Monthly Archives:: January 2024

If you’ve given any thought about estate planning, you probably associate it with preparing for death. But did you know that there are critical reasons (and significant benefits) for planning while you’re still well and alive? That’s why I refer to my services as Life & Legacy Planning. When done right, planning for your assets and your death is something that should start right now through honest, open conversations with your family.

It starts by talking with your parents, siblings, and children about what you want the future of your family to look like, how you’d like assets managed, and what type of care each family member would want in the event of a debilitating or terminal illness. READ MORE

Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: a survivor’s trust and a decedent’s trust. 

This arrangement provides the surviving spouse with the same versatility that separate trusts offer. The surviving spouse has full control over their survivor’s trust, but may have limited control over the deceased spouse’s accounts and property that make up the decedent’s trust.  READ MORE

Mark your calendars: January 28 is International LEGO day, which celebrates the date when the patent for the globally famous plastic brick system was filed. 

Since the 1940s, people have been creating their own worlds, brick by brick, with LEGOs. With an estate plan, you can help your loved ones build a great future. Make your estate plan as specific as you want by providing step-by-step instructions for how you want them to honor your legacy. Or give them the resources to bring their vision to life, no strings attached. READ MORE

Interested in supporting your grandchild’s future college education? The recent implementation of the FAFSA Simplification Act allows grandparents to enhance their contributions towards financing their grandchild’s education. This change became effective last month, offering increased opportunities for support.

Previously, any additions or withdrawals from a grandparent’s 529 college savings plan had to be reported on the FAFSA, potentially affecting the student’s eligibility for federal financial aid. Fortunately, the recent changes have ushered in a positive shift. READ MORE

Your family member went through a meticulous estate planning process to organize and distribute money and property for the benefit of their loved ones, including you. But you may suspect that some of the high-value items in their estate originated as stolen property. The possibility of discovering stolen items within an estate is often overlooked, but it can have legal, financial, and emotional complications. How does it happen?

A New York Times article published in 2023 reported that the New York Metropolitan Museum is carefully combing through its art collections after the government seized dozens of art pieces that were suspected of having been stolen or looted in the past. It is widely known that art collections have mysteriously disappeared over the centuries, especially during wartime, and that ownership should be researched to avoid purchasing an item that belongs to someone else. READ MORE

Trust protectors are commonly used in the United States. Essentially, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees maintain the integrity of the trust, make solid distribution and investment decisions, and adapt the trust to changes in law and circumstance.  

Whenever changes occur, as they are bound to do, the trust protector has the power to modify the trust to carry out the trustmaker’s intent. Significantly, the trust protector has the power to act without going to court – a key benefit that saves time and money and honors family privacy.  READ MORE

Finding the right lawyer for legal issues, especially during a crisis, or even when things are calm, can be really confusing. You aim to find a lawyer you connect with, who gets your family’s needs. But you’ve got to think about the lawyer’s fees too and if they can handle your immediate problems and support you in the future.

Different legal needs – be it a tough court battle, a one-time transaction, or ongoing support – can be confusing to navigate. You might have thought about legal insurance or prepaid programs, but while they sound good, they often fall short. READ MORE