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  • Would $23,000 Make a Difference to You?

    Would $23,000 Make a Difference to You?

    Imagine discovering thousands of dollars that belong to you, only to be told you can’t have it. This frustrating scenario became a reality for a woman named Dale Benerofe, a Georgia resident, when she found $23,000 in unclaimed property from her deceased parents. Her tragic story sheds light on a little-known issue that affects millions of Americans: unclaimed property. 

    In this article, you’ll discover what unclaimed property is, how to find it, and why proper estate planning could have ensured Ms. Benerofe received her inheritance. But before we dive into her story, let’s get clear on what unclaimed property is, and how it could impact you and your family. 

    What Is Unclaimed Property?

    Unclaimed property refers to financial assets that have been abandoned or forgotten for a specific period, typically three to five years. The financial institutions can’t hold on to your money indefinitely. If no one comes forward to claim the assets, the law requires these assets to be turned over to the state for safekeeping. 

    Typical forms of unclaimed property include:

    • Forgotten checking or savings accounts
    • Uncashed dividends or payroll checks
    • Abandoned stocks, bonds, or brokerage accounts
    • Unclaimed life insurance proceeds
    • Refunds and trust distributions
    • Forgotten certificates of deposit and annuities

    Often, these assets end up unclaimed because someone dies and their loved ones have no idea that the assets exist. And, it’s far more common than you may think, to the tune of approximately $60 billion across the US. 

    Consider your personal reality for a minute. If something happened to you tomorrow, would your family know exactly what you have and where to find it? Are you certain they wouldn’t miss something? If you’re like most people, the answer is no, you aren’t certain. What you are likely certain about is that your family would overlook some of your assets if you were to become incapacitated or die tomorrow. And, if they did, those assets could either disappear entirely or end up in your state’s department of “unclaimed property.”According to the National Association of Unclaimed Property Administrators, approximately one in seven Americans has some form of forgotten property owed to them. As of this writing, the total amount of unclaimed property nationwide is between $50 billion and $70 billion. You read that right. Billions of dollars. With a sum that high, it’s easy to see how it’s possible you, too, may have unclaimed property belonging to you.

    What the Process Looks Like

    Finding out if you have unclaimed property can be an arduous process. Even though you can search online, you’ll go through many steps before (or if) you can receive your money. Here’s what the process looks like:

    Step 1—Check multiple states. Conduct a search in your current state of residence and any other states where you’ve lived, worked, or conducted business. 

    Step 2 – Search variations of your name. Try different spellings and include your middle name or initial to ensure a thorough search. If your name has changed over the years, you must also check your former names. Again, search all variations of your name in states where you’ve lived, worked, or conducted business.

    Step 3 – File a claim. If you find property owed to you, you must file a claim form (usually online) with the state holding your assets. You’ll need to file a form in every state where your assets are held; there is no one-form-to-rule-them-all.

    Step 4 – Gather documentation to prove your identity and the identity of your loved one(s). Be prepared to provide documentation to prove your identity and your right to the property. This may include proof of address (at any address you’ve lived), proof of name change, or proof of marriage or divorce. You’ll need to provide similar documentation for your loved ones if you have a claim to their property.

    Finally, be patient. Depending on the state and the complexity of your claim, the claim process can take weeks, months, or even years.

    A Real-Life Experience and Cautionary Tale

    Even if you take the above steps to find the property and make a claim for it, you may not be able to receive the money rightfully owed to you. This is what Dale Benefore’s story can teach us.

    Ms. Benefore discovered $23,000 that had belonged to her parents and should have been passed on to her after their deaths. She was surprised and excited because that sum would have made a significant difference to her and her family. So, in May of 2023, she filed a claim for the money with the State of Georgia’s Department of Revenue. As requested by the State, she provided her parents’ death certificates and other documentation proving their deaths. However, when the department requested her father’s driver’s license, she couldn’t provide it. It had been long gone. 

    As of this writing – more than a year since Ms. Benefore filed her claim – she’s still fighting for her money. She’s frustrated, saying the process has been time-consuming and disheartening, and that this is not what her parents would have wanted for her. In a news interview, she claimed her “mom would be livid” if she knew what Benefore has been through.

    The Easy Way to Ensure Your Assets Aren’t Lost 

    There’s an easy solution to this problem and a way to ensure no assets get lost and turned over to the government. It’s called Life & Legacy PlanningⓇ, and it’s the type of estate planning I do. A well-crafted Life & Legacy Plan includes a comprehensive inventory of assets that stays updated over time so your loved ones know exactly what you have when something happens to you. If her parents had had a Life & Legacy Plan, Ms. Benefore would have received the $23,000 years ago, without the time and stress of fighting with the State of Georgia. 

    My Life & Legacy Planning process starts with education about what would happen to the assets you have, and how you want them distributed after you die. From there, we’ll go through the many options available to you so you can pick the right plan that works for you and your family. 

    We work with you throughout the planning process to create a thorough inventory of your assets that’s kept private (and maintained and updated throughout your life) until your family needs it. With a Life & Legacy Plan, you have peace of mind knowing that your loved ones can’t access your money while you’re alive (unless you want them to), but they’ll also be able to get to it easily after you’re gone. No worrying about losing your hard-earned money to the government. 

    And if you’ve already created your Life & Legacy Plan with us, you already know how important it is to keep your asset inventory updated, so keep an eye out for our reminders to review and update your plan. However, if you know now that you need to update your plan due to a life change or a change to your assets, don’t hesitate to call us right away.

    Ready to Secure Your Assets? We Can Help

    There is way too much money in the State Treasury Departments not to take notice. But by reading this article and educating yourself, you’re already on the path to protecting your assets for your loved ones. We can guide you the rest of the way. 

    As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your plan works when your family needs it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. It’s the last and greatest gift you can give to those you love most. 

    Click here to schedule a complimentary 15-minute consultation to learn more:

    Free 15-min Consult

    This article is a service of Jeannette Marsala, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

  • Would You Make This Million Dollar Mistake?

    Would You Make This Million Dollar Mistake?

    Imagine this: You’re in your twenties, just starting your career. You fill out a form at work, naming your live-in significant other as the beneficiary of your retirement account. You start contributing to your retirement account, and it begins to grow. Fast forward 28 years – you’ve long since ended that relationship, lived a full life, and then died. But you never changed that beneficiary designation, and now that ex-partner is entitled to your million-dollar retirement nest egg while your family is left with nothing. 

    Sound far-fetched? It’s not. This is precisely what happened in a high-profile lawsuit involving Margaret Losinger and her former boyfriend, Jeffrey Rolison, and his estate and Proctor and Gamble, the Company he worked for during those 28 years.

    Here’s a closer look at this shocking real-life story, the lessons we can learn, and how having a trusted advisor at every stage of life can protect you from making a million-dollar mistake like this or any other mistakes that you just might be overlooking. 

    What Happened?

    In the 1980s, Jeffrey Rolison dated Margaret Sjostedt, and the two lived together. Rolison worked at a Procter & Gamble (P&G) plant, where he signed up for a profit-sharing and savings plan. In 1987, he listed Sjostedt as the sole beneficiary of his retirement account. The relationship ended two years later, and both moved on. Sjostedt eventually married, taking on the last name Losinger. 

    Rolison, however, never updated his beneficiary designation on his retirement plan. In 2015, Rolison passed away at age 59, single and childless, with no will and no guidance on who should inherit his assets. His retirement account, which had grown to $1.15 million, was still designated to Losinger, nee Sjostedt.

    Rolison’s brothers, Brian and Richard, were shocked when they learned that Losinger was the beneficiary of Rolison’s retirement account. They believed their brother wouldn’t have intended for his long-ago ex-girlfriend to receive his retirement savings. The brothers filed a lawsuit against P&G and Losinger in 2017, trying to get the money directed to Rolison’s estate. 

    On April 29, 2024, an appeals court issued an order, ruling that Losinger was entitled to the money. After fighting for four years, Rolison’s family lost their claim, the million dollars in Rolison’s retirement account, and all the legal fees and court costs invested in the fight. Because we have no doubt you wouldn’t want this to happen to your family, read on … 

    Why Even “Simple Estates” Require Trusted Guidance

    Before we go on, I’ll clarify what estate planning is, how beneficiary accounts factor in and why you likely need the guidance of a trusted advisor, even if you think you don’t have an estate, your estate is “simple” or you don’t really need an estate plan. 

