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www.planningyourlegacy.com 803-746-7000
November 2024
THE POWER OF GRATITUDE
How Examining Our Day Can Help Improve It
This November, millions of Americans will partake in timeless Thanksgiving traditions. They will gorge themselves on ample portions of turkey, ham, mashed potatoes, stuffing, apple pie, and a token vegetable or two. They will pretend to be engrossed in three mediocre NFL games to get out of making small talk. They will ignore their family members’ contrary political takes — or, buying into that temptation, turn the dinner table or living room couch into a debate stage. But for some, perhaps even many, the holiday season is about pretending. Pretending that everything is fine, despite wanting to cry, yell, or tear their hair out. Pretending to be grateful for the life they have, even though they are struggling with finances, stress, or personal loss. They have to put on a brave face in front of family and friends for the holidays, and the end result is they end up feeling even more isolated than before. At Legacy Law Firm, we understand what you are going through because we have been through it ourselves. However, in our experience, you can address these feelings in ways that can help improve your mood and change your perspective. A Question to Ask (or Answer for) a Loved One Asking and answering important questions helps preserve your family’s values and life lessons for generations to come. What grudges do you wish you had let go of earlier? Don’t Ignore Reality Working to become more grateful does not mean ignoring reality. Things happen — good and bad — regardless of whether we deserve them. Good people and bad people are both confronted with problems in their lives, and everyone has the burden of confronting them and pressing on. The conflicts, tragedies, and obstacles in our lives can overshadow the blessings we receive. That is why we can’t just dwell on the bad. We have to focus on the good. An Exercise for Gratitude There is a great exercise, invented by author and professor of psychology Dr. Martin Seligman, known as “Three Good Things.”
As the name would suggest, it involves keeping a notebook and pen on your nightstand and, just before going to bed each night, spending a minute to write down three positive things that happened to you that day. Even on our worst days, certain highlights are helpful to remember. Start by doing the exercise every night for at least two weeks. After that, you can reduce the frequency to once a week, or to continue nightly if that works best for you. The goal is a change of perspective and a greater understanding of how your actions and outlook can shape your life, positively and negatively. When it comes to the good things that happen in your life, you may begin to notice certain patterns arise. Maybe you find that when you speak up and take more action, you end up enacting positive change in your life. Or, maybe you find your interpersonal relationships improve when you play a more passive role. It is hard to learn from our experiences if we do not examine them more closely.
I recommend trying this exercise in the run-up to Thanksgiving. Stop pretending everything is fine. Start taking action.
“Give thanks to the Lord for he is good; his love endures forever.” – Psalm 107:1 Philip J. Corson, Founder
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CELEBRITIES SECURE THEIR PETS’ FUTURES Why a Pet Trust Is the Ideal Option Oprah Winfrey
It might sound silly at first, but including pets in your will is a way to ensure your beloved animals are cared for after you’re gone. But these celebrities take it to the next level. Let’s look at three famous examples and the legal nuances behind leaving millions behind for a furry friend. Joan Rivers Joan Rivers, the legendary comedian and TV host, passed away in 2014 at 81. Rivers left a considerable portion of her $150 million fortune to her four dogs — two rescue dogs in New York City and two in Los Angeles.
Oprah Winfrey, the iconic TV legend, has proactively set aside $30 million in her will to care for her dogs once she passes. Over the years, Oprah has had over 20 dogs, and she wants to ensure her furry companions continue to live in comfort even after she is gone. Karl Lagerfeld When the iconic fashion designer for Balmain and Chanel passed away in 2019 at 85, he left a portion of his $300 million fortune to his beloved Burmese cat, Choupette. Legal Aspects of Including Pets in Wills While you may not agree, by law, a person cannot directly will their property to an animal because an animal is also considered property. Instead, you can include a provision in your will that sets aside a certain amount of money for your pet. However, this method is not typically recommended, as there is no real oversight to ensure the funds are used exclusively for the pet’s benefit. A pet trust offers a more reliable way to meet a pet’s needs after you pass. In a pet trust, the trustee delivers the money to the caretaker, who looks after the pet. Additionally, the trust has the legal right to supervise the caretaker and ensure they use the money as intended. Setting up a pet trust is a practical and legally sound solution for those who want to ensure their pets are well-cared for after they’re gone. Of course, it doesn’t have to be millions!
LOCK IN A FAIL-SAFE SAVINGS PLAN
Open a brokerage account. A regular investment account gives you access to stocks, bonds, and other instruments. Most advisors recommend a low-cost index fund as an initial investment, but if you are uncomfortable with stock market volatility, consider certificates of deposit or bonds. If you hold investments for at least one year, your earnings will be taxed at the long-term capital gains rate — far less than the tax on your ordinary income.
Budgeting and saving are skills many Americans learn late in life, if at all. Only 36 states require high schools to offer personal finance courses. While that’s a marked increase from seven states in 2000, it still leaves many Americans adrift. Many consumers benefit from setting up regular automatic deposits to each of the four key savings and investment accounts, either through paycheck withholding or via their bank. With this system, growing their savings requires no conscious effort. Start an emergency fund. Deposit 2% of your paycheck into an emergency fund, either a high-yield savings account or a money market fund. These accounts currently yield about 4% annual interest or more, so your money will be working for you. Work toward setting aside enough to cover at least three months’ expenses to avoid using high-interest credit cards. Automate retirement savings. If possible, put 10%–15% of your paycheck into a retirement account, such as a 401(k), Roth IRA, SEP-IRA, or another investment account. To help you meet this lofty goal, take full advantage of any matching program your employer offers. That’s free money!
