Monthly Archives:: May 2023

May is Senior Citizen’s Month, a time to reflect and appreciate all the things the seniors in our lives have done for us. Whether they are our parents, grandparents, or elderly friends, our seniors have given us so much over the years. But sometimes seeing your loved ones aging or seeing how you’ve aged yourself may remind you of how quickly time passes and how much you wish you could pause life. 

When you think about a loved one who has passed away, you probably don’t give much thought to the material things they’ve left you. Maybe you have a piece of their clothing that you sometimes hold close to your heart or a favorite item of theirs displayed proudly on a shelf. But what you value most about that object likely isn’t its monetary worth but the memories it evokes of your loved one and the time you spent together.  You wish you could still hear from them, learn from them, and share memories with them. READ MORE

Each May, the home remodeling industry and the National Association of Home Builders (NAHB) celebrate National Home Remodeling Month. In 2023, over 17 million home remodeling projects are expected to be undertaken in the United States. 

Between planning, permitting, and construction, the home remodeling process can take months to complete. But even after the finishing touches have been applied, there may still be work to do. If the home is part of an estate plan, a remodel can affect that plan and require changes to it. To keep your estate plan up to date, make sure to discuss a home remodeling project with an attorney. READ MORE

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

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

When you plan a barbecue, one of the first steps is to decide what foods to include on the menu. If you buy the burgers and hot dogs but forget the buns, the menu will lack an essential component and the party may be ruined. Likewise, in creating your estate plan, one of the first steps in making sure your goals are achieved is to consider what you own. If you omit important property or accounts from your estate plan, it is unlikely to fully achieve your goals. 

As your estate planning attorneys, we will provide you with a checklist that will help you think through what you own so that none of your property is inadvertently left out of your plan. For example, you will be asked to list real and personal property and all of your bank and other accounts, and to note whether you own them individually or jointly with your spouse or another person. READ MORE

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

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

Joint trusts are beneficial for many married couples, especially if they have a stable relationship, do not have many creditors, and do not live in a state where their estate may be subject to a state death tax. Compared to separate trusts, they are easier to fund, allow the surviving spouse to have complete control over the money and property held in the trust, and may help avoid much higher trust income tax rates that are applicable to their spouse’s separate trust after their spouse dies.

If you are in a long-term relationship with your partner but are not married, you may want to take advantage of these benefits. However, joint trusts typically are not a good option for unmarried couples. This may not seem fair, but there are some important reasons why unmarried couples should consider separate rather than joint trusts. READ MORE

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

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

Roughly one in five US adults experiences a mental illness each year. Anxiety disorders are among the most common mental health conditions, affecting nearly one-third of adults at some point in their lives. While anxiety can be generalized and chronic, it can also be a normal reaction to everyday stresses, such as worrying about finances, health, and family. 

During Mental Health Awareness Month, people are encouraged to make positive changes that can help them feel better. Anxiety may be rooted in concerns about the future, like what will happen when you pass away or have health problems. Many questions cannot be answered. But that does not mean we have no control over the future. READ MORE

AI (artificial intelligence) language models like ChatGPT and Jasper in particular are enjoying the spotlight this year. Essentially, these are online software programs that have the ability to interpret natural language and provide human-like responses. In a nutshell, that means you can type in questions or commands as if you were writing a message to a real person, and the software will produce an equally human-like response. 

What has the world buzzing over these programs is their ability to understand and interpret the text you enter into them in the same way a real person would, including an ability to modify its response based on your follow-up questions or commands. READ MORE