Monthly Archives:: July 2023

You may think that it would make sense to refer to yourself and your family members or loved ones by using their Social Security numbers to ensure that they are correctly identified when the time comes. It is important to provide information in your estate planning documents that is sufficient to properly identify your beneficiaries, but using full legal names, including middle name or initial, is typically adequate.

Providing Social Security numbers would leave the individual vulnerable to the risk of identity theft because there are several estate planning documents that may become part of the public record. A will may need to be filed with the probate court at your death, or a power of attorney or certificate of trust may need to be recorded if real estate is transferred. Once these documents are part of the public record, complete strangers will have access to this private information by making a simple request of the probate court or recording office and paying a small fee. Considering that in 2022 alone, the Federal Trade Commission received 1.1 million reports of identity theft, Social Security numbers should never be included in anyone’s estate plan. READ MORE

Maybe you thought that creating a Will or Trust is something you can do once and then your family and assets are protected forever after. It seems to be how most lawyers structure their services, so it wouldn’t be surprising if you did think this. You work with your lawyer, they draft documents, you bring them home in a binder or notebook, put them on a shelf or in a drawer, and you never hear from them again. Estate plan, done. But, it’s not, and thinking of it that way could leave your family with a big mess when something happens to you. 

In reality, life events can drastically affect your estate plan and even cause your plan not to work in the way you intended. To make sure your plan remains up to date throughout your life, we recommend reviewing your plan at a minimum of every three years. Because I am so passionate about this, I offer to review my clients’ plans every three years for free. READ MORE

Estate planning helps bring peace of mind and a sense of security, both in our lifetime and beyond. While we cannot predict our fate, we can at least dictate how our money and property will be distributed and ensure that we provide for our loved ones.  Physical security is a big part of feeling emotionally, READ MORE

The national debt ceiling is a legal limit set on the amount of money the government can borrow to finance its operations and meet its financial obligations domestically and around the globe. When the government reaches this limit, it cannot borrow more money unless Congress raises or extends the country’s debt ceiling. If the ceiling isn’t raised and the United States can’t pay back its debts, the country’s global creditworthiness is affected as well as financial security abroad and at home.

Congress raised the national debt ceiling on June 3, 2023, which means the United States will not default on its loans. This is good news, and yet the extension of the debt ceiling can still affect the economy and your family. READ MORE

If you are thinking about creating an estate plan, you may hear some new and confusing terms that make your brain hurt. To add to your bewilderment, not only are some of the words unfamiliar, they may also be homophones – words that are pronounced the same as other words, but have different meanings and spellings. For example, an heir is a person who legally (under a will or according to state law) receives money or property from another person when that person dies. In contrast, air is an invisible gaseous substance made up primarily of oxygen and nitrogen that surrounds the earth. The two words sound alike, but obviously have vastly different meanings.

Likewise, if you have heard an estate planning attorney mention a devise, it is very different from a device – which usually refers to a piece of electronic or mechanical equipment. So exactly what is a devise in your estate plan? Adevise is a legal term that traditionally has referred to a gift of real estate made by a will. However, in common usage, it has been used interchangeably with other legal terms such as a bequest, which traditionally refers to a gift made in a will of personal property – that is, property other than real estate. Courts will uphold the use of either term for a gift of real or personal property in a will if the will clearly shows that the person who created it (the willmaker) intended to make the gift.  READ MORE

July is National Family Reunion Month and the perfect time to reconnect with family from near and far, share life’s updates, and reminisce about the wonderful memories you share together. If you’re getting together with family this month, it’s also a perfect time to talk to your loved ones about your shared goals, family resources and the legacy you want to leave behind for the next generation. 

You might think that estate planning is too somber a topic for a happy family reunion, but it can actually be an opportunity to bring you closer to your loved ones by giving everyone time to speak openly about their wishes for the family and can help everyone feel unified by working together toward the family’s future wellbeing. READ MORE

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

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