Monthly Archives:: May 2024

Memorial Day brings with it an opportunity to reflect on the concepts of mortality, remembrance, and legacy. As we remember the brave men and women who lost their lives serving in the military, may this day also inspire you to think about the legacy you wish to leave behind.

But, first, what is a legacy, really? “Legacy” is often misunderstood and so is estate planning. Legacy and estate planning are often perceived as “only for the wealthy” and/or “philanthropic”. But that couldn’t be further from the truth.  READ MORE

Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of that trust, but are not sure if that is allowed by the law. The short answer is yes, a beneficiary can also be a trustee of the same trust – but it may not always be wise, and certain guidelines must be followed. 

There are good reasons for naming a trust beneficiary as trustee. For one, it is convenient. A trust’s beneficiaries are usually known, loved, and trusted by the trustmaker, so it makes sense to select one of the beneficiaries as trustee. Also, a trustee-beneficiary has a vested interest in ensuring that the trust is administered in accordance with the trustmaker’s intentions because it benefits them, though this might be less true if the beneficiary is unhappy with their portion of the trust proceeds.  READ MORE

A deed is a legal document used to transfer real property ownership rights from one person or entity (the grantor) to another (the grantee). In many cases, this transfer occurs due to the property being sold, with the seller transferring the property to the buyer. Typically, a deed is recorded with the local county recorder of deeds. Recording the deed gives the public notice that the grantee now legally owns the property. 

Not recording a deed can cause problems for the grantee. They may be unable to obtain a mortgage, insure the property, or sell it. Even more problematic, an unrecorded deed may make it possible for the grantor to sell the property to a buyer and subsequently sell the same property to a different buyer. This could result in the property being sold out from under the original buyer who failed to record the deed.  READ MORE

Moms spend their days and nights thinking about how to make sure their children are happy, healthy, and safe. If you’re a mom, you know. If you aren’t a mom, you were born because of a mom. It’s one of the two things we all have in common. 

So, as  Mother’s Day approaches, let’s talk about the most meaningful gift you can give or receive on this hallmark holiday that means a lot: every mom deserves the peace of mind and power to create financial security for themselves and their children with thoughtful estate planning.  READ MORE

Studies have shown that the largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs. Often, fear is what underlies the lack of communication and trust that inevitably leads to unprepared heirs. Following are some of the fears that prevent people from communicating with their loved ones about their wealth.

We have all heard horror stories about trust-fund kids who had no motivation to do anything other than relax and enjoy life because they knew that a large inheritance would be available for spending once they reached a certain age. Knowing that the large inheritance was coming, they did the bare minimum to make sure they would receive it, but in the process, ignored opportunities to get the most out of their education or learn new skills because, in the child’s mind, the future was already mapped out. READ MORE

In the digital age, online scams and cyber attacks are becoming more frequent, posing risks to not only everyday users but also to lawyers who manage clients’ sensitive information. But there’s no need to fear if you take measures to keep your data safe. And if (when?) you’re working with a lawyer, you should also know what actions lawyers take to protect your data. Taking these two approaches, let’s discuss how you can safeguard yourself from these digital attackers and how lawyers ensure their clients’ data is protected from the bad guys. 

And since this article is being published around “Star Wars Day” (i.e., May 4th, as in “May the fourth (Force) be with you”), I’ll refer to the bad guys as the “Dark Side” just for fun. READ MORE