Will Christoferson 1/6/25 Will Christoferson 1/6/25

Five Essential Steps to Protect Your Loved Ones in 2025

You know that uneasy feeling when you think about what everyone you love would do, if (and when) something happens to you? Read more…

You know that uneasy feeling when you think about what everyone you love would do, if (and when) something happens to you? That nagging voice reminding you that you still haven't created a will or trust or updated the estate plan you do have?

As we enter 2025, it's time to stop pushing those thoughts aside and take action to protect the people you love most. Many people avoid estate planning because they think it will be complicated, expensive, too time-consuming, or emotionally challenging. But the truth is, not having a plan, or having an out-of-date plan, is far more costly – financially, emotionally, and time-wise – for the people you love.

Let's take a look at five things you can do right now to create lasting peace of mind.

Step 1: Get Financially Organized

One of the biggest challenges people face after losing a loved one is trying to piece together their financial life. Where are all the accounts? What insurance policies exist? What bills need to be paid? Without proper organization, your family could spend months or even years trying to track everything down. Worse yet, anything they don’t find will be turned over to the State Department of Unclaimed Property, where there are approximately $60 billion in lost assets nationwide.

As important as it is, financial organization isn't just about making lists – it's about creating a clear roadmap for the people who will handle your affairs when you cannot. This includes documenting all your accounts, insurance policies, important passwords, and key contacts. When your loved ones need access to this information, it should be readily available, updated, and easy to handle. This is why our Life & Legacy Planning process begins with a financial organization, and then our ongoing Life & Legacy Planning service supports you to maintain your financial organization throughout your life, so it’s handled with as much ease as possible for the people you love when something happens to you.

Step 2: Create a Lasting Message for Your Loved Ones

When someone dies, their loved ones often wish they had one more conversation, one more chance to hear their loved one's voice or read their words. That's why recording a Life & Legacy Interview is part of our planning process. It’s truly one of the most meaningful gifts you can give the people you love, and who love you.

This message isn't just about saying goodbye – it's about sharing your values, hopes, and life lessons. Think about what you want future generations to know about your life journey.

What wisdom do you want to pass down?

What family stories, or even recipes, should be preserved?

While you may think “generational wealth” is just about money, the truth is that people who are able to learn from the recorded history of past generations have true generational wealth that’s far greater and irreplaceable than any dollar ever could be.

Your words will become a treasured part of your legacy, offering comfort and guidance long after you're gone.

Step 3: Learn About Tax Planning

Many people don't realize that proper estate planning can help minimize or eliminate taxes their loved ones might otherwise have to pay. Without planning, they could lose a significant portion of their inheritance to estate taxes, income taxes, or capital gains taxes.

Strategic tax planning isn't about avoiding your obligations – it's about ensuring more of your hard-earned assets go to the people you love rather than the government. Working with a trusted advisor who understands both estate and tax law can help you identify opportunities to protect your loved ones’ financial future.

Step 4: Plan Your Final Farewell (and Your Last Days)

While it might feel uncomfortable to think about your funeral, planning and paying for it in advance is one of the most loving things you can do for the people you love. When you're gone, they will be grieving. The last thing they need is to make difficult decisions about your funeral while trying to guess what you would have wanted.

By planning ahead, you not only ensure your wishes are honored but you also protect the people you love from emotional overspending during a vulnerable time. You can choose and pay for exactly what you want, locking in today's prices and relieving your loved ones of this financial burden.

Even more importantly, consider how you want to spend your last years, months, or even days and discuss that with the people who will be responsible for your care now. This could be a conversation we can help facilitate if bringing it up or even thinking about it alone feels too challenging or if you keep putting it off. This courageous conversation is one of the best gifts you can give to the people you love.

Step 5: Create a Comprehensive Life & Legacy Plan

All these elements come together in our comprehensive Life & Legacy Planning® process, which guides you to understand the law and how it will apply to your unique situation, considering your family dynamics and assets, so you can make educated and informed choices to ensure your loved ones stay out of court and out of conflict when something happens to you. This isn't just about creating legal documents – it's about creating a plan, maintaining it, and ensuring your loved ones know who to turn to when something happens to you.

