Take a look at our April newsletter!
April 2025
603-894-4141 | 978-969-0331 | LegacyCareLaw.com
Don’t Let Your Estate Plan Collect Dust
Why Your Estate Plan Needs a Check-Up This Spring
With the arrival of spring, it’s the perfect time to declutter, refresh, and reorganize — and not just our homes but also our important legal documents. Just as you wouldn’t let dust and clutter pile up in your living space, your estate plan deserves regular attention to ensure it remains aligned with your goals and evolving life circumstances. I often tell clients that updating an estate plan isn’t about making drastic changes every year; rather, it’s about confirming everything still functions as intended and avoiding any unpleasant surprises down the road. Many assume 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 you may move or restructure assets without realizing the potential impact on your plan. I recommend reviewing your estate plan at least every few years, even if everything seems the same on the surface. That said, if there has been a significant life event, reviewing your plan 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 your estate should be structured. Additionally, health changes, whether your 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 your estate plan functions when the time comes to execute it.
One of the most common oversights I see is when clients change how their assets are held but don’t adjust their estate plan accordingly. This can create a logistical nightmare during estate administration. Beneficiary designations, ownership structures, and trust funding must be synchronized within your plan. Without this alignment, assets could end up bypassing intended beneficiaries, creating tax complications, or even requiring a probate process that could have been 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 structured properly, 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 takes 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 your family. That’s why, at our firm, we never charge clients for review meetings. You’ll never receive a bill for coming in to check that your 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 that, when the time comes, their wishes are honored exactly as they envisioned. Spring is all about renewal, and there’s no better time to give your estate plan the attention it deserves. Whether it’s been a few months or several years since you last reviewed your documents, now is the perfect time to take another look. So, as you tackle your spring- cleaning, consider adding “estate plan review” to your to-do list. Your future self and family will thank you for it.
LegacyCareLaw.com 1
Published by Newsletter Pro • www.newsletterpro.com
Making Sense of Powers of Attorney
Everything You Need to Know
Financial POA: A financial POA is a limited power of attorney specifically focused on managing financial matters. It allows your agent to oversee investments, pay bills, and handle banking responsibilities. Medical (Health Care) POA: Another limited type, medical POAs allow your agent to make health care decisions to ensure your preferences for treatment and care are followed if you cannot make decisions on your own. Springing POA: Springing POAs become effective only upon a specified event, typically your incapacitation. Choosing an Agent The agent you choose will have significant control over your affairs, making it vital to select someone trustworthy and competent. In addition to understanding your values, your agent should be financially responsible and available when needed. It’s also wise
A power of attorney (POA) is a crucial component of estate planning that enables you to appoint someone to manage your financial, legal, or medical affairs. Understanding the different types of POAs and their functions is essential to ensure your wishes are honored and your interests are protected. Types of Power of Attorney General POA : A general power of attorney grants your agent broad authority to handle financial and legal matters on your behalf, including managing bank accounts, signing documents, and conducting real estate transactions. Durable POA: A durable power of attorney is similar to a general POA but remains in effect if you become incapacitated. Limited (Special) POA: Limited POAs only apply to specific tasks or transactions, such as selling property or managing medical care.
to appoint a successor agent to serve as a backup if your primary choice is unable or unwilling to serve. Legal Considerations Each state has its own POA requirements, so consult with an estate planning attorney to ensure your document complies with local laws. Regularly reviewing and updating your POA, especially after significant life events, is also essential to ensure it remains aligned with your current intentions. With the right plan in place, you can have peace of mind that a trusted individual will manage your affairs as you’d like if you cannot.
AFTER A LOVED ONE’S PASSING Essential Financial and Estate Tasks
Gather financial and legal documents. Ideally, you should know where your loved one’s important documents are, but this isn’t always true. They’ll often be in a home safe, in a bank safe deposit box, or with an attorney. Essential documents to gather include their will, life insurance policies, financial records, and property titles. These are crucial for initiating the probate process, if applicable, and managing the estate. Contact an attorney and executor. In addition to helping gather documents, an estate attorney will guide you through probate if needed and ensure legal obligations are filled, debts are settled, and assets are distributed according to the will. The executor will work closely with the estate attorney to complete these tasks and fulfill your loved one’s wishes.
Notify financial institutions. Quickly contacting banks, credit card
Losing a loved one is an emotional experience, but addressing key financial and legal matters to manage their estate effectively is essential. Staying organized and focused during this challenging time will help you handle your loved one’s affairs smoothly and according to their wishes. Secure property and assets. Immediately following your loved one’s death, secure their residence and other property to prevent unauthorized access. If you are concerned about who has keys, such as cleaning companies and home care providers, consider changing the locks. This is also a good time to inventory valuable assets, including jewelry, heirlooms, and important paperwork. Creating an inventory helps identify items before you remove them — and prevents disputes among heirs.
companies, and insurance providers to notify them of the passing will freeze accounts and prevent unauthorized transactions. It will also ensure benefits such as life insurance payouts are correctly processed. Additionally, inform the Social Security Administration and pension offices to stop payments and, if applicable, begin survivor benefits. Settle debts and file taxes. Identify any outstanding debts, such as loans, credit card balances, or utility bills, and arrange to pay them from the estate’s funds. You need to file the deceased’s final federal and state income tax return, and estate taxes may apply depending on state law. Consult a tax professional or an attorney for help if needed to ensure accuracy and peace of mind during this complex process.
