Check out our October newsletter!
October 2023
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Meeting With Loved Ones This Season? Don’t Forget These Estate Planning Tips!
The coming months will likely be hectic, finishing year-end projects and attending various holiday celebrations and gatherings with friends and family. Congress and the National Association of Estate Planners and Councils (NAEPC) established the third week of October as National Estate Planning Week, recognizing it as the perfect time to start thinking about your estate plan before seeing many loved ones over the coming months. For many, the holiday season is the one time they can see loved ones in person instead of talking over the phone. These in-person interactions provide excellent opportunities to assess whether or not your plan needs updating. I always advise clients to update their plans at any time of the year after significant life events, like having a child, getting divorced, retiring, losing a family member, or receiving an inheritance. As you meet with friends and family, keep the following considerations in mind regarding your estate plan. No. 1: Assess any changes in family or friend dynamics and ensure the individuals in critical roles are still willing to assist. This is especially important for people who rarely get together or speak outside of holiday gatherings during November and December. Perhaps when you originally made your plan, your best friend, child, sibling, or another loved one agreed to serve an essential role in your estate plan; however, in recent years, you have fallen out of touch or do not feel as close as you once were. Maybe a fight, significant life event, or difference of opinion has upset the relationship. Even if you are still close, you should confirm they still feel comfortable serving as your successor trustee or health care agent. If you walk away from any gathering with the people who serve essential roles in your plan and feel they would no longer be a good fit or determine they are no longer able or willing to serve, it is time to make some changes to your estate plan. No. 2: Review your distributive intent. Over time, the distribution of your trust should be reviewed. Perhaps your estate has increased significantly with employment advancements. Maybe your family has grown, or you want to reevaluate your retirement plan and long-term care needs. Reviewing your trust periodically ensures you will provide for the individuals and charities that matter most, that specific assets are still available for distribution, and that your non-financial objectives will be met. Meeting with an attorney allows you to review your intent, explore options, and evaluate the potential implications of current tax laws.
No. 3: Share your plan with loved ones if you haven’t in a while — or ever. Finally, when the people you love are gathered in one place, it’s an excellent opportunity to discuss your plan with them, mainly to remind them of whom you have designated as your financial managers and medical decision-makers. As you get older, it is essential to review your estate, insurance, and long-term plans with your family so you can help with life’s transitions. Having these discussions lets everyone simultaneously to hear your wishes and allows those directly affected to ask any questions they might have. So, as we wrap up 2023, we encourage you to review your estate plans. If you decide after gathering with friends and family that you need to make changes to your estate plan, call us; we are happy to help! And remember, every three years, we always offer a complimentary 30-minute review of your estate, so if you haven’t seen us in a while, it’s always a good idea to take advantage of a complimentary meeting to discuss any changes, ask any questions, or just get a quick refresher on your estate plan. We wish you all a joyous and memorable season filled with happiness, and we look forward to helping you with your estate planning needs for many years to come!
—Kimberly Barrot www.FalkBarrot.com
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A Greener Future for All
EXCITING ADVANCES IN THE WORLD OF SUSTAINABLE ENERGY
of Transport to proceed, as concerns have been raised regarding the durability and reflectivity of the panels.
The hunt for sustainable energy sources continues! Throughout the past two decades, we have seen countless efforts around the globe to develop more environmentally friendly energy practices. You may have noticed solar panels appearing on roofs around your community or watched news reports about wind turbines offshore. These are far from the only efforts organizations, governments, and individuals are making. Two large-scale sustainability projects were announced that could lead to a more sustainable future. Solar Railways In many areas of Europe, the best way to get from point A to point B is by train. Switzerland alone has a national railway network that stretches over 2,000 miles. A startup called
New Wind Turbines Offshore wind farms are nothing new. They first appeared in 1991, but the technology has evolved immensely. The Spain-based startup X1 Wind has created a new floating wind turbine prototype that could change the entire industry. Located off the Canary
Islands, the X1 floating turbine is more efficient and environmentally friendly than other turbines. The best news? In March, it generated its first kilowatt- hour of power, opening the door for further manufacturing. These are just a couple of the many sustainability projects recently introduced. As long as we continue to develop and discover environmentally
Sun-Ways recently announced a plan to outfit Swiss railway lines with solar panels to generate additional power. Sun-Ways developed a specialized train car to lay down solar panels between the rails of the track using minimal labor. The company estimates
that its solar panels can generate 2% of Switzerland’s annual energy consumption. At the time of writing this article, Sun-Ways is still waiting for a sign-off from the Federal Office
friendly practices, we can look forward to a greener future for all.
