Check out our March newsletter!
Notes From The Field
March 2024
818-369-7900 | 435-216-4444 | FieldLawPC.com
A Woman’s Place:
WHY CREATING COMPREHENSIVE ESTATE PLANS IS CRUCIAL FOR WOMEN As we celebrate Women’s History Month this March, it is important for us to talk about the integral role that women play when it comes to estate planning.
An all-too-common story that plays out in our office goes as such: A wife comes in looking for help handling her husband’s affairs after he has suffered a serious medical condition such as a stroke, dementia, or heart attack. In these cases, the family often has no documents in place aside from a basic will, and the husband has lost capacity, meaning he cannot make decisions for himself. Because the will is only applicable upon his death, the wife must undergo a lengthy and humiliating process known as Living Probate in which her husband will be declared incompetent by a judge on public record. The most heartbreaking part is this does not have to be the case. When families put together a comprehensive plan that includes the basic four documents, we can assist the wives who come in needing to handle their partner’s affairs. They can manage their estate for themselves and their families without having their situation be made available to the public. In addition to needing comprehensive plans that protect families when tragedy strikes, women are also more likely to reap the benefits of prudently invested portfolios. Because they live longer, it is imperative that the resources they have available to them in investments and retirement accounts last for the duration of their lifetime. When women are left out of the conversation about investments, they are set up to be taken advantage of by financial companies that are speculating and gambling with their money. The woman, as survivor of the estate, is likely to suffer from a lack of planning or reap the rewards of security and harmony from smart planning. If you have a mother, sister, daughter, or friend who needs an estate plan, don’t wait to have that conversation. Encourage them to take the first step to protect their families and livelihoods. When you refer someone to our office, we will set them up with a free consultation with our team — normally $600 — and assist them on their journey to create a comprehensive plan.
Despite common misconceptions, I have found that women are the driving force in the conversations I have with families about estate plans. In our office, we often communicate primarily with the wife if our clients are married, or a daughter in the case of aging parents. While men actively participate in this work, it is consistently wives, mothers, and daughters who handle their family’s legal affairs. According to a recent survey, women have an equal say in major financial decisions in 75 percent of households. In homes where one partner is solely responsible for financial decisions, women outnumber men in that role by a 4–3 margin. This number is astonishing considering that women’s rights to vote, have a credit card, and own property are still relatively fresh in our history — these advances have all been made within the last 104 years! A recent study by the New England Journal of Medicine suggests that the odds of needing long-term care at some period in life is roughly 50 percent. More than 40 percent will spend more than six months in long-term care. When it comes to loved ones providing said long-term care in-home, women are most likely to be the caretakers. Women are three times more likely to cope with their mate’s illness or injury. According to an article from Sharp Health News, women outlive men by 5–10 years, and 85% of people who live to be 100 years old are women. Because women are more likely to be the surviving spouse, it is crucial that they have basic documents in place to protect them and the estate they built with their partner. The documents most needed to cover these needs are a General Durable Power of Attorney, Health Care Durable Power of Attorney, Will, and Revocable Trust.
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BRAIN GAMES
SOLUTION
MEET OUR NEW TEAM MEMBER: Cecilia Freeman, Client Service Coordinator
she loves focusing on the particulars of a job. In her words, “I get to live wholeheartedly and authentically, which allows my gifts to flourish.”
We are excited to announce that our team has expanded! Earlier this year, we invited Cecilia Freeman to be a part of our team as the client service coordinator. Cecilia will manage client calls, connect you with the right people or information, and help coordinate our in- person events. She will also assist the team with creating documents for estate plans.
The Core Values Cecilia embraces most readily are Family and Coaching. “Family is important because I understand what it’s like to have it, and to be without it. Community is essential to life; without it, we suffer.” For Cecilia, Coaching is helping people move to their highest potential, even as they are still discovering their purpose and vision.
Prior to joining our team, Cecilia had extensive experience working with various nonprofits, handling operations, development, community relations, and event planning. She also has several years working in the financial planning and human resources fields. Cecilia’s true purpose is helping people connect with one another and serving them to make their situation the best it can be. Her interpersonal and analytical skills add strength to her administrative skills. When it comes to working at Field Law, she loves learning new aspects of her position. From our ongoing educational events we host for clients, to learning how to best assist families with their needs,
Outside of work, she loves spending time with her husband Jeff, daughter Jessica, son-in-law James, and especially her 3-year-old grandson Liam. Her favorite movies include the entire series of “Planet of the Apes,” “Jurassic Park,” and “Jaws.” She loves to laugh and have fun and enjoys a well-written story with a great ending! We look forward to all the ways that Cecilia will live out our company’s mission to empower families to live lives of freedom as she interacts with all of you!