When you create a Life & Legacy Plan with me, it includes clear instructions about who gets what, who's in charge of what, and most importantly, how to find and access everything when needed. It also includes specific directives about what happens if you become incapacitated. In addition, you’ll have the opportunity to outline your memorial service, and we’ll support you to record a Life & Legacy Interview that your loved ones will cherish for the rest of their lives.

The start of a new year is the perfect time to take these essential steps to protect the people you love. Don't wait until it's too late – the greatest gift you can give your loved ones is the gift of preparation and peace of mind.

How We Help You Get Started

As your Personal Family Lawyer® Firm, we help you put these essential protections in place. Through our Life & Legacy Planning® process, we'll guide you in creating a lasting message for your loved ones, implementing smart tax strategies, planning your final arrangements, getting your finances organized, and creating a comprehensive plan that ensures the people you love stay out of court and conflict. Most importantly, we'll help you make informed decisions that align with your values and wishes. So don’t delay! Let us help you start the new year by doing the right thing for your loved ones.

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

Schedule a Consultation by Clicking Here

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

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Will Christoferson 12/30/24 Will Christoferson 12/30/24

Estate Planning Meets FAFSA: Smart Strategies for Asset Ownership

When preparing for college expenses, understanding how financial aid and estate planning intersect can make a significant difference. Read more…

When preparing for college expenses, understanding how financial aid and estate planning intersect can make a significant difference. This article will break down the essentials of how asset ownership influences aid eligibility, offer actionable strategies to increase the chances of receiving aid, and highlight estate planning tools that can protect your wealth while optimizing support for your child’s education.

FAFSA and Asset Ownership: The Basics

The FAFSA, or Free Application for Federal Student Aid, evaluates a student’s financial need based on several factors, including family income and assets. However, not all assets are created equal in the eyes of FAFSA. The way those assets are owned—whether by the parent, the student, or even a third party—can have a big impact on financial aid eligibility.

Here’s the key: FAFSA assesses up to 5.64% of parent-owned assets when calculating the Expected Family Contribution (EFC). For student-owned assets, though, that number jumps to a whopping 20%. So, keeping assets out of your student’s name increases their chances of receiving financial aid.

Put another way, parent-owned assets are less punitive than student-owned ones. Consider assets like your savings account, investments, or a 529 college savings plan. If you, the parent, own the asset, only 5.64% of its value is considered in the EFC calculation.

But if your child owns assets outright—like in a UGMA or UTMA custodial account— those accounts will be subject to a 20% assessment. For example, if your child has $10,000 in one of these accounts, FAFSA will expect $2,000 of it to go toward college costs. Ouch.

What can you do? You can’t legally change ownership of UGMA/UTMA accounts because they belong to the child. However, for future savings, consider using a 529 plan or a parent’s investment account instead.

And what about third-party-owned assets? If Grandma owns the 529 plan, FAFSA doesn’t count the asset itself, but it will count distributions as student income in the following year—and student income (as compared to student assets) is assessed at up to 50%. If Grandma’s generous in the wrong way, that could seriously hurt your student’s financial aid package.

Estate Planning Meets FAFSA

Here’s where estate planning comes into play. By structuring your assets wisely, you can minimize their impact on financial aid. Let’s explore a few strategies:

1. Irrevocable Trusts

An irrevocable trust can be a powerful tool in estate planning and can remove assets from a person’s estate for tax purposes. However, irrevocable trusts are counted for FAFSA purposes if the student or parent is a beneficiary of an irrevocable trust. Note that the entire value of the trust should not be reported, but the beneficiary’s proportional share must be reported. In addition, if the trust distributes income to the student, that income will be assessed at up to 50%. So use irrevocable trusts with caution.

2. Retirement Accounts: Hidden Gems

Good news: FAFSA does not count assets in qualified retirement accounts like 401(k)s, IRAs, and Roth IRAs. This makes retirement savings a double win—you’re preparing for your future in a tax-advantaged manner and protecting your child’s financial aid eligibility.

Pro tip: If you have extra savings that would otherwise count on FAFSA, consider contributing to your retirement account. It’s a FAFSA-friendly way to reduce your countable assets.

