanations.
Ensure that all members of the medical team have read and understood the advance directive. Don't assume that because one doctor has seen it, all of them have.
If you feel your loved one's wishes are being ignored, don't be afraid to escalate the issue to hospital administration or patient advocacy groups. Remember, you're not just a visitor - you're an essential part of your loved one's care team.
Keep a journal or log of all interactions with healthcare providers. Document who you spoke to, what was discussed, and any decisions that were made. This can be invaluable if there are disagreements or misunderstandings later.
Build relationships with the nursing staff. The nursing staff spends the most time with patients and can be powerful allies in advocating for your loved one's care.
Consider bringing in outside help if needed. This could be a patient advocate, a social worker, or even a lawyer if you feel your loved one's rights are being violated. Read on and I’ll show you how to get my help and support.
Take care of yourself during this process. Advocating can be exhausting and emotionally draining. Make sure you're eating well, getting enough sleep, and taking breaks when needed.
Your role as an advocate can be challenging, but it's crucial to ensure your loved one's wishes are respected. You can also prepare for your future so your loved ones have the support they need to advocate for you if the time comes.
How to Help Your Loved Ones Avoid Similar Outcomes
To help your family avoid the challenges faced by Maggie and her siblings, consider the following steps:
Create a comprehensive advance directive and designate a healthcare proxy. This crucial first step involves clearly outlining your wishes for end-of-life care in a thorough Life & Legacy Plan. When you work with me to create your Life & Legacy Plan, I can help you get clear on specific treatments you do or do not want, choose the right people to be your representatives, and ensure they understand and are willing to advocate for your wishes. All these considerations are critically important.
Communicate your wishes openly and distribute your advance directive. Have frank discussions with your family members about your end-of-life preferences. Ensure all relevant family members understand and respect your decisions, addressing any concerns or disagreements proactively. Once your wishes are clear, provide copies of your advance directive to your representatives, family members, and primary care physician. When you work with me, I will also maintain a copy of your advance directive. This wide distribution helps ensure your wishes are known and can be quickly accessed when needed.
Regularly review and update your Life & Legacy Plan. Life circumstances and health conditions can change, potentially affecting your end-of-life care preferences. That’s why my Life & Legacy Planning process includes regular reviews of your plan, so we can update your plan if needed. This ongoing process of review and update helps ensure that your end-of-life care plans always accurately reflect your current wishes and circumstances and that your plan will work when you and your loved ones need it to.
Finally, remember, end-of-life care isn't just about how we die - it's about how we live our final days, weeks, or months. By planning ahead and being prepared to advocate, you can help ensure that this time is as meaningful and comfortable as possible, aligned with your values and wishes. In doing so, you're providing a final act of love and respect, honoring a life well-lived right up to its very end.
How We Help You Navigate End-of-Life Care
End-of-life situations can be complex and emotionally challenging, as Maggie's story clearly illustrates. The best time to prepare for these difficult moments is now. As a Personal Family Lawyer Firm, we help you create a comprehensive Life & Legacy Plan that ensures your end-of-life wishes are respected, your loved ones are empowered to advocate for you, and your care aligns with your values when you need it most. Don't leave your end-of-life care to chance. Let us help you create a plan that works when you and your loved ones need it most.
Click here to schedule a complimentary 15-minute consultation to learn more:
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.
A Power of Attorney May Not Be What You Think
In this article, I’ll address the misconceptions about powers of attorney so you have clarity about what to do if someone appoints you as their power of attorney. Then, armed with this knowledge, you’ll understand your legal responsibilities so you don’t inadvertently make any mistakes or run afoul of the law. Read more...
If you've ever considered planning for your future or helped someone plan for theirs, you've probably heard the term "power of attorney." But do you really know what it is? The terms “power” and “attorney” carry weight but may not mean what you think. In fact, there are many misconceptions about what a power of attorney is and what authority it gives to someone. And no, it doesn’t grant someone a temporary law degree.
In this article, I’ll address the misconceptions about powers of attorney so you have clarity about what to do if someone appoints you as their power of attorney. Then, armed with this knowledge, you’ll understand your legal responsibilities so you don’t inadvertently make any mistakes or run afoul of the law.
