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OCTOBER 2021
3 Little-Known Estate Planning Techniques Want to Get Ahead of the Curve? Here’s How
As a financial advisor for 25 years, I have plenty of experience helping clients manage their assets and estate plans. Every day, I deal with potential issues that can occur without the proper guidance of an attorney or financial advisor like myself. I’ve learned a lot of things that most people don’t know or expect as they plan for their retirement, including what might happen to their assets if the unexpected happens.
Here are three of those little-known tips that will help your estate planning go as smoothly as possible.
No. 1: Add children to your bank accounts under a trust, not directly. In order to make it easier for children to access their checking accounts when they pass or while alive, some parents will put their children’s names on the checking account. In the short term, this does simplify how the kids can access the money. However, let’s say your kid gets married (or is married). Under a checking account in your child’s name, it becomes marital property — in other words, you’re legally commingling the assets. If your kids ever endure a divorce or get sued, their spouse or opposing party can go after those funds. The solution is to change the name of your checking account to the name of the trust instead. This will ensure that, no matter what, your intended inheritance funds will go to your intended beneficiaries — the loved ones you want to protect most. No. 2: Title your home to your trust — it could save you tens of thousands. If you want to give your home to your child, you might feel tempted to put their name on your house deed. However, by doing that, your child could lose the opportunity to benefit from one of the biggest tax breaks in the U.S. tax code — the step-up in basis provision.
date of death. Put your children’s names on the deed, and the stepped-up basis is lost. Changing the deed of your home to the trust accomplishes passing this important asset to your children while also keeping the stepped-up basis. No. 3: Putting your home into a trust could protect it from Medicaid claims. In the future, you or your spouse may need to undergo special care, which may be covered by Medicaid. When both spouses die, however, Medicaid can go after their home and seize assets to pay for their care. This is traumatizing for families and often betrays the intention of the passed away family members, even with a will. Putting your home under protection of a trust, however, can ensure your kids will get your house. The state cannot touch assets or money left under a trust to pay for Medicaid. Most people don’t know that and may skip establishing a trust in hopes of avoiding extra steps. Don’t! It’ll save your family so much heartache in the future.
Let’s say, at the day of your death, your home was worth $500,000. If your kids sell the home after, they will only pay capital gains taxes on the gains from the
In short, you don’t want an estate plan that excludes creating a trust. These are just three reasons, among many. Thanks so much for reading this, friends. If you have any interest in or questions about these topics, please call your estate planning attorney or give me a call. I can certainly help point you in the right direction to get started.
More Income and Less Taxes in Retirement Seminar
Oct. 12, 14 — 6:30 p.m. Andiamo (Bloomfield Hills) Oct. 19, 20 — 6:30 p.m. Camp Ticonderoga (Troy) Oct. 26, 28 — 6:30 p.m. Maggiano’s (Troy)
Register today at BridgeriverLLC.com! Free dinner provided.
-Dan Casey
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YOU CAN USE WHAT TO TIDY UP?! 4 DEEP-CLEANING HACKS TO PREP FOR THE HOLIDAYS
Cleaning Balls
Prepping for the holidays is exciting and fun, but it requires tons of planning, cooking, decorating, and cleaning. To avoid getting bogged down while preparing for cheerful celebrations with friends and family, try these easy ways to get your house sparkling clean and ready to host.
Utilizing tennis balls for your house chores may sound strange. However, when drying a bulky bed comforter in your dryer, adding a few tennis balls will ensure the stuffing does not gather all to one side. The balls help keep everything nice and even.
Roll the Ceilings
When it comes to ceilings, especially if they are textured, thoroughly cleaning off dust, dander, and cobwebs can be challenging. When you use a broom, chunks typically go flying around and make a larger mess. However, if you whip out a painting roller, dampen it, and roll your ceilings just like you are painting, you are sure to get the job done!