3. Pay Down Debt

Another savvy move is to use liquid assets to pay down debt, such as your mortgage or student loans. FAFSA doesn’t count your home’s equity or the balance of your debts, so this strategy can reduce your reportable assets without hurting your financial position.

4. Timing Is Everything

FAFSA looks at your financial situation as of the day you file the form. That means you can time certain financial moves to optimize your aid eligibility. For instance, if you’re planning to sell an investment or receive a large bonus, try to do so after filing FAFSA to avoid inflating your assets or income for that year.

Practical Steps to Take Now

So, what can you do right now to prepare? Here are some actionable steps:

Review Your Assets: Make a list of all your family’s assets, including who owns them. Pay special attention to student-owned accounts and assets held in trusts.
Shift Savings to FAFSA-Friendly Accounts: If you’re saving for college, prioritize 529 plans owned by you, the parent. Avoid putting large sums into custodial accounts.
Create a Life & Legacy Plan: Work with me to create a comprehensive Life & Legacy Plan that may include irrevocable trusts or other strategies to protect your assets and your financial aid eligibility.
Max Out Retirement Contributions: If possible, contribute to your 401(k) or IRA to reduce your countable assets while securing your financial future.
Plan Ahead for Income Events: Be mindful of how bonuses, stock sales, or other income events could affect your FAFSA profile. If possible, defer these until after filing.

The Big Picture

Balancing estate planning and FAFSA eligibility can feel like walking a tightrope. On one hand, you want to preserve your family’s wealth and secure your child’s future. On the other, you don’t want to leave money on the table when it comes to financial aid.

By understanding how asset ownership works and taking strategic steps, you can position your family for success. Whether it’s shifting assets, leveraging trusts, or timing your financial moves, a little planning can go a long way. And when that acceptance letter arrives—along with a generous financial aid package—you’ll be glad you took the time to get it right.

How We Help

As your Personal Family Lawyer® Firm, we can help you create a comprehensive strategy that optimizes both education funding and wealth preservation goals. We'll work with you to structure your assets effectively and ensure your plan adapts as the law changes, your assets change, or your family dynamics change. Our approach focuses on creating clarity and consistency across all aspects of your financial planning, from education funding to legacy preservation.

Book a call here to learn how we can help you create the right plan for your family:

Schedule a Consultation by Clicking Here

Will Christoferson 12/23/24 Will Christoferson 12/23/24

Actions to Take Before 2024 Ends to Qualify for Specific Tax Credits

Actions to Take Before 2024 Ends to Qualify for Specific Tax Credits. Read more…

The end of the year can feel overwhelming, but it’s also a time to set yourself up for credits and deductions that can put real money back in your pocket come tax time this April. From the Earned Income Tax Credit to residential energy improvements and even adopting a child, there are a wealth of opportunities to lower next year’s tax bill or increase your refund.

Here’s a quick guide to the top tax credits for 2024 and actionable steps you can take now to help you maximize your savings:

Need Some Extra Cash? Use the Earned Income Tax Credit (EITC)

What to Do:

Ensure you have earned income from wages, self-employment, or other qualifying sources.
Keep accurate records of your income and any dependents.

Tip: Even if your income is low, file a tax return to claim this credit, as it is a refundable credit, meaning you can get a refund, even if you didn’t pay taxes due to low income.

Got Minor Kids at Home? Use the Child Tax Credit (CTC)

What to Do:

Make sure your children have valid Social Security numbers before 12/31/2024.
Ensure dependents meet the criteria (under 17 years old).
Keep documentation like birth certificates, school records, and proof of residency.

Tip: Ensure both parents agree on who will claim the child, if filing separately.

Got Kids Who Need Care? Use the Child and Dependent Care Credit

What to Do:

Pay for childcare or dependent care expenses by December 31, 2024.
If you will not qualify because of too much income next year, and you have not yet maxed out your Child & Dependent Care Credit this year, consider paying in advance before end of year for services that will be delivered in 2025.
Obtain your childcare provider’s Tax ID (EIN or SSN) and keep records of payments.
Ensure the care is provided so you (and your spouse, if married) can work or look for work.

Got Kids in College? Use the American Opportunity Tax Credit (AOTC) & Lifetime Learning Credit (LLC)

What to Do:

Pay for qualified education expenses (tuition, fees, books) by the end of 2024.
Ensure your educational institution issues a Form 1098-T.
Verify that you or your dependent is enrolled at least half-time for the AOTC.