Let’s start with a little background info. If a power of attorney doesn’t confer attorney status, then why is it called that?
What is a Power of Attorney?
Generally speaking, a power of attorney is a legal document granting someone else the authority to act on your behalf regarding your financial life. The term "power of attorney" is a bit of a historical holdover. Originally, powers of attorney were primarily used to appoint lawyers to represent individuals in legal matters. However, over time, the concept has expanded to include appointing someone to act on your behalf for various purposes.
So, while you don't need to be an attorney to hold a power of attorney, the term has continued due to its historical origins. Granting power of attorney is a way to indicate that an appointed person has the authority to act as your agent or representative, similar to the way an attorney would act on your behalf.
Not everyone wants someone to act on their behalf to manage their financial affairs. In fact, I’d venture that most people don’t. But there are times when it’s necessary in order to preserve your assets, especially if you reach a point in life when you are unable to manage your own financial, legal or healthcare matters, whether from old age, a terrible accident or simply being out of the country for that year-long trip you’ve been planning for years. In each of these cases, it’s possible that if you don’t have someone acting on your behalf, problems could occur. Your financial institutions could charge extra fees on your accounts, a fraudster could drain your accounts and you wouldn’t know it happened, taxes could go unpaid, your property could go into foreclosure, or your credit ruined. So to prevent these horrific outcomes, you want someone else to be able to maintain your financial life on your behalf.
Types of Powers of Attorney
We don’t need to get too much in the weeds here (if you want to get in the weeds, though, read to the end and I’ll show you how to book a call with me), know that there are different types of powers of attorney, each with its own specific purpose. Here are some examples:
General Power of Attorney: This grants the agent broad authority to act on your behalf, including managing your finances and signing legal documents, even if you’re capable of handling your affairs. It becomes effective as soon as you execute the document. When might you want this? Say you travel for work and you and your spouse have decided to refinance your mortgage. You may want your spouse to sign the paperwork on your behalf, rather than waiting for a time you’re back in town.
Springing Power of Attorney: This also grants authority to someone to manage your financial and legal affairs. You can execute the document whenever you want, but it doesn’t kick in until you’re no longer able to make your own decisions.
Durable Power of Attorney: This is a type of general power of attorney that remains in effect even if you become incapacitated. Think of it as the General and Springing Powers of Attorney combined.
Limited Power of Attorney: This grants the agent authority to handle specific tasks only, such as managing your property or making healthcare decisions.
Healthcare Power of Attorney: This grants your named agent authority to make medical decisions on your behalf.
Even though each of these documents operates differently, they all have one important thing in common: the agent’s power ends as soon as you die.
What No One Told You About a Power of Attorney: It Ends With Death
You may mistakenly believe that a power of attorney gives someone the right to access your financial accounts indefinitely. However, this isn't the case. A power of attorney is a temporary arrangement that ends when the person who granted the power dies. What does this mean, exactly?
Let’s say your aging mother can no longer manage her affairs and she executed a Power of Attorney to give you the authority. While she’s living, you can access her bank accounts to make sure all her bills are paid, and paid on time. But as soon as she dies, you no longer have the legal authority to access any of her accounts. If she had a Will or no estate plan at all, you will have to file paperwork with the probate court and wait for the case to make it through the court system until the judge grants you authority again. In the meantime, if you can’t afford to cover her bills along with your own, you may have to make the difficult decision to let her bills go unpaid. If she still has a mortgage on her house, for instance, and you can’t pay her mortgage and yours, too, the bank could begin to fore lose, and you could lose any equity she had. This equity could have been a significant part of your inheritance.
Going to court can be a frustrating and time-consuming process, and if you haven’t planned appropriately you can suffer negative consequences. But there’s a silver lining. You and your loved ones can avoid probate court, and maintain access to the other’s finances, if you create a Life & Legacy Plan.
The Good News
With some careful planning ahead of time, you can ensure all your bills get paid and your assets are preserved for your loved ones. The way to do that is by creating a Life & Legacy Plan with a living trust. A trust is a legal arrangement that allows you to transfer your assets to a trustee, who manages them for the benefit of your beneficiaries. Importantly, a trust survives your death, so there’s no disruption in the ability for someone to manage your finances after you die.
