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January 2025
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Early Planning, Long-Term Peace How Young Adults Can Protect Their Families and Futures
Are the young adults in your life prepared with a proper estate plan? Since many fall for the false belief that estate planning is only for the older generations, I want to discuss why it’s essential for people in their 20s and 30s to consider planning and what risks they face by remaining unprepared. Many young adults, particularly those just starting their careers or families, may not think estate planning is necessary. It’s common to associate estate planning with older age or considerable wealth. However, life’s unpredictability doesn’t discriminate by age. Young adults face specific risks and have unique considerations that make having an estate plan not just wise but essential. One critical component is a young person’s health care directive. This document is invaluable for if a young adult becomes incapacitated due to an accident or illness. Without a health care directive, parents may not even have the legal authority to make medical decisions for their adult children. Moreover, HIPAA laws could prevent them from even receiving information about their child’s medical condition. This scenario is a parent’s nightmare — being kept in the dark during a critical moment due to a lack of proper legal documents. For young families, especially those in their 30s with small children, the thought of planning for guardianship is daunting but necessary. No one wants to think about the possibility of passing on and leaving young children behind. But should anything happen to the parents, a clear and legally binding plan must be in place to ensure trusted individuals care for the children and that any inherited assets are appropriately managed. A simple will might name guardians, but it often isn’t enough to avoid lengthy and stressful court proceedings. Additionally, today’s younger generation lives a significant portion of their lives online, creating a digital footprint older generations don’t have. These assets, from social media accounts to digital banking, require careful management and protection. An estate plan that includes digital assets is crucial for ensuring online profiles are transferred or closed according to the deceased’s wishes and that digital wealth is distributed appropriately.
Starting this conversation with clients about their children or young friends often opens their eyes to the necessity of early estate planning. It’s not just about having a will but covering all aspects of one’s life, from physical and medical to digital and beyond. The risks of neglecting to create an estate plan can be significant. Without one, young adults leave their health decisions in the hands of strangers, their assets subject to state laws, the guardianship of their children undecided, and their digital legacy in limbo. I encourage you to share this message with your younger family members or friends. Help them understand the importance of these decisions and how they can protect themselves and their futures. If you or they need legal guidance, my firm is here to provide the necessary support and information to create a comprehensive estate plan tailored to their needs. Remember, estate planning is a profound act of care — not just for oneself but for one’s family and future. It’s never too early to start, and it’s certainly a conversation worth having at any stage in life.
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YOUR ROLE AS EXECUTOR Estate Plan Responsibilities Explained
Being named an executor is an honor that comes at a difficult time. But looking after the estate of a loved one after they are gone is a privilege that comes with many responsibilities. You must manage paperwork, assets, and maintenance costs. Moreover, as executor of the estate, you
are responsible for carrying out the will of the deceased. If you have been named executor of an estate, here are three duties you must manage.
This is necessary to file a tax return for the decedent’s final year of life and to file a life insurance claim. It will also be required when notifying applicable government agencies, such as the Social Security Administration, of the decedent’s passing. It will also be your responsibility to notify the decedent’s credit card company, banks, and mortgage lenders. Funeral Arrangements and Accounts The decedent’s wishes for funeral arrangements will most likely be included in the will, and it is your role as executor to carry them out. Additionally, all payments made on behalf of the decedent should come from an estate account. Establishing an estate account for dividend payments, paychecks, tax refunds, and burial expenses is key. This role may seem complicated, but whoever gave it to you knew you were up to the task.
Asset Distribution The primary role of the executor is to
distribute the estate’s property according to the decedent’s wishes. This also includes paying for maintenance costs during probate and before distribution can occur. As the executor, you are responsible for paying any mortgage, utility, car, and other necessary bills until the beneficiaries take over those responsibilities. Although some assets may avoid probate, the executor must file the will in probate court in most states. Paperwork and Notification As executor, you must obtain copies of the death certificate from the funeral home.
Enrich Your Golden Years With L’art de Vivre Embrace the French Art of Living
Living like a French person isn’t just about enjoying cheese and wine; it’s about embracing l’art de vivre , or the art of living. This philosophy emphasizes finding joy in simple pleasures, prioritizing quality over quantity, and cultivating beauty in everyday life. For those of us reaching our golden years, adopting this way of life can enhance our quality of life and make every moment more fulfilling. Let’s explore how you can infuse your daily routine with French elegance and leisure. Slow down and savor. The essence of the French lifestyle is taking the time to savor life’s joys. In France, this might mean lingering over a meal rather than rushing through it. Apply this principle by taking time to appreciate the small details of your day, whether enjoying the quiet morning hours with a cup of coffee or watching the sunset. This deliberate
slowdown helps to reduce stress and increase mindfulness. Prioritize self-care. Self-care is paramount in French culture. It goes beyond vanity to encompass a comprehensive lifestyle that maintains mind and body health. This can involve a balanced diet rich in natural foods, regular physical activity, and routines nourishing the body and soul. As you age, these practices are vital for maintaining your health, energy, and vitality, allowing you to enjoy your years to their fullest potential. Choose quality over quantity. The French are known for their classic style, which favors quality over quantity. This principle applies to various aspects of life, from clothing to kitchenware. Investing in fewer but better-quality items ensures longevity and guarantees your purchases are meaningful and genuinely improve your life.