Tip: The AOTC is only available for the first four years of higher education.

Ready to Save for Retirement? Use the Saver’s Credit (Retirement Savings Contributions Credit)

What to Do:

Contribute to a retirement account (e.g., 401(k), 403(b), IRA) by December 31, 2024.
For Traditional or Roth IRAs, you have until the April 15, 2025 deadline to contribute.
Even if you will not make your contribution until next year, get your account setup before the end of this year.

Tip: Even small contributions can qualify for this credit.

Need Health Insurance? Use the Premium Tax Credit (PTC)

What to Do:

Enroll in a Health Insurance Marketplace plan during the 2024 open enrollment period.
Report any income changes to the Marketplace to adjust advance premium credits accurately.
Keep records of your health insurance premiums (Form 1095-A).

Adopting a Child? Use the Adoption Credit

What to Do:

Complete the adoption process or incur adoption-related expenses by the end of 2024.
Keep detailed records of qualified adoption expenses (e.g., fees, court costs, travel).
Ensure you have the necessary documentation for the adopted child.

Need Windows or HVAC Upgrades? Use Residential Energy Credits

What to Do:

Make qualifying energy-efficient home improvements (e.g., insulation, windows, HVAC) by December 31, 2024.
Install renewable energy systems (solar panels, wind turbines, battery storage).
Obtain and keep receipts, invoices, and Manufacturer’s Certification Statements.

Tip: Check the eligibility of improvements to maximize the credit.

Need a New Car? Use Electric Vehicle (EV) Credits

What to Do:

Purchase a qualifying electric vehicle or plug-in hybrid by the December 31, 2025
Verify that the vehicle qualifies for the federal credit (check the IRS list).
Obtain the sales invoice and confirm eligibility for the credit at the time of purchase.

Got Healthcare Costs? Use Your Health Savings Account (HSA) & Flexible Spending Accounts (FSA)

What to Do:

Contribute to your HSA (up to $4,150 for individuals and $8,300 for families in 2024) by December 31, 2024.
Use your FSA funds by the end of 2024 or the plan’s grace period to avoid losing the money.
Keep receipts for qualified medical expenses.

How We Help You Make Smart Financial Decisions

As your Personal Family Lawyer® Firm, we understand that tax planning is just one piece of your overall financial picture. That's why we have a comprehensive Life & Legacy Planning® process that takes into account not just your estate planning needs, but also helps you make informed decisions about your finances that can benefit you and your family both now and in the future. We'll help you understand how different financial choices – from energy improvements to adoption – can impact your tax situation and overall financial wellbeing. We're here to support you in making educated decisions that align with your family's goals and values.

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

Schedule a Consultation by Clicking Here

Will Christoferson 12/16/24 Will Christoferson 12/16/24

Year-End Options for Giving to Charity

The desire to make a difference doesn't end when we're gone. For many people, incorporating charitable giving into their estate plan provides a way to support causes they care about while creating a lasting legacy. Whether you want to establish a scholarship fund, support medical research, or help your local community, thoughtful charitable planning can maximize your impact while potentially providing tax benefits for your heirs.

Since this time of year invokes a desire to give to those less fortunate, and take advantage of tax benefits, let's explore how you can do that by including charitable giving in your Life & Legacy Plan.

Understanding Your Charitable Giving Options

When it comes to charitable giving through your estate plan, you have several options to consider. The key is finding the approach that best aligns with your values, goals, and overall estate planning strategy. Some common methods include:

Direct Bequests: The simplest way to include charity in your estate plan is through a direct bequest in your will or trust (“bequest” simply means leaving something to someone in your estate plan, whether it’s money or personal belongings). You can specify a fixed dollar amount or percentage of your estate to go to your chosen charitable organizations. This approach provides flexibility and can be easily modified if your circumstances change.

Note that for tax purposes generally, any charitable bequest (to a “qualified” charity per the IRS, typically a 501(c)(3) organization) is tax deductible and will reduce the tax liability of your estate. If you want to receive a tax deduction now, however, give an outright gift. In 2024 you can give up to $18,000 to each person or organization without having to report the gift to the IRS or pay gift tax. That number increases to $19,000 per donee in 2025.

