Check out the latest edition of our newsletter!
November 2024
603-894-4141 | 978-969-0331 | LegacyCareLaw.com
THE IMPORTANCE OF ESTATE PLAN REVIEWS AND SUCCESSOR TRUSTEE TRAINING
How Our Reviews and Workshops Ensure a Seamless Transition
Maintaining an up-to-date estate plan is of the utmost importance for all our clients. It ensures their wishes are honored and provides peace of mind for them and their loved ones. Estate planning is not a one-time task; it requires ongoing attention and periodic reviews to adapt to life’s changes. This is why I emphasize the importance of regular check-ins and why we offer a unique trustee training workshop as part of our comprehensive estate planning services. Regular estate plan reviews are essential. If it has been more than three years or circumstances have changed, it’s a good idea to schedule a review, which we do for our clients free of charge. Life events such as a move, marriage, children, changes in financial circumstances, or updates to tax laws can all significantly impact an estate plan’s effectiveness. Ongoing reviews help safeguard a person’s legacy and ensure their estate plan aligns with their goals. Having a valid and up-to-date estate plan is essential, but ensuring the designated trustee is fully prepared to execute it is equally critical. We offer our clients a free Trustee Workshop that provides specialized virtual training designed to equip a trustee with the knowledge and confidence needed to fulfill their responsibilities effectively. During these workshops, we provide comprehensive guidance on the practical aspects of being a trustee. We cover essential topics, including the necessary actions to take and the appropriate contacts to make in the event of incapacity or passing. We also explain the specific tools of an estate plan, how and when to use them, and the legal and financial responsibilities a trustee will need to manage. “Having a valid and up-to-date estate plan is essential, but ensuring the designated trustee is fully prepared to execute it is equally critical.”
One key message we emphasize is seeking assistance when necessary. The role of a trustee is complex, and it can be overwhelming without the proper support. Our team is here to provide ongoing guidance, ensuring our clients’ trustees are never left to navigate these responsibilities alone. The primary objective of these workshops is to ensure our clients and their trustees are fully confident and supported throughout the process. When a trustee participates in this training, our clients can rest assured their estate plan will be executed seamlessly, according to their wishes, and with the utmost care. I highly recommend that all our clients take full advantage of our estate plan reviews and Trustee Workshop. Regularly reviewing an estate plan and preparing a trustee are essential steps in ensuring its effectiveness and providing crucial protection for loved ones. Don’t wait until an emergency arises to address these important matters — if you have an estate plan already in place, contact your attorney and schedule a review to keep your plan as strong and secure as possible.
LegacyCareLaw.com 1
Published by Newsletter Pro • www.newsletterpro.com
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.
603-894-4141 | 978-969-0331 2
Published by Newsletter Pro • www.newsletterpro.com
Protect your assets from nursing home costs. Avoid probate fees and frustration. Minimize death taxes. Estate Planning Seminar Dates
Monday Oct. 28, 2024 6:00 p.m.
Wednesday Nov. 6, 2024 1:00 p.m. LaBelle Winery 14 Route 111 Derry, NH
Wednesday Nov. 6, 2024 6:00 p.m. LaBelle Winery 14 Route 111 Derry, NH
Thursday Nov. 7, 2024 1:00 p.m. Atkinson Resort & Country Club 85 Country Club Drive Atkinson, NH
Birch Wood Vineyards 199 Rockingham Road Derry, NH
New Hampshire Office Locations: Salem and Nashua • Massachusetts Office Locations: North Andover, Beverly, and Woburn. Join our attorneys. Spaces are limited. REGISTER NOW! Call 603-894-4141 or 978-969-0331 to register, or book online at LegacyCareLaw.com.
DISCOVER YOUR FAMILY STORY
Organize family groups. Organizing information into family groups is vital. Clustering data about immediate family members allows for a clearer understanding of familial relationships and histories. This process clarifies lineage and enriches the personal
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. The search can extend to census records, military enlistments, and old newspapers. Check out the FamilySearch link on NGSGenealogy.org .
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!
LegacyCareLaw.com 3
Published by Newsletter Pro • www.newsletterpro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
9 Red Roof Lane, Salem, NH 03079 603-894-4141 978-969-0331 LegacyCareLaw.com
INSIDE THIS ISSUE
1
The Benefits of Trustee Preparation and Regular Updates
2
Fortunate Furry Friends and Their Trust Funds
4 Must-Have Savings Accounts to Secure Your Future
3
Exquisite Lemon Bars
Uncover Hidden Stories in Your Ancestry
4
Estate Planning Essentials for Young Adults
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 accounts, or handling other financial
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.
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.
4
603-894-4141 | 978-969-0331
Published by Newsletter Pro • www.newsletterpro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator