Take a look at our June newsletter!
June 2025
603-894-4141 | 978-969-0331 | LegacyCareLaw.com
It’s Time to Dust Off Our Estate Plans! WHY EVERY ESTATE PLAN NEEDS A CHECK-UP THIS SEASON
This season is the perfect time to declutter, refresh, and reorganize — not just our homes but also our important legal documents. Just as we wouldn’t let dust and clutter pile up in our living spaces, an estate plan deserves regular attention to ensure it remains aligned with our goals and evolving life circumstances. I often tell our clients that updating an estate plan isn’t about making drastic changes every year; instead, it’s about confirming everything still functions as intended to avoid any unpleasant surprises down the road. Many assume that once they’ve completed their estate planning, they can set it aside indefinitely. However, estate plans are not static documents — they should evolve as your life does. Even if nothing major has changed in your situation, a periodic review is essential. Laws change, financial circumstances shift, and people may move or restructure assets without realizing the potential impact on their plan. I recommend our clients review their estate plans at least every few years, even if everything seems the same on the surface. That said, if there has been a significant life event, a review isn’t just advisable — it’s critical. A move to a new state, a marriage or divorce, or changes in business interests can all affect how an estate should be structured. Additionally, health changes, whether one’s own or a loved one’s, may prompt adjustments to powers of attorney, health care directives, or trust provisions. These events can dramatically impact how an estate plan functions when the time comes to execute it. One of the most common oversights I see is when our clients change how their assets are held but don’t adjust their estate plans accordingly. This can create a logistical nightmare during estate administration. Beneficiary designations, ownership structures, and trust funding must be synchronized within a plan. Without it, assets could bypass intended beneficiaries, creating tax complications or even requiring a probate process they could have avoided. I’ve seen too many families deal with unnecessary stress and financial burdens because an estate plan wasn’t properly maintained. However, I’ve also seen firsthand the relief that comes from a well- maintained estate plan. I recently worked with a surviving spouse whose late husband had a habit of actively trading stocks. Because he took the time to meet with us regularly for estate plan reviews,
everything was correctly structured, making the transition after his passing incredibly smooth. His wife didn’t have to scramble to piece things together; instead, she could grieve and focus on healing. This preparation lifts an enormous burden off loved ones and is precisely why estate planning is not only for protecting assets but also for providing peace of mind. I firmly believe estate plan reviews are integral to ensuring a smooth transition for our clients’ families. That’s why, at our firm, we never charge our clients for review meetings. They will never receive a bill for coming in to check if their estate plan is still working as intended. The key to success in estate planning is maintaining it over time. We want our clients to feel comfortable coming back for regular check-ins, making necessary updates, and ensuring their wishes are honored exactly as they envisioned when the time comes. There’s no better time to give an estate plan the attention it deserves. Whether it’s been a few months or several years since our clients last reviewed their documents, now is the perfect time to take another look. So, let’s consider adding “estate plan review” to our summer to-do list.
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Protect What Matters Most YOUR FAMILY, VALUES, AND WEALTH
When people hear the term “estate planning,” they think of wills, trusts, and the legal steps to distribute assets after death. But what if there’s more to planning than just securing finances? Legacy planning goes a step further, focusing on preserving values, beliefs, and the well-being of future generations. It’s about leaving a mark that transcends material wealth — creating a lasting impact on your family, community, and causes you care about most. Though estate and legacy planning are similar in many ways, the two have key differences. You must ask yourself what you want the world to remember you for. Is it simply ensuring your assets are divided fairly, or do you want to pass down wisdom, tradition, and a sense of purpose? Protect what you built. Estate planning is the process of preparing a plan for what will happen to your property, money, and other valuable assets when you pass away. It’s focused on the financial details and the legal steps to ensure everything goes smoothly for your heirs. Your estate is not about you; it’s about what you own. Through estate planning, you create legal documents that spell out every aspect of asset distribution, ensuring there are no surprises, complications, or disputes for your loved ones.
