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August 2023
603-894-4141 | 978-969-0331 | LegacyCareLaw.com
Family Is Everything to Us
Estate Planning Is an Extension of Family Legacy
Our legal family also shares a distinctive outlook on estate planning as more than just financial matters. Instead, estate planning can be a way to preserve a family’s values, traditions, and history. We know this more than anyone, and that’s why our goal will never be accomplished unless a family leaves with a sense of relief and satisfaction. Of course, we all want to ensure our children aren’t stuck with countless taxes and emotional conflicts, but we should also strive for them to see just how much effort we took to preserve our legacy. Just like we know how to care for other families, we know how to care for our own. It’s an inherent part of our firm’s culture to support not just clients’ families but also each other. Our families will always come first. How can we stress the importance of family and estate planning when we don’t do the same for ourselves? I remember when our firm decided to have a Christmas party at one of my favorite restaurants in New Hampshire. My wife and I chat with the owner often, and I remember after the party, he mentioned, “That was really nice of you to bring your family!” When I revealed that it was my team, he couldn’t believe it! That was because the way we communicate and share our joy just exudes family warmth. I wouldn’t want it any other way. The measure of our dedication to each other is a reflection of our commitment to our clients. We are here to help families find comfort in difficult times. Instead of becoming lost in a sea of legal processes and documents, we always aim to educate our clients so they feel a sense of comfort. Our team will do whatever it takes for this to be a time to reflect on a parent’s legacy, not worry about paperwork. That’s why our new name, Legacy Care Law Firm, isn’t a marker of change but a reminder of what estate planning is all about. If we can help you or someone you know with anything, please feel free to contact our team. We will welcome you as part of our own Legacy Care Family!
You may have seen a few changes around our firm, but the most noticeable one is that we’ve chosen a new name: Legacy Care Law Firm! While the name is different, we are still the same family who cares for our clients and their families. No matter what changes we go through now and in the future, I know for a fact that our passion will never falter. Legacy Care Law is the same DeBruyckere firm, same team, and same dedication — we just have a new name that’s easier to pronounce! While a name change might indicate a significant change for some, that’s not the case here. My team and I know what makes our work effective, and that’s our genuine commitment to helping our clients and supporting families. Why would we change something that doesn’t need fixing? Our firm’s team is more than just attorneys and legal assistants. We’re a family. I know in my heart that this warm atmosphere we’ve created for ourselves has reached our clients and comforted them during difficult times. Each of our attorneys has their own unique background and reason for choosing this field, yet I’m certain we all share a sense of fulfillment from helping families maintain their legacies. It truly feels incredible to allow clients to look back at their parent’s heartfelt planning and continuing love.
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THE GO-TO GUIDE TO GIFT TAX
How Much Can You Give Tax-Free?
instances aren’t impacted by the gift tax. Some tax-free offerings include:
married, your spouse can match your gift, and as a couple, you can give up to $34,000 per individual tax-free. If a gift exceeds this amount in any one year, you must pay a tax. How do you gift strategically? Although gift taxes seem burdensome, they can benefit those who properly plan. People with a significant estate will often schedule gifts each year to minimize their estate and, as a result, reduce the estate tax that would need to be paid upon their death. This strategy is an excellent way to save money for a family in the long run. This guide to gift taxes is simply an introduction. Be sure to speak with a tax professional or financial advisor when determining your gift tax responsibilities. You may also be able to learn a few new strategies that can protect your estate!
If you’re giving a substantial amount of money or property to someone, you’ll likely have to pay a gift tax. The IRS applies this federal tax on any individual who transfers assets to someone else without anything significant in return. You don’t need to worry about gift taxes if you’re just giving your child a
• Educational expenses • Medical expenses • Gifts to a spouse • Gifts or donations to political organizations or charities
small allowance, but when transferring thousands or millions of dollars, you will likely have to hand over a chunk to the IRS. What does and doesn’t require a gift tax? Gifts include property, bank account transfers, cash, stocks, vehicles, art, lenient loans, and more. Sounds like everything, right? Well, a few
Be sure to speak with your financial advisor or a tax professional on whether your gift requires a tax. You always want to err on the side of caution.
How much can you give? As of 2023, you can give up to $17,000 per individual annually free of tax, meaning you aren’t limited to gifting just one person before you’re
hit with a gift tax. If you’re
WHAT IS ETHICAL INVESTING? Use Your Values to Make Financial Decisions
• Climate change • Waste management • Gender and racial discrimination • Employee safety • Accounting practices However, ethical investing follows a more comprehensive approach and considers ethical matters that may not be discovered when assessing a company’s ESG standards. Some ethical concerns may include:
Do you want to start investing but are wary of funding large corporations with questionable ethics? Ethical investing is when people make investment decisions that align with their morals. When investing ethically, you support sustainable companies committed to widespread positive social change. Of course, “ethical” is subjective and means various things to different people. Ethical investors often research companies before investing to discover how the business impacts the world around them. These can concern human rights, environmental sustainability, and more. What is the difference between ethical and ESG investing? Ethical investing is similar to ESG investing, which evaluates a company’s environmental, social, and governance (ESG) standards. The difference? Ethical investing takes it a few steps further. For example, ESG investing looks at issues that can include:
Stanley Institute for Sustainable Investing found the return on investments focused on ethical choices was not noticeably different from traditional investments. It doesn’t hurt to care! Ethical investors actively work to support moral values in businesses and encourage sustainable practices. As more and more investors choose to support these companies, other businesses are pressured to clean up their acts and work harder to make a difference. Our ethical values, applied to investment choices, can make a huge impact! No one needs to throw away their values to start investing.
