Living Trust Planning | Estate Planning Attorney

Tag: life

  • 2 Conversations About Money and Death You Need to Have With Your Parents Right Now

    2 Conversations About Money and Death You Need to Have With Your Parents Right Now

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

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

    You may have already started a conversation about estate planning with your family. But this week, I dive deeper into the conversations you need to have right now to truly understand your family’s financial picture and plan for the future in the best way.

    Conversation #1: What Exactly Do Your Parents Own?

    Initiating the first conversation involves posing fundamental questions to your parents and the older members of your family: “What do we have? Where is it? How would I access it if you weren’t here to guide me?” 

    The potential risk to your family’s wealth is intricately tied to the costs incurred in the event of a passing. Beyond the visible expenses of funerals, burial or cremation, and end-of-life medical care, there exists a myriad of unseen costs. 

    Unclaimed assets, amounting to approximately $70 billion in various departments across the U.S., often slip through the cracks because family members don’t know where the assets are, how to get them, or that they even exist.

    Because of this, tracking and documenting assets, including crypto assets, before incapacity or death is essential to protecting your family’s wealth when someone dies or becomes incapacitated.

    It may be difficult to bring up this topic with your parents or other family members, but how you approach it with them will make all the difference. The secrecy of asset locations or the fear of appearing greedy may hinder an open discussion between family members, but this can be overcome by building trust between relatives and entire generations.

    For the junior generation, building trust involves understanding the root causes of distrust and stepping into a mature, caring perspective for the greater family good. Similarly, senior generations can nurture trust by taking ownership of past parenting shortcomings and demonstrating faith in the individuals their children have become – after all, if you raised your children with a sense of financial and personal responsibility, you should be able to trust them!

    Navigating these challenges may be daunting, but the rewards of building trust and initiating this crucial conversation are immeasurable. Use the conversation as an opportunity to record the locations and access permissions of family assets. If you aren’t sure how to do this, we can help you create a clear inventory of your assets so nothing is lost when death or illness strike.

    Conversation #2: What Are Their Wishes for Long-Term Care?

    The next conversation you need to have with your parents is about long-term care planning. This conversation extends beyond financial considerations and looks into the emotional intricacies of care, posing questions about who will provide care if your parents become incapacitated or disabled, how it will be administered, and the potential burdens on loved ones.

    While money can be a less vulnerable entry point to this conversation, the core involves the tender question of personal care. Addressing concerns such as, “Who will take care of me? How will I be cared for? Will I be a burden on my loved ones?” brings a level of vulnerability that goes beyond financial considerations.

    Neglecting this conversation can leave crucial decision-making up to the medical system, often resulting in undesirable outcomes and accumulating costs. By engaging in the long-term care conversation, clarity emerges on preferences, funding, and avenues for protection against unforeseen care costs.

    Let Us Guide The Conversation

    If initiating these conversations feels challenging or uncomfortable, we can help. We focus on building personal relationships with our clients and their families, and can help guide you and your family through difficult discussions and tough questions about your family’s assets and wishes.

    It starts with a Life & Legacy Planning Session, where we look at everything you own and everyone you love to identify gaps in your family’s security and make a plan that ensures everything will be cared for the way you want when you die or if you become incapacitated.

    To learn more, schedule a complimentary 15-minute discovery call with us.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. 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’ll 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 and Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.

  • 10 Life Events That Signal It’s Time to Review Your Estate Plan – Part 1

    10 Life Events That Signal It’s Time to Review Your Estate Plan – Part 1

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

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

    And, if any of these 10 life events happen before your three-year plan review, you’ll want to have your plan professionally reviewed right away. Let’s take a closer look at these 10 life events and how they can affect your estate plan and what changes may be required.

    01 | Your Assets or Liabilities Changed

    Life is full of changes and your financial situation is unlikely to stay the same over time. Changes in your assets, such as acquiring a new home or other assets, selling property, or incurring debt should prompt a review of your estate plan. You may need to update asset distribution, beneficiary designations, and financial provisions to reflect these changes accurately and ensure the people you love receive what you intend when you die. Most importantly, you need to update your asset inventory every time your assets change, and if you don’t have an asset inventory, you need to call us at (650) 600-1735 and update your plan to ensure you have an inventory included. The biggest risk to your family in the event of your incapacity or death is that they don’t know what you have, where it is, or how to find it. We solve this by creating and updating your asset inventory regularly.