SAFEGUARD YOUR FAMILY’S FUTURE WITH A TRUST
categories: revocable and irrevocable. A revocable trust can be changed anytime during the owner’s lifetime. An irrevocable trust is set in stone as soon as you sign the agreement. One of the best parts about trusts is how they help keep your money in the family for generations. Many don’t realize it until they go through probate, but extreme taxes and fees arise after you pass away. Without proper planning, the value of your estate can dwindle to nothing as your family pays these fees, leaving minimal amounts for them. This is not what you want to happen to your loved ones. While trusts can be slightly more expensive than other estate planning options, their benefits are endless. Call us if you have any questions about trusts or want to create one to protect your family and assets.
only need a will, and everything else is just extra, but this is rarely the case.
When people begin the estate planning process, they usually do so to protect their assets and set their children and grandchildren up for success. An estate plan helps you safeguard everything you worked for and distribute your assets to your loved ones. However, many people believe they
Wills have become synonymous with estate planning thanks to pop culture, but in reality, wills are the bare minimum for most people’s estate planning needs. A will only comes into effect after you’ve passed away. If you become incapacitated, your health care and durable powers of attorney act in your place, which can complicate things. Having a will does not guarantee you’ll avoid probate, either. If you want to safeguard your family and assets fully, consider establishing a trust instead of just having a will. With a trust, you have more freedom and control over the management of your assets. There are different types of trusts to fit everyone’s specific needs, but they all fall into two
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Client Appreciation Coffee, Donuts &Shredding Event! Saturday, June 03, 2023 9:00 AM to 11:00 AM Lucie Stern Center Fireside Room and Parking Lot 1305 Middlefield Road, Palo Alto, CA 94301 In the Fall of 1997, the Falk, Cornell & Associates, LLP law firm was established. I had recently left a mid-sized law firm in San Jose with the goal of establishing an estate planning law firm. Daniel Cornell had recently left the same law firm in San Jose, where we had both worked for several years. Daniel learned of the American Academy of Estate Planning Attorneys and suggested we should form an estate planning law firm. And so, more than 25 years ago, our law firm was established on Cambridge Avenue in Palo Alto. There was a great deal of hard work and the help of many people for the law firm to remain in existence and to continue to grow. There are many people I owe immense gratitude for their efforts and diligence for the law firm’s success. We are happy to invite our clients, their families, and Successor Trustees to our annual Client Appreciation Shredding Event. This year we will be providing coffee and a variety of donuts. Come enjoy a delicious treat as Jessica’s Shredding Team destroys your documents on-site. To register, please call Heather at (650) 463-1550 or email at heather@falkbarrot.com. We look forward to seeing everyone in June! competent legal representation, and the law firm will continue into the future. Rest assured, our very experienced staff will remain with the law firm. Jayashree has been my right-hand person for the past 25 years and will continue at the law firm assisting clients. The law firm is in the process of hiring additional attorneys and staff and will stay in San Carlos. I remain a partner of the law firm, and I am confident that I will be at the law firm and its client events from time to time. My husband, Harry, and I are excited to travel and enjoy our family in Turin, Italy, Kansas City, Missouri, and Rohnert Park, California. We have seven grandchildren who range in age from one year old Luisa, who lives in Turin, and nineteen-year-old Harry V, who has just started his first year at the University of Wisconsin, Madison. Our journey begins with Christmas in Rome with our entire family and then off to a World Cruise, which starts in Miami on January 6, 2024, and ends on May 17, 2024, which happens to be our 50th wedding anniversary. Life is good, and we are full of gratitude for these years. You have all been a pleasure to work with in the planning of your estate plans and the administration of trusts. I am thankful to all of you for your support for all these years. I wish the best for all of you and your families. A Farewell and New Beginnings MARY’S DEPARTURE AFTER 25 YEARS WITH THE FIRM
My last day in the office is December 15, 2023. It will be bittersweet for me. I am excited about the future but sad to be leaving the law firm, its amazing staff, and many, many wonderful clients. Passing the torch to the younger generation is necessary and beneficial for the clients and staff. A few years ago, Kimberly Barrot acquired the law firm, and the name changed to Falk, Barrot & Associates, LLP. Kim started with the law firm as my paralegal in 2008, went to Santa Clara University School of Law in the evening while working at the law firm, graduated, and immediately passed the California Bar. She has been an attorney with the law firm since 2013 and is a Certified Estate Planning, Trust, and Probate Law Specialist, California Board of Legal Specialization. The law firm’s clients will remain with very
With much appreciation,
—Mary
Client Appreciation Coffee, Donuts &Shredding Event! Saturday, June 03, 2023 9:00 AM to 11:00 AM Lucie Stern Center Fireside Room and Parking Lot 1305 Middlefield Road, Palo Alto, CA 94301 Upcoming Living Trust Webinars for Friends and Family Your friends and family are inspired by the comfort you have, knowing that you have executed your estate plan and have protected your family and your legacy. Please share your experience and encourage your friends and family to initiate their estate plans or to review existing but dated estate plans. Your friends and family are welcome to contact our office at 650-463-1550 to register for one of our upcoming estate planning webinars or to schedule a complimentary 30-minute consultation to discuss establishing or restating a Living Trust. We are happy to invite our clients, their families, and Successor Trustees to our annual Client Appreciation Shredding Event. This year we will be providing coffee and a variety of donuts. Come enjoy a delicious treat as Jessica’s Shredding Team destroys your documents on-site. To register, please call Heather at (650) 463-1550 or email at heather@falkbarrot.com. We look forward to seeing everyone in June! A CLOSER LOOK AT THE OFFICE I enjoyed the Summer sunshine but am ready to welcome fall! I look forward to sweater weather, a trip to Nashville, and a festive time together with friends and family. —Kimberly N. Barrot I loved spending time in Ohio this summer with my two sons. I look forward to seeing them again in the Fall at Parent’s Weekend and having them home for the holidays. —Jayashree Kathardekar I am excited for pumpkin season, decorating for Halloween, and hosting an office Friendsgiving at my house. I am looking forward to the holiday season. It is my favorite time of year. —Jenna Gimarelli-Ferreira Tuesday, Oct. 17, 2023 12:00 p.m. – 1:30 p.m. Wednesday, Oct. 18, 2023 6:00 p.m. – 7:30 p.m. Wednesday, Nov. 15, 2023 12:00 p.m. – 1:30 p.m. I cannot believe summer is over. I will miss going to music in the park with friends and attending local art and wine festivals. I am thrilled for football season. Go Niners! —Heather Russell I love an opportunity to escape from the city and savor the beauty of Lake Tahoe and the extended Labor Day weekend was ideal. I am eager for the approaching holiday season —Jessica Estes
To register for our webinars or to schedule a complimentary consultation, call us at 650-463-1550.
650-463-1550 www.FalkBarrot.com 865 Laurel Street, Ste 4 San Carlos, CA 94070
TAKE A BREAK
Say Goodbye to Pet Hair Woes Tips and Tricks for a Hair-Free Home There’s no doubt about it: We love having our furry friends by our sides each day. Dogs, cats, rabbits, and other small animals make great companions, but they also come with their own challenges. One obstacle nearly every pet owner has to deal with is an overabundance of pet hair throughout their homes. Pet hair sticks to surfaces, and it’s not uncommon to find it on your clothes, on your carpets, or even in your car. You shouldn’t have to pat yourself down with tape or use a lint roller to remove hair whenever you leave the house, so here are a few methods to remove pet hair around your home. Fabric Softener Spray It’s no secret that fabric softener helps remove pet hair from clothes when used in a washing machine, but it can also free up the pet hair trapped in your carpets, rugs, and car seats. Mix 2 tablespoons of fabric softener with water in a spray bottle before applying the mixture to the hair-heavy area. This will cause the hair to clump together, which you can then sweep up with a broom. Run a vacuum cleaner over the area, and it will look (and smell) as good as new! Drill Brush You might not think your power tools would come in handy for this chore, but you’d be surprised. Using a brush attachment on a power drill is one of the best ways to loosen up pet hair. All you have to do is run the brush over the hair-covered area and follow behind it with your vacuum cleaner hose or crevice attachment, and the surface will look pristine. Brush attachments for drills are reasonably inexpensive and can be bought online or in home improvement stores. Prevention You don’t have to limit where your furry friends can go in the house, but using easily washable furniture and car seat covers will make pet hair cleanup much easier. Frequent passes with your vacuum, broom, and mop can also prevent pet hair buildup, but so can getting your pets groomed regularly! Whether you brush your furry friend down every day or take them to a professional groomer, these acts can help remove loose hair and stop it from ever reaching your floors.
ONE-BOWL PUMPKIN MUFFINS
Inspired by NoraCooks.com
Ingredients
• 1 tbsp baking powder • 1/2 tsp salt
• 15 oz can pumpkin purée • 1/3 cup melted butter (or vegetable oil) • 1/2 cup unsweetened plant- based milk • 1 1/4 cups brown sugar • 1 3/4 cups all-purpose flour
• 2 tsp cinnamon • 1/2 tsp nutmeg
• 1/2 tsp ground ginger • 1/4 tsp ground cloves
Directions 1. Preheat oven to 375 F. Prepare muffin pan by greasing and placing paper liners. 2. In a large mixing bowl, add pumpkin, melted butter (or oil), milk, and brown sugar, then whisk until well combined and smooth. With a sifter, sift the flour, baking powder, salt, and spices over the wet mixture. 3. Using a large wooden spoon, mix until just combined (do not over-mix). 4. Fill the muffin cups and bake for 22–25 minutes. Let cool for 30 minutes and enjoy!
TAKE A BREAK
Candy Costume Gourds Halloween Haunted Moon Raven Tricks Vampire Werewolf Witch Zombie
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650-463-1550 www.FalkBarrot.com 865 Laurel Street, Ste. 4 San Carlos, CA 94070
INSIDE THIS ISSUE
It’s a Great Time to Reevaluate Your Estate Plan
1 2
All Aboard the Green Energy Revolution
Future-Proofing Your Assets With Trusts
One-Bowl Pumpkin Muffins
3
Pet Hair Takeover? Not Anymore! Top Solutions for Hair-Free Living
Lessons From Anna Nicole Smith’s Billion-Dollar Drama
4
THE ANNA NICOLE SMITH STORY Costly Consequences of Neglected Estate Planning:
didn’t make this change in his will or any other estate planning document. Instead, his $1.6 billion estate went to his son, Pierce Marshall. The matter went to probate, where it was determined that Smith would inherit nothing. The following year, she filed for bankruptcy in California, and the California court disagreed with the probate results, stating that Smith was entitled to $449 million. The case then proceeded to the federal level and was eventually presented to the U.S. Supreme Court. The Supreme Court ruled in Smith’s favor, but when all was said and done, there were no winners. Pierce passed away in 2006, and Smith passed away the following year. Smith’s son also passed away in 2006 and was the only beneficiary on her estate plan, as Smith had failed to add her 5-month-old daughter to it before she passed. There were several more legal battles between Smith’s and Pierce’s estates — one of which made it in front of the Supreme Court again — before finally, the last of Smith’s
Whenever a prominent celebrity, entrepreneur, or athlete passes away, there’s usually quite a bit of money left on the table. Most of these individuals put careful consideration into their estate plans to ensure their assets are distributed appropriately, but that’s not always the case. In 1995, Anna Nicole Smith found herself in the middle of a probate case that would haunt her for the rest of her life. In 1991, a 23-year-old Smith met 86-year-old petroleum tycoon J. Howard Marshall. Marshall was worth over $1 billion at the time and quickly became smitten with Smith. In the following years, Smith appeared in TV shows, movies, and advertisements, and her popularity exploded. In June 1994, Smith and Marshall married in Houston, but their wedded bliss was short-lived. Marshall passed away 13 months after the wedding at the age of 90. Before passing away, Marshall promised Smith half of his estate. Unfortunately, he
cases was closed on Oct. 24, 2022, over two decades from when the disputes began. There are many lessons we can learn from this situation, but the most important one is to update your estate plan whenever you experience a life change. It’s also wise for celebrity couples to have a prenuptial agreement. It would have saved everyone years of struggle if Smith or Marshall had done either.
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