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August 2024
603-894-4141 | 978-969-0331 | LegacyCareLaw.com
PLAN WITH RESPECT
How to Gently Broach the Topic of Estate Planning With Aging Parents
Focus on the practical benefits. Explain how a well-drafted plan avoids the need for the family to go to court to settle their estate, minimizes taxes, and ensures assets are distributed according to their wishes without unnecessary delay or legal hurdles. When you highlight how beneficial estate planning is, you can make it clear how it can simplify financial and medical decisions if they ever become unable to manage their own affairs. Address their concerns with empathy. Your parents will likely have concerns. They may worry about the cost, the complexity of the process, or confronting uncomfortable decisions. Listen to these concerns with empathy. It’s vital to acknowledge their feelings and provide clear, straightforward answers. Explain that the initial discomfort can prevent significant stress and hardship for their loved ones later on. Choose the right moment. Timing is everything. Choose a relaxed setting without distractions. It might be a quiet afternoon at their home or a private dining room after a family lunch. Ensure the atmosphere is calm and the conversation unhurried. This demonstrates your respect for their comfort and readiness to engage in this meaningful discussion. Keep the conversation going. Estate planning is not a one-and-done conversation. It should be an ongoing dialogue, adapting as circumstances change. Encourage your parents to consider estate planning as part of regular life planning, like annual health check-ups or financial reviews. In my practice, I’ve seen how thoughtfully approaching this topic can not only provide legal and financial security but also bring families closer. It opens up lines of communication about values, life lessons, and family heritage. As daunting as it may seem to start this conversation, the peace of mind it brings to everyone involved is immeasurable. If you’re preparing to discuss estate planning with your aging parents, remember that this conversation is ultimately an act of love and respect. You’re helping them ensure their wishes are honored and that they are protecting what matters most — their family.
One of the most delicate conversations I guide our clients through is discussing estate planning with their aging parents. It’s a topic that requires as much compassion as it does diligence. Today, I want to share some insights on how you can approach this critical conversation with sensitivity and respect, ensuring your parents feel empowered and respected throughout the process. Start the conversation. First and foremost, the idea of initiating a talk about estate planning can feel daunting. You might worry about your parents’ reaction to discussing their mortality or the implications of planning for incapacity. However, it’s paramount to approach this conversation with the understanding that it’s not just about the end of life but about making the remaining years as fulfilling and worry-free as possible. One effective way to start is by sharing a personal story or a situation you heard about that underscores the importance of having an estate plan. This can be about someone who benefitted from clear planning or suffered from the lack thereof. This approach can naturally lead to discussing the importance of making sure their wishes are respected and fulfilled. Emphasize their control. Most importantly, when discussing estate planning, it’s vital to emphasize that the process is about protecting their control rather than giving it up. Reassure your parents that estate planning is a means to assert their decisions on health care, asset distribution, and their legacy. It’s about ensuring their wishes are clearly laid out and legally protected.
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FURRY FRIENDS, HAPPY HOMES Create a Comfortable Haven for Your Canine Companion
We consistently adjust and add things to our homes to make them more comfortable, but we should remember our furry friends, too! Our dogs also deserve a comfy spot to rest, and it’s as easy as picking up a few items from your local home improvement store.
to this behavior. The next time you’re out, pick up a bitter apple spray and use it on your baseboards, furniture legs, and anything else your dog may chew on to prevent them from tearing up your home. You might not think you need to buy new appliances when you get a dog, but it can help you maintain your home better. Certain vacuum cleaners pick up pet hair better than others. Additionally, you will need to run their beds and toys through the washer and dryer at some point, so ensure your appliances are up for the task.
Since dogs spend most of their time on the ground, especially if you don’t allow your pups on furniture, you should make extra efforts to ensure the floor fits their needs. As dogs grow older, they will need more traction to move around. Soft rugs can provide them with a snug spot to rest. You might think that installing carpet is a better option, but dogs can have accidents and get sick more frequently as they age, putting your carpet at risk. Many stores also sell comfy, machine-washable dog beds at reasonable prices. Another area of your home you should pay attention to is your baseboards, as your furry friend may mistake them for chew toys. This is much more common in puppies, but dogs of all ages are susceptible
Finally, make sure you have a doormat or something for the dogs to walk over near your doors. This will prevent them from tracking mud, dirt, and other debris into your home.
Bringing home a dog can be fun but requires preparation. Take these steps to ensure your dog is comfortable and your house is fully puppy-
proofed for their arrival.