Required Minimum Distributions with Qualified Charitable Distributions (QCDs). If you're over 70.5 (or have parents who are) and don't need your required minimum distributions (RMDs) from your retirement accounts to live on, here is a tax-saving, life-affirming strategy: Consider making a qualified charitable distribution (QCD) of your RMDs to a 501(c)(3) of your choosing before year-end, and lower your taxes, support your favorite cause or movement, and possibly kick yourself down into a lower tax bracket for your other taxable income. You can distribute up to $105,000 (2024) or $108,000 (2025) directly to a 501(c)(3) public charity of your choice.

Charitable Trusts: For those with larger estates, charitable trusts offer sophisticated ways to benefit both charity and your heirs. A charitable remainder trust can provide income to your beneficiaries for a set period, with the remaining assets going to charity. Conversely, a charitable lead trust can provide income to charity for a period, with the remainder going to your beneficiaries. Note that charitable trusts are typically used to save money on capital gains tax as part of a sale transaction.

Donor-Advised Funds: A donor-advised fund (or DAF) is a way to make charitable contributions during your lifetime to a fund that is then invested and managed by a fund manager, and as the donor, you are able to recommend grants to your favorite charities over time. When using a DAF, you can name successor advisors, enabling your children or other loved ones to continue your charitable legacy through your DAF after you're gone. Gifting to a donor-advised fund is similar to gifting to a family foundation but with minimal administrative time or energy required. On the flip-side, DAFs are often not used as intentionally as they could be. If you have a DAF, or want to set one up, let’s discuss what I mean by this so you can be sure to use yours as intentionally as possible.

Family Foundation: For families with more significant assets, and a desire to govern and control the use of those assets, while also creating a lasting legacy, the private family foundation is the way to go. With a private foundation, you control the investments, the governance, the distributions, and can use the foundation as a multi-generational educational tool for the family.

Making Your Charitable Giving More Effective

To ensure your charitable giving achieves maximum impact, consider these important factors:

Tax Implications: While tax benefits shouldn't be the primary motivation for charitable giving, proper planning can help reduce estate taxes and maximize the impact of your gifts. Certain charitable giving strategies as discussed above, can provide immediate income tax benefits during your lifetime while reducing estate taxes after your death.

Timing of Gifts: Consider whether making charitable gifts during your lifetime might be more beneficial than waiting until after your death. Lifetime giving allows you to see the impact of your generosity and may provide immediate tax benefits.

Selection of Charities: Research potential charitable recipients carefully. Look for organizations with strong track records of effectively using donations to advance their missions. Consider whether you want to support large national organizations or smaller local charities.

Involving Your Family

Charitable giving through your estate plan can do more than just support worthy causes – it can help instill philanthropic values in future generations. Consider these approaches:

Family Discussions: Talk with your family about your charitable intentions and the causes that matter to you. These conversations can help your loved ones understand your values and motivations while potentially inspiring their own charitable giving.

Collaborative Decision-Making: If you establish a donor-advised fund or family foundation, involve your children or grandchildren in grant-making decisions. This hands-on experience can help them develop their own philanthropic interests while carrying forward your legacy.

Educational Opportunities: Use your charitable giving as a teaching tool to help younger family members learn about financial responsibility, social issues, and the importance of giving back to the community.

Creating Your Charitable Giving Plan

As your Personal Family Lawyer®, I can help you develop a comprehensive charitable giving strategy that aligns with your overall estate planning goals. I'll work with you to:

Identify the charitable causes most important to you
Select the most appropriate giving vehicles for your situation
Structure your giving to maximize tax benefits
Ensure your charitable intentions are properly documented
Create a plan for involving future generations

We'll also help you maintain flexibility in your plan, recognizing that charitable organizations and family circumstances can change over time.

While estate planning often focuses on what happens after we're gone, charitable giving allows you to start building your legacy today. By thoughtfully incorporating philanthropy into your Life & Legacy Plan, you can create positive change that extends far beyond your lifetime while potentially providing tax benefits for your loved ones.