    What estate planning is. Many people consider estate planning something only needed by the wealthy or the elderly. As you can see from this case, that’s just not true. Rolison wasn’t wealthy when he chose to name Losinger as the beneficiary of his retirement account. And he probably wasn’t wealthy when they broke up. Nevertheless, not having an estate plan or the trusted guidance he would have needed to know what he needed, he ended up making his ex-girlfriend a wealthy woman and cost his siblings quite a lot of time and money in the process.

    At the most basic level, estate planning is about ensuring all of your assets pass to the people you want, in the way you want, with the right guidance and support to ensure that happens with the least effort, cost and mess possible. And, it’s about ensuring that if you become incapacitated, your wishes are known, honored and able to be followed with the least amount of cost and most amount of privacy possible. 

    Most importantly, estate planning is about your choices and your freedom. So, how important is it to you that you have a say in what happens to you, your hard-earned assets, and your loved ones when the time comes? If it’s important, you need an estate plan. It’s truly as simple as that. Otherwise, the government gets to decide on your behalf. When you create an estate plan, your wishes override the government’s plan for you and your loved ones. 

    How Beneficiary-Designated Accounts Factor Into Your Estate Plan

    Beneficiary-designated accounts – like retirement accounts or life insurance – are part of your estate plan. Beneficiary designations override the government’s plan for you, and they also override whatever you might have written in your will or trust, if you created one. 

    From the case I shared here, we learn that Rolison did not have a will, but it would not have made a difference even if he had. Beneficiary designations come before any will or trust, even if you made the designations years ago. 

    Beneficiary forms are powerful documents. They alone determine who gets your retirement accounts, life insurance policies, and bank accounts, often taking precedence over your will. If you filled out a beneficiary form years ago and haven’t updated it, the person named on that form will likely receive the assets, regardless of your current wishes. So the biggest takeaway from the Rolison/Losinger story is that beneficiary accounts are an integral part of your estate plan and should be reviewed on a regular basis. This is why we include a review of all of your accounts, your beneficiary designations and an inventory of all of your assets – plus we have updating programs for ongoing review – in all of our Life & Legacy Plans.

    Why You Need Regular Reviews of Your Accounts and Beneficiary Designations

    Rolison’s case highlights the fact that it’s easy to forget about your beneficiary designations, especially if they were filled out years ago. However, the case also tells us that neglecting to update your accounts can lead to unintended consequences and legal battles for your loved ones. 

    In Rolison’s case, his brothers argued that P&G failed to adequately inform him about his beneficiary designation. They claimed the company provided insufficient warnings when it changed service providers and in its monthly statements. However, most companies do not remind you to review and update your beneficiary accounts. When was the last time your bank reminded you to review the beneficiary designations on your checking account (if ever)? What about your life insurance company? And if not, have you taken it upon yourself to check your beneficiary designations regularly? Your life is busy enough. Is this a priority? 

    If not, it should be. In its decision, the court stated that it ruled in favor of P&G and Losinger because the responsibility for keeping beneficiary information current rests on the individual. 

    How Accountability Makes All the Difference

    Your life is busy. Sometimes, just making it through the day with all your responsibilities can be a challenge, right? Probably the last thing on your mind is planning for your death and incapacity. And maybe the second-to-last thing is reviewing and updating your beneficiary accounts. You’re probably thinking you can do it later.

    But the truth is this: “later” could be tomorrow. We all know we will die; we just don’t know when. Death doesn’t care about your age or how busy you are. I’m not saying this to scare you. It’s a fact, and I want you to be prepared so that what happened to the Rolison family won’t happen to yours. Death doesn’t have to be scary. When you plan for it, you’ll find that you can live your life with more purpose and peace of mind, knowing you’ve done the right thing for your loved ones. 

    If this sounds good to you, know that having a trusted advisor who is there for you throughout your lifetime can make all the difference. That’s why my Life & Legacy PlanningⓇ process includes regular check-ins and reviews of your plan, including your beneficiary accounts. The best part is you never have to think about it on your own! Unlike most lawyers who do estate planning, I will remind you on a regular basis to update your plan – and keep you accountable for doing so. I’ll also be there for you as life changes so your plan reflects your current wishes. Together, we’ll make sure your family inherits your accounts, not an ex-girlfriend you dated 40 years ago. 

    We Do the Heavy Lifting So You Don’t Have To 

    When it comes to planning for your death and incapacity, we do the heavy lifting for you, freeing you to concentrate on your responsibilities to your family, your work, and yourself. As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and that your plan works when you need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, your property protected, and your plan updated throughout your lifetime. 

    And if you’ve already created your Life & Legacy Plan with us, keep an eye out for our reminders to review and update your plan. If you know now that you need to update your plan due to a life change, don’t hesitate to call us right away.

    Click here to schedule a complimentary 15-minute consultation to learn more:

    Free 15-min Consult

    This article is a service of Jeannette Marsala, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

  • Celebrity Estate Plans Series Part 4 of 4: Elvis and the Scammers

    Celebrity Estate Plans Series Part 4 of 4: Elvis and the Scammers

    For the last few weeks, we’ve discussed celebrities and how they planned for their deaths. We started with the King of Pop, Michael Jackson, so ending our 4-part series with the King of Rock, Elvis Presley, seems fitting. 

    You may be wondering why I’ve chosen to talk about a man who’s been dead since 1977. The reason is that a recent case involving Graceland shows how bold scammers can be. This case is a wake-up call for anyone who owns property or stands to inherit it. So, let’s jump into this bizarre tale to uncover what you can learn about protecting your assets from the unscrupulous actors around you.

    How It Went Down

    You might think that a well-known property like Graceland would be untouchable, but that didn’t stop a mysterious company from trying to steal it. A group calling itself Naussany Investments and Private Lending claimed that Graceland’s owners owed them millions from an old loan. They even set a date to auction the property to the highest bidder. But there was just one problem – the whole thing was a scam.

    Riley Keough, Elvis’s granddaughter and the current owner of Graceland, quickly fought back. She filed a lawsuit, saying her mother, Lisa Marie Presley, never borrowed money from this company or put Graceland up as collateral. The courts agreed, stopping the sale just in time. Keough’s swift action got the attention of the Tennessee Attorney General’s office, which then turned over the case to the FBI, and a federal investigation is pending.

    Unfortunately, there’s been a rise in these types of scams, and they aren’t just targeted at the rich and famous. Scammers are adept at taking advantage of those of us who have never had a top-10 hit. A Wall Street Journal article published on June 3, 2024, breaks down a typical scenario, which is on point:

    “Here’s how it works: A fraudster targets your house and assumes your identity, using tactics similar to identity thieves to acquire your personal information and create fake IDs. He or she then tries to sell it to an unsuspecting buyer by executing a forged deed in your name. An alternative scam is to submit a mortgage application in your name to get cash out of the house.”

    Often, people don’t find out this has happened until the sale is complete and by then, it may be too late to get the property back. Or at least it would be very time-consuming and costly. Some people cannot fight back because they don’t have the financial resources to do so. The results can be utterly heartbreaking.

    If it can happen to Graceland, it can happen to you. So, how can you spot these scams before they spin out of control?

    Red Flags You Can’t Ignore

    When you’re dealing with property, loans, and estate planning, keep your eyes peeled for these warning signs:

    Paperwork problems: In the Graceland case, the documents had all sorts of issues. Dates didn’t match up, signatures looked fishy, and the notary said she never met Lisa Marie Presley. Always read the fine print and question anything that looks off. You should also consult with a lawyer immediately if you suspect something fishy. A lawyer can confirm your suspicions and help you take action right away. 

    Ghost companies: According to the news articles, Naussany Investments was hard to pin down. They had no real address, just P.O. boxes, and weren’t registered as a business anywhere. Before you deal with any company, especially for something as important as a loan, do your homework. Look them up online, check with the Better Business Bureau, and don’t be afraid to ask probing questions.

    Timing: The scammers waited until after Lisa Marie Presley passed away to make their move. Be extra cautious about any claims against a deceased person’s estate – fraudsters often target families when they’re most vulnerable. 

