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JUNE 2025
SiegelLawGroup.com
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Don’t Let Misconceptions Derail Your Future Estate Planning Myths You Shouldn’t Believe
Over the years, I’ve heard countless misconceptions and rumors about Estate Planning that hold almost no truth. Most people who don’t work in Estate Planning law probably don’t think about it unless they’re actively establishing an Estate Plan or approaching their golden years. This can lead to confusion in the workplace or at family get-togethers when someone mentions they recently created or updated their Estate Plan. You may even consider establishing one until someone says there’s no need. They might say you don’t have enough money or are too young, so it’s alright to wait to create a plan until the time is right. Unless you’re a minor and can’t legally have an Estate Plan, you can benefit from creating one. It’s the best way to ensure your wishes are carried out if the unimaginable happens. So, if you don’t think you need an Estate Plan, think again! Here are some of the most common myths and misconceptions about Estate Planning. ESTATE PLANNING IS ONLY NECESSARY IF YOU’RE WEALTHY. This is the most common misconception about Estate Planning, and it prevents many people from securing their legacies and protecting their futures. Everyone over 18 should have an Estate Plan regardless of how much money is in their accounts. Remember, your Estate Plan is not only there to relinquish and distribute assets
and funds. It’s a way for you to establish your health care decisions and assign someone to oversee your financial and medical needs if you become incapacitated. YOUNG, HEALTHY PEOPLE DON’T NEED TO WORRY ABOUT AN ESTATE PLAN. We like to think we’re invincible when we’re young and healthy, but we can’t predict the future. Fatal car accidents happen every day and don’t discriminate. Without an Estate Plan, you could leave your young family in a difficult situation, especially if children are involved. Too many people think Estate Plans are only for transferring assets, but they have another critical function most don’t realize. You can name a guardian for your minor children in your Estate Plan. ESTATE PLANNING COSTS WAY TOO MUCH. Many people believe that dealing with an attorney will cost an arm and a leg, regardless of the reason. While some complex Estate Planning elements and strategies can be expensive, most people’s needs can be covered for a relatively low cost. Our office even has free consultations, so you know exactly what to expect before moving forward. MY HEIRS WILL GET MY ASSETS REGARDLESS OF WHETHER I CREATE AN ESTATE PLAN. Many people fall for the misconception that their loved ones will receive their assets regardless of their actions. They
may have only a couple of kids or a spouse and think they don’t need to worry about it, but this will place your children in a difficult position. Your assets will go through Florida’s intestacy rules, meaning the person who handles your financial affairs and receives your assets may not be whom you would have chosen. This becomes even more complicated if you have a blended family. Cut through the myths and misconceptions about Estate Planning. If you have any questions or heard something from a friend or family member that didn’t sound accurate, call us! We’ll explain the process and put you on the path toward a more secure future.
-Barry Siegel
1 561-955-8515
Fathers play a unique and vital role in the family dynamic. You work long hours to make enough money to put food on the table, provide your children with shelter and entertainment, and ensure they have everything they need to succeed and be happy. You have a lot of pressure on your shoulders, but you push through, knowing your family will have a better life because of your actions. But what if something happened to you? What would your loved ones do if you were no longer around to provide support and security? Most of us don’t like to imagine what life would be like for our kids, grandkids, or significant others if the unimaginable occurred. We like to think they’d carry on without too much change in their regular routines, passions, and more, but without putting a plan in place, that won’t happen. That’s where Estate Planning comes into play. By creating an Estate Plan, you can lay out your wishes and ensure they are carried out if you pass away or become incapacitated. Doing so will allow you to gain peace of mind about your family’s future. Without an Estate Plan, your family will face an uphill battle that will make the weeks, months, and years after your passing much more difficult. They may have to pay additional court and estate fees, work through your assets, and maybe, worst of all, attend Probate. When we pass away, we want our family members to grieve and reflect on all the experiences we shared. If they have to attend Probate, this can be borderline impossible, as they’ll have to navigate the timely and often expensive Dads, Protect Your Legacy Why Estate Planning Is the Best Gift You Can Give
Reading a nutrition label might seem like deciphering a secret code, but once you know what to look for, it’s a game-changer for healthier food choices. Let’s break it down so you can shop like a pro and fuel your body with the nutrients it needs. SERVING SIZE Before diving into the details, start with the serving size. This tells you how much of the product the nutrition facts apply to. For example, if a bag of chips says 150 calories per serving but contains three servings, eating the whole bag means you consume 450 calories. CALORIES Calories tell you how much energy you get from one serving. The trick is to balance what you eat with what your body burns. If you want to maintain or lose weight, keeping an eye on calorie intake is key. Want to know how many calories you should be consuming based on your age, height, and weight? Visit MyPlate.gov/myplate-plan to find out! PERCENT OF DAILY VALUE The Percent of Daily Value (% DV) helps you quickly determine whether a food is nutrient-rich or lacking. Want more fiber? Look for a high % DV. Trying to cut back on sodium? Choose products with a low % DV. Decode the Label! Learn to Read Nutrition Facts Like a Pro
process. Probate can also lead to infighting between family members if they disagree about who should inherit each asset. The last thing we want is for our family dynamic to crumble and disappear. While Father’s Day is usually a time for children and spouses to celebrate the paternal figures in their lives, consider providing the ultimate gift to those who matter most to you. Establish your Estate Plan and provide peace of mind to your loved ones. It’s an act of love that won’t go unappreciated!