You may have seen ads on the internet, or maybe your financial advisor has offered to draft a trust for you. And you may have the impression that a trust is a simple document you can get for little to no money. But I want to empower you with some education before deciding to go one of these routes. A trust is a legal document with legal consequences, and even lawyers who’ve gone to law school, passed the bar, and practiced law for awhile find that trusts are more complicated than they first thought. If you draft a trust yourself or with someone who isn’t a lawyer who specializes in this area of the law, you’re taking a big chance with your money and your family. I see these cases often, and usually, the trust isn’t worth the paper it’s written on.
You owe it to yourself and your loved ones to ensure your power of attorney, trust, and related estate planning tools are created correctly and updated over time, and that you understand the benefits and consequences of your plan.
When you work with me to create a Life & Legacy Plan, I’ll empower you with the education you need so you can make the right choices for yourself and your family, that you fully understand how your plan works, and that your family has my support after you’re gone.
How We Help You Preserve What Matters
Understanding the limitations of a power of attorney and the benefits of a trust is crucial for protecting your hard-earned assets. As your Personal Family LawyerⓇ Firm, we specialize in helping individuals like you create a Life & Legacy Plan that addresses your unique needs and provides peace of mind, no matter what happens. Once your plan is in place, you can rest easy knowing that 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 and start your journey toward a secure financial future:
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.
Preventing Family Feuds Over Your Personal Belongings
The passing of a loved one is a heartbreaking event, filled with grief and sorrow. But the aftermath can become even more painful if disagreements over their personal belongings tear your family apart. Read more...
The passing of a loved one is a heartbreaking event, filled with grief and sorrow. But the aftermath can become even more painful if disagreements over their personal belongings tear your family apart. These disputes, especially when centered around meaningful objects, can leave lasting wounds that may never fully heal.
But it doesn't have to be this way. By understanding the emotional weight of possessions, the power of perception, and taking proactive steps, you can prevent such heartache and foster a more harmonious grieving process for your family. In this article, we'll explore practical strategies to ensure your final wishes are honored and your loved ones stay united, even in the midst of loss.
Perception Is the Basis for Conflict
Your personal belongings are so much more than just material objects. They are tangible reminders of your life, personality, and connection to the people you hold dear. When you're gone, these items can provide immense comfort and solace for your grieving family members. However, the emotional ties to your possessions can also set the stage for conflict.
The basis for conflict over your belongings is usually rooted in perception, meaning your family members have very different ideas about the value and significance of your possessions. What one person deems a priceless keepsake, another might dismiss as mere clutter. These differences in perspective can create tension, resentment, and even damage relationships that have lasted a lifetime.
Adding to the complexity is that certain items are inextricably linked to specific memories and experiences. That piece of jewelry may remind one of your children of the love and care you showered upon them. However, to others, it may represent an inheritance they feel entitled to. The emotional attachments to your personal property often run deeper than anyone realizes, reflecting unresolved feelings of love, guilt, or regret.
Your family members' perceptions of your belongings are also profoundly shaped by their own experiences, values, and cultural backgrounds. These differences in worldview can make it incredibly challenging for them to reach a consensus when it comes time to divide their inheritance.
For instance, in some cultures, family heirlooms are passed down through generations with reverence and care. These objects are seen as symbols of shared history and identity. However, in other traditions, material possessions hold far less significance, with the focus placed squarely on intangible connections. When relatives from diverse backgrounds attempt to navigate the division of your estate, these clashing perspectives can lead to misunderstandings and conflict.
Perception also influences how your loved ones view the concept of fairness. One child may feel entitled to certain items due to their role as a primary caregiver or because they lived closer to you. Another may believe everything should be distributed equally, regardless of individual circumstances. These divergent notions of justice can further fuel disputes, especially if you don't leave behind clear instructions.
The Value of Open Communication and Thoughtful Planning
To minimize the risk of family feuds over your personal property, one of the most effective things you can do is have open and honest conversations about expectations and preferences long before you're gone. Here are some strategies to consider:
Start the Conversation Early. While it may feel awkward to discuss such sensitive topics, it's far better to address them proactively. This allows for a more thoughtful and deliberate discussion of everyone's wishes. Ideally, these conversations should occur when all parties are calm and emotionally prepared rather than in the midst of grief.