How We Help You Create a Meaningful Legacy

As a Personal Family Lawyer® Firm, we help you create a comprehensive Life & Legacy Plan that includes charitable giving strategies aligned with your values and goals. We'll work together to ensure your philanthropic wishes are properly documented and structured for maximum impact, while keeping your family out of court and conflict. With your charitable giving plan in place, you can rest easy knowing you've created a meaningful legacy that will benefit both your loved ones and the causes you care about most.

Click here to schedule a complimentary 15-minute consultation and learn how we can help you create your charitable giving legacy:

Schedule a Consultation by Clicking Here

Will Christoferson 12/9/24 Will Christoferson 12/9/24

Common Estate Planning Questions Part 2 of 2

In this second 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. Read more…

When it comes to planning for your family's future, the options can feel overwhelming. Should you get a will? Create a trust? And what happens if you do nothing at all? These aren't just academic questions - your choices today will impact your loved ones tomorrow. In this second installment of a two-part Q & A series, I’ll break down the key differences between your primary estate planning options and explore practical ways to ensure your family is protected, no matter what the future holds. So, let’s dive in, beginning with a question about the basic estate planning documents.

Q: What is the difference between a will, living trust, and dying intestate? And what does that mean, practically speaking?

A: If you die without an estate plan, you do have a plan - it’s just the plan chosen for you by the state, and you may not like it. Almost certainly, your loved ones won’t like it because it means they’ll likely need to deal with a court process called “probate.” When you die without a will, it’s called dying “ intestate,” and it means that your assets are distributed according to state law after a process in which a judge decides who gets what. This could mean your assets would not go to the people you choose in the way you choose, and your family could face a lengthy, expensive, and public court process during an already difficult time.

A will is your basic instruction manual for what happens to your assets after you die, but it still requires your family to go through the probate process. While a will allows you to name guardians for your minor children and specify who gets what, your “executor” or “personal representative” must file the will with the court and potentially wait months or even years before receiving your assets. Plus, everything becomes public record - so anyone can look up what you owned and who got what, leaving the inheritors open to predators.

If you create a trust, your assets can be passed to the people you choose without a court process and completely privately. Think of a trust like a container that holds your assets during your lifetime and then, upon your incapacity or death, a successor trustee you’ve named can step in to handle your assets, manage your affairs, and pass your assets to your chosen beneficiaries. With a properly funded trust, your beneficiaries could receive their inheritance within weeks or months instead of months or years.

Q: Is probate always required when someone dies?

A: The necessity of probate depends largely on how your assets are titled when you die and the total value of assets that are in your personal name at the time of your death. Assets that are solely in your name with no beneficiary designation must go through probate, and the distribution must be ordered by a Judge. There are some exceptions: jointly owned property automatically passes to the surviving owner, assets with named beneficiaries (like life insurance policies and retirement accounts) go directly to those beneficiaries, and assets held in a properly funded living trust transfer according to the trust's instructions, without court involvement.

These issues can be complicated and have a huge impact on your loved ones, so it’s important to work with a trusted advisor who can help you understand your goals, and then properly structure your assets to accomplish your goals, especially if you want to keep your family out of court and out of conflict. Keep reading to find out how I can help.

Q: What if I’m uncomfortable talking about death and money?

A: While it's completely natural to want to avoid thinking about death and avoid talking about money, not planning for the reality of death or a possible incapacity before death can leave your loved ones with an expensive, time-consuming mess to clean up during what will already be an emotionally difficult time. Here's what you absolutely must know:

First, if you become incapacitated or die without a plan, the court will make all the decisions about your care and your assets according to state law, not according to what you would have chosen.

Second, if you have minor children and no estate plan, the court will decide who raises your children and who takes care of the assets you leave behind, all without your input. Think about that for a moment. A judge is a complete stranger to you and your kids, yet that’s who will decide your children’s future - who makes decisions about their education, their health matters, and their financial affairs. And, then, whatever you leave behind and whatever is left after the court process goes to your children when they turn 18, without protection (i.e., they’ll be free to spend it all as quickly as they want). If that concerns you, you need a plan of your own.

Third, your family will likely have to spend significantly more time and money dealing with your affairs if you don't have a plan in place than if you had taken the time to create one. The good news is that creating a plan doesn't have to be overwhelming or uncomfortable—working with a trusted advisor who can guide you through the process step by step can actually bring you peace of mind, knowing you've taken care of the people you love.