    02 | You Bought, Sold, or Started a Business

    Owning a business adds another layer of complexity to your estate plan. If you’ve recently bought or sold a business, it’s essential to update your plan to reflect what you want to happen to your business when you die, ensure a smooth transfer of ownership (if desired), and create a plan to protect your business assets for yourself and your loved one’s future. 

    The financial and personal value of your business can be a significant gift to your loved ones both today and for years to come – if you know how to incorporate it into your estate plan in the right way.

    03 | You Gave Birth or Adopted a Child

    Welcoming a new child into your family is an incredibly joyful moment. As a parent, it’s essential to update your estate plan to include provisions for your child’s well-being and financial future. This includes naming guardians for minor children, creating a Kids Protection Plan, and ensuring their financial security through trusts or other means.

    It’s also important to document your wishes for your child’s education, religion, and values in your plan so their legal guardians will know how you would want your child raised if something happened to you.

    04 | Your Minor Child Reached the Age of Majority (or Will Soon)

    As your children grow up and reach the age of majority, it’s time to review how they will receive their inheritance, make sure someone can legally make healthcare decisions for them, and manage their money in the event they become incapacitated. Depending on their level of maturity, you may want to consider if they’re ready to handle assets on their own and if so, what amount. 

    An even better idea is to provide lifelong protection of your child’s inheritance through the use of a Lifetime Asset Protection Trust. By using this estate planning tool, your child’s inheritance can be used to support your child’s future while safeguarding its use and protecting it from any potential future lawsuits or divorces your child may face later in life. 

    This ensures that your children are financially secure as they head into adulthood while also supporting your children with financial responsibility.

    05 | A Loved One Dies

    The loss of a family member is emotionally devastating, and it can significantly affect your estate plan. If a deceased loved one was a recipient of assets under your will, trust, or financial accounts, it’s crucial to update these documents to make sure your assets will be distributed to the right people.

    Additionally, if the deceased individual was designated as a trustee or executor of your estate or a guardian of your minor children, you will need to appoint new individuals to fill these roles.

    Planning for Life’s Changes

    Your estate plan is the foundation that protects your family and your finances today and in the future. But estate planning is not a set-it-and-forget-it task; rather, your estate plan should change and evolve with the changes in your life. 

    We’re here to guide you through life’s changes to keep your estate plan up-to-date and effective, so you can have the peace of mind of knowing your plan will work exactly how you want it to when your loved ones need it most.

    If you’ve recently experienced a significant life event or it’s been a while since your last estate plan review, now is the time to review your plan. If you haven’t created an estate plan yet, it’s better to plan early than to have no plan at all. 

    To get started, call us at (650) 600-1735 to learn more about my Family Wealth Planning Session process where we’ll discuss your family dynamics and goals, address any changes in your life, and create a comprehensive estate plan that brings you peace of mind.

    Plus, don’t forget to return next week when I’ll be discussing five more life events that signal it’s time to review your plan.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. 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 Family Wealth Planning Session, during which you’ll 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.

  • 4 Ways to Use AI to Make Life Easier for You and Your Family

    4 Ways to Use AI to Make Life Easier for You and Your Family

    Whether you’re turning on the news or scrolling through Instagram, it’s hard not to hear about AI technology, so this week I wanted to take some time to cover what the buzz is about and how you can use this technology to make your own life easier. 

    AI (artificial intelligence) language models like ChatGPT and Jasper in particular are enjoying the spotlight this year. Essentially, these are online software programs that have the ability to interpret natural language and provide human-like responses. In a nutshell, that means you can type in questions or commands as if you were writing a message to a real person, and the software will produce an equally human-like response. 

    What has the world buzzing over these programs is their ability to understand and interpret the text you enter into them in the same way a real person would, including an ability to modify its response based on your follow-up questions or commands.

    If you think AI technology seems a bit too “sci-fi” for daily use, I’m happy to share that there are a number of ways you can use an AI language model to make your family’s life easier right now, from saving you time, helping you communicate, and even helping you plan that much-needed vacation. 

    Here are three everyday applications for AI that you’ll want to start using today.

    1. Get Help Writing a Tricky Email

    I think it’s safe to say that we all have times in our lives when we have to deliver an uncomfortable message via email, text, or phone. Maybe you’re resigning from a job, critiquing someone’s work, or delivering bad news. Whatever the situation might be, it can be stressful to try and deliver a message in a way that clearly delivers your message with the right tone for that situation.

