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Trust Matters NOVEMBER 2024
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Celebration and Togetherness STAYING JOLLY DURING THE HOLIDAYS
Retirement Management Office™ Program At the end of 2024, we will have completed our first full year of offering our Retirement Management Office™ Program. The entire endeavor has been a phenomenal success. This membership program was established to help retirees build a life they love to live because you weren’t born to just pay bills and die. We combine the services of your financial planning, with your tax advisor, and keep it all protected with excellent estate planning. Working with a cohesive team of professionals under one roof is how you can take control of your retirement and enjoy it in peace and comfort. It has been incredibly rewarding working with clients to make sure their retirement finance puzzle comes together to form a complete, positive picture. You should not spend your retirement worrying or wondering about this stuff: we can help. We are looking forward to working with many more of you in the coming year! The Team That Makes This All Possible The holiday season is also about expressing gratitude for the important people in our lives. My family and our incredible clients are obviously very dear to me. However, I would not be where I am without the skilled and talented team at Keystone Law. Everyone at the firm has put in a lot of work and hustle this year to make our law practice and financial services work together seamlessly. They have all expanded their roles, tried new things, and have been able to adapt to new circumstances with roaring success. This year, we will be having our first team retreat,
November and December are when our family — and countless families across the country — come together to feast, celebrate, and enjoy each other’s company. In our house, the holidays are all about getting together and sharing great food. While Thanksgiving is known for its tasty meals, my wife and daughters combine forces to bake 2–3 trays each of 50–60 different baked goods for Christmas. The whole Thanksgiving holiday weekend becomes a sugary blast when they create a mountain of delicious treats to give out to friends and neighbors. And the leftovers? They go to everyone at work!
where those who have been working remotely will come to Phoenix, and the entire crew will join together for an invaluable team building experience. I am incredibly grateful to everyone who helps keep this business going to serve our clients and look forward to working with you all in the new year! -Francisco Sirvent
Holiday Elections As I am writing this, the election results have not come in yet. This holiday season will be a bit unique for everyone, and depending on the outcome, some of you may be ecstatic while others may be devastated. While we understand the election results will ultimately have some impact on our daily lives, we want to remind you that each of us is actively responsible for making the world a better place. I know the election cycle is stressful for some people, but we should all come together and celebrate the holidays. We hope you all can bear through this election cycle and focus on what really matters: family, friendship, and fellowship as a community.
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CELEBRITIES SECURE THEIR PETS’ FUTURES Why a Pet Trust Is the Ideal Option Oprah Winfrey
It might sound silly at first, but including pets in your will is a way to ensure your beloved animals are cared for after you’re gone. But these celebrities take it to the next level. Let’s look at three famous examples and the legal nuances behind leaving millions behind for a furry friend. Joan Rivers Joan Rivers, the legendary comedian and TV host, passed away in 2014 at 81. Rivers left a considerable portion of her $150 million fortune to her four dogs — two rescue dogs in New York City and two in Los Angeles.
Oprah Winfrey, the iconic TV legend, has proactively set aside $30 million in her will to care for her dogs once she passes. Over the years, Oprah has had over 20 dogs, and she wants to ensure her furry companions continue to live in comfort even after she is gone. Karl Lagerfeld When the iconic fashion designer for Balmain and Chanel passed away in 2019 at 85, he left a portion of his $300 million fortune to his beloved Burmese cat, Choupette. Legal Aspects of Including Pets in Wills While you may not agree, by law, a person cannot directly will their property to an animal because an animal is also considered property. Instead, you can include a provision in your will that sets aside a certain amount of money for your pet. However, this method is not typically recommended, as there is no real oversight to ensure the funds are used exclusively for the pet’s benefit. A pet trust offers a more reliable way to meet a pet’s needs after you pass. In a pet trust, the trustee delivers the money to the caretaker, who looks after the pet. Additionally, the trust has the legal right to supervise the caretaker and ensure they use the money as intended. Setting up a pet trust is a practical and legally sound solution for those who want to ensure their pets are well-cared for after they’re gone. Of course, it doesn’t have to be millions!
LOCK IN A FAIL-SAFE SAVINGS PLAN
Open a brokerage account. A regular investment account gives you access to stocks, bonds, and other instruments. Most advisors recommend a low-cost index fund as an initial investment, but if you are uncomfortable with stock market volatility, consider certificates of deposit or bonds. If you hold investments for at least one year, your earnings will be taxed at the long-term capital gains rate — far less than the tax on your ordinary income.
Budgeting and saving are skills many Americans learn late in life, if at all. Only 36 states require high schools to offer personal finance courses. While that’s a marked increase from seven states in 2000, it still leaves many Americans adrift. Many consumers benefit from setting up regular automatic deposits to each of the four key savings and investment accounts, either through paycheck withholding or via their bank. With this system, growing their savings requires no conscious effort. Start an emergency fund. Deposit 2% of your paycheck into an emergency fund, either a high-yield savings account or a money market fund. These accounts currently yield about 4% annual interest or more, so your money will be working for you. Work toward setting aside enough to cover at least three months’ expenses to avoid using high-interest credit cards. Automate retirement savings. If possible, put 10%–15% of your paycheck into a retirement account, such as a 401(k), Roth IRA, SEP-IRA, or another investment account. To help you meet this lofty goal, take full advantage of any matching program your employer offers. That’s free money!
