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Trust Matters SEPTEMBER 2023
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FACE YOUR FEARS BEFORE IT’S TOO LATE Navigate Life and Estate Planning Without Your Partner
The thought of losing a loved one is overwhelming, especially a spouse. We’re afraid of what the future will be like without our partner. I’m not trying to worsen this fear. Instead, I want to help you learn how to prepare for the inevitable rather than wait until it’s too late. You don’t have to face this obstacle alone. I work with numerous clients who have lost their partners or have to plan for when that time comes. Trust me. I know how daunting it can be to walk down this path without them by your side or even just the idea of it! Often, these clients haven’t been single in years, maybe even decades. The thought of their partners’ passing can bring an onslaught of overwhelming questions: What will I do when they’re gone? What will my situation look like without them? These questions can be downright terrifying, and I’ve helped countless clients overcome their fears. The key here is to have a supportive team on your side who can guide you step by step. The last thing you want is to be completely unprepared and distressed about estate plans when you should be grieving the loss of your loved one. Along with battling the fear of losing a loved one, there’s also the fear of being financially unstable with that loss. When you have adult children, there is also the worry that you may become a burden on them financially. Yet, I can promise you that we will always work to create a plan where this never has to happen. The best action you can take for yourself is not to let your fear stop you from getting your estate plans in order. If you’re wondering if your will needs to be updated or tax concerns need to be addressed, the answer will always be “yes!” I recommend you come to Keystone Law to assess your estate plan as early as possible! Usually, tax issues must be addressed while alive and will only worsen if you don’t solve them now. There’s no need to worry. We’re the experts, and we’ll help you with every step in this process. I know that your dread of losing your partner doesn’t just apply to estate planning. You’ll also need support from people around you in this new stage of life. That’s why I am thrilled to have in-person events again for our TrustCare™ clients! Keystone Law’s Intentional Living Summits are an incredible way to meet other clients with similar issues, concerns, and experiences. It’s our way of helping you connect with our team while also making close friends who you can lean on during difficult times.
I love seeing clients who first came to an Intentional Living Summit on their own return a few events later with a new group of friends they made along the way. We recently had another successful summit on Sept. 26 and welcomed over 70 attendees! It was plenty of fun for everyone to get to know each other while learning about our services, including insider updates
on the market. These events offer a safe environment to have those tough conversations you don’t want to work out alone. The goal is for you to not only learn about estate planning but also to connect with others who understand this new stage of your life.
We have Intentional Living Summits throughout the year for our TrustCare™ members, and I hope we see you at the next one! If you want to start working toward successful estate
planning without your partner, you can scan our QR code to review our four-step checklist that will get you on the right track. If you want to learn more about joining our next summit, call our team at 480-418-8448! I hope these events will help you make friendships that will last a lifetime. -Francisco Sirvent
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2. Your Funeral Wishes and Preferences — You should avoid placing your funeral wishes and preferences in your will. It can take multiple weeks before your heirs or attorneys consult your will, and by then, your funeral wishes may have been completely ignored. Rather than adding these desires to your will, leave them in a letter to your closest relative so they can have it on hand when the time comes. Consider things like whether you’d prefer to be buried or cremated, what you’d like included in your obituary, and where you want your funeral to take place. 3. Inheritance for Your Children With Special Needs — One of the most crucial elements to keep out of your will is any assets or funds left for a child with special needs. If you leave funds for them in your will, the government can cut any federal benefits they may be receiving, which can cause a significant reduction in their income. Instead, you should create a special needs trust, which will set money aside for your child that will supplement their government benefits. 4. Your Wishes for Your Pets — Lastly, your will should not include any assets or desires you have for your pets. No pet has any lawful claim to an estate or property. After you designate a guardian for your pet in the event of your passing, you should make arrangements directly with them about your wishes and what you want to leave for your pet. Another great option is to create a pet trust that officially establishes funds meant for your pet’s care and well-being. This is a favorite strategy of celebrities, who often love to pamper their pets. In 2007, wealthy real estate tycoon Leona Helmsley, for example, famously left $12 million to her Maltese, Trouble. The fluffy pup quickly became a millionaire! This is just a short list of additives that may be harmful when left in a will. The details are much more complicated! To learn more about what should and shouldn’t be part of your will, speak with an experienced estate planning attorney who can help you properly place your property and final wishes. Want to Protect Your Assets? Avoid These Inclusions in Your Will
When creating your will, you may be tempted to include directions for every single piece of your property and every personal wish that you have. This instinct makes sense, but the “better safe than sorry” approach can actually come back to bite you! In truth, you’re better off leaving some personal properties and directives out of your will. Adding these specific things to your document could backfire. Instead of successfully protecting your assets, you’ll leave an enormous mess behind for your loved ones. We’d hate to see that happen, so we’ve put together a list of the things you should never include if you want to keep your legacy safe. Here are the top four. 1. Your Business — You must never add your business to your will. All wills must go through a probate process, which can take a significant amount of time. Not only can the time delay cause issues with your business, but this probate process also opens the door for someone to challenge your will and whatever wishes you intend for your business. You don’t want your will or the company you worked so hard to operate to be subject to this challenge. Instead, work with your lawyer to create a business succession agreement to bypass these problems entirely.
