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Notes From The Field
November 2024
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KEEP YOUR GOLD IN THE TREASURE CHEST DON’T FORGET TO FUND YOUR ESTATE PLAN
One of the questions we get from prospects and clients alike is “What is the funding process?” Simply put, funding is putting the treasure (all your assets) into the chest (your trust) that you spent time and energy crafting. We can spend countless hours crafting a comprehensive set of legal documents that describe your every specific wish, but if there are no assets listed in the name of the trust, the documents are simply a stack of paper with no authority. The first step to completing funding is transparency from you about what assets you own. By giving us a complete list of all your assets, we can make certain everything gets handled appropriately for each type of asset. We know there are many types of assets, and to help you understand this process better, we have provided a non-comprehensive list of asset types and the specific process for funding your trust with each type of asset. First, your checking and savings accounts are your highest-use accounts that accrue your day-to-day transactions. By changing title on these accounts, you ensure the trust has authority over them without changing anything about your daily operations. Ensuring these are titled in the trust is especially crucial because if the trustor(s) are incapacitated or die, the named successor trustee can easily get access to the account to manage finances on the trustor(‘s) behalf. Investment accounts, like checking and savings accounts, must be retitled from your individual or joint names into the trust. One important difference about this is that the account type is changed at the institution, which can mean getting a new account number. While this may seem like a hassle, it is a much easier process than dealing with the court for the trust to gain access to the account and grant the trustee permission to manage it.
Your retirement accounts (IRAs, 401(k)s, 403(b)s, etc.) are always held in your name specifically; however, it is important that we list the trust as a beneficiary on these accounts. In the case of married individuals, the spouse is almost always the initial beneficiary, with the trust as the contingent beneficiary. By doing this, the funds can be distributed according to the terms you set in your estate plan for the beneficiaries. Custodial accounts — like UTMAs and UGMAs — are already designated for a specific individual. However, listing the trust as a contingent beneficiary on these accounts acts as a backup option to keep the account out of probate court in the event there are issues with the named beneficiary. Like retirement accounts, life insurance policies are held in the name of the insured, with one person listed as the death beneficiary. As a rule, it is wise to list the trust as the contingent beneficiary so the funds stay out of court if the listed death beneficiary has predeceased the insured individual. Business interests — whether LLCs, personal corporations, or [BLANK] — are entities separate from your trust that cannot be retitled. We take care to list any business interests you have on your asset schedules to show that your trust is able to distribute
or business property — needs to be titled in the name of your trust. These assets are some of the most crucial pieces to protecting your plan, as the value of real property guarantees that if it is not titled in your trust, it will have to go through a lengthy court process to grant your trust authority to act. In addition to listing your property on your asset schedule, a deed needs to be recorded changing the title of the property from your name as an individual or married couple to the trust. We know that funding is a lifelong process because what you own is subject to change as your life changes. It is for this exact reason that our office provides lifetime support with funding to ensure that the documents we took time crafting with you are fully effective when you need them to work. If you have acquired new assets (accounts, cars, properties, etc.) or gotten rid of any assets, contact our office today so we can make the necessary updates for you.
your share to your beneficiaries as designated in your documents.
When it comes to motor vehicles, boats, and small planes, the title does not need to be specifically updated with the appropriate institution. In this case, we list the asset using the year, make, model, and registration number on your asset schedule to show that the trust has authority over the asset.
Finally, your real property — whether your primary residence, vacation home,
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Avoid Fraud and Scams During the Holiday Season TIPS FOR A SAFE CELEBRATION
The holiday season is almost here, and that means a time of joy and giving! Unfortunately, it also presents opportunities for fraudsters to exploit the festive spirit for their gain. As you plan your celebrations and gift-giving, it’s crucial to stay vigilant and protect yourself from scams. Here are seven effective strategies to help you avoid fraud and scams this holiday season. Be cautious when shopping online. Online shopping surges during the holidays, making it a prime target for fraud. Stick to reputable retailers and be wary of deals that seem too good to be true. Always check the website’s URL for security indicators — look for “https” and a padlock symbol. Before entering payment information, ensure the site is legitimate and consider using a credit card for added protection, as credit cards often have better fraud protection compared to debit cards. Beware of phishing scams. Phishing scams often increase around the holidays, with fraudsters posing as trusted institutions or organizations. Be skeptical of unsolicited emails or messages claiming to be from banks, retailers, or charities asking for personal information or payment details. Always verify the source by contacting the organization directly through official channels before providing any information. Watch out for fake charities. The holiday season also sees a rise in fraudulent charities seeking donations. Scammers may use emotionally charged appeals to lure you into giving money to fake causes. Research charities before donating by checking their legitimacy on sites like Charity Navigator or GuideStar. Ensure the charity is registered and that your donation will be used as intended. Monitor your financial accounts. Regularly check your bank and credit card statements for unauthorized transactions. Fraudulent charges may initially appear
as small amounts, so vigilance is key. Set up account alerts to monitor activity in real time and report any suspicious transactions to your financial institution immediately. Protect your personal information. Be cautious about sharing personal information, especially on social media platforms. Scammers may use details from your profiles to craft convincing scams. Limit the personal information you share online and adjust privacy settings to restrict who can see your posts. Verify gift cards. Gift cards are a popular holiday gift, but they are also a common target for fraud. Purchase gift cards from reputable sources and avoid buying them from third-party sellers. Before purchasing, check the card’s packaging for signs of tampering, and be cautious of unsolicited requests for gift card information. Use strong passwords and 2-factor authentication. During the holiday season, ensure your online accounts are protected with strong, unique passwords. Consider enabling two-factor authentication for an added layer of security. This simple step can significantly reduce the risk of unauthorized access to your accounts. By staying informed and exercising caution, you can enjoy a festive and fraud-free holiday season. Remember, vigilance is your best defense against scams, allowing you to focus on celebrating with peace of mind.