603-894-4141 | 978-969-0331 2
Published by Newsletter Pro • www.newsletterpro.com
Protect Your Assets from Nursing Home Costs. Avoid Probate Fees and Frustration. Minimize Death Taxes.
LEARN ABOUT ESTATE PLANNING FROM OUR ATTORNEYS
Tuesday, May 13th: 6 PM in Lynnfield, MA Wednesday, May 14th: 1 PM or 6 PM in Burlington, MA Thursday, May 15th: 1 PM in Woburn, MA In-Person Seminars
Call us or visit our website to sign up: 603-894-4141 or 978-969-0331 www.legacycarelaw.com
OFFICES LOCATIONS: SALEM, NH
NASHUA, NH
BEVERLY, MA
WOBURN, MA
NORTH ANDOVER, MA
remains commissioned to this day after being used in some of our country’s most significant achievements at sea. The USS Constitution was first commissioned circa 1797 during the Quasi-War with France before being shipped off to North Africa during the U.S. conflict with the Barbary Pirates. However, the ship’s greatest fame came during the War of 1812, when it helped secure a victory against the British Navy. Known for its virtually impenetrable construction, the USS Constitution earned the nickname “Old Ironsides” after it was victorious against a British warship known as the HMS Guerriere. When the war-worn Old Ironsides seemed to be nearing the end of its structural life and would need to be decommissioned in 1830, a national campaign to save the ship kept it in service. By 1881, Old Ironsides finally got its well-earned retirement, and the ship was officially decommissioned. Was that the end of this iconic vessel’s storied history? Not by a long shot! In 1931, the Navy returned the ship to a different kind of active duty, where it remains to this day. These days, Old Ironsides is docked in the Charlestown Navy Yard in Boston, Massachusetts — next to a nonprofit museum dedicated to preserving its incomparable impact on American history. The warship and museum attract hundreds of thousands of visitors annually, and official USS Constitution crew members are on hand to deliver presentations on the frigate’s extraordinary past. More than 200 years after it first left Boston Harbor, Old Ironsides continues to stand (or, more accurately, float ) as a symbol of American ingenuity and our nation’s commitment to liberty and freedom for all.
A Deep Dive Into ‘Old Ironsides’ America’s Invincible Icon
Some American institutions were built to last.
In 1794, a shipbuilder named Joshua Humphreys earned his status as an American hero by designing the first half-dozen warships used by the U.S. Navy. Amazingly, one of these ships, the USS Constitution,
LegacyCareLaw.com 3
Published by Newsletter Pro • www.newsletterpro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
9 Red Roof Lane, Salem, NH 03079 603-894-4141 978-969-0331 LegacyCareLaw.com
INSIDE THIS ISSUE
1
The No. 1 Estate Planning Habit Ensuring a Stress-Free Future
2
A Simple Guide to Powers of Attorney
Steps to Handle a Loved One’s Estate
3 4
A Naval Legend Lives On
The Psychology of Celebrating Small Wins
Celebrate the Small Things WHY EVERY WIN MATTERS
Practical Ways to Celebrate Small Wins Incorporating small celebrations into your daily routine doesn’t have to be complicated, so here are three strategies to help you get started. • Track your achievements in a progress journal. Seeing progress in writing can be very rewarding and provide much-needed motivation when things get difficult. • Share your win with friends and family. When you celebrate your achievements with others, you strengthen personal connections and add positivity to the experience.
Working toward big goals is a rewarding and exciting process, but it can also feel overwhelming. It’s easy to get bogged down thinking about how far you still have to go, but you can use a simple strategy to maintain your momentum: Focus on small achievements. The Science of Small Wins While seemingly insignificant, celebrating small wins has psychological benefits that can carry over into every aspect of your life. When you celebrate small achievements, your brain releases dopamine, the “feel good” chemical that lifts your mood and motivates you to keep going. This positive reinforcement generates momentum, making it much easier to tackle the next step. Acknowledging small wins also has a measurable impact on mental health. It reduces stress, improves resilience, and helps build a growth mindset. Focusing on your accomplishments allows you to alter your perspective, and you learn to see challenges as opportunities for growth.
• Reward yourself. Even simple rewards
reinforce the habit of recognizing progress and help make the journey more enjoyable.
Achieving small goals is always worth celebrating. Acknowledging every step forward, no matter how seemingly insignificant, helps you stay motivated and confident while improving your overall mental well-being.
4
603-894-4141 | 978-969-0331
Published by Newsletter Pro • www.newsletterpro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator