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October 2024
603-894-4141 | 978-969-0331 | LegacyCareLaw.com
Strengthen Your Legacy: 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. It ensures your wishes are honored and provides peace of mind for you and your 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 with your attorney 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 your circumstances have changed, it’s a good idea to schedule a review. Life events such as a move, marriage, children, changes in financial circumstances, or updates to tax laws can all significantly impact your estate plan’s effectiveness. Reviews help safeguard your legacy and ensure your estate plan aligns with your goals. Having a valid and up-to-date estate plan is essential, but ensuring your trustee is fully prepared to execute it is equally critical. Our Trustee Workshop provides specialized virtual training designed to equip your trustee with the knowledge and confidence needed to fulfill their responsibilities effectively.
topics, including the necessary actions to take and the appropriate contacts to make in the event of your incapacity or passing. We also delve into the specific tools of your estate plan, how and when they are to be used, and the legal and financial responsibilities your trustee will need to manage. One key message we emphasize is seeking assistance when necessary. The role of a trustee is complex, and it can be overwhelming without the right support. Our team is here to provide ongoing guidance, ensuring your trustee is never left to navigate these responsibilities alone. The primary objective of these workshops is to ensure you and your trustee are fully confident and supported throughout the process. When your trustee participates in this training, you can rest assured your estate plan will be executed seamlessly, according to your wishes, and with the utmost care. I highly recommend that all clients take full advantage of our estate plan reviews and Trustee Workshop. Regularly reviewing your estate plan and preparing your trustee are essential steps in ensuring your plan’s effectiveness and providing crucial protection for your loved ones. Don’t wait until an emergency arises to address these important matters — schedule a review with our team and sign up for our Trustee Workshop to keep your estate plan as strong and secure as possible. “Having a valid and up-to-date estate plan is essential, but ensuring your trustee is fully prepared to execute it is equally critical.”
During these workshops, we provide comprehensive guidance on the practical aspects of being a trustee. We cover essential
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HOW TO SIDESTEP PROBATE Simple Ways to Avoid Probate With Your Assets
Beneficiary Designations One straightforward method is to designate beneficiaries directly on accounts such as IRAs, life insurance
Avoiding probate is a common goal for many when planning their estate, and for good reason. Probate is the legal process through which a deceased person’s assets are distributed under court supervision. This process can be time-consuming, costly, and public — all good enough reasons to find an alternative that allows your estate to pass directly to your loved ones. First, understanding what probate involves is crucial. Probate is the distribution of assets in your name at the time of your death. Without proper planning, these assets must go through probate before being legally transferred to your heirs. However, several strategies can ensure your assets bypass the probate process, saving your beneficiaries time, money, and stress. Here are three effective ways to avoid probate.
automatically transferring assets to your designated beneficiaries. Revocable Living Trusts Another powerful tool is creating a revocable living trust. You transfer your assets into the trust, and you can remain the trustee during your lifetime, managing the assets as you see fit. Upon your death, the successor trustee you’ve named will distribute the trust assets to the beneficiaries according to your instructions in the trust document — again, without probate. Incorporating these strategies not only simplifies the distribution of your assets but also provides peace of mind, knowing that your beneficiaries can avoid the complications of probate.
policies, and retirement plans. Doing so will transfer these assets directly to the named beneficiaries upon your death without going through probate. It’s vital to keep these designations up to date to reflect your current wishes. Payable on Death (POD) and Transfer on Death (TOD) For bank accounts, you can set up a Payable on Death (POD) designation, which allows the account’s contents to be transferred directly to a named beneficiary when you pass away. Similarly, Transfer on Death (TOD) registrations can be used for brokerage accounts and other eligible assets. These designations are simple to set up and effectively bypass probate by
The Urban Dog’s Survival Guide How to Make Your Apartment a Paradise for Your Pooch
Drown out the chaos with white noise. Apartment life is noisy, and for a dog, every hallway sound is a potential intruder or a friend they haven’t met yet. To keep the barking at bay and help your dog stay calm, consider placing a white noise machine near the source of everyday noises, like the front door. It’s like giving your dog their own personal bubble of Zen, shielding them from the chaos of the outside world. Treats are a dog’s best friend. Navigating the bustling common areas of an apartment building can be a sensory overload for your pup. To keep them focused and calm in busy lobbies and elevators, arm yourself with their favorite treats. Not only does this keep their attention on you instead of the swirling vortex of scents and sounds, but it also makes these common spaces a source of positive reinforcement. Elevator rides suddenly become much more appealing when a tasty snack is involved!