Record Yourself. Don’t underestimate the value of getting on video. Recording yourself explaining your wishes and why can be very powerful, as well as provide clarity and decrease conflict for your loved ones. When you create your estate plan with my firm, we include a Life & Legacy Interview with every plan so that your decisions and the reasons for them are clear to your family members. When there’s no ambiguity, the possibility of conflict lessens.
Make an Inventory. Make a comprehensive list of all your personal belongings, including their sentimental value and any specific requests or wishes you have associated with them. This inventory can be a crucial reference point for your family members after you’re gone. If possible, involve your loved ones in this process so that they understand your wishes and can ensure your voice is heard.
Create a Life and Legacy Plan. A Life and Legacy Plan can minimize disputes by clearly outlining your wishes regarding distributing your personal property. In addition to the Life & Legacy Interview, every plan includes a document called a “personal property memorandum,” which provides additional clarity, specifying which items should go to which beneficiaries. We even help you keep your plan updated over time to reflect changing circumstances or preferences and prevent family conflict.
Focus on Your Family’s Needs. Ultimately, the goal of your planning should be to honor your memory and support the well-being of your loved ones. Prioritize the needs of those who are grieving and try to find solutions that minimize conflict and pain. Sometimes, creating a process where each family member can express their attachment to specific items and why they matter can help others understand their emotional value rather than just their monetary worth.
Helping Your Family Sell Your Belongings with Care and Intention
Sometimes, your loved ones may need to sell your personal property, which may be necessary to settle your estate, pay debts, or ensure that your items are put to good use. Whether the items sold hold sentimental value or not, this can be another task ripe with conflict. Further, many family members don’t know what the process entails. But you can help make it easier for them by doing a lot of legwork now.
You can specify in your Life & Legacy Plan how you want your items to be sold and outline the process for your loved ones. Here are the steps your family will need to take:
Assess the True Value of Your Items. Start by evaluating the worth of the items to be sold. This may involve hiring an appraiser, especially for valuable items such as antiques, artwork, or jewelry. An appraiser can provide an objective assessment of an item's value, which can help prevent disputes over perceived worth and ensure a fair sale.
Choose the Right Selling Method. Depending on the type and value of your belongings, your loved ones will need to choose a selling method. For everyday household items, a yard sale or estate sale might be appropriate. For more valuable items, an auction house, consignment shop, or online marketplace may be the way to go. Your family should be mindful of any fees or commissions associated with these approaches, too.
Enlist the Help of an Estate Sale Company. If your estate contains a large number of items or your family is overwhelmed by the process, hiring a professional estate sales company can be a game-changer. These companies handle everything from pricing items to advertising the sale, managing the event, and disposing of any unsold items. They typically charge a percentage of the sales, but their expertise can make the process smoother and less stressful.
Understand the Legal Requirements. Depending on your jurisdiction, there may be specific legal requirements for selling estate property. For example, an executor may need court approval to sell certain assets or follow particular procedures for notifying beneficiaries. When you create your Life & Legacy Plan with us, we will be there for your family when you no longer can be, and we can advise them on all the necessary legal requirements.
Plan for the Proceeds. Decide in advance how the proceeds from the sale will be used and document your wishes in your Life & Legacy Plan. We can help you specify whether they will be distributed among your heirs, used to pay off estate debts, or donated to charity. This precise planning that’s part of our Life & Legacy Planning process helps avoid disputes and ensures that the funds are used in a way that honors your wishes.
Leave a Legacy of Harmony, Not Conflict
Family disputes over your personal belongings can add immense pain to an already difficult time. But by understanding the emotional significance of your possessions, the role of perception, and taking proactive steps by creating a Life & Legacy Plan, you can minimize conflicts and preserve familial relationships.
Your loved ones deserve to grieve with dignity and respect, not embroiled in bitter disputes. Take the time now to put the proper measures in place, and you can rest assured that your final wishes will be honored and your family will stay out of court and conflict after you're gone.
