Check out our March newsletter!
Trust Matters MARCH 2026
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TAX SEASON AT KEYSTONE LAW
When this newsletter lands in your mailbox, we will be right in the middle of tax season. For most people, that means gathering W-2s and 1099s and staring at software screens they don’t enjoy. Even a “simple” return is still a chore. Nobody wakes up excited to do their taxes. For our Retirement Management Office members, tax season looks a little different. As part of that membership, we prepare their tax returns. Some of our members have straightforward returns with just a few income sources and the standard deduction. Others have returns that are more involved. Either way, we take that whole task off their plate so they don’t have to wrestle with it on their own. What really interests me is what we see while we are doing that work. Because we also help with estate planning and retirement planning, tax prep becomes another checkpoint. We aren’t just typing numbers into boxes. As we go through a return, we can spot things that might need an adjustment in a living trust, a tweak in the financial plan, or a change in how investments are structured. The best way I know to explain it is with a medical example. Imagine one clinic where your regular doctor, heart doctor, and bone doctor meet once a year to discuss your care together. One of them mentions something from a visit, and it suddenly matters to everyone else. That is what tax season gives us a chance to do for our members, all in one relationship. This year, I also want to put a couple of tax season ideas on your radar. At the end of 2025, I recorded a short tax tips class covering some of the new rules in the recent federal tax bill. If you haven’t filed yet, you can watch it before you click submit. It’s on our YouTube channel at YouTube.com/watch?v=joyOT3yUJGg . It isn’t long, and I may have covered something that might keep a little more money in your pocket. Turning Filing Into an Advantage
One thing I really want people to know about is our state tax credit program here in Arizona. For 2025, a married couple can direct up to $3,062 of their Arizona income tax bill to qualifying charities. A single filer can direct up to $1,535. You donate to an approved organization, then get that same amount back as a dollar-for-dollar credit on your Arizona return, up to your state tax liability. In many cases, you can make a gift as late as April 15, 2026, have it count toward your 2025 state return, and still claim a charitable deduction on your federal return. Done right, you can support a cause that’s important to you and come out ahead at tax time. We also have something new going on here at the office I want to mention. By the time you’re reading this, we should be underway with an office remodel we’ve been planning on for a while. If you’ve come in to see us during construction, thanks for being patient with the noise and dust! One of the things I’m most excited about is the new classroom space we’re adding. We plan to use it for hosting clients and community events. Once we start using the classroom, we’ll send out event invitations by email, so keep your eye out for those. I hope to see
you at a session or two. Until then, if you have any questions about your return, your plan, or any of the services we offer, don’t hesitate to reach out.
Scan the QR Code to Check Out Our Tax Tip Video
-Francisco Sirvent
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Guarding Your Digital Wealth
ESTATE PLANNING MEETS CRYPTOCURRENCY
Cryptocurrencies were once on the sidelines of investments, but their surge in value over the last several years has brought them to the mainstream. Today’s investors are directing billions of dollars into this asset class, and cryptocurrencies like Bitcoin and Ethereum are playing a growing role in wealth accumulation. While more people are holding cryptocurrencies, many overlook these assets in their estate plans. Because they are significantly different from traditional assets, it can be challenging even to know where to start. A great first step is to create a clear written inventory. This should include the types of wallets (cold or hot) it uses and whether your specific currencies are stored on an exchange or a piece of hardware. If you have a hardware wallet, note its storage location. If you use several apps, list each one. You’ll want to track the values of your crypto assets and keep a record of that as well. These values fluctuate too frequently for you to keep a completely accurate record, but a general estimate can help an executor understand what they’re handling. Next comes the access puzzle. Crypto does not function like a bank account. Heirs cannot call customer service and resolve the issue. They need keys, seed phrases, or login details, and those items must be kept in a secure place that remains private. Some people keep them in a password manager. Others use a paper record stored in a safe or an encrypted digital file. Whatever method you use, the most important thing is to inform your executor and at least one backup person of how to access it if they ever need to.
different chains or wallet types. Some families name a separate digital executor, while others entrust that role to a child, sibling, or advisor who understands the technology and security behind cryptocurrency. They don’t have to be a tech wizard, but you want someone who understands how wallets work, how to move coins without exposing their private keys, and when to seek professional help. For larger holdings, it may be advisable to wrap your cryptocurrency inside a structure such as an LLC held under a trust. An LLC can provide a single entity for multiple business interests and may offer an additional layer of protection from personal creditors. A revocable living trust can own your LLC interests, so your plan avoids probate and makes it easier for a successor trustee to step in and follow your instructions if you become ill or pass away. Taxes are another reason to plan. The IRS treats digital coins as property rather than currency. That means your heirs may face capital gains when they sell or trade what they inherit. Providing them with basic information, such as when you bought the asset, what you paid, and where it is held, will save your family money and time later. Like all estate planning, the ultimate goal here is to protect people as much as assets. With cryptocurrencies, that means connecting the legal pieces with clear instructions and secure access so something valuable doesn’t vanish just because no one knew how to reach it.