Mental gymnastics keep them active. Just like us, dogs need mental stimulation to stay sharp and content. Incorporating mental enrichment activities into your dog’s daily routine can make a big difference, especially on those rainy days when a long walk isn’t in the cards. Puzzle feeders or a good old game of hide and seek with treats can keep their brains buzzing and boredom at bay. Create a cozy corner. Set up a dedicated space in your apartment where your dog can retreat and relax. This could be a cozy corner with their bed, some favorite toys, and maybe even an item that smells like you. It’s their haven from the hustle and bustle of apartment life! Living with a dog in an apartment doesn’t have to be ruff. With these simple adjustments, you can ensure your pup feels as much at home in your apartment as you do. After all, it’s not just your space — it’s their den, too!
Living in an apartment with a furry companion has quirks and challenges, especially when your roommate is a barking bundle of joy. While we love having them around, keeping our canine pals happy in a compact space requires a bit of creativity and a lot of care. Here are some tail-wagging tips to ensure your dog is as comfortable in your apartment as you are!
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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.
The Rivalry That Redefined Entertainment Coney Island’s Cutthroat Carnival
In the early 20th century, Coney Island was the beating heart of America’s burgeoning amusement park industry. Three rival theme parks — Steeplechase Park, Luna Park, and Dreamland — engaged in fierce, cutthroat competition that dramatically reshaped this iconic destination. A Tawdry Reputation Transformed Coney Island’s reputation was once far from wholesome. Known as “Sodom by the Sea,” it was considered a tawdry, vice-filled destination. That began to change in 1897 when Steeplechase Park opened. Its founder, George Tilyou, sought to bring clean fun to the masses, creating a lighthearted atmosphere exemplified by his iconic “Funny Face” caricature. Stealing Ideas and Underhanded Tactics Tilyou’s success soon drew the attention of rival park operators. In 1902, he lured away the founders of the popular “A Trip to the Moon” attraction from the upcoming Luna Park. These underhanded tactics were common, as the parks constantly copied each other’s rides and acts to one-up the competition. Rapid Innovation Drives Change This competitive spirit drove rapid innovation at Coney Island. Over just a few years, the parks introduced groundbreaking new
attractions like the Rotating Barrel, Thunderbolt roller coaster, and the world’s largest Ferris wheel. They transformed the public’s perception of amusement parks, elevating them from sideshows to
immersive, technologically advanced experiences. The Birth of the Modern Amusement Park
The era of Coney Island’s dueling theme parks was short-lived, lasting only from 1904 to 1911, but its impact can still be felt today. The parks’ relentless one-upmanship drove the rapid evolution of the amusement park industry, laying the foundation for the iconic destination Coney Island has become. What began as a vulgar locale became a glittering symbol of American ingenuity and the pursuit of wholesome fun. While the tactics of these rival parks may have been underhanded, the lasting legacy of their fierce competition is undeniable. The rapid innovations, technological advancements, and shifts in public perception from this crucible of competition continue to shape the amusement park experience today.
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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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The Benefits of Trustee Preparation and Regular Updates
2
Escape Probate With These Estate Planning Tips
Turn Your Apartment Into a Dog-Friendly Haven
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The Cutthroat Competition Behind Coney Island
The Legal Drama Behind Larry King’s Handwritten Will
Lessons Learned From Larry King’s Handwritten Will
When iconic TV host and author Larry King died at age 87, he left a legacy of iconic interviews and memorable moments over a long radio and television career, including 25 years at CNN. But an unexpected twist was his secret handwritten will that dramatically changed the plans for his estate. Despite its brevity and simplicity, this last-minute discovery sparked a heated legal battle. Handwritten or “holographic” wills are legal in many states, including California, where Larry King resided. These wills don’t require the usual formalities of being witnessed but must be entirely written and signed by the testator — the person to whom the will belongs. While this might seem like a convenient shortcut, it often leads to serious legal challenges, particularly around the will’s credibility and the testator’s intentions.
In Larry King’s case, his handwritten will excluded his wife, leaving his entire estate to his children. This was a shock, especially since California law entitles a surviving spouse to half of all the assets acquired during the marriage. King’s wife was understandably taken aback, leading to a family feud ultimately resolved through a confidential settlement. This situation is a stark reminder of why handling estate planning with thorough care and legal guidance is crucial. While a handwritten will can be a legal document, it’s generally better suited for straightforward estate circumstances. A more comprehensive approach is advisable to avoid family disputes in more complex situations, like Larry King’s, who had considerable assets and a blended family.
Photo: Peabody Awards
Larry King’s situation emphasizes the crucial importance of having a well-thought-out estate plan that considers all legal aspects and potential family dynamics — King was married eight times to seven women and had three surviving biological children. While handwritten wills are a valid option, they should be used cautiously. Taking proactive steps in estate planning can help prevent conflicts and ensure your final wishes are respected, providing peace of mind for you and your loved ones.
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