    Instead of staring blankly at your email or anxiously picking up the phone, try drafting out your message in an AI language model like ChatGPT or Jasper first. 

    For example, I typed the following into ChatGPT to get a prompt for approaching an employee about a performance issue:

    “Imagine you need to give negative feedback to an employee. This employee is friendly and hard-working but makes many spelling mistakes in the company’s meeting minutes. You want the employee to know that you value having them on your team, but that their accuracy needs to be improved. Write an email that I could send to this employee.”

    ChatGPT provided the following sample email that I can use:

    “Dear [Employee Name],

    I hope this email finds you well. I wanted to take a moment to provide you with some feedback regarding the meeting minutes you have been responsible for drafting. First and foremost, I want to express how much we appreciate your hard work and dedication to the team. You are a valued member of our team, and we are lucky to have you.

    However, I have noticed that there have been a number of spelling mistakes in the meeting minutes recently. While I understand that mistakes can happen, accuracy is critical when it comes to recording important decisions and actions taken in meetings. I wanted to bring this to your attention so that we can work together to improve the accuracy of the meeting minutes.

    I would like to suggest that you take some extra time to review your work before submitting it to ensure that it is error-free. You might also consider using spell-check or grammar-check tools to assist you in catching any mistakes.

    Please know that we have confidence in your ability to improve in this area, and we are committed to supporting you in any way we can. Please feel free to reach out to me if you have any questions or concerns.

    Thank you again for your hard work and dedication to our team.”

    Not only did the software draft a natural-sounding email, but it suggested ways the employee could remedy the situation. What’s more, you can ask the AI to further modify and refine its previous responses. For instance, you could ask it to rewrite the email with a more empathetic or casual tone, or to shorten the length of the message. 

    Gone are the wasted hours trying to craft the perfect email for a challenging situation!

    Even if you need to communicate with someone over the phone, using an AI language model can help get the conversation off on the right foot by providing you with an outline for how to start the conversation or outlining the points you want to cover. 

    2. Find the Best Flight Prices Faster

    If you’ve ever planned a family vacation, you know how time-consuming searching for flights can be. What seems like an easy enough task on the surface can easily become a days-long marathon of comparing airlines, prices, layovers, seasons, and the difference in travel time if you fly from one city versus another.

    Now, thanks to an integration with KAYAK, you can ask ChatGPT questions about your travel plans and ChatGPT will sort through your travel options for you.

    For example, you could ask, “What’s the cheapest flight from Fargo to Orlando?” and the software will provide you with the best options that meet your request.

    Want a direct flight? You can alter your request by adding, “Show me direct flights only” to further narrow down your options. No need to worry about manners, you can simply be direct and to-the-point with your requests.

    Want to compare prices depending on what day of the week? You can ask the software, “What is the cheapest day to fly to Orlando from Fargo in June?” 

    The KAYAK integration is currently only available for paid ChatGPT subscribers, but plans are underway to make it available in the software’s free version. If you’re anxious to do some traveling and want to try out ChatGPTs KAYAK integration, paid subscriptions are billable based on how much you use the software and include a free five-dollar credit to get you started.

    3. Create a Better Resume and Cover Letter

    Whether you’re actively looking for a job or wondering how you could improve your resume to increase your chances of a promotion, having a great resume can mean the difference between getting an interview and being passed up. But it can be difficult to write a resume or cover letter that truly conveys the value of what you bring to the workplace without sounding overly self-promoting. Thankfully, using an AI language model like ChatGPT can help flesh out your resume and create a cover letter that will stand out to a company’s hiring manager. 

    For example, let’s imagine I’m a receptionist for a medical clinic and want to apply for a similar position at another clinic. I’ve written a resume, but I don’t feel confident that it highlights my skills in the role. In this situation, I pasted my skills from my resume into ChatGPT and entered the following instruction:

    “Improve this job description for my resume: 

    • Take patient phone calls and respond to messages
    • Schedule appointments based on the provider’s availability
    • Help team members with questions
    • Follow-up with patients to reschedule canceled appointments”

    ChatGPT provided the following improved bullet points:

    • Responding to patient inquiries via phone, email, and messages with a friendly and professional demeanor, while providing accurate and helpful information.
    • Coordinating and scheduling appointments based on the availability of healthcare providers, while ensuring that patient needs were prioritized.
    • Supporting and collaborating with team members by answering questions and providing guidance when needed.
    • Conducting timely follow-ups with patients to reschedule canceled appointments and ensure their continued care.