It also helps to consider the person who will manage these assets. A traditional executor might be uncomfortable working with
“With cryptocurrencies, estate planning isn’t just about assets — it’s about secure access, clear instructions, and making sure something valuable doesn’t vanish.”
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Parachutes Turned Into Wedding Gowns Dresses From the Sky
TAKE A BREAK
BASKETBALL BOOKS DAFFODIL DAYLIGHT GUINNESS IRIS LEPRECHAUN POPCORN RAINY SHAMROCK SUFFRAGE WINDY
Most wedding dresses come from boutiques or family closets. But in the 1940s, some came from the sky. During and after World War II, brides across the U.S. and parts of
Europe walked down the aisle in gowns made from parachutes. Equal parts scarcity and sentiment contributed to the development of this tradition.
At the time, budgets were tight. Brides-to-be faced fabric rationing, and the military got most of the nylon. A parachute offered yards of strong, clean material, making it valuable. But for some couples, the biggest draw wasn’t the fabric. It was the story tied to it. One of the most famous examples is that of Major Claude Hensinger, who was forced to parachute out of a burning bomber. The chute delivered him safely to the ground and served as his bedding while he waited for rescue. He proposed to his girlfriend, Ruth, after returning home and suggested she use that same parachute for her gown. She hired a seamstress to construct the bodice and gathered the skirt herself using parachute cords. The finished dress, inspired by one from “Gone With the Wind,” now sits in the Smithsonian. Another bride, Carolyn Martin, made her own parachute dress after her fiancé, Chuck, survived a training flight crash. Carolyn transformed his parachute into a wedding dress using the sewing skills she had picked up in eighth grade. It is now part of the San Diego Air and Space Museum’s collection. A far more elaborate dress is stored at the National Museum of the United States Air Force. It originally belonged to an Air Force family and was pieced together from nine parachutes used in combat. One of the most meaningful parachute dresses, though, came from a displaced persons camp in Germany. Two Holocaust survivors, Ludwig Friedman and Lilly Lax, married at the camp in 1946. To make the wedding dress, Ludwig bought a parachute from Allied troops, and Lilly hired a seamstress using cigarette rations. Two more brides at other camps borrowed their dress before it was preserved at the U.S. Holocaust Memorial Museum. Parachute nylon was never meant to be heirloom fabric. But during a time of shortages and uncertainty, that’s what it became.
St. Patrick’s Day Shamrock Swirl Pie
Ingredients
• 1 cup heavy cream • 8 oz cream cheese, softened • 1 cup powdered sugar • 1 tsp vanilla extract • 1/2 cup mint chocolate chips
• 1/4 cup green food coloring, for vibrant color • 1 premade chocolate pie crust • 1/2 cup chocolate syrup, for drizzling
Directions 1. In a mixing bowl, whip heavy cream until stiff peaks form. 2. In a separate bowl, beat softened cream cheese until smooth. 3. Add powdered sugar and vanilla to cream cheese, mixing until well combined. Then, gently fold whipped heavy cream into the mixture. 4. Divide mixture into two bowls. In one bowl, add mint chocolate chips and green food coloring. 5. Layer mixtures into chocolate pie crust, alternating between mint mixture and the plain mixture. 6. Drizzle chocolate syrup over top. 7. Cover with cling wrap and refrigerate for at least 4 hours to set. Slice and serve chilled.
Inspired by MixUpRecipes.com
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INSIDE THIS ISSUE
1
Giving Your Taxes a Second Look
2
Protecting Crypto Beyond Your Lifetime
3
St. Patrick’s Day Shamrock Swirl Pie
Brides Who Wore Parachutes
4
A Rock Star Lesson in Wills
Jim Morrison’s Estate Mistake THE DOORS TO AN UNINTENDED HEIR
As the legendary frontman for The Doors, Jim Morrison lived fast, wrote boldly, and left behind music that continues to captivate people more than 50 years later. He died in Paris at 27, and while most people that young have nothing in place, he actually left a will. But that will sent his wealth to people he never intended to have it. In his will, Morrison left almost everything to his longtime partner, Pamela Courson. He added one condition. She would only receive her inheritance if she lived 90 days past his death. If not, the estate would go to his brother and sister. Courson lived long enough to receive everything, but she died just a little over two years later without a will of her own. That was when the entire plan fell apart. Courson’s parents inherited the estate under intestacy laws, and everything from Morrison, including royalties and image rights, was passed to them. Morrison’s parents sued, the families fought, and
the resulting settlement reflected a compromise rather than his original wishes.
The lesson from this messy situation is simple. When we leave assets to a partner, their plan becomes part of ours. If their plan is left incomplete, our estate can end up going to people we don’t even know. A few lines in a well-built plan can prevent that. Naming alternate beneficiaries protects the people we love and keeps everything on the intended path. There were other issues, too. Morrison’s estate included assets that really belonged in a trust with a qualified trustee, rather than a basic will. Morrison started planning earlier than most, but he stopped one step too soon. His story is a reminder to the rest of us that creating a will is not the finish line. A complete plan ensures our wishes are followed, even years after we pass.
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