Bulls, Bears, and Ballots — Oh, My! DECODING ELECTION YEAR STOCK MARKET TRENDS
Making money in the stock market can often evolve into a pattern recognition game, with investors searching for any repetition in past data. Many traders and analysts have noticed a particular market trend in election years — and some wonder what that means for 2024. Let’s look at the data gleaned from previous years and uncover how (if at all) it applies now. Emerging Patterns A bull market is an economically stable time when prices are increasing. In contrast, a bear market is when stocks
are losing value. Typically, stock market patterns in presidential election years show a weaker first half (bear), followed by a dip around May. After June, the index usually rises (bull), and the Dow’s second-half return in election years is an average of 8.6% as opposed to 3% in other years. So, based on history, the stock market usually performs weaker at the beginning of an election year due to economic uncertainty surrounding the candidate’s policies. As the year goes on and the parties solidify their plans throughout their campaigns, that ambiguity wanes, and the market picks back up. Looking to the Future Investors are always trying to hedge their bets and plan for long-term economic downturns, another pattern worth looking into. According to T. Rowe Price, a global investment management firm, there’s a 22% probability of an election happening
during a recession. What’s interesting, however, are the numbers in the years that follow. There’s a 57% chance the following 365 days will have a recession, with the second and third years coming in at 30% and 17%, respectively. The big question remains: Will the winner of this year’s race create an unstable market? Rob Haworth, senior investment strategy director at U.S. Bank Wealth Management, says, “At the presidential level, the differences between the candidates, from an investor’s perspective, are not as significant as many would expect.” Change is constant in the markets, so don’t base your entire portfolio on this historical data. Trends like this are never guaranteed to repeat — they’re simply interesting patterns discerned in previous years. Instead, use this information to inspire your investments and empower yourself with clever strategies for cultivating long-term financial stability.
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Facts About the Late French Queen Marie Antoinette HEADLESS OF STATE
While France may be known for its artwork, culture, and cuisine, the French Revolution was anything but beautiful, cultured, or tasteful. Instead, it was a brutal, vengeful affair, culminating in the ruthless execution of the French royal family and the end of their royal line. One of the most famous characters from this brutal time was the French queen, Marie Antoinette. She became a symbol for all complaints levied against the French throne, from extravagant spending to their brutal crackdowns on dissent, even though she wasn’t the actual perpetrator. In the end, it didn’t matter. Marie Antoinette, at age 37, was beheaded by guillotine in October 1793. Here are three true facts about Marie Antoinette. Cake: Not on the Menu Although many ascribe the infamous words, “Let them eat cake,” to Marie Antoinette, she likely never uttered them at all. Many other royals, including the French noblewoman Marie Therese more
than a century earlier, had been credited with uttering the notorious sentence. So, someone else had likely said it before the French Revolution ever happened. Young Newlyweds Talk about a crowded household: Marie Antoinette was the 11th daughter of Holy Roman Emperor Francis I, the head of the powerful and influential Habsburg dynasty. She did not spend many years at home, however, because she was just 14 years old when she married the future king of France, Louis XVI. Faux Farmer Despite her regal estate and lavish lifestyle, one of Marie Antoinette’s favorite pastimes was pretending to work as a farmer. She had an entire fake farm built on the grounds of her palace in Versailles, where she and other noblewomen would dress in costumes and pretend to be sheepherders and milkmaids.
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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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Empower Your Parents Through Estate Planning Conversations
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Create a Dog-Friendly Home With Simple Upgrades
Do Elections Affect the Stock Market?
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The Truth About France’s Marie Antoinette
Don’t Make the Same Financial Mistake as Chadwick Boseman
A Stark Reminder of the Importance of Wills and Trusts Chadwick Boseman’s Estate Debacle Photo: Gage Skidmore
Everyone needs to have a will or trust set up for their financial future. Even if you feel too young to think about it, it’s never too early to prepare for the only guaranteed milestone in life. Take Chadwick Boseman’s estate as an example. Back in 2016, the actor (best known for his starring role in Marvel’s “Black Panther”) was diagnosed with stage III colon cancer, and he hadn’t even turned 40 yet. After quietly battling this awful disease in private, Boseman died only four years later on Aug. 28, 2020, leaving behind his parents, a wife, and many more family members who were devastated by their loss. Tragically, he didn’t leave behind a trust for his estate. When this happens, the deceased’s financial assets must go through probate, a court-supervised process for
identifying and distributing those funds to the deceased’s beneficiaries.
In California, where Boseman lived, intestacy laws require the probate courts to decide where someone’s assets can go. His widow petitioned the court to become the estate’s representative, which she was granted, allowing her to allot her late husband’s inheritance to be split evenly between herself and Boseman’s parents. However, because he didn’t establish a trust for these funds, legal fees and the U.S. government claimed a third of his net worth, a cut worth $1.5 million. And Uncle Sam could have taken even more of his estate if Boseman had lived in a different state without intestacy laws. If this is what the system can do to a celebrity with millions of dollars, imagine what can happen to the estates
of everyday people. All your planning, saving, and preparing for your family’s future in the wake of your absence could be gone overnight if you don’t have the right legal documents in place.
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