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Notes From The Field
April 2024
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WHY FINANCIAL LITERACY IS AN ESTATE PLANNING ISSUE SHOW ME THE MONEY
3. Where do we keep track of our monthly and yearly budget?
Clear communication around money is one of the biggest challenges couples face when they get married. Whether dealing with differences in spending priorities, budgeting practices, or their relationship to money, it can be difficult getting on (and staying on) the same page. Money is one of the leading causes of divorce in America, with financial problems contributing to somewhere between 20%–40% of all divorces. When it comes to estate planning, having open conversations and addressing concerns around your finances is critical to making sure your plan works how and when you need it to. The immediate issue for finances and estate planning is funding your trust. You must make sure all your assets are titled appropriately so your trust has authority over your estate. It is all too common to see families who create detailed documents specifying exactly how they want their estate to be distributed only to discover that not a single account or property has been put into the name of the trust. When this happens, families are forced to go through a lengthy court process that does not guarantee their initial wishes will be carried out. Also, if only one spouse handles the finances or your finances are handled separately, there can be serious issues in the event of incapacity. If the individual who manages the money suddenly becomes unable to think or speak clearly, the other partner can deal with unnecessary stress and hardship. It can result in missed payments, mismanaged money, and extreme financial difficulties.
4. Where are the checking accounts held?
5. Where are the savings accounts held?
6. Where are the brokerage accounts held?
7. Where are our retirement accounts held?
8. What are the logins, passwords, and account numbers?
9. Where are the health insurance cards kept?
10. Is there any life insurance I don’t know about?
11. Who are our trusted advisors (estate planning attorney, primary care physician, broker, insurance agent, and other trusted advisors) and where do we keep their contact information? 12. Where do we keep all our important documents (i.e., Social Security cards, birth and marriage certificates, trust documents, etc.)? In an effort to assist you in this journey, our office is hosting a few different conversations around money this month. These events are engineered to provide an introduction to scientific investing principles and open conversations in your family about your relationship to money. For more details and to register for these virtual events, contact our office. As your estate planning attorney, I am committed to partnering with your family in finding freedom, fulfillment, and love around your finances. My team looks forward to connecting with you to make sure you have set your family up for success.
The best way to mitigate these issues is to address the conversation with your spouse in full before there are issues.
Since April is Financial Literacy month, we recommend you set aside time with your partner to discuss all things financial. To get started, here are 12 basic questions for you to consider so that both of you are capable of handling your finances.
1. Are the bills sent electronically or mailed? How do you pay them, and from which account?
2. Do you have any automatic money transfers set up?
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BRAIN GAMES
SOLUTION
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TAKE A BREAK
Keeper Ledesma Showed Fans a Different Kind of Save
ARBOR ARIES
BASEBALL CHERRIES CHOCOLATE DAISY DIAMOND ENVIRONMENT GARDEN KITE
How a Goalie Helped Rescue a Stricken Spectator
RAINBOW SHOWERS
The European football pitch is often the scene of bitter rivalries and even violence between fans, but spectators at a 2022 match between the Spanish professional football clubs FC Barcelona and Cadiz CF witnessed an entirely different kind of drama. The match was suspended when a spectator in the end zone collapsed. As medical staff rushed to help, the goalie for Cadiz broke from his position, raced to his team’s dugout, retrieved a medical kit with a defibrillator, sprinted back toward the scene, and tossed the kit to the medics. Thanks in part to the defibrillator, which medics used to resuscitate the victim, he was safely transferred to a nearby hospital.
Grilled Steak With Chimichurri Sauce
Many onlookers credit Cadiz’s goalie, Jeremias Ledesma, with averting a tragedy.
It is hard to tell who will step up in a crisis and who will freeze. People who are normally empathetic may shrink back, while sometimes introverts dive in to help, surprising even themselves. Those who respond heroically tend to be hopeful people who take charge in difficult situations — traits professional soccer goalies clearly need. People who step up to help others also tend to have a strong sense of responsibility, another requirement of keepers. The coach of the rival team praised Ledesma’s quick thinking. “We’re talking about a human life, and any human life is above a soccer game,” Barcelona’s coach, Xavi Hernandez, was quoted as saying. Only after the spectator was revived and en route to the hospital did the teams agree to resume the game. Although Cadiz lost the match 4-0, Cadiz fans went home with a different kind of win — global recognition of their goalkeeper’s good deed. Video of Ledesma’s quick response quickly went viral, earning “massive respect” from commenters and worldwide plaudits for heroism.
Ingredients
Inspired by TheSpruceEats.com
For the grilled steak: • 2 lbs steak (flank, sirloin, or skirt steak) • 2 tbsp olive oil • Salt and pepper, to taste
For the chimichurri sauce: • 1 cup fresh parsley, chopped • 2 cloves garlic, minced
• Juice of 1 lemon • 2 tbsp olive oil
• 1 tsp red pepper flakes • Salt and pepper, to taste
Directions 1. Preheat grill to medium-high heat. 2. Rub the steak with the olive oil, salt, and pepper. 3. Grill the steak for 4–5 minutes per side or until it reaches desired doneness. 4. Meanwhile, make the chimichurri sauce: In a small bowl, mix together the parsley, garlic, lemon juice, olive oil, red pepper flakes, and salt and pepper. 5. Let the steak rest for 5 minutes before slicing. 6. Serve the steak with the chimichurri sauce and enjoy!
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Grilled Steak With Chimichurri Sauce
Soccer Goalie Saves a Fan’s Life
What We Can Learn From Chaotic Celebrity Probate Battles
Chaotic Celebrity Probate Battles Hold Lessons for All BIGGER STARS, BIGGER MESSES
her an allowance so she could remain in the couple’s home. However, his three children eventually inherited the home, and the widow agreed to a settlement in 2015. Even murkier is the case of Gary Coleman, star of the TV series “Diff’rent Strokes.” Coleman died at age 42 after a fall in his home left him in a coma with a brain hemorrhage. Coleman and his ex-wife, Shannon Price, divorced in 2008, and the actor left his estate to Anna Gray, his personal assistant and former girlfriend, in a 2005 will. Price claimed Coleman created a 2007 codicil that left his assets to her, so the battle dragged on for years. The lesson here? The bigger they are, the harder they fall? Perhaps. But there is also real wisdom to be gained: Don’t do as these celebrities did. Seek professional help with estate planning — long after you’re gone, your loved ones will thank you for it.
In November 2020, after 20 years of leading the high-flying retailer Zappos, Hsieh died alone without a will at age 46 from injuries caused by a fire he set himself, leaving a $500 million estate. He had jotted many of his final wishes only on sticky notes, so his family and friends are still battling in court. After the artist formerly known as Prince died in 2016, no fewer than 700 people claimed to be his descendants. Without a will or named executor, the artist’s estate remained unsettled for years as lawyers, bankers, advisers, and heirs haggled over it. It took DNA testing to clear the fog, qualifying his sister and five half-siblings as his rightful heirs. Relatives of the beloved comedian Robin Williams mounted a long and bitter legal fight over his estate, estimated at more than $100 million. His widow, Susan Schneider Williams, claimed Williams intended to leave
While living celebrities claim an outsized share of our attention, many keep grabbing headlines long after they die. Among crazy celebrity probate cases, few have made a bigger mess than celebrated entrepreneur Tony Hsieh.
Photo: Eva Rinaldi
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