WHAT TO CUT BACK ON Some nutrients are better in small doses. Keep an eye on saturated fat, sodium, and added sugars, as too much can lead to heart disease, high blood pressure, and other health concerns. If the % DV is 20% or more, that’s high; if it’s 5% or less, that’s low — so aim low for these! WHAT TO LOAD UP ON Not all nutrients are harmful — some are essential for good health! The average diet often lacks fiber, vitamin D, calcium, iron, and potassium. These powerhouses support everything from strong bones to better digestion and heart health. The higher the % DV, the better! With these tips, you’ll never look at a nutrition label the same way again. Empower yourself with knowledge, make smarter choices, and enjoy a healthier, more balanced diet!
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Not All Assets Are Trust-Worthy What to Exclude From Your Trust
Whenever clients start the Estate Planning process, we recommend they look into Trusts. A Trust allows you to transfer your assets to a trustee who will hold and manage them for the benefit of the beneficiaries. When utilized properly, a Trust can help you avoid probate, protect the estate’s privacy, have more control over distribution, minimize estate taxes, and more. However, you can’t put everything you own into a Trust. Specific rules apply, and you should never place certain assets in a Trust. Many people consider placing their retirement and health savings accounts into their Trust, but you should try to avoid this. Placing a retirement account into a Trust could count as cashing it out, which can lead to extra taxes and an added penalty for withdrawing early. For health or medical savings accounts, you generally cannot transfer them directly into a Living Trust. However, we have a workaround.
You could name the Trust as the primary or secondary beneficiary, allowing funds to flow into the Trust upon the account holder’s death.
You should also avoid placing foreign assets, cash, and vehicles into your Trust. Foreign assets may be subject to different laws and regulations than we see in the U.S., so, in most cases, you need to go through the Estate Planning process in the country that houses those assets. Cash is nearly impossible to track and manage within a Trust, but placing that money in a bank account is a solid workaround. While placing vehicles within a Trust is possible, it can be incredibly complex and expensive.
While these are the assets you want to avoid placing in your Trust, you can include a wide variety without any difficulty, such as real estate, bank accounts, investments, business interests, personal property, and intellectual property. If you have any questions about which assets to include in your Trust or need help creating an Estate Plan, call us today!
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Inside This Issue
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Estate Planning Myths Exposed
What’s Really in Your Food?
How Fathers Can Ensure Their Family’s Security
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Which Assets You Should Keep out of Your Trust
Check Out Our Seminars!
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Small Repairs Lead to Big Savings
Home Sweet Well-Maintained Home Maintenance Tasks That Pay for Themselves
TUNE UP YOUR HVAC SYSTEM. The last thing you want to face during a heat wave or chilly winter is for your HVAC system to fail you, and the dollars could stack up if it breaks down. Annual or twice-a-year HVAC tune-ups keep your system running smoothly and reduce your monthly energy bills. Clogged machines cause damage like leaks or ceiling damage and work less effectively, increasing your bills over time. PROTECT YOUR DRIVEWAY. Your driveway takes a daily beating from cars, weather, and time, so protecting the pavement from damage is essential. Applying a coat of sealer every 3–5 years can prevent cracks and pores from forming in the asphalt, which could ultimately lead to potholes. If your blacktop is starting to fade, it’s time to give it a little TLC. A little home maintenance now can prevent future financial headaches. Investing time and effort into these chores will protect your property and keep your dollars where they belong.
Home is where the heart is, but if you ignore maintenance, it can also be where your wallet suffers. Keeping up with minor repairs and seasonal upkeep can save you big bucks. From fixing a leaky faucet to sealing pesky drafts, essential home maintenance projects like these practically pay for themselves. CUT TREE BRANCHES. Having trees in your yard heightens curb appeal and provides natural shade. But when limbs are damaged or diseased, a storm could knock them into your roof, windows, or walls, leading to costly repairs. Keeping your trees trimmed and pruned regularly can save thousands of dollars in potential repairs. Hiring a professional could cost up to $2,000, but it beats replacing a roof, which averages about $9,500. KEEP YOUR GUTTERS CLEAR. Cleaning your gutters is a basic chore that can save you hundreds or even thousands of dollars. When debris blocks your gutters, water cannot drain off your roof, leading to leaks, water damage, mold, and even foundation problems. You should clean your gutters at least twice a year.
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