    Steps You Can Take to Protect Yourself

    Know that you can take proactive action to protect yourself and your loved ones, before you notice red flags. Here are some practical steps to ensure your property is protected:

    Keep good records: Make sure all your important documents are organized and easy to find. This includes property deeds, mortgage papers, and any loans you’ve taken out. If someone makes a false claim, you’ll have the proof to fight back as quickly as Riley did. Regular review and updates of these documents are crucial.

    Be skeptical: If something sounds too good to be true, it probably is. Be wary of unsolicited offers or demands, especially if they come with pressure to act quickly. 

    Stay in the loop: If you’re inheriting property or managing it for someone else, know what’s going on. Are the taxes paid? Is there a mortgage? The more you know, the harder it is for scammers to pull a fast one. The reason Riley Keough was able to take action quickly enough to stop the sale was because she was paying attention. 

    You also want to make sure someone else is paying attention to your affairs in case you become incapacitated. In last week’s article, we discussed what can happen if you become incapacitated and you haven’t planned for it. If you missed it, here’s a sneak peek: it took months for Jay Leno to be able to manage his wife’s financial affairs once she was unable to herself. And as we’ve seen with the Graceland case, months could mean the difference between keeping your property and losing it. If you haven’t planned for your incapacity, book a call with me using the scheduling link below, and let’s talk about how we can get that taken care of for you.

    And this brings us to the most important thing you can do to protect yourself. Incapacity planning isn’t enough. You need a solid and thorough Life & Legacy Plan.

    A Solid Estate Plan is the Key

    Having a solid estate plan creates a legal framework that’s much harder for fraudsters to penetrate. The type of planning I do, called Life & Legacy PlanningⓇ, is solid and thorough. It covers all possible scenarios so you and your family are prepared for anything that can happen after your death or during your incapacity. It includes an inventory of all your properties and other assets, so you know exactly what you have, and your loved ones will also know if they need to step in and help. A Life & Legacy Plan also includes regular reviews and updates so your plan stays current with changing laws and circumstances, closing potential loopholes that scammers might exploit. 

    Finally, we can help you ensure your loved ones know about these risks and are familiar with your estate plan. As we’ve learned from Elvis’s estate, the more eyes watching out for fraud, the better.

    How We Help You Not Fall Victim to a Scam

    Scams are on the rise and the best time to protect yourself is now. As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and have a plan that works when you (and they) need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. 

    Click here to schedule a complimentary 15-minute consultation to learn more:

    Free 15-min Consult

    This article is a service of Jeannette Marsala, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

  • Celebrity Estate Plans Series Part 3 of 4: Jay Leno’s Case is No Laughing Matter

    Celebrity Estate Plans Series Part 3 of 4: Jay Leno’s Case is No Laughing Matter

    For the last two weeks, we’ve discussed celebrities and how they planned (or didn’t!) for their deaths. In this third installment of our four-part celebrity series, we discuss a topic that no one wants to think about as it may seem to be a fate worse than death: incapacity. Unlike death, not everyone will become incapacitated. Yet, it’s an essential part of your future planning because if you do become incapacitated, you want to have made your choices well before that occurs. To illustrate the importance of planning for incapacity, we’ll examine the real-life court case involving Jay Leno and his wife, Mavis. I assure you, it is no laughing matter. 

    The Leno case highlights what happens when you or a loved one becomes incapacitated and what can happen if you have not planned in advance. From the Leno case, we can learn several lessons, including 1) What incapacity is and what it is not, 2) What a spouse can and can’t do with the other spouse’s financial affairs, and 3) How you can end up in court with all your affairs becoming public knowledge. We’ll address all three topics here, emphasizing why these matter, even for those of us who have never hosted “The Tonight Show.”

    Let’s start with the basics: what do we mean when we’re talking about “incapacity”?

    What Incapacity Is and What It’s Not

    If you become incapacitated, you’ve lost the ability to make sound financial, medical, or legal decisions for yourself. You may even make harmful decisions or be unable to communicate at all. Incapacity can result from several circumstances, including a tragic accident, a serious, end-of-life illness, or aging-related challenges, such as dementia or Alzheimers. Like death, incapacity can strike at any time and at any age. Once it does, it’s too late to get your affairs in order, and your loved ones will be stuck with a mess. 

    This may seem obvious, but stay with me: It’s important to note that incapacity occurs while you’re alive. I say this because estate planning, to some degree, has much to do with timing. You can have a plan and create documents that deal with your incapacity. However, that plan and documents become null and void once you die, and another plan and set of documents are needed.

    Here’s why this matters to you: If you’re like many people, you’ve heard of a document called a Power of Attorney. You may even have authority for an aging relative under a Power of Attorney. In my practice, however, I’ve found that most people don’t realize that the authority granted under that Power of Attorney ends as soon as the person granting the power dies. So, while you may be able to access your loved one’s checking account to pay bills while they’re alive, that ends immediately at death if your access was under a Power of Attorney. You must then get separate authority – from a court if assets are not held in a trust – to handle the remaining assets after death.

    This means your incapacity planning and post-death planning must work together so the transition is handled smoothly and with as much ease for your loved ones as possible. And that brings us to the Leno case.

    So, What Happened In the Leno Family? (And What It Means for You)

    Mavis Leno, Jay’s wife of more than 40 years, is battling dementia and has reached the point where she can no longer handle her financial affairs. So, Jay had to go to court (essentially filing a lawsuit against his own wife) to be able to manage her finances. After a few months, the court ruled and gave Jay the authority he requested.

    That’s essentially the entire story. But we can’t stop there! Even from just three simple sentences above, several key takeaways exist. 

    Here are the highlights:

    Even though they were married, Jay did not have automatic authority to manage Mavis’s finances. And neither will you if you’re married and your spouse has separate assets. Any assets or accounts you own are your property and your property alone. Marital status is irrelevant. And, if you don’t have advance planning in place, your spouse could need to go to court and sue your “estate” to get appointed and be able to take control of your assets. 

    Leno had to file a lawsuit (against his wife) to gain control of his wife’s finances. That’s the process, no matter what State you’re in. If you don’t have advance planning and you become incapacitated, someone will need to go to court to get authority, even if you have powers of attorney in place. And it will cost time (a few months in most cases) and money. While waiting for the court to rule, you won’t be able to pay your spouse’s bills using their money (or they may spend away, unaware of what they’re doing). That leaves you with two options: 

    You can pay the bills with your money and then get reimbursed later. This may be fine, especially if you have the financial means. But if you don’t have immediate access to cash, say your spouse paid all the bills from their account, this could mean trouble and potential loss of the asset. Or, bills simply go unpaid. Maybe you can explain the situation to the financial institution, and they will be patient while the court process plays out, but this doesn’t always happen. 

    The court process is set up for conflict, and the more conflict there is, the longer the process will take. In Leno’s case, he and Mavis have been married for over 40 years, and it’s their first and only marriage (relationship goals, right?). Given this fact, it’s reasonable to assume that no one challenged Jay’s request. But what if one of them had been married before and had children from the prior marriage? And what if one of those children wanted to ensure they got their inheritance and didn’t want the step-parent to have any control over the money? Sadly, this happens all the time. When it does, the case can go on and on, meaning court costs go up, and the assets in question could be at risk due to the time delay. 

    Leno’s personal and family information became public knowledge, but not because he’s famous. In most States, you must disclose your address, your family members and their addresses, and information about the financial assets. The Leno family’s story is available for all of us to read, not because he’s famous, but because they had to go to court. 

    This can be problematic because scammers are paying attention. They tend to pay particular attention if you (or someone you love) are vulnerable, especially if you’re older. I could write books about how often older people fall prey to these scams. And they’re all terribly disturbing.

    So, what have you gleaned from these insights so far? If anything concerns you, know there is a much better way this could have been handled. And this better way lies within your reach. 

    A Life & Legacy Plan Keeps Your Affairs Private and Your Family Out of Court and Conflict

    A Life & Legacy Plan solves the problems that left Jay Leno having to sue his wife’s estate to get access to her accounts. With a Life & Legacy Plan in place, you would have a seamless, easeful transition from capacity to incapacity and then to death. There’s no time delay; assets can be immediately available when you need them. A Life & Legacy Plan can also keep you and your loved ones out of court and conflict, saving time and money and keeping all your affairs private.