Q: How can you minimize the stress to your family by handling these matters in the simplest way possible?

A: The best way to minimize stress for your family is to create a clear, comprehensive Life & Legacy Plan before anything happens to you. Many people think creating an estate plan will be stressful, but it's actually the lack of planning that creates the most stress for families.

When you work with me as your Personal Family Lawyer®, I make the process simple:

First, I help you get clear about what you own and what would happen to everything you own and everyone you love (including yourself) when something happens to you. Then, I support you to make informed, empowered choices about who should receive your assets, who should be in charge of carrying out your wishes, and how you want it all handled. Finally, I help ensure your plan will actually work when your family needs it by supporting you to review your plan regularly as your life changes and ensuring we maintain an updated inventory of your assets to ensure none of your assets are lost to the state due to oversight, after your death.

Beyond creating the right legal documents, I’ll support you in other ways to make things easier for your loved ones. I’ll help you document specific wishes you have for personal items with sentimental value and to have conversations with your loved ones about your choices so there are no surprises later. We’ll conduct a Life & Legacy Interview so you can pass on your values, insights, and stories - the intangible (and most important) assets that are often lost when someone dies. Most importantly, I will be there for your family when you can't be there, to guide them through the process and ensure your wishes are carried out properly. This is the power of our Life & Legacy Planning® process.

How We Help You Create Peace of Mind

As your Personal Family Lawyer® Firm, we understand that thinking about death and money can feel overwhelming. That's why we've created a simple, step-by-step process to help you get your affairs in order and ensure your family is protected. Our Life & Legacy Planning process goes beyond just creating legal documents - we help you make informed decisions about your family's future, keep your plan updated as your life changes, and ensure your wishes will be carried out properly when the time comes. Most importantly, we'll be there for your family when you can't be, providing the guidance and support they'll need during a difficult time. You'll gain peace of mind knowing you've done everything possible to make things easier for the people you love.

Click here to schedule a complimentary 15-minute consultation to learn more about how we can help:

Schedule a Consultation by Clicking Here

Will Christoferson 12/2/24 Will Christoferson 12/2/24

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.

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:

Schedule a Consultation by Clicking Here

Will Christoferson 11/25/24 Will Christoferson 11/25/24

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

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.

Schedule a Consultation by Clicking Here

Will Christoferson 11/18/24 Will Christoferson 11/18/24

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…

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:

Schedule a Consultation by Clicking Here

Will Christoferson 11/12/24 Will Christoferson 11/12/24

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:

Schedule a Consultation by Clicking Here

Will Christoferson 11/4/24 Will Christoferson 11/4/24

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.

Schedule a Consultation by Clicking Here

Will Christoferson 10/28/24 Will Christoferson 10/28/24

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.

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:

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Will Christoferson 10/22/24 Will Christoferson 10/22/24

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:

Schedule a Consultation by Clicking Here

Will Christoferson 10/14/24 Will Christoferson 10/14/24

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:

Schedule a Consultation by Clicking Here

Will Christoferson 10/7/24 Will Christoferson 10/7/24

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. 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:

Schedule a Consultation by Clicking Here

Will Christoferson 9/30/24 Will Christoferson 9/30/24

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.

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:

Schedule a Consultation by Clicking Here

Will Christoferson 9/23/24 Will Christoferson 9/23/24

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. 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.

Schedule a Consultation by Clicking Here

Will Christoferson 9/16/24 Will Christoferson 9/16/24

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.

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.

Schedule a Consultation by Clicking Here

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

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.

Schedule a Consultation by Clicking Here

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

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

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

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

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

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

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

Question No. 1: What Matters?

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

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

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

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

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

Question No. 2: What’s It Worth?

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

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

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

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

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

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

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

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

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

Schedule a Consultation by Clicking Here

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

Labor Day Reflections and Your Legacy

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

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

Reflection No. 1: Remember When?

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

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

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

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

Reflection No. 2: In the Thick of It

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

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

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

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

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

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

Reflection No. 3: What Happens Next?

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

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

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

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

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

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

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

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

How We Help Secure Your Life’s Work

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

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