    The output from ChatGPT conveys my responsibilities as a receptionist in a more interesting and descriptive way, while also highlighting my skills by showing my focus on patient care and teamwork. 

    By using an AI language model such as this, you can either start your resume or cover letter from scratch or get tips for how to improve a resume you already have. You can also use the software to customize the same cover letter for different companies, saving countless hours in your job search.

    4. Get Help with Your Kids’ Homework 

    If you have kids, you know that helping them with their homework can sometimes feel just as tough for you as it does for them. The good news is that you can use an AI language model to walk through homework problems to make them easier for your child – and you – to understand.

    All you need to do is type the math problem into the software program and ask for an explanation. For example, I entered the following into ChatGPT:

    “Explain how to do this math problem to a 4th grader: 1/2 X 2/3 =”

    ChatGPT responded with the following:

    “Certainly! We want to find out what happens when we multiply these two fractions together. To do that, we need to multiply the numerators (which are the numbers on top) and then multiply the denominators (which are the numbers on the bottom).

    So 1/2 X 2/3 would look like this:

    To multiply the numerators, we just multiply the numbers on top:  1 X 2 = 2

    And to multiply the denominators, we just multiply the numbers on the bottom: 2 X 3 = 6

    So the answer is 2/6!

    But we can simplify this fraction by dividing both the numerator and the denominator by the greatest common factor, which is 2. If we divide 2/6 by 2, we get 1/3. So the final answer is 1/3!

    That means if we had one whole thing that we cut into two equal pieces, and then we shaded in one of those pieces, and then we took that one piece and cut it into three equal pieces, and then we shaded in two of those pieces, we would end up with 1/3 of the whole thing.”

    Pretty helpful, right? Now that was a pretty simple example, but you can even ask more complicated math questions or questions for other subjects as well.

    Not only can this help you and your child better understand their homework, but can help eliminate the frustration you two may feel over the daily homework struggle.

    More Than Legal Advice – Your Trusted Advisor

    By using AI technology, you can save time, communicate more effectively, and plan vacations with ease. I’ll use AI and other technology in my own practice to create more efficiencies and better service, so I can use my heart and humanity to serve you. I’m here to do the parts of lawyering that can never be replaced by a machine and be a trusted advisor for my clients and their families. I know that life can be hectic and stressful, and I’m here to provide resources that can make your life easier now and in the future. 

    In that vein, I love learning about new technologies and the ways they can improve our lives. But I also know that technology – no matter how good – can never replace the care and humanity that real people have to offer. To me, the best part about technology is that by saving us time, it frees us up to spend more time connecting with one another. 

    That’s why when it comes to your legal planning, I offer a Family Wealth Planning Session where I not only discuss how the law affects you and your loved ones, but I truly get curious with you about your life, your goals, and the legacy you want to leave behind, so you can rest assured knowing that your estate plan will work perfectly for you. By using the best technology and systems to do my work, I’m able to be more available to my clients when they need me most.

    If you’re interested in learning more about how I serve my clients differently than most lawyers or have questions about estate planning, please reach out to be today at (650) 600-1735.  I’m not just your family’s legal advisor. I’m a trusted advisor for life.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. 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 Family Wealth Planning Session, during which you’ll 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.

  • Leaving Your Pet in Your Will Won’t Protect Them – Do This Instead

    Leaving Your Pet in Your Will Won’t Protect Them – Do This Instead

    If you’re a pet owner, you know the special bond that exists between you and your pets, and to many pet owners, our furry friends aren’t just a pet – they’re a loved and important part of our families. So if you’re thinking about how best to provide for your family after you die or if you become incapacitated, it makes sense for your beloved pet to be a part of the plan.

    You want your pet to continue to have the kind of love and care you provided during your life, but estate planning for furry friends requires a little more thought than you might expect. 

    To understand why, it’s important to know two things:

    • A pet is considered property under the law.
    • When someone receives a gift of property through a will, that person can do whatever they want with that property, including your pet.

    A Will Won’t Cut It

    While you see them as part of the family, under the law, a pet is considered personal property, just like your money, furniture, and clothes. Because of this, you can’t actually leave money or possessions to your pet directly through your will or trust. Even if you try to leave money directly to your pet in your will, the money will instead skip your pet and pass to the beneficiaries you named to receive the remainder of your possessions. Or, if you didn’t name anyone else, the court will give your possessions, including your pet, to your next of kin, as determined under the law.