    When you work with me to create your Life & Legacy Plan, we’ll ensure your plan stays updated throughout your lifetime. This is critically important because if your estate plan doesn’t reflect your current life circumstances at the time you need it, then it simply won’t work. That means you end up in court, just like the Leno family. Now, for context, most attorneys do not make sure your plan stays up to date. But I’ve seen too many plans fail because of it, so together, we’ll review your plan at least every three years and make updates as necessary. 

    We’re Here for You Throughout All Of Life’s Changes

    Incapacity planning is more crucial than ever, especially with cases of dementia on the rise. According to Alzheimer’s Disease International, over 55 million people worldwide currently have dementia, and that number is expected to increase to 78 million by 2030. Whether you’re diagnosed with dementia, another severe illness, or a terrible accident that results in your incapacity, a Life & Legacy Plan will help ensure you’re prepared, no matter what happens.

    As a Personal Family Lawyer Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and have a plan that works when you (and they) need it. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your personal information kept private. 

    Click here to schedule a complimentary 15-minute consultation to learn more:

    Free 15-min Consult

    This article is a service of Jeannette Marsala, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

  • Celebrity Estate Plans Series Part 2 of 4: Vanilla Ice Has Thoughts

    Celebrity Estate Plans Series Part 2 of 4: Vanilla Ice Has Thoughts

    This week, we’re continuing to look at the lives of 4 celebrities and how they’re preparing for the inevitable (or didn’t!). Last week, we examined Michael Jackson’s planning and the holes in his plan that resulted in his family being embroiled in court and conflict for 15 years and counting (if you missed it, go back and check it out!). In this second article of our 4-part celebrity series, Vanilla Ice chimes in with his estate planning experience, advice, and lessons learned on a video he posted to his YouTube channel. He has a lot to say! I’ll share some comments users posted with their takeaways, and I’ll pull out a few lessons that we can learn, too.

    Let’s start with a topic everyone no one likes to talk about: taxes. 

    Vanilla Ice (Really) Hates Estate Taxes

    Vanilla Ice shares the story of his buddy Mark, whose parents owned a sprawling property in Palm Beach, Florida. When they passed, Mark and his siblings sold the estate, expecting to be set for life. But estate taxes ended up taking over 80% of their profit. Ouch.

    Vanilla Ice calls this tax a “generational wealth killer,” and he’s not wrong. Estate taxes can sneak up and bite a huge chunk out of your wealth. And the thing is, with a proper estate plan, this doesn’t have to happen! The key is to educate yourself. Knowing what you’re up against helps you plan smarter so that more of your hard-earned assets reach your heirs. 

    In the comments section of the video, one user wrote that he agrees. He says, “as a Certified Public Accountant (CPA), I love Rob’s recommendation to gain an understanding of taxes. We spend more on taxes than everything else in life.”

    I agree too! I believe that education is the most important part of estate planning. That’s why my planning process begins with a Life & Legacy Planning Session, where you’ll get the plain and simple education you need to make wise decisions about your planning, including how to keep your family out of court and out of conflict, minimize taxes, and ultimately create a plan that works for you and the people you love, when they need it. 

    So, first lesson: if you suspect your family could pay estate taxes at the time of your death, don’t wait to plan. There’s way too much at stake. Give us a call, and let’s get you in the know about the kind of planning you want and need for yourself, and the people you love. . 

    Let’s talk life insurance next. 

    Vanilla Ice Thinks Life Insurance is Cool

    (“Ice” and “cool” – get it? Sorry, couldn’t resist.) 

    Life insurance isn’t just for covering funeral costs – it’s a secret weapon in estate planning. Vanilla Ice suggests “maxing out your life insurance” to pass on as much money to your kids as you can. What makes life insurance “cool” is that death benefits aren’t subject to income tax, meaning your heirs can get more bang for your buck than if you were investing the money you’d put into life insurance premiums into just about any other asset class. 

    It’s worth considering what Vanilla Ice suggests here. When you take out a life insurance policy, the payout can cover any necessary taxes, probate fees, and debts, ensuring your heirs receive the lion’s share of your assets. Life insurance can help with short-term needs, like paying off a mortgage, or it can serve your family’s long-term needs, like maintaining the lifestyle to which they’re accustomed.

    When you get educated via our Life & Legacy Planning process, we’ll look at your life insurance, whether you have the right amount and the right type, and ensure you are 100% clear on what it might mean to “max out your life insurance” and if you really should do that. We’ll consider whether you need more insurance, less insurance, or a different kind of insurance altogether based on your family dynamics, assets, and what you want for the people you love after you are gone.

    Second lesson: If you want to be cool, make the right type and kind of life insurance part of your planning. 

    Ice Says Trusts Are Not Just for the Rich and Famous (and He’s Right!)

    Trusts might sound like something only the super-wealthy need, but they’re a smart tool for anyone looking to protect their assets. One commenter agreed, saying he’s learned this from experience, “It isn’t just millionaires that need planning. I’ve seen families torn apart fighting over $100,000 or less. Siblings not speaking to each other again over $50,000.”

    Ice mentions irrevocable trusts specifically. These types of trusts let you transfer assets to a beneficiary while removing the assets from your taxable estate, ensuring your assets aren’t subject to estate taxes. Any assets placed in an irrevocable trust are also protected from legal judgments and creditors IF you do it the right way and in the right jurisdiction. Don’t go at this one alone. But if it’s something you are interested in, contact us and let’s talk. In the video, Ice jokes about putting his classic car collection into a trust and setting rules, such as his kids can lease but not sell the cars. This kind of protection ensures your heirs benefit from, but don’t squander, the assets. In other words, even after death, you get to determine how your assets will be used. And if you want to protect them for future generations, you can. This is one way to create generational wealth. 

    So now we’re up to our third lesson: If you want to protect and preserve your assets for generations, take Vanilla Ice’s advice and utilize trusts in your planning. 

    Ice Has Some Not-So-Nice Things to Say About Lawyers 

    While trusts can undoubtedly be a useful tool in estate planning, Ice has some, let’s say, not-so-nice things to say about some lawyers who draft trusts for their clients. He calls them “vultures.” Yikes. One commenter couldn’t resist throwing in a lawyer joke, saying, “What do you call a 1,000 lawyers @ the bottom of the sea? A good start.”

    Believe me, I’ve heard all the lawyer jokes out there, and I’ll say this. They wouldn’t be “jokes” if people didn’t find them funny. And people find them funny because there’s some truth in them. Sadly, lots of people have had a bad experience with a lawyer in the past.

    Ice aptly describes what a bad experience looks like: the lawyer confusing you by using complex language and legal concepts, selling you documents you don’t really need, and charging way too much for what the lawyer offers. He warns against blindly trusting lawyers like this. 

    And, he’s right. 

    It is exactly why I have the processes in place that I have. My Life & Legacy Planning process has been developed precisely to ensure you are well-counseled to understand all the decisions you are making, we never put in place documents that we know are likely to fail, and that you choose your own fees through our education process. 

    Our education first process is designed so you understand enough about how the law works in your unique situation so that you can make wise choices and be your own best advisor first and foremost. Our pricing model is all flat fee, agreed to in advance, no gimmicks, no surprises, and all chosen by you. No tricking you with fancy legal language and then charging you an arm and a leg for something you don’t need – or even want.

    This brings us to our fourth and final lesson: hire a lawyer you can trust to be there for you and your family, for life and beyond.

    Put Vanilla Ice’s Advice Into Action Today

    Vanilla Ice’s video brings forward lessons everyone can benefit from. By understanding your options, including how taxes and life insurance impact your family and assets specifically, and considering the use of well-counseled trusts, you can safeguard your assets and ensure they benefit your loved ones the way you want. To quote his classic hit, “Ice Ice Baby,” ‘Anything less than the best is a felony.’ Take these lessons from Vanilla Ice to heart, and start building a solid estate plan today. Your future generations will thank you for it. 

    As a Personal Family Lawyer Firm, we help you create a Life & Legacy Plan rooted in education and clarity, so your loved ones stay out of court and conflict and your assets are protected. And once we’ve created your plan, you can rest easy knowing you’ve done the right things for the people you love most—word to your mother.

    Click here to schedule a complimentary 15-minute consultation to learn more:

    Free 15-min Consult

    This article is a service of Jeannette Marsala, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

  • Celebrity Estate Plans Series Part 1 of 4: Michael Jackson 

    Celebrity Estate Plans Series Part 1 of 4: Michael Jackson 

    What is it about celebrities that always draws us in? For whatever reason, we just can’t resist a good, juicy celebrity story. Maybe it’s because we can relate in some way, or maybe we feel like we can’t relate and that’s what makes celebrities interesting. Their lives always seem attractive but somehow… just out of reach. 

    So for the next few weeks, we’re going to look at the lives of 4 celebrities and see what we can learn from their stories. I think you’ll be surprised to learn that you have more in common with these folks than you thought (even if you don’t also have your own private jet).

    This week, we’re going to turn the spotlight on Michael Jackson. Even if you aren’t old enough to “Remember the Time” when Michael Jackson was dominating the charts, by the end of this article, you’ll see that he left holes in his estate plan that we can learn from.

    Before we get started, however, I want to address the elephant in the room: many people, maybe you’re included, find Michael Jackson’s personal life and choices… concerning. That is completely understandable. The intent of this piece is not to defend or promote him in any way. Rather, this article’s focus is on his family and what they’ve endured in the court system for the last 15 years.

    Now, let’s dive in and learn how you can avoid the same fate for your loved ones. 

    It’s As Easy as “ABC” (and 1, 2, 3)

    Before we take a look at the specifics of Michael Jackson’s story, let’s dispel a myth about estate planning: That it’s only for the rich or philanthropic. You do not need to be rich, philanthropic, or famous to need estate planning. You need estate planning if you own anything – even a bank account – and have people in your life you love. It’s as simple as that (dare I say it’s as simple as “ABC” and 1,2,3?). So as you think about your own estate planning, it’s time to “Beat It” past the misconceptions so you’re empowered to do the right thing by your loved ones. 

    So what happened in Michael Jackson’s case? He had an estate plan that included a Will, and the Will established trusts for his mother, Katherine, and his three children, Paris, Prince, and Bigi. 

    Let’s stop right there because there’s already an increased potential for conflict with this setup.

    When your assets pass via “Will” (instead of via Trust), your assets must go through a court process called probate, which, my mentor says, is a “lawsuit you file against yourself with your money for the benefit of your creditors.” Subjecting your assets and your family to probate can result in a long, time-consuming, and messy court process that can be unnecessarily expensive to resolve. Plus, the court process is entirely public, meaning anyone can access the records and see information about your assets and family that you would rather keep private. 

    A trust, on the other hand, bypasses the court process altogether, as long as your assets are owned in the name of the trust when you become incapacitated, or when you die. If your assets are properly transferred and retitled into the trust (this is called “funding” the trust), your estate can be administered privately and often takes less time than the court process does. A trust can be set up and funded while you’re alive, thereby avoiding probate, or it can be a part of your Will. When it’s part of your Will, like in MJ’s case, it isn’t established or funded until after the court process has played out. So if you’re trying to keep your family from going through the court process, putting a trust in your Will completely defeats the purpose.

    Here’s what we’ve learned so far: if your intent is to keep your loved ones out of court and conflict, creating a Will alone is a “Bad” choice. 

    Peace of Mind For the “Man in the Mirror” 

    Since Michael Jackson’s assets were not owned in a trust, and instead his assets needed to pass via Will, there have been ongoing legal matters in court, which still aren’t resolved 15 years (yes, you read that right) after his death. Currently, MJ’s family is embroiled in a dispute with the IRS, and so the trusts he intended to be created for his mother and children remain unfunded, and therefore, some of his assets cannot be transferred to them, in the way it seems he intended. It’s also highly probable that the legal disputes continue to cost the estate a lot of money. That’s money that would have gone to his mother and children otherwise. 

    To make sure the people you love receive your assets in the way you want, I cannot underscore the importance of education and intent. This is exactly why my Life & Legacy Planning process begins with educating you first. The first time we meet, I will show you exactly what will happen to your family and your assets after your death, based on your current plan (or the state’s plan for you, if you don’t have a plan). From there, I help you make intentional decisions about what’s right for you and your loved ones, based on your desires, your assets, your family dynamics, and your budget. 

    Taxes – A Potentially “Dangerous” Situation! 

    The Jackson estate’s ongoing battle with the IRS also serves as a stark reminder of the tax implications that can affect your plan and your loved ones. When it comes to taxes, you can’t think in terms of “Black or White” – there are many shades of gray to consider. If you intend to avoid as many taxes as possible, you don’t want to cut corners by either doing your estate planning cheaply or on your own. That could be “Dangerous!” I can help you create a comprehensive plan that minimizes taxes as much as possible, potentially saving you and your family (lots of) money. 

    Speaking of saving money, taxes can significantly reduce the value of what you pass on to your heirs, which has a direct impact on your loved ones. To minimize this impact, together you and I will explore different strategies such as gifting assets during your lifetime, establishing irrevocable trusts, or using life insurance policies to cover potential tax liabilities. 

    So our next lesson from Michael Jackson’s story is: when it comes to saving money on taxes, the stakes are too high to go at it alone. Work with a professional who can advise you properly. We aren’t clear why Michael Jackson didn’t get the kind of support necessary to minimize taxes and protect his estate from a long drawn-out court process, but what we do know for sure is that we can help you and your loved ones.

    Avoiding the “Thriller” of Legal Disputes

    The Jackson case also highlights the importance of choosing the right representatives for your estate. These are the people who handle your affairs after you’re gone (they’re called “executors” if there’s a Will or “trustees” if there’s a Trust). MJ’s family members have criticized the representatives for the way they’ve managed the estate. In particular, Katherine Jackson has alleged that the executors have been too frugal and are holding onto assets to maintain control. 

    There’s always a possibility of conflict between your representatives and your loved ones, even if you aren’t famous and don’t have millions of dollars to fight over. So to help minimize the potential, we recommend you communicate your intentions to your representatives and to your loved ones during your lifetime. Consider holding a meeting so everyone knows what your wishes are and understands the intent behind your decisions. You may not be able to “Heal the World” on your own, but you can promote healing within your own family and prevent future conflict by opening the lines of communication now. We often facilitate these meetings for our clients.

    Also, know that you don’t have to choose family members to be your representatives – even if you feel pressured to do so. If you aren’t sure who the “right people” are, think about people you know who are not only trustworthy but also capable of handling complex financial and legal matters. There’s also the option of choosing a professional representative, as Michael Jackson did, who might be more appropriate for your situation. When you work with us, we’ll be there to “Rock With You” through all the different scenarios that could arise, so you can then choose the right people for your unique circumstances. 

    Our two final lessons from Michael Jackson’s story are these: 1) Communicate your wishes openly to your representatives and your family, and 2) Choose the right people to act for you when you no longer can. 

    By learning from the challenges faced by Michael Jackson’s family, you can ward off the possibility of a similar outcome for your loved ones. Your careful planning today can pave the way for a smoother transition of your assets in the future, ensuring that you are able to support your family after you’re gone, rather than creating a mess for them to handle without you. I’m here to serve you and help you ensure your estate doesn’t become a “Thriller” of legal battles, but instead a harmonious transition that would make even the King of Pop proud.

    “You Are Not Alone” – We’re Here for You

    It’s “Human Nature ” to want to avoid thinking about your death, much less plan for it. We get it. But when we face our mortality, we’re able to live a more fulfilling life. The good news is that you don’t have to deal with it alone. We’re here to support you every step of the way. 

    As a Personal Family Lawyer Firm, we help you create a Life & Legacy Plan from a place of education and intention, so that your loved ones stay out of court and conflict. And once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved. 