Set up a health savings account. Health savings accounts (HSAs) are a powerful way to set aside income
tax-free to pay medical bills. They offer a triple tax advantage in that deposits, earnings, and withdrawals are tax-free if you use withdrawals for eligible medical expenses. You can sign up for these
plans through an employer or HealthCare. gov by opting for an HSA-eligible health insurance plan. To determine how much to deposit, search online for “HSA Contribution Calculator.” Unlike other tax-sheltered savings vehicles, HSAs do not have a “use-it-or-lose-it” requirement, so you can accumulate funds for the future.
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DISCOVER YOUR FAMILY STORY
TAKE A BREAK
APPLE BASKETBALL BLACK FRIDAY
Diving into the world of genealogy can be as thrilling as unraveling a good mystery. Why not embark on a journey through your past? Here’s how to begin your genealogical adventure. Start with what you know. The golden rule in genealogy is to start with the known and work backward. Begin with personal details and then progressively move to exploring parents and grandparents. This systematic approach helps build a robust family tree, starting with the most accessible information. Choose the right tools. A crucial first step is selecting a reliable genealogy database program, which is essential for organizing and collecting various forms of documentation — from personal records to official certificates — needed as the foundation for preserving the familial legacy. The National Genealogy Society has an impressive list of free websites at NGSGenealogy.org/ free-resources/websites . Gather essential records. The next phase involves gathering documents such as recent generations’ birth, marriage, and death certificates.
FIREPLACE GRATITUDE LEAVES NAP PARADE PIE STUFFING TURKEY VETERAN
The search can extend to census records, military enlistments, and old
EXQUISITE LEMON BARS
newspapers. Check out the FamilySearch link on NGSGenealogy.org . Organize family groups. Organizing information into family groups is vital.
Ingredients
Clustering data about immediate family members allows for a clearer understanding of familial relationships and histories. This process clarifies lineage and enriches the personal connection to your ancestors. Share your discoveries. Sharing these discoveries with family members can rekindle relationships and spark collective interest in your shared heritage. These revelations often lead to deeper connections, bridging past and present through shared ancestry. You may even find more information through family members! Enjoy lifelong exploration. Genealogy is more than a hobby; it’s a continuous journey through history with endless opportunities for discovery. It involves solving familial mysteries, breaking through research barriers, and preserving stories for future generations. Genealogy can be a great adventure so grab a cup of tea, pull up a chair, and start uncovering your unique family story. Who knows what fascinating tales you’ll find!
• 2 cups all-purpose flour • 1/2 cup powdered sugar • 1 cup butter, softened • 4 large eggs • 2 cups granulated sugar
• 1/2 cup fresh lemon juice • 2 tbsp grated lemon zest • 1/4 tsp baking powder • 1/4 tsp salt
Directions 1. Preheat oven to 350 F and grease a 9x13-inch baking pan. 2. In a medium bowl, combine flour and powdered sugar. 3. Cut in butter until the mixture resembles coarse crumbs. 4. Press mixture into prepared pan. Bake for 15 minutes or until lightly browned. 5. In a large bowl, whisk together eggs, sugar, lemon juice, lemon zest, baking powder, and salt. Pour over crust. 6. Bake for 25 minutes or until set. Allow to cool before cutting into bars.
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INSIDE THIS ISSUE
Holiday Harmony Amid Election Chaos
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Fortunate Furry Friends and Their Trust Funds
4 Must-Have Savings Accounts to Secure Your Future
Exquisite Lemon Bars
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Uncover Hidden Stories in Your Ancestry
Estate Planning Essentials for Young Adults
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From 18 Onward 3 Essential Legal Documents Every Young Adult Should Have
Health Care Power of Attorney One of the most important documents for any young adult is a health care power of attorney, also known as an advanced health care directive. This document allows a family member or another trusted individual to make health care decisions on behalf of the young adult if they become incapacitated. Without this legal document, parents and legal guardians will be barred from making health care decisions for them and will not be allowed to access their medical information. This can create complications during an already challenging time. Financial Power of Attorney A financial power of attorney is another crucial component of a young adult’s estate plan. This document ensures someone can manage their bills and any financial affairs if they are ever physically incapacitated. Whether paying rent, managing bank accounts, or handling
Every person needs an estate plan, regardless of age or income level. It’s easy to think estate planning is only for the wealthy or older adults, but even young adults can benefit from having essential legal documents in place. Here are three critical estate planning documents every young adult should have and why they’re so important.
other financial matters, having a financial power of attorney provides peace of mind that these tasks will be taken care of without disruption. A Simple Will Finally, every young adult should have a simple will. While it might seem unnecessary for someone with few assets, a will is essential for ensuring their property is distributed according to their wishes. It also simplifies the process for loved ones during a difficult time, reducing potential disputes and confusion. A simple will can address the distribution of personal belongings, digital assets, and any other property, providing clarity and direction for those left behind. Estate planning is not just for the wealthy or older adults; it’s also a crucial step for young adults. Taking these steps now can provide peace of mind and protect them and their loved ones in the future.
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