Pillowcases and Fans
Socks on Your Hands
Your ceiling fans collect all of the nasties — dirt, dust, bugs, and allergens. For an easy way to clean them without spreading all the grime around your home, turn to old pillowcases! Simply slip the pillowcase over each individual fan blade and then wipe. All of the debris will end up in the pillowcase itself. A clean home is the key to happy living and is paramount for hosting over the holidays. With these tricks up your sleeve, you are now a cleaning expert!
Have you ever run a finger along a panel of your blinds and it comes up black? Blinds tend to be huge dust collectors. By throwing some socks on your hands, you can get back to clean blinds. All you have to do is find a pair of old socks, “glove up,” and dampen them. From there, if you grip each individual blind panel and slide your hand along the length of it, you will gather tons of nasty dirt and dust onto the sock.
WHAT’S THE DEAL WITH PFAS?
STUDY FINDS TOXIC CONTAMINATION IN POPULAR MAKEUP You might’ve heard about the toxic makeup controversy due to the
The most disturbing detail, though? Of the 29 products that contained PFAS chemicals, 28 did not disclose them on the product’s label. “Some of it could be unintentional, due to manufacturing issues, but there are several products where the levels are so high, they had to be intentionally added for something like durability or water resistance, because that’s what PFAS do very well,” says study author Graham Peaslee, a professor of physics, chemistry, and biochemistry at the University of Notre Dame. Additionally, about 88% of the tested products failed to disclose any ingredients that would explain those chemical markers, despite the Food and Drug Administration requiring such explanations. How do you avoid PFAS risk? According to the study, the highest levels of PFAS were found in foundations (63%), waterproof mascara (82%), and long-lasting lipstick (62%). To get started, use the Skin Deep database on EWG.org to look up specific products. They have pages dedicated to specific chemicals to watch out for, including PFAS. Ultimately, your safest bet is buying from companies that are transparent about what they put in their products and have policies against PFAS. Please buy carefully, and if it’s important to you for cosmetics to stay safe for everyone, give your congressional representatives a call or email to support the No PFAS in Cosmetics Act!
No PFAS in Cosmetics Act recently introduced into the Senate. What’s the deal with PFAS (per- and polyfluoalkyl substances)? Are they actually dangerous? Here’s what we know so far. What does the research say? A recent study published in the journal Environmental Sciences & Technology Letters revealed that over 52% of 231 popular makeup
items, sold in American and Canadian markets, contained high levels of synthetic contaminants called PFAS, or “forever chemicals,” because they do not disintegrate easily in the environment or in our bodies. For many, putting on makeup is a daily ritual — which makes it extremely concerning that PFAS can bioaccumulate in bodies over time. Even worse, they have been linked to cancer, thyroid disease, liver damage, decreased fertility, and hormone disruption.
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Theseus, who ventured into an elaborate maze to kill the half-man, half- bull imprisoned there. The monstrous Minotaur was known to eat heroes, and the labyrinth was known to trap them, but Theseus managed to slay the Minotaur and find his way home with the help of a string that he unspooled as he walked. This story isn’t the first recorded example of a maze or labyrinth — according to the World History encyclopedia, “[L]abyrinths and labyrinthine symbols have been dated to the Neolithic Age in regions as diverse as modern-day Turkey, Ireland, Greece, and India, among others” — but it’s perhaps the most famous ancient tale. If you’ve ever navigated a Halloween corn maze staffed by ghouls and ghosts, you can see the parallels! Garden Art to Get Lost In Mazes formed from bushes began popping up European gardens in the 17th century. They were a popular artistic feature of upper-class gardens in England, more for looking at than solving. One famous example is the half-mile-long Hampton Maze, which was planted in 1690 and still stands today.