This is the lasting legacy you can leave behind - not just the material objects you've accumulated over a lifetime, but the gift of harmony, understanding, and compassion for those you hold most dear.
How We Help You Prevent Family Feuds Over Personal Belongings
Family disputes over personal property can cause significant pain and tension at a time when loved ones should come together. As your Personal Family Lawyer® Firm, we help you create a Life & Legacy Plan that ensures your belongings are distributed according to your wishes, without conflict or confusion. With careful thought, clear communication, and the right tools, your Life & Legacy Plan will keep your family united, even in the midst of grief. And you’ll gain the peace of mind knowing that your wishes will be honored and your loved ones will be supported long after you’re gone.
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.
Matthew Perry's Estate Plan Demonstrates the Benefits of Trusts
In this article, we’ll look at Perry’s estate plan and pull out some valuable lessons. These lessons pertain to all of us, not just the rich and famous. To find out how trusts can benefit you, read on...
When Matthew Perry, the beloved star of Friends, passed away last year, the world mourned the loss of a comedic icon. However, as details of his estate began to emerge, a curious puzzle presented itself: despite his reported net worth of $120 million, his bank account held (only) $1.5 million. Admittedly, this seems like a whopping sum to most of us, but for a man who earned millions of dollars for just one episode of the show, this amount appears…off somehow. Shouldn’t he have had much more money than that? The answer lies in the details of estate planning and using trusts as part of your plan.
In this article, we’ll look at Perry’s estate plan and pull out some valuable lessons. These lessons pertain to all of us, not just the rich and famous. To find out how trusts can benefit you, read on.
What is a Trust?
A trust is simply a legal arrangement where a person (sometimes called a “settlor”) transfers assets to someone ( a “trustee”) who manages those assets for the benefit of someone else (the “beneficiaries”). Many types of trusts can be used for many different purposes, including estate planning, asset protection, and providing for loved ones.
The trustees appointed to manage a trust play a crucial role in fulfilling the settlor's wishes. Choosing the right trustees is essential for the effective management of a trust. Trustees should be trustworthy, financially responsible, and knowledgeable about estate planning. They should also be willing to devote the time and effort required to manage the trust's assets.
In Perry's case, it appears he had established a trust during his lifetime. This trust, which seems to be named the Alvy Singer Living Trust - Woody Allen's character in Annie Hall - presumably holds a significant portion of his wealth. In Perry's case, the trustees were likely responsible for managing his investments, paying bills, and distributing money to the beneficiaries.
Why would Perry have chosen to establish a trust? There are many benefits, which I’ll break down in greater detail now.
The Power and Benefits of Trusts
There are many advantages to using a trust for estate planning. Here are some of the most common.
Protection from creditors and lawsuits. If a beneficiary faced financial difficulties, their creditors would generally not have access to assets held in a trust.
Ongoing support during life, incapacity, and after death. Trusts can provide for loved ones in a more flexible way than a will. A will is a legal document that outlines how your assets will be distributed after your death. However, a trust can be structured to provide support during your life and for your beneficiaries over time, ensuring that their needs are met throughout their lives. If you have a will, usually your assets will be transferred to your beneficiaries all at once - even if they are young or financially irresponsible.
Minimization of estate taxes. Depending on the size of an estate, there may be significant federal and state estate taxes. By using a trust, it can be possible to reduce or eliminate these taxes.
Court avoidance. There’s a court process called probate that takes place after someone dies, and it can be expensive, lengthy, and conflict-laden. If you have a will or no estate plan, court is mandatory. If you have a trust, however, the court process may be avoided. This results in less expense, less time, and a decreased probability of conflict. It’s also a public proceeding, and court filings contain personal and financial information you may not want others to see.
Conflict avoidance. The court process is set up to give all heirs and creditors a claim to your assets. They are invited to file a claim, and they get to see information about your assets.
Greater control over what happens to your assets and your family. When you have to go to court, it means that someone other than you - a judge, who’s a complete stranger to you and your family - will make all final decisions about your money, property, and family. But with a trust, you get to make those decisions and exercise control over the outcomes.