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Give Your Pet’s Kibble a Healthy Upgrade!
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We’ve heard time and time again that dry kibble isn’t exactly the best food for pets, but it’s undoubtedly the leading product on the market. If your busy schedule doesn’t allow for homemade meals for your canine or feline friend, you can keep them in tip-top shape with their usual food with these four health-boosting tips!
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Hydrate dry kibble. This may be the most crucial step when enhancing your pet’s meals because, without hydration, it can be difficult for them to digest and even absorb the nutrients in dry food properly. You can ensure your furry friend stays nourished by soaking their food in warm bone broth or goat’s milk. If you don’t have either on hand, that’s perfectly fine — warm water works too! Add fish oil for omega-3s. We humans often talk about the benefits of fish oil for its supportive omega-3s, and that applies to your pets too! Not only does fish oil help pets have shiny coats, but it also supports healthy joints, hearts, cognitive functions, and more. You simply pump some fish oil onto hydrated kibble, and it’s ready for your pet to eat. Top with raw food. Your pet will love devouring a highly nutritious pile of raw food on top of their kibble! Freeze-dried, air-dried, or frozen raw toppers are all outstanding options for increasing your pet’s protein and vitamin intake, as they’re a mix of meats, fruits, vegetables, and sometimes even ground bone! Dried or frozen toppers also retain their nutritional value and health benefits while staying storage-friendly. Pack in the vitamins! Every pet can benefit from a multivitamin, just like people! Because the nutrients in kibble can be difficult to absorb, a multivitamin can help fill any gaps left. Countless pet multivitamins are available on the market, and they include incredible supplements like probiotics, immune support, joint support, and more! Speak with your pet’s veterinarian to learn what nutrients you should prioritize for their diet. Then, you can start filling their kibble dish with everything they need to live a happy and healthy life!
WALNUT AND BLUE CHEESE TOMATO SALAD
Inspired by FeastingAtHome.com
Ingredients
• Chopped fresh Italian parsley, to taste • 3 tbsp olive oil • 2 tbsp red wine or balsamic vinegar • 1 garlic clove, finely minced
• 1/2 cup walnuts • 2 lbs ripe heirloom tomatoes • Kosher salt, to taste • Black pepper, to taste • 1/4 cup smoked blue cheese, thinly sliced • 1 tbsp fresh dill
Directions 1. Preheat oven to 350 F. On a baking sheet, toast the walnuts in the oven for 12–14 minutes. 2. Wash and slice the tomatoes. Place slices on a platter, slightly overlapping. Sprinkle with salt and pepper to taste. 3. Scatter toasted walnuts and blue cheese on top, followed by dill and preferred amount of parsley. 4. In a small bowl, whisk olive oil, wine or vinegar, and garlic to make the dressing. 5. Spoon dressing evenly over salad and serve.
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INSIDE THIS ISSUE
Join Our Intentional Living Summits for Support and Connection
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Want to Protect Your Assets? Avoid These Inclusions in Your Will
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Walnut and Blue Cheese Tomato Salad
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Improve Your Pet’s Health With These Kibble-Enhancing Tips
Step-Up in Basis Will Save You Tax Dollars
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USE THIS ESTATE PLANNING LOOPHOLE TO SAVE Don’t Pay More Capital Gains Tax Than You Should!
two decades, the home’s appreciation can easily be hundreds of thousands of dollars. As a result, they could be left with little profit after forking over the capital gains tax. Meanwhile, if your child were to inherit the property after your passing, they would only need to pay the capital gains tax from the market value at the time of your death instead of when it was initially purchased. The basis of the asset’s value is stepping up in time to adjust the appreciation value. That’s why it’s called a step-up in basis! The result? Your child will save on expensive taxes and start building wealth with this property’s profit.
There are plenty of estate planning maneuvers, but when done without the guidance of an attorney, these techniques may end up costing your family a fortune. One action that can do more harm than good is transferring your assets into your children’s names. While it might seem like you’re helping them, they could miss out on a significant tax break: step-up in basis.
What is the step-up in basis loophole? When you want to transfer a physical property or stocks into your child’s name, they will often need to pay a substantial capital gains tax. The value of these assets increases over time, and
when you transfer them to your child, they will have to pay tax on all the appreciation, or the increase in value, from when you first purchased the property to the sale date.
Instead, try putting your assets in a living trust. So, how can your child take advantage of the step-up in basis? You can put your assets in a living trust and add them as a beneficiary. Instead of being considered an owner, your child will only inherit your estate after your death. While a living trust has plenty of benefits, you should always consult an attorney to understand if this is the right move for you, your specific assets, and your children.
Regarding homes, the value can significantly increase over just a few decades. After
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