“By staying informed and exercising caution, you can enjoy a festive and fraud-free holiday season.”
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DISCOVER YOUR FAMILY STORY
Diving into the world of genealogy can be as thrilling as unraveling a good mystery. Why not embark on a journey through your past? Here’s how to begin your genealogical adventure. Start with what you know. The golden rule in genealogy is to start with the known and work backward. Begin with personal details and then progressively move to exploring parents and grandparents. This systematic approach helps build a robust family tree, starting with the most accessible information. Choose the right tools. A crucial first step is selecting a reliable genealogy database program, which is essential for organizing and collecting various forms of documentation — from personal records to official certificates — needed as the foundation for preserving the familial legacy. The National Genealogy Society has an impressive list of free websites at NGSGenealogy.org/ free-resources/websites . Gather essential records. The next phase involves gathering documents such as recent generations’ birth, marriage, and death certificates.
The search can extend to census records, military enlistments, and old
newspapers. Check out the FamilySearch link on NGSGenealogy.org . Organize family groups. Organizing information into family groups is vital.
EXQUISITE LEMON BARS
Clustering data about immediate family members allows for a clearer understanding of familial relationships and histories. This process clarifies lineage and enriches the personal connection to your ancestors. Share your discoveries. Sharing these discoveries with family members can rekindle relationships and spark collective interest in your shared heritage. These revelations often lead to deeper connections, bridging past and present through shared ancestry. You may even find more information through family members! Enjoy lifelong exploration. Genealogy is more than a hobby; it’s a continuous journey through history with endless opportunities for discovery. It involves solving familial mysteries, breaking through research barriers, and preserving stories for future generations. Genealogy can be a great adventure so grab a cup of tea, pull up a chair, and start uncovering your unique family story. Who knows what fascinating tales you’ll find!
Ingredients
• 2 cups all-purpose flour • 1/2 cup powdered sugar • 1 cup butter, softened • 4 large eggs • 2 cups granulated sugar
• 1/2 cup fresh lemon juice • 2 tbsp grated lemon zest • 1/4 tsp baking powder • 1/4 tsp salt
Directions 1. Preheat oven to 350 F and grease a 9x13-inch baking pan. 2. In a medium bowl, combine flour and powdered sugar. 3. Cut in butter until the mixture resembles coarse crumbs. 4. Press mixture into prepared pan. Bake for 15 minutes or until lightly browned. 5. In a large bowl, whisk together eggs, sugar, lemon juice, lemon zest, baking powder, and salt. Pour over crust. 6. Bake for 25 minutes or until set. Allow to cool before cutting into bars.
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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
818-369-7900 435-216-4444 FieldLawPC.com
P.O. Box 8306 La Crescenta, CA 91224 INSIDE THIS ISSUE
PO Box 910760 St. George, UT 84791
Keep Your Gold in the Treasure Chest
Avoid Fraud and Scams During the Holiday Season
Exquisite Lemon Bars
Uncover Hidden Stories in Your Ancestry
Estate Planning Essentials for Young Adults
From 18 Onward 3 Essential Legal Documents Every Young Adult Should Have
Health Care Power of Attorney One of the most important documents for any young adult is a health care power of attorney, also known as an advanced health care directive. This document allows a family member or another trusted individual to make health care decisions on behalf of the young adult if they become incapacitated. Without this legal document, parents and legal guardians will be barred from making health care decisions for them and will not be allowed to access their medical information. This can create complications during an already challenging time. Financial Power of Attorney A financial power of attorney is another crucial component of a young adult’s estate plan. This document ensures someone can manage their bills and any financial affairs if they are ever physically incapacitated. Whether paying rent, managing bank accounts, or handling other financial
Every person needs an estate plan, regardless of age or income level. It’s easy to think estate planning is only for the wealthy or older adults, but even young adults can benefit from having essential legal documents in place. Here are three critical estate planning documents every young adult should have and why they’re so important.
matters, having a financial power of attorney provides peace of mind that these tasks will be taken care of without disruption. A Simple Will Finally, every young adult should have a simple will. While it might seem unnecessary for someone with few assets, a will is essential for ensuring their property is distributed according to their wishes. It also simplifies the process for loved ones during a difficult time, reducing potential disputes and confusion. A simple will can address the distribution of personal belongings, digital assets, and any other property, providing clarity and direction for those left behind. Estate planning is not just for the wealthy or older adults; it’s also a crucial step for young adults. Taking these steps now can provide peace of mind and protect them and their loved ones in the future.
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