Preserving assets when there’s a substance abuse issue. It’s no secret that Perry struggled with substance abuse for much of his life, and it’s possible that because of that, he was advised to create a trust to hold his assets. This was a wise decision. Substance abuse can have a significant impact on financial stability, and it is possible that Perry sought to protect his assets from loss, either by his own actions or potential creditors and legal issues related to his addiction. You can do the same for a friend or relative if you want to support them and also know they struggle to manage their finances responsibly.
These advantages apply to you, too! You do not need to be wealthy to want a trust. You do not have to be charitable or famous to take advantage of the benefits. You simply need to be educated about the benefits and how they apply to you. Read on and I’ll show you how to book a call with me to get the education you need.
I’ve alluded to one more advantage that warrants a full section of discussion: privacy.
The Appeal of Privacy
Remember when I mentioned above that the court process is public? And I also mentioned that a trust can help you and your family avoid court, and the very public process that it is? If you were wondering, “If it’s true Matthew Perry had a trust, then how come it’s public knowledge that he had $1.5 million in his bank account?” then kudos! You caught on to something important.
Matthew Perry also had a will, and wills go through probate. Any assets that are not placed into a trust must be dealt with via your will and thus, are subject to the court process. Remember how I also said above that court filings must contain your personal and financial information? That’s how we know about Matthew Perry’s bank account. The funds in his bank account were ostensibly not placed into his trust, and so, are subject to the public probate process. If you want, you can go look up the court records and read his will - or any will - for yourself.
His will mentioned that he had a trust, which is also common. What it doesn’t mention is the terms of the trust, who the beneficiaries are, what his other assets are, and who gets what. Our public knowledge is limited to what’s in his will. And if his bank account had been placed into his trust, it would have been kept private, too.
In short, assets placed into a trust are kept private, as is your personal and financial information. Assets left out of a trust are public knowledge. So, when you create a trust, it’s crucial that you don’t just draft and sign the document and call it a day. You must take the next step and correctly place your assets into the trust. If you don’t do that, you lose all the benefits the trust offers.
How We Help You Protect What Matters Most
As more details about Perry's estate emerge (and sadly, his death), we may gain a better understanding of his intentions and the legacy he will leave behind. While his untimely passing is a tragic loss, his estate planning offers a fascinating look at the advantages of trusts and how you can also take advantage of them.
As a Personal Family Lawyer® Firm, we help you create a comprehensive Life & Legacy Plan that may include tools like trusts to protect your assets, maintain your privacy, and ensure your loved ones are cared for—without the headaches of court or the increased chances of conflict. By planning today, you can have peace of mind knowing your wishes will be honored, your family’s future will be safeguarded, and your legacy will be kept private.
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.
What Do Lasagna and Estate Planning Have in Common?
Have you ever heard horror stories about families fighting over Grandma's jewelry or getting stuck in a never-ending legal battle after someone passes away? Read more…
Have you ever heard horror stories about families fighting over Grandma's jewelry or getting stuck in a never-ending legal battle after someone passes away? Or about how long it can take to sell a house tied up in the court process? What about family members being denied their inheritance completely? Unfortunately, these situations happen every day. Not even the rich and famous are immune! A simple Google search will pull up dozens of celebrity stories about all the conflict that ensues after they die.
But most people don’t realize these things are avoidable - if you understand the process. So, if you’ve thought about creating a will or trust to avoid these outcomes, let’s ensure you’re fully aware of what’s at stake first. We’ll use a food analogy throughout this article, so our apologies if we make you hungry.
Lasagna as an Example of the Difference Between a Will or Trust and an Estate Plan
Let’s start by getting really clear on what we’re talking about. You’ve probably heard the term “estate planning” numerous times, but do you really know what it is? Contrary to what you may have heard or read about, estate planning and the documents involved - such as a will or trust - are not quite the same thing.
Think of your favorite recipe. We’ll use lasagna as an example. A lasagna recipe includes a few different components: the ingredients needed to make the dish, how much of each ingredient you need, and the steps you have to take to transform the ingredients into a dish. Without the steps, the ingredients are just ingredients—they don’t create anything.
