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May 2024
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DON’T LET THE BRADY BUNCH RUN WILD: PLANNING FOR BLENDED FAMILIES Why Your Unique Family Requires a Customized Estate Plan
The term “blended families” encompasses a diverse range of family dynamics, of which the classic “Brady Bunch” scenario is just one example. Many important factors are involved, including prior marriages for each spouse, the cause of the end of a previous marriage, children from those marriages, the residence of prior children, the relative wealth of spouses, and more. However, despite the specific circumstances, blending families presents unique challenges in estate planning and inheritance arrangements. I’ve been helping families navigate this process since 1998, and I’ve seen firsthand the intricacies of securing a family’s future, mainly when it includes children from different relationships. Having a family that includes children from previous relationships can make things more complex because of competing interests or concerns about how some choices might be perceived. Clients often come to me burdened by stories they have heard about spouses unintentionally disinheriting children from previous marriages or assets becoming entangled following a remarriage. These are not mere stories but real concerns that must be addressed with empathy, compassion, and a comprehensive understanding of estate planning and the law. While proper legal documents are important to addressing blended family issues, solutions can only be reached by professionals who seek to understand the emotional impact, not just the legal impact, of these problematic issues. Left unaddressed, the tensions within blended families can powerfully influence how family members perceive and receive estate plans. As an estate planning attorney, my role often extends beyond legal advising; at times, I am a mediator who must understand the emotional undercurrents of various issues and navigate them with empathy. In blended family situations, clients are often concerned with ensuring their children from previous relationships are not unintentionally disinherited. This is a legitimate worry but can be prevented with the right estate planning tools. By preparing the proper estate plan, which often includes carefully drafted trusts, we can safeguard your children’s inheritance, irrespective of future changes in your marital status.
In estate planning for blended families, a range of legal tools are utilized to address the unique dynamics and concerns that arise. By employing these legal tools thoughtfully and strategically, estate planning for blended families can effectively address complex family dynamics and provide peace of mind for all involved parties. Every family is unique, and a one-size-fits-all approach doesn’t work for estate planning in blended families. What works for one family may not work for another. That’s why a customized estate plan tailored to your specific family situation is essential. My role is to listen, understand, and craft a plan that aligns with your wishes, ensuring all family members are considered and protected even as families change over time. If you’re navigating the complexities of a blended family, please contact us. Whether you’re a current client with evolving family dynamics or someone considering estate planning for the first time, a consultation or a review of your current plan can be invaluable and set you on the right path. Together, we can create a plan to protect and provide for your unique family situation, ensuring your family is protected and cared for. Remember, it’s not just about drafting documents; it’s about securing your family’s future with care and foresight.
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PAW-SOME ADVENTURES
Gear Up Your Pup for a Hiking Adventure
Setting out on a hiking adventure with your furry friend is a rewarding experience, but ensuring their safety and comfort on the trail requires careful consideration of essential gear. Before heading out, consider your dog’s unique needs and preferences so it’s an enjoyable and bonding adventure for you both. Here’s an introduction to some must- have hiking gear for your canine companion. Food and Water One of the most important aspects of hiking is staying well-nourished and
hydrated. Packing more water than you think may be necessary is crucial, especially on a trail where natural water sources may be scarce. An ample supply of dog-friendly food is also essential, with the quantity adjusted based on the hike’s duration. A collapsible bowl will be handy for feeding your canine companion during breaks. First-Aid Kit Safety should always come first. A dog first-aid kit is indispensable for addressing unexpected issues on the trail. These compact kits typically include dressings, bandages, and tools for removing ticks or thorns. Being prepared for minor injuries ensures you can safely complete the hike without making any injury worse. Boots While some dogs may resist wearing boots, they can be a lifesaver in challenging terrains. Opt for boots that protect without compromising comfort. Though
you likely may avoid trails with terrain that could harm your dog’s paws, having boots in your pack is, at least, a proactive measure for unforeseen circumstances, ensuring your canine companion’s paws are protected if needed. Waste Bags Be responsible out on the trail. That means bringing poop bags. Attach them to the outside of your backpack or tote bag for convenient access once your dog has completed its business. The “leave no trace” practice will help maintain the pristine beauty of the trail for everyone to enjoy. Emergency Harness Preparedness is critical, and an emergency harness adds an extra layer of safety. A proper harness will allow you to carry your dog on your back in an emergency. This versatile harness ensures that you can provide assistance in challenging situations.
Financial Freedom Starts Here THE CASE FOR CRAFTING A MONTHLY BUDGET
Unique budgets keep track of subscriptions. There are more streaming services than ever; the average household has four. Even companies outside of streaming services have started using subscriptions to make money. BMW is trying to get car owners to pay a fee to get heated seats — for $18 per month. It’s easy to sign up for a service — or a one-month free trial — and forget the expiration date, even if it takes a small chunk of your paycheck every month. A unique monthly budget ensures you’ll see those subscriptions so you can cancel them accordingly. Unique budgets help you identify poor financial decisions. Evaluating your monthly expenses ensures that you examine your spending habits. Standard monthly budgets don’t scrutinize the nuances of your spending, only the total. For example, you might waste a lot of money on gas station snacks and not realize how much it adds up each month.