    Click here to schedule a complimentary 15-minute consultation to learn more:

    Free 15-min Consult

    This article is a service of Jeannette Marsala, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

  • Value Freedom? Here’s Why an Estate Plan Is Your Declaration of Independence

    Value Freedom? Here’s Why an Estate Plan Is Your Declaration of Independence

    As you celebrate the Fourth of July and all it represents – freedom, independence, and the pursuit of happiness – take pride in the ultimate American liberty: the right to decide your own affairs, even after death or in the event of incapacity. An estate plan, specifically a Life & Legacy Plan, is the way to express your liberty. It’s your personal Declaration of Independence. I know; it sounds weird. How in the world can an estate plan give me freedom?

    Here’s how: Creating a Life & Legacy Plan (a unique estate planning process I use in my firm) preserves your self-determination, protects your family, grows your wealth, and defines your legacy on your own terms. Just as the Founding Fathers declared freedom from the British crown over two centuries ago, your Life & Legacy Plan declares your autonomy from the courts, state laws, and conflicting viewpoints that could unravel your final intentions. Read on to find out how.

    You Have a Plan: It Just May Not Be What You Want

    The first thing to know is that you already have a plan for what happens in the event you become incapacitated or when you die. You may not know what that plan is, and you may not like what that plan is! You see, the government has created a plan for you, without your input. Or, you may have already created your own plan, but didn’t really understand the choices you made, haven’t updated it, or may not even own your assets in a way that has them covered by your plan.

    When you have a Life & Legacy Plan, you get to override the government’s plan for you with your choices. YOU get to decide exactly how you want your assets collected and distributed – whether that’s providing for certain loved ones over others, leaving assets to chosen family members, who aren’t related by blood or marriage, but who have become close kin to you by choice, or donating portions to charitable causes near and dear to your heart. 

    With a Life & Legacy Plan in place, you maintain that plan throughout your lifetime, so as your assets change, your life changes, and the law changes, so does your plan. It grows with you, rather than becomes stale and outdated over time. Because you aren’t a stagnant human. You are evolving, changing and likely growing. Your plan needs to evolve, change and grow along with you, otherwise it’s not even worth the paper it’s written on.

    The Liberation of Making Your Decisions With Eyes Wide Open

    Planning for incapacity or death is the equivalent of planning for your best possible life, and for the best possible life of the people you love. It may not have ever been presented to you that way, but think about it – if you accept that you are going to die one day, and you may become incapacitated first, and you want your family and assets to be cared for in a certain way when those things happen, wouldn’t that naturally inform choices you’ll make around the allocation of your resources throughout your life? 

    We call this “eyes wide open” decision-making, and it leads to the most optimal use and allocation of your resources throughout your life, and makes things as easy as possible for the people you love, in the event of your incapacity or death. For example, when you consider how you want to be cared for in the event of your incapacity, and document those choices, you can then ensure you have the necessary close personal relationships to deliver on your desires, as well as the required financial means to provide for yourself or the people who will care for you (or your kids). Otherwise, you are just leaving it up to happenstance … or a judge … and we call that “eyes squeezed shut/pretend it’s not going to occur” decision-making, and it’s not responsible, mature or kind to yourself or the people you love.

    The Power to Choose

    The most mature, adult and loving thing you can do for yourself and the people you love is to clarify well in advance how you want to be cared for, if you cannot care for yourself, who should make decisions for you, and how you want those decisions to be made. In addition, it’s critical to provide a roadmap for the people you love, so they know what you have, where it is and how to find it.

    Establishing a Life & Legacy Plan does all of that, and it doesn’t matter how much or how little you have because your loved ones will have to deal with it, whether it’s a little or a lot — and your choices while you are living, healthy and clear empowers them and minimizes their outlay of time, energy and attention they may not have, especially during a time of grief. With a Life & Legacy Plan we help you create, you can also account for special circumstances like children or spouses from previous marriages, loved ones with disabilities, or family members you intentionally want to omit. No more worries about assets getting unfairly split or ending up in the wrong hands.

    Finally, holding a family meeting can unite your loved ones around a shared understanding of your intentions rather than driving them apart through conflicts and differing interpretations of your wishes. Your Life & Legacy Plan gives you the power to choose to create more ease for yourself and the people you love. 

    A Declaration of How You Want to Be Remembered

    Your Life & Legacy Plan represents your final declaration of the values and life experiences you’ll impart to loved ones and the world at large. Use this opportunity to put your final stamp on how you want your individuality and life’s purpose remembered, rather than leaving it up to chance, or leaving a legacy of mess and drama. 

    All of our plans include a Life & Legacy recording that guides you to express your deepest hopes, guiding wisdom, and ethical frameworks acquired over decades of successes, struggles, and personal growth. You will share cherished stories, meaningful quotes, and carefully-cultivated philosophies that give your life meaning. The Life & Legacy recording is the most meaningful gift your family will cherish and carry into future generations.

    So, this Independence Day, make your own personal declaration of freedom by establishing your own comprehensive Life & Legacy Plan. Take pride in exercising your liberties to the fullest by removing all uncertainties over your final affairs and ensuring your true wishes will be honored. 

    Let Us Be Your Life & Legacy Planning Partner

    As a Personal Family Lawyer Firm, Life & Legacy Planning is all we do. We work with you to craft a plan on your terms, taking into account what you want, not what someone else has decided for you. And once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.

    Contact us to learn more about how we help you exercise freedom over your own choices. Click here to schedule a consultation:

    Free 15-min Consult

    This article is a service of Jeannette Marsala, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

  • The Surprising Connection Between Men’s Health and Estate Planning

    The Surprising Connection Between Men’s Health and Estate Planning

    June marks Men’s Health Month, a time dedicated to raising awareness about health issues predominantly affecting men and encouraging the early detection and treatment of disease among men and boys. So this month, let’s turn the focus to you, gentlemen. You already know that taking care of your health allows you to prolong your life and enhance your quality of life. But have you given serious thought to how your health directly impacts your future? Your legacy? The ones you love the most? 

    What we’re talking about here is estate planning, and it’s every bit as important as your physical health. I know, I know, it could sound weird to equate health with estate planning, but hear me out. By the end of the article, the connection will be clear. 

    The Link Between Your Health and Estate Planning

    Estate planning often brings to mind wills, trusts, and other legal paperwork, and in fact, that’s maybe what you initially thought when you read the title of this article. However, I want to challenge that assumption with this: the documents are merely the byproduct of estate planning. 

    You may be thinking, How are documents the “byproduct” of estate planning? Here’s what I mean.

    Estate planning is all about ensuring your wishes are honored if you become incapacitated so you can live and die with dignity. It’s also about ensuring that the people you love most will know you loved them, that they’re cared for when you’re gone in a way you cared for them while you lived, and that you’ve removed all the pain, potential conflict and expense they will have to endure if you have no plan in place. Estate planning supports your loved ones to grieve in peace rather than face a long, expensive court process or confusion regarding how to find your assets or understand what to do when you are gone. 

    Estate planning is also about leaving a legacy. Contrary to what you may be thinking – that legacy is not only related to money and reserved for the wealthy and philanthropic – legacy is about the mark you make on those you hold most dear. It’s about defining your humanity and what you stood for. Putting your affairs in order now so your loved ones don’t have to deal with a mess later is a legacy, too. Making it clear that you loved your family is a legacy. 

    What about health? How does your health connect with estate planning?

    Your health plays a significant role in shaping your preparations for the future in general, and how you structure your estate plan in particular. I want to first say that while “health” can refer to mental health, emotional health and spiritual health, and all are important, we’ll focus on physical health here. 

    So let’s take a look at the direct link between your physical health and estate planning. You’ll come to see that by prioritizing your physical health, you can not only enjoy life with more ease, but also avoid complications in your estate planning. 

    Longevity and Retirement Savings. Your physical health has a direct impact on your lifespan, which in turn affects how long your retirement savings need to last. If you maintain good physical health, you’re likely to live longer (yay!) and will need a more extensive plan regarding your assets, for your longer life.

    Healthcare Decisions. Consider the potential need for long-term care. Alzheimer’s or dementia could require long-term care solutions that you may or may not choose. In your estate plan, it’s crucial to not only make sure you’re financially covered for these possibilities, but to also ensure you’ve made it clear how you want to be cared for, if you cannot make decisions for yourself. There comes a point in time at which it’s too late for you to make your wishes known, and given that you are reading this … now is the time to document what you would choose, if you could not choose.