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ASSET DISTRIBUTION DONE RIGHT Know Your Options to Help Protect Beneficiaries Discussions about inheritances are often delicate. However, the goal is to consider the unique circumstances of your children or other beneficiaries. You want to provide for loved ones without offending anyone in the process, yet some are more responsible with money than others, and you want to help them make the most of their inheritance. Here are a few suggestions to set your family up for success after you pass. No-Contest Clauses Employing a no-contest clause
TAKE A BREAK
AQUAMARINE BASKETBALL BUTTERFLY CLOVER DAFFODIL GREEN IDES LEPRECHAUN MADNESS SPRING TANGERINE WOMEN
in your will can eliminate any potential in-fighting or contention to break away from your wishes. It automatically disinherits any contentious family members. If you know your kids enjoy bickering, then adding this no-contest clause puts them on notice to leave their
BELL PEPPER SANDWICH
bickering aside, especially in court. Preventing a long, drawn-out court mess is a surefire way to take care of your family. It’s an easily added clause; you just have to choose to include it. A Living Trust Establishing a living trust is one way to delineate how you want your assets to be distributed after you pass, and you can revoke or change it at any time while you’re still around. You can set up a few different ways for the successor trustee to distribute assets from the trust, depending on your family circumstances: outright distributions, staggered, or discretionary. An outright distribution means beneficiaries receive assets without any protections — but an irresponsible recipient might squander the inheritance very quickly. The staggered distribution allows you to set the rules about how and when funds will be distributed or if any triggering events will play a role (turning 18, marriage, etc.). The last option is to give your successor trustee discretionary power to distribute assets — they will decide when and what a beneficiary will receive. Choosing the Right Trustee Whichever distribution option you choose, selecting the right person or entity to be your trustee (an individual, a private fiduciary, or a bank) is crucial. They should be trustworthy and fair, especially if you grant them discretionary power. They’ll be in charge of making sure your assets are distributed according to your wishes — and their best judgment. Being firm in your care for others won’t make you the villain. Thankfully, you can share your legacy and assets according to your best judgment and discretion. You have several options and tools — just remember, you know your children best.
Inspired by TheSpruceEats.com
Ingredients
• 1 1/2 oz Swiss cheese, thinly sliced • 1/2 small cucumber, cut into 6–8 thin slices • 2 tbsp guacamole or a few slices of avocado • Dash of salt and pepper
• 1 medium bell pepper, any color • 2–3 tbsp cream cheese • 1 tsp whole-grain mustard • 2 oz ham (or other deli meat), thinly sliced
Directions 1. On a cutting board, remove the stem of the bell pepper with a sharp knife. Cut the pepper in half lengthwise and remove the ribs and seeds. 2. Lay the pepper halves on the cutting board and spread cream cheese inside each half. Spread whole-grain mustard on top of the cream cheese. 3. Layer your deli meat, cheese, cucumbers, and guacamole on each bell pepper half. Add a dash of salt and pepper, then combine both halves and serve!
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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
Smart Planning for a Long and Happy Life
Upcoming Events
Meet Client Service Coordinator Cecilia Freeman
Bell Pepper Sandwich
Ensure Your Assets Are Distributed Wisely
Embrace the Empty Nest
HOW TO ENJOY THE EMPTY NEST
and share your own. Arranging in-person visits can turn into new traditions for your family. Allow yourself to enjoy this different but equally rewarding aspect of parenthood. Now, let’s turn the spotlight on you. This is your time, a golden opportunity to focus on self-care and personal growth. Remember those hobbies you shelved when parenting took center stage? Dust them off and give them
Welcome to the new phase of life every parent faces, the empty nest. It’s that bittersweet time when the last child packs up and leaves only echoes in their once bustling rooms. Suddenly, the soundtrack of your life has shifted from a lively chorus to silence. For 18 years or more, school runs, sports practices, and the ever- present hum of family life framed most of your days. Now, your home feels a tad too spacious.
a whirl! Painting, hiking, learning a musical instrument, or even skydiving — there’s no better time to explore old or new interests.
It’s normal to miss the commotion and the constant interaction with your children. But you are entering an exciting new chapter in your life, just like your children are. Your role as a parent is simply evolving. You’ve been their guide, teacher, and protector for years, and those roles don’t just disappear — they transform. Your children will still look to you for support and guidance; this is your chance to be there for them in a new way. There’s no reason to be cut off from your children. Stay connected through texts, FaceTime calls, and good old-fashioned phone conversations. Discuss their new experiences
With fewer responsibilities at home, you can pack your bags and explore. Whether across the globe or the state, travel refreshes your spirit and broadens your horizons, offering perspectives that can only come from stepping out of your comfort zone.
Life doesn’t stop teaching, and we never stop learning. Your nest might be empty, but your life is full of opportunities waiting for you to seize.
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