Many monthly budgets take a one-size-fits- all approach, but every month is different. It’s essential to make a unique budget every month. Doing so has several benefits, but all help you save money. Refining your budget month-to-month will help you pay closer attention to your finances while adjusting for any and all unusual circumstances. Unique monthly budgets are versatile. It allows you to allocate money for events like baby showers, weddings, spur-of-the- moment donations, and holidays. Setting a budget without monthly evaluation often leads to going over your allocated spending — and incurring a bank service charge. Unique budgets let you plan for sudden expenses. If your car breaks down, how will you pay to have it fixed? If you have to cut your expenses, unique budgets can help ensure everything is paid for. You can also leave a little extra room, just in case — a short-term emergency fund, if you will.
A unique monthly budget puts those small or unnecessary purchases into perspective. Now that you know why making a unique budget is so important, it’s time to make one. Creating a budget every month may sound intimidating, but it’s easy once you set down a basic framework. Your bank account will thank you.
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THE AMAZING AZTEC NATION: The Aztecs were an expansive and vibrant nation when the Spanish arrived in the New World around 1519. They had a rich culture, innovative agriculture, and one of the world’s most impressive cities. Many fascinating facts about them are not taught in school, so prepare to be amazed. They worshiped chocolate.
3 FASCINATING FACTS limited space. Furthermore, they promote bio-diversity, which is helpful for everyone. For these reasons and more,
chinampas are still used around Mexico City and the country’s southern areas. Their capital city was an ancient marvel.
Chocolate was hugely important to the Aztecs — the delicious substance was part of many religious and cultural ceremonies. It was also used as currency to buy everything from food to clothes. As a result, only royals consumed chocolate because they were literally eating money. The most popular method for drinking chocolate was a cold and frothy concoction of ground chocolate, seeds, and spices sweetened with honey. Royalty emphasized frothiness and used various techniques to maximize it. For example, they poured cold cocoa while standing up into a cup on the ground. They built floating gardens. Aztec agriculture relied on floating gardens. They would create tiny islands called “chinampas” near modern-day Mexico City. Chinampas were built by braiding reeds with stakes underwater. These aquatic fences accumulated mud and vegetation until they became visible on the surface. The Aztecs built canals around them for transportation. Why did they go through the trouble? Chinampas offer several benefits. First, they’re fertile and can grow anything from beans to flowers. They also allow people to take advantage of the river and maximize their
When the Spanish arrived, Tenochtitlan was among the world’s largest cities. It had a population of
over 200,000. Only Paris and Constantinople were bigger. This ancient capital of the Aztecs was also built in the center of a lake. Boats surrounded the city and were used for trade, transportation, and
agriculture. The Spanish drained the lake to expand the city’s borders, but the lake’s wet soil remains, and Mexico City sinks a little each year. Unfortunately, the Aztec Empire fell after disease ravaged their population and the conquistadors betrayed and murdered their leadership. That’s not to say the Aztecs vanished. While their reign ended centuries ago, their legacy lives on in Mexico.
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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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Safeguarding Your Loved Ones in a Blended Family
Paws and Paths!
A Personalized Monthly Budget Can Transform Your Finances
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Check out our Upcoming Estate Planning Seminars
Lesser-Known Aztec Facts That Will Amaze You
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Prepare Your Financial Roadmap
Your Estate Planning Checklist
Living Will or Advance Health Care Directive A living will or advance health care directive articulates your preferences regarding medical treatment in case you become unable to communicate. This document guides your family and healthcare professionals on decisions related to life- sustaining treatments, organ donation, and other critical matters. Financial Power of Attorney Designating a trusted individual as your financial power of attorney is essential. This person will manage your financial affairs if you become incapacitated. Choose someone reliable and trustworthy to handle your finances. Take your time with this decision, as this person will control your finances. Beneficiary Designations Many assets, such as life insurance policies, retirement accounts, and bank accounts,
Estate planning is a crucial part of financial management that ensures your hard- earned assets are distributed according to your wishes after you pass. Creating a strategic roadmap for transferring this wealth, minimizing taxes for those beneficiaries, and providing security for your loved ones is incredibly important. To start this journey, you must understand what documents are essential. Here is a checklist of important documents you should include in your planning. Last Will And Testament The foundation of any estate plan is a last will and testament. This document outlines how you want your assets distributed and who will be responsible for executing your wishes. You don’t have to be retirement age to write yours. It’s best to be prepared as it allows you to appoint a guardian for minors. It must be clear and concise in your will to avoid misunderstandings and legal complications.
allow you to designate beneficiaries. Regularly reviewing these designations ensures that your assets go to the intended recipients without going through probate. Revocable Living Trust This last document is not necessary for everyone, but a revocable living trust can be a valuable tool in estate planning. It enables you to transfer assets into the trust during your lifetime and specifies how those should be distributed after your passing, avoiding probate.
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