    This is why you need a healthcare power of attorney or a living will in your plan. These are documents that designate the person (or people) you choose to make medical decisions on your behalf if you’re unable to do so. Your designated healthcare agent (or agents) will not only ensure that your healthcare preferences are respected but will also align your medical treatment with your personal wishes. Without these documents in place, a judge (i.e., a complete stranger) could appoint someone to act on your behalf. Maybe even someone you don’t trust or wouldn’t want making decisions for you. Or, in a worst case scenario, a judge could even appoint a professional conservator who could drain your estate financially.

    Disability and Its Impact. Poor health can sometimes lead to disability, affecting your ability to manage your own affairs. Including a disability clause in your estate plan ensures that your assets are managed according to your wishes, even if you’re not able to oversee them personally. A revocable living trust can be particularly useful here, as it allows your chosen person or entity to manage your affairs without the need for court intervention. Again, without a plan in place, a judge will make decisions for you, and those decisions may not be what you want.

    Having gone through the potential consequences of not prioritizing your physical health and its direct link to your estate planning, let’s turn to practical steps you can take now to make sure you and your family don’t have to experience any negative consequences.

    Practical Steps to Integrate Health and Estate Planning

    Unless you’re already incapacitated and can’t make decisions for yourself, know that it’s not too late to take action. It’s not too early, either. Death and incapacity don’t discriminate based on age. When you face that fact, and then plan accordingly, you can live life with more ease, more joy, and less stress. Truly.

    So if you haven’t planned for the future, here are some practical steps you can take now:

    Schedule Regular Check-Ups. It may seem obvious, but regular medical examinations are vital. They not only help in detecting illnesses early but also provide a clear picture of your health, which, as we’ve discussed above, is crucial for accurate estate planning. If you discover a new health condition, you can plan accordingly when you’ve caught it in time. If not, it could be too late to get your plan in place.

    Update Your Estate Plan Regularly: As your health changes, so should your estate plan. Make it a habit to review and update your plan on a regular basis or whenever there is a significant change in your health. As a Personal Family Lawyer®, I can not only help you get your initial plan in place, but with a unique process I use called Life & Legacy Planning®, I will always include a free review of your plan at least every three years. This ensures your plan works because it will be updated as your health, life and assets change over time. Without updates, your plan will fail, sending your family to court and increasing the probability of conflict. 

    Discuss Your Plans Openly: Talk with your family about your healthcare wishes and how they relate to your estate plan. Taking this courageous, and maybe uncomfortable, step, makes a big difference when it comes to decreasing the likelihood of conflict in your family. Make sure to discuss your preferences for end-of-life care, which can create conflict in your family if you haven’t clarified your wishes. 

    Consult A Professional Who Has Your Best Interests in Mind: I approach estate planning from a place of heart, always keeping your best interests, and by extension, your loved ones’ best interests, in mind. I not only help you to get your plan in place, but also help you keep your family out of court and conflict so your legacy is one of love and care. I can also help you navigate difficult discussions with your family about your wishes, so you can feel confident knowing you’ve done all you can to preserve the family bonds.

    How We Support You and Your Loved Ones

    As a Personal Family Lawyer® Firm, we recognize the integral connection between your physical health and your estate planning needs. Our commitment goes beyond mere legal documentation; we aim to ensure your life’s work and values are preserved with dignity and clarity. By understanding the specific challenges and opportunities that arise from your health, we tailor estate plans that not only protect your assets but also your well-being and your family’s future. 

    This Men’s Health Month, take a proactive step toward safeguarding your legacy and enhancing your peace of mind. Contact us to learn how our Life & Legacy Planning® process can align your health priorities with your estate planning goals. Click here to schedule a 15-minute consultation to discuss your next best steps:

    Free 15-min Consult

    This article is a service of Jeannette Marsala, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

  • They’re Not Kids Anymore! Navigating Your Child’s Transition Into Adulthood

    They’re Not Kids Anymore! Navigating Your Child’s Transition Into Adulthood

    When your child turns 18, they’re legally considered an adult even though they have a lot more growing to do (though they may not think so!). Just like any other adult, their health and financial information is protected by privacy laws. But unlike any other adult, that’s still your child and you want to be there to support them in a crisis. Unless you’ve planned ahead you won’t be able to step in and support your child. 

    As an estate planning attorney, I often see families caught off guard when I tell them this. Like those families, you may also assume that as a parent, you’ll always have a say in your child’s medical and financial matters. But you don’t. Under the law, you have just as much access to their medical and financial information as you do for Joe down the street (which is none).

    The good news is that with proper planning, you can help your newly-minted adult child navigate this transition and ensure you’re able to step in if something happens. Here I’ll share 3 strategies to help you and your child make the transition to their adulthood as easy as possible. 

    Strategy 1: Education

    The first strategy for a successful transition to adulthood is education. At my firm, I start every client relationship with education. That’s because I believe that education equals empowerment, which supports you to make the right choices for yourself and your family. Young adults also need to be empowered through education. The more you can teach your child about their new financial and legal responsibilities, the more empowered they’ll be to make the right decisions.

    If you haven’t already started talking with them about legal and financial matters, now is the time. Start with a kind of budgeting we call “money mapping”. Explain the importance of tracking their income and expenses, setting financial goals, and investing wisely, both now and for the future. 

    Help them understand the basics of banking, such as how to use checking and savings accounts, the benefits of maintaining a good credit score, and assist them in setting up their own bank account if they don’t already have one. Explain how to avoid overdrafts and the significance of keeping track of their balance. Introduce them to how to access credit, and use it responsibly. Explain how credit cards work, the importance of paying off balances in full each month, when it’s okay to carry a balance, and the long-term benefits of building a positive credit history.

    And let’s not forget your child’s new tax obligations. Teach them how to file taxes, what documents they need, and how to understand their W-2 forms, or what it means to be a 1099. Explain the importance of keeping accurate records and how to navigate basic tax software.

    Health care is another critical area where your child needs education. Let your child know that you can’t make medical decisions for them and you won’t have access to their health records anymore – unless they give it to you. I’ll cover which essential documents they need in a minute, but first, let’s talk about the importance of communication in helping them document their wishes properly.

    Strategy 2: Encourage Communication

    Adulthood often involves having difficult conversations (as if I’m telling you anything you don’t know!). Two of those conversations to have with your child have to do with their healthcare and financial decisions in the event of an emergency. 

    First off, I want to say that even thinking about your child being in an emergency medical situation is hard to think about, much less talk about. And it will probably be much harder for you than it will be for them. It’s OK. Take a deep breath. You can do this!

    After you’ve breathed your way to calm, have an open conversation about what your child would want to happen in various medical scenarios. If they became incapacitated, who would they want to make decisions on their behalf? Both parents or one of you first, then the other? Or do they want anyone else involved in the medical decisions, if they cannot make them on their own. Be open to the possibilities that they have other people in their life that they may want to include, and be glad they are telling you about it, if that’s the case. 

    Do they know what a ventilator is and whether they’d want one if it became an issue? What about a feeding or hydration tube? And what about resuscitation? It’s necessary to talk about these things so your child’s wishes are honored. Who would they want to have access to them, in case of an accident or an illness? Once you know the answers to these questions, you can help your child create a health care directive and medical power of attorney.

    Have the same conversations about finances. Do you know which and how many financial accounts they have? If they’re in college, how will you access their account to stop tuition payments or housing payments if necessary? Will you be able to access their checking account if bills need to be paid? Your child may be reluctant to discuss these matters with you, but assure them you have no intent to violate their autonomy. You simply want to be there for them, if needed. 

    Strategy 3: Legal Planning

    Once you and your child have had these difficult conversations, emphasize the need to get a legal plan in place so their wishes are documented and honored. At the least, your adult child’s legal plan should include the following documents:

    Health Care Proxy and Advance Directive. A health care proxy grants someone, usually you, the authority to make medical decisions on your child’s behalf if they cannot. An Advance Directive complements this by outlining their medical treatment preferences in various scenarios, ensuring their wishes are respected even when they can’t voice them. 

    HIPAA Authorization. The HIPAA Authorization is equally important. HIPAA (Health Insurance Portability and Accountability Act) is designed to protect patient privacy, but it can also prevent you from accessing your child’s medical information without their explicit permission. By signing a HIPAA Authorization, your child can ensure that you can speak with doctors and receive updates on their condition.