    Worst of all, the person that receives your pet and money for its care through your will has no legal obligation to use that money for your pet’s care or to even keep your pet at all. That’s why it’s so critically important to work with an estate planning attorney who knows the proper way to plan for your pet, so that when you die or if you become incapacitated, your beloved companion won’t end up in an animal shelter or given away to anyone you wouldn’t want raising your beloved familiar.

    A Will Provides No Guarantees For Their Future

    Because you can’t leave money to your pet directly, your first thought might be to leave your pet and money for its care to someone you trust through your will instead. While this is an option, it’s not guaranteed to work.

    That’s because the person you name as the beneficiary of your pet in your will has no legal obligation to use the funds you leave for your pet’s care for that purpose. Even if you leave detailed instructions for your pet’s care, there is no law holding the beneficiary to accept the responsibility of caring for your pet or stopping them from changing their mind in the future after the court probate process is finished.  

    You might be thinking that the person you’d leave your pet to loves them and would never think of abandoning them. But even if this person is committed to caring for your pet, it’s simply impossible to predict what circumstances might occur in the future that could make it impossible for them to provide for your pet for your pet’s full lifetime.

    For example, when you die, the new caregiver might:

    • Live in an apartment or condo that doesn’t allow pets
    • Suffer from an unforeseen illness that makes it difficult to care for your pet
    • Have an allergy to your pet you knew nothing about
    • Become so busy with work or family that they just don’t have the time to make a lifelong commitment to your pet’s care

    A Will Isn’t Fast Enough

    The other issue a will creates for your pet is that a will is required by law to go through the court process known as probate before any of your property can be distributed to the people you’ve named, and of course, it only operates in the event of your death, not your incapacity. 

    The probate process itself can take months or even years to complete. During that time, your pet could be passed around between family members and friends, who may even argue over who should care for it. In the worst-case scenario, no one may even think to check in on your pet regularly while the court process is unfolding.

    Plus, a will only goes into effect upon your death, so if you’re incapacitated by accident or illness, it would do nothing to protect your companion. This leaves your pet in limbo and vulnerable to being re-homed to someone you wouldn’t have chosen or wanted to care for your pet. In the worst scenario, your pet could be surrendered to a shelter by the time everything gets figured out.

    Provide Long-Lasting Care for Your Pet Through a Pet Trust

    In order to be completely confident that your pet is properly taken care of and that the money you leave for its care is used exactly as intended, ask us to help you create a pet trust.

    By creating a pet trust, you can lay out detailed, legally binding rules for how your pet’s chosen caregiver (the trustee) can use the funds you leave for your furry friend. And unlike a will, a pet trust doesn’t go through probate, so it goes into effect immediately in the event you become incapacitated or pass away, whereas a will requires the court process called probate to take place before any decisions can officially be made about your pet.

    Additionally, in a pet trust, you can name backup trustees who will receive your pet and any funds left for them if the first person you chose as trustee declines to take your pet or isn’t able to care for them in the future. To add even more certainty to your pet’s future, you can name multiple trustees for your pet. In this way, you’d have two people invested in the care of your pet who can see that the money you leave for its care is used wisely. 

    Finally, all of the care decisions and financial distributions for the care of your pet will happen in the privacy of our office, in the event of your death or incapacity. We’ll guide your decision-makers about how and why you made your decisions, and how they need to care for your pet to receive distributions. You’ll literally have a lawyer ensuring the care of your pet happens as you would want it. While that may seem excessive for some, we have many clients who care that much about the well-being of their pets and want to ensure their care is handled as they want.

    Do Right By Your Pet

    Don’t leave your beloved pet’s future up to chance. Let us help you create a pet trust that will provide for your furry friend’s long-term care and be there for your pet and your decision-makers when you cannot be.

    At our firm, we can help you create a legally binding pet trust that outlines detailed rules for how your pet’s chosen caregiver can use the funds you leave for their care. Unlike a will, a pet trust doesn’t go through probate, which means it goes into effect immediately if you become incapacitated or pass away. We’ll be there for the people you love when you cannot.

    Contact us today at (650) 600-1735 to schedule a consultation and ensure you’re doing right by your pet.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. 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 Family Wealth Planning Session, during which you’ll 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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