You’ll look at how to reduce the estate’s taxes so more of what you’ve built over your lifetime goes directly to your family. The main elements in an estate plan are wills and trusts, designating a power of attorney, establishing health care directives, and choosing who will act as guardian to your children if you die or become incapacitated. Emphasize values over valuables. Legacy planning includes all of the same designations and protections, but it goes far beyond finances, getting into abstract valuables in your life. The focus is on the lasting impact you want to leave behind and the values you hope to instill in younger generations. While you think about the essentials, like who will care for your children, you also consider what you’re most passionate about. You can chronicle your personal history, the experiences that shaped you, and the life lessons that matter most through a legacy letter, a personal document to accompany your will. Legacy planning often includes family meetings so you and your loved ones can discuss your values together and learn the reasoning behind your choices. This is also an opportunity to give back to the philanthropic causes that bring you joy and purpose. If you volunteered for a nonprofit for many years, are a proud alum of your college, or want to support a social cause, you can establish charitable foundations, scholarships, or endowments in your legacy plan. Cover all the bases. Legacy and estate planning are crucial parts of a comprehensive and holistic plan for your future and the people you love. When you have both in place, they can complement each other and provide a greater sense of peace and confidence that your wishes will be respected. By combining both strategies, you address your financial and legal responsibilities while prioritizing your ethics. This comprehensive process provides for your family and secures funds to support the causes you care about. By addressing the financial and emotional aspects of estate planning, you can leave behind a legacy that secures your family’s well-being and leaves a lasting mark.
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Procrastination Got You Down? THE ZEIGARNIK EFFECT COULD BE THE KEY TO YOUR SUCCESS
Take a moment to reflect on your high school years. Were you the student who completed all your assignments well before the deadline? Or were you the student waiting until the last second to get started? Maybe you thought you could still do it in time with a passing grade, or perhaps you didn’t know where to begin. Regardless of the reason, you procrastinated. Many people associate procrastination with schoolwork, but you can procrastinate about work, household chores, and even fun experiences like vacation planning. Those who struggle with procrastination have likely tried countless strategies to improve their efforts, from adjusting their environment to utilizing time management applications. However, we often overlook one strategy that’s been around for over a century. The next time you procrastinate, try using the Zeigarnik Effect to your advantage. The Zeigarnik Effect is a phenomenon wherein people remember unfinished tasks better than completed ones. Here’s how it works: When you have tasks you need to do, don’t commit to finishing
them in a day or assigning yourself a deadline. Instead, commit to doing them for five minutes. Once those five minutes have passed, you can step away from the task. However, oftentimes, you continue working because you’ve found your flow and don’t want to leave it unfinished. If you continue to leave your tasks unfinished after starting them, try breaking them down into smaller steps. Each time you accomplish one of the smaller tasks, you gain motivation to continue your project. If you need to step away from your desk for more than a few minutes, write down the unfinished task. Doing so will keep it at the top of your mind, ensuring you return later to finish. This strategy shifts your mindset and increases productivity while avoiding the stress of starting something new. Unfortunately, procrastination can be a roadblock to a happier, more fulfilling life. So, if other strategies have failed you previously, try the Zeigarnik Effect!
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9 Red Roof Lane, Salem, NH 03079 603-894-4141 | 978-969-0331 LegacyCareLaw.com INSIDE THIS ISSUE
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The No. 1 Estate Planning Habit to Ensure a Stress‑Free Future
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Pass Down More Than Just Money
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Meet Procrastination’s Worst Enemy
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Allison Holker’s Financial Nightmare
DANCING WITH DEBT The Costly Lesson From tWitch’s Estate
When dancer Allison Holker lost her husband, Stephen “tWitch” Boss, unexpectedly, she wasn’t just grieving — she was hit with a financial nightmare. After his passing, Holker recently revealed she was left with a staggering $1 million tax bill, saying she’s “still in the trenches,” trying to dig her way out. Though spectators may have assumed she would inherit the wealth from his reality TV and dancing career, she inherited his debt. It’s a reminder that money problems don’t discriminate, and financial planning isn’t just about building wealth — it’s about protecting yourself and loved ones from unexpected burdens. In Holker’s new tell-all book, she said her late husband had spent money recklessly, giving away significant sums to family and friends and purchasing everything from weird art to drugs. The news blindsided her since they had always maintained separate bank accounts, and it seemed they were both managing their independent finances just fine. Though they had been married for nine years, Boss never left a will, leaving her to sort through the financial mess with no plan or instructions. Paying off his debts drained his accounts, and the challenges kept adding up to more dollar signs. The family had no medical insurance after his death because he didn’t list them on his policy. He also failed
to pay his family’s homeowners insurance and still owed car payments, which were all bills Holker had to “catch up” on. The small residuals Holker earned from Boss’ television work barely dented the tax bill.
Photo: Lexi DiStefano
Holker said she had never expected to face a substantial financial emergency like this and wishes they had planned better for the unexpected.
“I think it’s a really important conversation to have because you can’t really prep for something like this,” she said.
Holker had to navigate this financial storm with no plan in place or clear directives from her late husband, all while facing the pain of losing him. It’s an important reminder that an estate plan can help protect loved ones from overwhelming debt and legal complications when the unthinkable happens.
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