Inspire your inner artist. The French celebrate creativity as a significant aspect of their daily life. Emulate this by setting aside time for cultural activities that spark your creativity and passion. Whether attending a concert, visiting an art gallery, or simply engaging in a creative hobby at home, these activities enrich your life, stimulate your mind, and provide tremendous joy. Adopting these elements of the French art of living can bring richness and joy to your everyday life, proving that the golden years can be your most vibrant.
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Photo: Matthew Fox Recolored from original
Nashville is known as “Music City” because of its role in the birth of country music and its centuries-old Ryman Auditorium. Famous performers like Jimi Hendrix, Otis Redding, and Dolly Parton have performed in venues on the city’s iconic Jefferson Street. As amazing as their live performances are, they are nowhere near as impactful as Jon Bon Jovi’s was on Tuesday, Sept. 11, last year. I Don’t Want to Live Forever On Wednesday, Sept. 12, Jon Bon Jovi, frontman of the rock band Bon Jovi, became the unwitting star of a viral video released by the Nashville Metropolitan Police Department (NMPD). The day prior, while filming a music video for his upcoming album on the public Seigenthaler Pedestrian Bridge, Bon Jovi came across a woman standing on the ledge overlooking the Cumberland River. He quickly acted to ensure she didn’t get “One Step Closer” and did his best to provide her with “Something to Believe In.” Over several minutes, Bon Jovi evoked his song, “I Got the Girl,” and successfully convinced her to step away from the ledge to safety. Nobody’s Hero The NMPD was impressed by Bon Jovi’s selfless act. After YouTube took down the video of Bon Jovi’s rescue, the NMPD reposted it on their Facebook page and lauded the singer’s achievements wherever they could. “It takes all of us to help keep each other safe,” NMPD Chief John Drake said of Bon Jovi on X (formerly Twitter). Bon Jovi is no stranger to altruism. His nonprofit organization, the JBJ Soul Foundation, assists those suffering from homelessness, poverty, and hunger. His foundation’s food and affordable housing programs have aided the less fortunate since 2006. It sure seems like Bon Jovi is committed to “Work for the Working Man.”
ROCK LEGEND SAVES WOMAN IN PERIL Jon ‘Bridge’ Jovi
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9 Red Roof Lane, Salem, NH 03079 603-894-4141 978-969-0331 LegacyCareLaw.com
INSIDE THIS ISSUE
1
Are Your Children Prepared for Life’s Unexpected Turns?
2
The Responsibilities of an Executor
Live a More Joyful, French-Inspired Life
3
Citrus-Herb Pork Roast
Bon Jovi Saves Woman on Bridge
4
The High Price of Dying Without a Will
PURPLE HAZE Prince’s Heirs Face Difficult Legal Battle
Estate attorneys constantly harp about the importance of having an updated, thorough estate plan. It may seem like nothing more than a marketing pitch, but those
reminders are consistent because of their dire importance. Take, for example, the case of the legendary musician Prince. When he passed away in April 2016, his estate was valued at over $150 million. The singer had no children or spouses to speak of, but he had six siblings entitled to inherit his estate. However, determining all potential beneficiaries without an estate plan was a challenge that cost the estate dearly. Prince’s Probate In the case of Prince’s estate, the absence of any will led to a prolonged probate process. While the six siblings were named as legal heirs, they could not agree on a distribution of assets between them. This resulted in frequent court visits and a prolonged legal entanglement that cost the estate millions. During this process, several heirs sold their inheritance shares to a company called Primary Wave, which acquired the rights to
Prince’s music. This only complicated the process further. Unworthy Suitors Due to the estate’s value, many suitors came looking for a portion of the inheritance. This included 45 imposters alleging kinship to the late musician. Ruling them out took half a decade, thousands of court filings, and numerous DNA tests. When all was said and done, the potential heirs cost the estate over $3 million in legal fees. The Importance of an Estate Plan The lack of an established will or trust in Prince’s case may have come down to his natural mistrust of lawyers. However, his failure to confide in legal advisors cost his estate and heirs millions of dollars. If you have yet to establish an estate plan, let this be your wake-up call: You do not want a fight to occur in your wake. Prepare for your family’s future.
Photo: Allen Beaulieu
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