• Fossil fuel usage • Weapons production • Human rights • Child labor violations
It’s entirely up to the investor to decide which causes they want to invest in or eliminate from their investment portfolio through the companies they research and choose. Do ethical investments have high returns? While not all investments can guarantee a high return, one 2019 study by Morgan
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ART THIEVES MADE HER FAMOUS On Aug. 21, 1911, Vincenzo Peruggia made history and immortalized a once unnoticed painting. Leonardo Da Vinci’s “Mona Lisa” was stolen long before the iconic painting was heavily secured as it is now. Peruggia and two other Italian handymen stole the now-infamous portrait from the Louvre. What ensued is one of the most internationally followed thefts of modern times. The Louvre was shut down for nearly a week amid the frenzy but soon reopened with an empty space where the “Mona Lisa” once hung, bringing in countless spectators. It actually took an entire 28 months before the painting was finally returned. When Peruggia and his crew could not sell the picture due to the sheer magnitude of the investigation, they tried one last-ditch effort over a year A Little-Known Painting Caused Worldwide Frenzy
later to sell it, only for them to be reported and finally arrested. His sentence? Eight months in prison! After his capture, the art thief changed his story from looking to sell the painting to wanting to return the “Mona Lisa” to her country of origin as a symbol of national pride. Noah Charney, a professor of art history and author, explained that the theft made the “Mona Lisa” famous. “There was nothing that really distinguished it per se, other than it was a very good work by a very famous artist — that’s until it was stolen,” Charney detailed. “If a different one of Leonardo’s works had been stolen, then that would have been the most famous work in the world — not the ‘Mona Lisa.’”
Historian James Zug shared with National Public Radio the odd nature of Peruggia’s choice of art, as “the ‘Mona Lisa’ wasn’t even the most famous painting in its gallery, let alone in the Louvre.” The painting was so inconspicuous that it took a whole 28 hours before anyone realized it was missing. Headlines ran worldwide of the mysterious theft and even pointed suspicion at the famous American art lover and tycoon J.P. Morgan and renowned artist Pablo Picasso! Tensions were building in Europe as World War I was imminent, and that soon led to suspicions of German interference.
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9 Red Roof Lane, Salem, NH 03079 603-894-4141 978-969-0331 LegacyCareLaw.com
INSIDE THIS ISSUE
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New Name, Same Family
There’s a Tax on Gifts?
Ethical Investing Explained
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Estate Planning Seminars
How Did ‘Mona Lisa’ Become Famous?
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The Endless Fight for Jimi Hendrix’s Estate
Jimi Hendrix Left a Legacy Without a Will THE HENDRIX FAMILY FEUD
Meanwhile, Jimi’s brother Leon continuously argued he should inherit his brother’s estate since he was closest to him. He tried to reason that if Jimi had made a will, he would be named the inheritor. The argument didn’t hold up in court. Then, sadly, Al passed away in 2002. In Al’s will, he didn’t give Leon control of Experience Hendrix LLC — he gave it to his daughter Janie Hendrix, Jimi’s stepsister. Again, Leon tried to persuade the court he should have control of the late musician’s estate. But Janie’s name was on Al’s will, and Leon was noted to have been removed since he struggled with drug abuse. Now, Janie continues to successfully run the family business and keep the legacy of Jimi Hendrix strong.
We often hear about celebrities’ haphazard wills (like Ike Turner and Aretha Franklin), but what happens when a celebrity passes without one? This legal catastrophe occurred when legendary guitarist Jimi Hendrix passed away at 27. The result was a long legal battle, explosive family division, and ongoing lawsuits. Jimi Hendrix, known for classic hits such as “All Along the Watchtower” and “Voodoo Child,” died abruptly, leaving his massive estate without a designated beneficiary. Without a will, the court must follow the laws of intestacy, and as Jimi had no wife or children, his estate would go to his parent, Al Hendrix. However, in 1990, Al sued Jimi’s lawyer for mishandling his son’s music rights. After winning the case, he created Experience Hendrix LLC, a family-owned organization that controls the legacy of the guitar aficionado.
Noel Redding and drummer John Graham “Mitch” Mitchell sued the Hendrix estate, claiming they deserved a portion of the profits, but Experience Hendrix LLC sued them for the invalid claims, and their battle is still ongoing. Let this chaos be a warning that you shouldn’t wait to create your will!
However, the legal mayhem isn’t over yet. In 2022, the families of bassist David
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