Set up a health savings account. Health savings accounts (HSAs) are a powerful way to set aside income
tax-free to pay medical bills. They offer a triple tax advantage in that deposits, earnings, and withdrawals are tax-free if you use withdrawals for eligible medical expenses. You can sign up for these
plans through an employer or HealthCare. gov by opting for an HSA-eligible health insurance plan. To determine how much to deposit, search online for “HSA Contribution Calculator.” Unlike other tax-sheltered savings vehicles, HSAs do not have a “use-it-or-lose-it” requirement, so you can accumulate funds for the future.
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DISCOVER YOUR FAMILY STORY
TAKE A BREAK
APPLE BASKETBALL BLACK FRIDAY
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.
FIREPLACE GRATITUDE LEAVES NAP PARADE PIE STUFFING TURKEY VETERAN
The search can extend to census records, military enlistments, and old
EXQUISITE LEMON BARS
newspapers. Check out the FamilySearch link on NGSGenealogy.org . Organize family groups. Organizing information into family groups is vital.
• 2 cups all-purpose flour • 1/2 cup powdered sugar • 1 cup butter, softened • 4 large eggs • 2 cups granulated sugar Ingredients
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!
• 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
803-746-7000 www.planningyourlegacy.com 1771 N HWY 321, Ste. 100 BOWLING GREEN, SC 29703
INSIDE THIS ISSUE
1
Rediscovering Gratitude This Thanksgiving
Fortunate Furry Friends and Their Trust Funds
2
4 Must-Have Savings Accounts to Secure Your Future
Exquisite Lemon Bars
3
Uncover Hidden Stories in Your Ancestry
Estate Planning Essentials for Young Adults
4
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
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.
accounts, or handling other financial 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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SHAKE UP YOUR TAX SEASON!
Legacy Law Firm Presents: “Magic 8 Ball” Year-End Tax Planning Workshop Date: Nov. 2, 2024 | Time: 11:00 a.m.–1:00 p.m. Location: Ballantyne One Building 15720 Brixham Hill Ave., Ste. 300, Charlotte, NC, 28277 Will You Reduce Your Taxes This Year? Magic 8 Ball says... All Signs Point to YES! Join us for an informative (and fun!) workshop where you’ll discover: ✔ Real tips and tricks to cut down on your tax bill. ✔ Strategies to boost your refund. ✔ The latest tax-saving opportunities for 2024. Plus, we’ll have:
📄 Mobile Paper Shredding — Bring those old tax returns (over 7 years old) and documents you need securely shredded! 🍽 Lunch On Us — Grab a bite while soaking up valuable tax knowledge. 🎱 Interactive Q&A — Have tax questions? Shake the Magic 8 Ball and let our experts provide answers!
Bring a Friend! Guests are welcome, so feel free to invite someone who could benefit from tax-saving tips. Registration is Easy! Call 803-746-7000 , visit planningyourlegacy.com , or scan the QR Code to reserve your spot. RSVP by Nov. 1, 2024.
Why leave your taxes to chance? Let Legacy Law Firm help you make informed decisions and laugh a little along the way. See you on Nov. 2!
“Outlook good” for a smarter tax season!
803-746-7000 www.planningyourlegacy.com 1771 N HWY 321, Ste. 100 BOWLING GREEN, SC 29703
🎄 Legacy Law Firm’s Christmas Party 🎄
🎅 “It’s the most wonderful time of the year!” 🎅
We’re jingling all the way to celebrate YOU—our amazing clients! Join us for a morning of delicious food, holiday cheer, and a few surprises. Date: Saturday, Dec. 14, 2024 Time: 9:00 a.m.–11:00 a.m. Location: Glennon Conference Center, Tega Cay Golf Club 15083 Molokai Dr., Tega Cay, SC 29708 Attire: Holiday Festive (ugly Christmas sweaters highly encouraged!)
🎁 What’s on the sleigh? 🎁 • Holiday Breakfast Buffet – Because “Baby, it’s cold outside,” but our menu’s nice and warm! • “Naughty or Nice” Sweater Contest – Flaunt your ugliest or jolliest sweater for a chance at glory! • Special Presentation: “Tying a Bow on Your Legacy: The Importance of Asset Alignment” – Like Santa checks his list twice, we’ll show you how to wrap up your estate plan just right!
🎅 “Make your list and check it twice!” 🎅 Give your family the ultimate gift: peace of mind. Learn how asset alignment keeps everything tied together and ensures you’re off the Naughty List for good.
✨ RSVP by Nov. 30, 2024 ✨ Website: planningyourlegacy.com Phone: 803-746-7000 Guests are welcome — just RSVP for all attending!
🎄 “Have yourself a merry little Christmas” with us before you finish holiday shopping or kick back with a holiday movie classic. Whether you’re already on the “Nice List” or need some help getting there, we’re here to make your holiday season smooth and joyful! 🎄
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