Estate planning is similar. Your estate plan is the recipe, and the documents are the ingredients. A will or trust may be the pasta or the sauce, but they are not the lasagna. Sure, they’re necessary components of the lasagna, but without the other ingredients and steps, they’re just pasta and sauce. Same with estate planning. If you just create a will or trust, you have documents that are just documents. They don’t do anything by themselves.
That most people think the documents ARE the estate plan is a common misconception based on a lack of knowledge. Too many people are focused on the documents, even many lawyers, and so think all they need to do is create those documents, sign them, and call it a day. Even so-called financial “experts” will tell you this. And there’s a whole new tech industry based on this premise, with do-it-yourself programs like LegalZoom. AI has even joined the fold.
Every single one of these people and companies is talking about the documents, or the ingredients. They are not telling you about the recipe. They are not showing you how to make the lasagna, but rather, they’re telling you about some (not even all) of the ingredients you need. What results are the big messes mentioned above: families in court and conflict, fights over sentimental items, long wait times to sell a house or distribute any of the assets, and even big, unnecessary tax bills.
To truly protect your loved ones and ensure your wishes are carried out the way you want, as easily as possible for the people you love, you need a comprehensive estate plan, not just the documents. The plan lays out not only the ingredients you need, but also in what amounts, and what actions must be taken to make the lasagna.
If you haven’t created a comprehensive plan of your own, or your current plan fails for any reason, know that there’s a plan already made for you. It’s a plan laid out in your State’s law, and it may be very different from what you want.
Your State’s Recipe for Lasagna May Be Gross
To illustrate the difference between the State’s plan for you and one you can create for yourself, let’s get back to our lasagna example.
Let’s say the State’s recipe for lasagna includes spicy sausage, but you can’t tolerate spicy foods. The state’s plan may contain meat, but you’re a vegetarian. Or, it could be that the State’s recipe includes mushrooms, but your child is allergic to mushrooms. Some ingredients may be missing altogether, and the recipe will probably tell you that you can’t even cook the lasagna for months, or even years (goodness, your family will be hungry!). Whatever the situation, it’s possible that the State’s plan includes some component that you don’t like, or even one that could be disastrous to your family.
In reality, your State’s plan says how your assets will be distributed, who will get them and in what amounts. It requires a court process, which can be lengthy and expensive, and sometimes assets are frozen until the court process is over. It’s also set up for conflict, as your family members - even if you’re estranged - are required to get notice of the court proceeding, what assets you have, and are invited to make a claim for your assets. You may not like any of this.
If not, here’s the good news. The law also says you can create your own plan and decide on your own who you want to inherit your assets and how. If you create your own plan, you get to decide to give money to charitable causes that matter to you, which the State’s plan does not allow for. And if you create your own plan, you can also decide whether you want your loved ones to go through the court process. Yes, the court process can be optional.
What Recipe Do You Want to Use?
By creating your estate plan, you get to choose your lasagna recipe. You get to choose whether you want meat or veggie, mild or spicy sausage. You get to exclude ingredients your family members may be allergic to. You even get to decide if you want to share your lasagna with someone else. And you get to decide when to cook the lasagna, whether you want it to be eaten tonight or assembled, frozen and saved for another day.
It’s entirely possible that you don’t think the State’s recipe is gross and you wouldn’t change a thing. But you won’t know that until you know the details of the State’s plan and how those details pertain to you, your assets, and your family. Or, it could be that you think the State’s recipe is completely gross and you want to pick one that you and your family like. Either way, know what you want to create and be clear on how to do it, and do it correctly. Luckily, we can help.
How We Help You Get it Right
We’ve seen too many families suffer negative, yet unnecessary, consequences after a loved one dies. And if you haven’t experienced it yourself, chances are you probably will. But with the proper education, beginning with correcting the misconception that estate planning and the documents involved are one and the same, we believe we can break the cycle of strife.
As a Personal Family LawyerⓇ Firm, we start with education so you are clear on what the State’s plan is for you, and what you can do to create your own plan that aligns with your values, your goals, your family, and most importantly, that it works when you need it to.
We call it Life & Legacy Planning, and once you’ve created your Life & Legacy Plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected.
Book a call with us today to learn more.
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.
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:
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.
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.
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.
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.
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.
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:
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.
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:
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.
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:
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.
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:
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.