    Living Will. A Living Will is another important document to consider. This outlines your child’s wishes regarding end-of-life care, such as whether they want to receive life-sustaining treatments. Having these preferences documented can provide clarity and guidance during difficult times, ensuring that their wishes are honored.

    Power of Attorney. A Power of Attorney allows your adult child to appoint someone (again, usually you) to manage their financial affairs if they are unable to do so. This can include everything from paying bills to managing bank accounts and handling investments. Without this document, you might find it difficult to step in and help when needed.

    It may also be important for your adult child to have a plan in place for what happens after death. If that’s the case, they need a will or trust. Reach out to me and I can educate you and your child on whether post-death planning is needed at this stage in your child’s life. 

    Finally, life circumstances will change, so let your child know it’s important to review their documents regularly and update them as needed. Encourage your young adult to revisit their decisions periodically, especially if they experience significant life changes such as getting married, moving to a new state, or starting a new job. At my firm, constant contact is part of our process so our clients never have to remember on their own to update their plan. We do the remembering for you. 

    Your Next Step

    Now that you are armed with 3 strategies for navigating your child’s transition into adulthood, your next step is to book an appointment with our firm so we can support you to have these conversations, and to get your child’s legal plan in place. 

    Now, before you go thinking that you don’t need an attorney and can use a cheap online tool, or even AI, I encourage you to think about what’s at stake. Your child’s health and well-being. Your child’s growth. The opportunity to teach your child about how to prioritize the things that matter most. When I work with you, one of the best things I can do is to get to know your children as they become adults. Ideally, it will be me (or my firm) that they’ll turn to for guidance throughout their lifetime, and to be there for them, when you can’t be. No cheap legal plan can do that. 

    The Support You and Your Child Need

    As a Personal Family Lawyer Firm, we know that navigating the transition to adulthood can be challenging, both for you and your child. Understanding the legal changes that come with turning 18 and using the 3 legal documents (and the conversations that go with them) in this article can help you provide the support and guidance your child needs. But you don’t need to navigate this transition alone. We can educate you and your child about their new legal responsibilities, support you to have the hard conversations, and help your child put a legal plan in place. 

    Contact us to learn how our Life & Legacy Planning process supports your family to make the very best decisions about the things that matter most. Click here to schedule a 15-minute conversation:

    Free 15-min Consult

    This article is a service of Jeannette Marsala, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.
  • Father Knows Best: Avoiding Common Estate Planning Pitfalls

    Father Knows Best: Avoiding Common Estate Planning Pitfalls

    If you’re a father, you’ve always strived to provide the best for your family, ensuring their well-being and securing their future. However, even the most well-intentioned plans can falter if you overlook the complexities of estate planning. So this Father’s Day, let’s celebrate all of you dads and explore some common pitfalls that fathers often encounter, then offer practical strategies to navigate them successfully. 

    Heads up before we dive in; I’ll provide some stories below that illustrate what happens when a dad hasn’t created an estate plan or hasn’t updated it over time. The names of the people below are made up, but the scenarios I’ll describe are common. 

    Pitfall No. 1: Procrastination

    If you’re a father, the weight of responsibility for your family’s well-being often rests heavily on your shoulders. However, even the most well-intentioned plans can fail if you overlook the complexities of estate planning. One of the most significant pitfalls is procrastination, or postponing the process under the assumption that you have ample time or that your assets are currently too modest to warrant formal planning. But the truth is that estate planning is crucial

    for individuals of all ages and asset levels! Unexpected events can occur at any time, leaving your loved ones in a bad situation if you haven’t properly documented your wishes.

    Take for example, John, a 45-year-old father of three, who put off creating a will, thinking he had decades ahead of him. You can’t really blame him, can you? Many of us are in the same boat. However, he passed away tragically and unexpectedly, leaving his family to deal with his affairs in the court process called probate. The probate process was lengthy, and his assets were frozen and unavailable for his kids until the court process played out. In addition, probate drained his assets, so there wasn’t as much to leave his kids in the end. 

    I doubt this is what John would have wanted.

    So dads, to avoid the procrastination trap, it’s essential to approach estate planning with a sense of urgency. Start the process as soon as possible, and review your plan regularly to ensure it remains aligned with your evolving circumstances and family dynamics (keep reading for more information on how I can help!).

    Pitfall No. 2: Failing to Update Your Plan Over Time

    This brings us to another pitfall: failing to update your plan after significant life events, such as marriages, divorces, births, or deaths. Life is inherently dynamic, and your estate plan should reflect those changes. Your plan should reflect your life as closely as possible, otherwise it could become ineffective or even invalid. And if that happens, you end up like John, even if you already have an estate plan. 

    Updating your estate plan over time is crucial. So make a habit of reviewing your plan at least every three years, preferably annually, or whenever a major life event occurs. When you work with me, I will help you ensure your plan accurately reflects your current wishes and aligns with any changes in state or federal laws. 

    Pitfall No. 3: Not Communicating With Loved Ones

    Contrary to common belief, estate planning is not solely about legal documents, such as a Will, Trust or Power of Attorney. Documents are merely the byproduct of good estate planning. The real power of estate planning is in having open and honest communication with your loved ones. However, many fathers make the mistake of keeping their estate plans a closely guarded secret, leaving their families in the dark about their intentions and wishes. This lack of

    transparency can breed misunderstandings, conflicts, and resentments that can undermine the effectiveness of your plan and strain family relationships.

    Let’s look at David’s story for a greater understanding. David, a successful business owner and loving father, always assumed his oldest son would take over the family business after his passing. So David’s estate plan included a provision wherein his oldest son inherited the business. When David died, however, his son revealed that he had different career aspirations and didn’t want to run the business. This led to family conflict – because David didn’t have a “Plan B” in his estate plan. 

    As a result, the family had to go to probate court, spending lots of time, energy, attention, and money, to get the business transferred to the one family member who wanted to run the business. Had David discussed his wishes openly, the family could have addressed their concerns together and arrived at a mutually agreeable solution that would have saved them the unnecessary hassle of probate court.

    So what can you learn from David’s story? Share your wishes with your family members, explain your reasoning, and address any concerns they may have. This open dialogue can foster a deeper understanding and strengthen the bond between you and your loved ones. It also allows your loved ones to provide valuable insights and perspectives that can help refine and improve your plan. What a loving gift to give your family!

    Pitfall No. 4: Not Working With a Professional 

    The last pitfall I’ll address is going at it alone, or doing your plan cheaply online. As I pointed out above, estate planning is not just about creating a few documents and putting them away on a shelf until something happens. There’s much more to it. 

    Instead, work closely with an estate planning firm like ours, who can help you craft a plan that fits your unique family dynamics, wishes and assets, as well as keep in touch over time to ensure your plan is updated and works when you need it to. At my firm, we support you with all this and more, including helping you structure your plan in a tax-efficient manner, minimizing the impact of taxes on your assets and ensuring your loved ones receive the maximum benefit from your estate. 

    I also help you address any unique circumstances within your family, such as a family business, a child with special needs or a family member with addiction issues, ensuring that your plan is tailored to meet the specific needs of your loved ones. 

    So dads, after reading this, I hope it’s clear that estate planning is a profound expression of your love and responsibility as a father. By taking action now, you can navigate the pitfalls and create a lasting legacy that transcends your lifetime. Remember, your knowledge and attention to detail today can shape the future of your loved ones for generations to come.

    How We Support You to Avoid These Common Pitfalls

    As a Personal Family Lawyer Firm, we understand that protecting your family goes far beyond just legal documentation. Our mission is to empower you to enshrine your hopes, values, and profound love for your children into a comprehensive plan that preserves your family’s integrity for generations to come. We take the time to truly understand what family means to you—the struggles you overcame, the values you hold dear, the future you envision. And then we help you craft a tailored estate plan that meets your needs and stays updated over time.

    So this Father’s Day, give yourself and your children the greatest gift: your love. Book a call with our office to learn how we can support you, and by extension, your entire family. Simply click on the scheduling link here: Free 15-min Consult

    This article is a service of Marsala Law Firm, Personal Family Lawyer®. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

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