When you think of estate planning, a Will is usually the first thing that comes to mind. In fact, most people who contact us tell us 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.

What’s more, a Will alone won’t ensure that you’re taken care of in the event of incapacity, and contrary to what you might think, relying on only a Will actually guarantees that your family will need to go to court when you die.

Estate PlanningStephen PennerMay 31, 2023Probate, Wills, Family Wealth Inventory

Capturing the Stories of Aging Loved Ones: The Power of a Family Wealth Legacy Interview

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.

As a Personal Family Lawyer firm, we know the value of planning for what happens to your financial assets. But we also know that there is something even more valuable to pass on to your loved ones than money – your stories, lessons, insights, and values. While we might not be able to pause time, there are things we can do to preserve the precious memories and lessons of the people we love.

Create a Stronger Blended Family Through Estate Planning

Today, blended families are becoming just as common as non-blended families. Currently, 52% of married couples have a step-kin relationship of some kind, and 4 in 10 new marriages involve remarriage. But that does not obviate the need for cultivation of strong bonds and life-long relationships between the two families that join into one. And historically, in times when life expectancies were much lower, the joining of two parents, who each have children of their own, is nothing new.

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 another family - such as where to spend the holidays or who gets the old family car - are more complex.

Feelings tend to be more sensitive, as the person in a “step” role may feel self-conscious about their place as the “outsider” with part of the family, whereas on the other hand, one parent’s children may feel put out by the addition of a new step-parent, step-sibling, or half-sibling when their mother or father remarries.

Want to Grow Wealth? Warren Buffet's Unexpected Investment Advice

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.

Estate Planning Must Haves for Parents - Even If You Have Legal Documents

A comprehensive estate plan — which we prefer to see as a Life and Legacy Plan — can protect what matters most to you. For many, this means everything you own and everyone you love.

Obviously, this includes providing for the care of your children as an essential piece of your peace of mind. But many parents struggle with including such provisions as naming a legal guardian for their child in their plan. Even the fictional parents in the popular television sitcom Modern Family struggled with this issue in a specific episode. While Jay and his new and much younger wife Gloria agonized and argued about who they should name as a legal guardian for their children, their children were left at risk that if something happened to Jay and Gloria before they decided and properly named guardians in a legal document, a judge would make the decision for them. Not ideal, under any circumstances.

Estate PlanningStephen PennerMay 23, 2023Kids Protection Plan®, Guardianships

Three Unique Ways to Handle the Guilt Inherent to Being a Parent

If you’re a parent, you may have many reasons for feeling guilt. Many of those reasons may be good ones. Being a parent means holding an obligation, and in the grand scheme of themes, it’s a sacred one. So, if you feel guilt for not measuring up to the standards that you ought to be measuring up to as a parent, you are definitely not alone.

Currently, the burden is on you to provide for your child’s full-time care, your child’s education, and your child’s formation as a healthy human being. These are multiple full-time jobs, and in our current culture, these are jobs that many parents do alone without the cultural, familial, and institutional supports that used to exist for families with children.

If you are like most parents, you were probably struggling with guilt even before the corona virus shutdowns began in early 2020. Even now, you simply cannot make it to every award ceremony or recital, and you likely do not have as much time to play with your kids or help them with their homework as you’d like.

How Do Trusts Help You Save on Taxes?

Many people come to us curious (or confused) about trusts and taxes. So today’s article is going to sort it out and clarify things for you.

There are two major types of trusts, and each has different tax consequences.

INCOME TAXES

Revocable trusts, which are the far more commonly used trusts, have no immediate tax consequences whatsoever. A revocable trust has your social security number as its tax identifier, and is not a separate entity from you for tax purposes. It is a separate entity from you for purposes of probate, meaning if you become incapacitated or die your Trustee can take over without a court order, keeping your family out of court. But, until your death, it’s treated as invisible from a tax perspective. At the time of your death, if your revocable trust provides for the creation of irrevocable trusts, then the tax implications will shift.

Estate PlanningStephen PennerApril 28, 2023Taxes, Estate Tax, Income Tax, Capital Gains Tax, Trusts

Estate Planning 101: Wills vs. Trusts

Wills and trusts are two of the most commonly used estate planning documents, and they form the foundation of most estate plans. While both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, the way in which they work is quite different.

From when they take effect and the property they cover to how they are administered, wills and trusts have some key differences that you need to consider when creating your estate plan. That said, when comparing the two documents, you won’t necessarily be choosing between one or the other — most plans include both.

In fact, a will is a foundational part of nearly every person’s estate plan. Yet, you may want to combine your will with a living trust to avoid the blind spots inherent in plans that rely solely on a will. As you’ll learn below, the biggest of these blind spots is the fact that if your estate plan only consists of a will, you are guaranteeing your family has to go to court if you become incapacitated or when you die.

Estate PlanningStephen PennerApril 26, 2023Trusts, Wills, Probate

Don't Forget To Protect Your Furry Family Members: Estate Planning for Your Pets

It’s sad but true that many pets end up in shelters after their owner dies or becomes incapacitated. In fact, the Humane Society estimates that between 100,000 to 500,000 pets are placed in shelters each year for exactly this reason, and a large number of these animals are ultimately euthanized.

The law considers pets to be nothing more than personal property, just like cars, furniture, and electronic devices. So unless you take the proper steps to include your pet in your estate plan, your beloved companion could end up in a shelter or worse following your death or incapacity.

In light of this cold reality, here we’ll detail how you can use estate planning to ensure your pets receive the best possible care when you’re no longer able to care for them yourself. Consult with our Personal Family Lawyer® to put the proper legal documents in place to provide for your furry friend’s future care.

Estate PlanningStephen PennerApril 25, 2023Pet Trusts

Why Every Adult Needs An Advance Health Care Directive

When it comes to estate planning and wills, you have a variety of options for legal documents. The most common of these options is a “last will and testament,” which is also known simply as a “will.” But you may have also heard people talk about a “living will” or “advance health care directive” and wonder what that is, and whether you need a living will in addition to a regular last will and testament.

Both terms describe important legal documents used in estate planning, but their purpose and function differ significantly. In this article, we will review some of the most critical things you need to know about living wills and why having a living will is essential to every adult’s estate plan. And it may be that a living will is even more important than a last will and testament.

Estate PlanningStephen PennerApril 24, 2023Advance Health Care Directive

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