CORN MAZES DATE BACK TO ANCIENT GREECE? A HISTORICAL LOOK AT THIS WACKY FALL TRADITION
Exploring a corn maze is a great way to get outside and enjoy the fall season with friends and family — but who came up with the idea of
wandering around a corn field for fun? As it turns out, outdoor mazes are an ancient tradition, and the American corn maze of the ‘90s sprouted from the mazes of 17th-century European gardens. Don’t believe it? Here’s a quick tour of corn maze history. The Minotaur and the Maze Have you heard of Theseus and the Minotaur? This ancient Greek legend tells the story of the hero
The Corn Maze: An American Invention Garden mazes eventually hopped the pond to America but didn’t become interactive puzzles until Don Frantz, Creative Director of the American Maze Company, came on the scene. In 1993, Frantz created the “first ever cornfield maze for private and public entertainment” to attract college kids in Pennsylvania. Today, every small-town corn maze is a descendant of his “Amazing Maize Maze.” To learn more about that wacky history, visit AmericanMaze.com.
HAVE A LAUGH
Halloween Cookie Pizza
Inspired by Pillsbury.com
Image sourced from Pillsbury.com/recipes/halloween-cookie-pizza/ 67172821-ddfb-49ce-b658-ddc4ef4b5cf3
Ingredients
• • •
1 roll Pillsbury Sugar Cookie Dough 1/2 cup creamy peanut butter
• •
1/2 cup chocolate chips
1/4 cup vanilla frosting (store-bought or homemade)
1 cup candy corn
Directions
1. Preheat oven to 350 F. 2. Grease a round, 12-inch pan and line with cookie dough, ensuring the dough covers all but the outer 1/2 inch. 3. Bake for 16–20 minutes until golden brown. Cool completely. 4. Spread the peanut butter over the cooled cookie dough, then sprinkle on the candy corn and chocolate chips. 5. In a small bowl, microwave the frosting for 15 seconds or until liquified. 6. Drizzle the frosting over the “pizza,” slice, and serve!
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INSIDE This Issue 3 Little-Known Estate Planning Techniques
Deep-Cleaning Hacks for the Holidays
Why 52% of Makeup May Be Considered Toxic
Corn Mazes Date Back to Ancient Greece?
Halloween Cookie Pizza
3 Haunted Destinations to Visit This October
GHOSTS ACROSS AMERICA 3 Haunted Spots Every Ghost Believer Will Love October is one of the best months for travel in the U.S. With mild temperatures and gorgeous, colorful leaves everywhere, there’s no better time for a cross-country road trip. Add some Halloween flair to your October vacation with these three ghostly attractions. Stay a while at Hotel Monte Vista in Flagstaff, Arizona.
Guests at Hotel Monte Vista have often enjoyed long stays at the downtown Flagstaff, Arizona, hotel, but not everyone leaves. Constructed in 1927, the hotel is host to a number of reported ghosts. The most well-known is an elderly woman who would spend hours rocking in the chair in her room. Today, her chair can be found moving on its own. Another popular visitor is the ghost of a bellboy who knocks on doors and announces that room service has arrived — only, no one’s there.
Visit the most haunted town in the U.S. — Waynesville, Ohio.
Sure, New Orleans may have a spooky past, but it doesn’t compare to Waynesville. Many residents and visitors think this Ohio town is rife with ghosts. You may hear cries to “hurry up” at The Hammel House Inn, where many tunnels for the underground railroad came through, or you could see the apparition of a businessman from the 1800s who “never checked out.” Other sources report hauntings at the town’s historical society, Museum at the Friends Home, including a little girl who moves toys and sits on the porch. The society leans into the local fascination and hosts regular walking ghost tours and ghost hunting classes.
Is there a monster in Pine Barrens, New Jersey?
This one’s for those who love mysterious creatures. Pine Barrens is a mass of forested land that spreads across seven counties in New Jersey — and its most famous resident isn’t human. The Jersey Devil has a long, storied history and is said to be a combination of many animals: Its body is shaped like a kangaroo with wings. It has the head of a dog but the face of a horse. The creature is believed to have had a sickly start to life in 1735 and has stayed to haunt the forest’s inhabitants and even those who visit the area today.
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