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DECEMBER 2024
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A Year of Progress Achievements, Adventures, and Aspirations
The end of the year presents us with a unique opportunity for reflection. During the past 12 months, we’ve created goals for ourselves and done everything in our power to reach them. Hopefully, you experienced growth on a professional or personal level and are already putting some plans in motion for next year. 2024 had its fair share of ups and downs, and I’m excited to share some of the highlights of my year with you! As I reflect on this year, I’m incredibly proud of the strides we’ve made as a firm. In 2024, The Siegel Law Group had a milestone year marked by substantial growth and an expansion of our footprint in Boca Raton. Doubling our office space wasn’t just about accommodating our growing team; it’s a testament to our commitment to serving more clients with the same level of personalized care and expertise. This expansion signifies not only our progress but also our dedication to building a collaborative environment where our team can thrive and continue to provide exemplary service to our clients and their families. Taking time away this summer for a European vacation with my wife, Maria, was a powerful reminder of the importance of family and the need to step back from the day-to-day. Spending those moments together, immersed in new experiences, and enjoying each other’s company underscored the value of life balance. As much as I’m passionate about the work we do at The Siegel Law Group, time with loved ones refreshes our spirit and inspires us to return with renewed perspective and purpose. As we look ahead to the New Year, I believe it’s not about making resolutions but about setting clear, achievable goals and committing to the steps that will make them a reality. Resolutions can sometimes feel like vague intentions, but setting actionable goals drives meaningful progress, both personally and professionally. At The Siegel Law Group, we emphasize the power of intentional growth, which consists of identifying specific objectives and creating a plan to achieve them. This approach gives us direction and a sense of accomplishment as we see tangible results. Taking action on well-
defined goals creates momentum, builds confidence, and keeps us focused on our purpose throughout the year.
If you’re still trying to determine what you want to accomplish in 2025, take some time during the next few weeks to rank the priorities in your life. Once you establish what matters the most, you’ll have a much easier time creating a plan to ensure you’re moving forward in a direction that aligns with your passions, beliefs, and desires.
I hope you have a wonderful holiday season!
-Barry Siegel
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It’s not uncommon for grandparents to want to do something special for their grandchildren. You probably have heartfelt memories with your own grandparents, whether it’s enjoying one of their favorite meals alongside them or going to a park together. However, the grandparents who want to leave a lasting legacy and impact on their grandchildren can do so by establishing a trust. You’ve worked diligently your entire life to acquire assets and build a nest egg; your trust will ensure those assets and funds go to the right individuals. Creating a trust is incredibly beneficial for anyone involved in your estate plan. You can set specific parameters determining when certain assets or funds are relinquished to your heirs, giving you better control over ensuring your wishes come to fruition. Additionally, setting up a trust can help reduce estate tax liability, avoid probate, and provide other advantages depending on the type of trust. Determining which type of trust you use will be one of the most important decisions of the process, and our team is available to help you make the best decision for your specific circumstances. First, you’ll have to determine if you want to set up a revocable or irrevocable trust. A revocable trust will offer you more flexibility as you can change it throughout your lifetime, but it offers limited asset protection. Irrevocable trusts will provide the best asset protection and tax benefits possible, but modifying or updating your trust will prove much more difficult. Pass Down More Than Memories How Grandparents Can Use Trusts to Secure Their Grandchildren’s Future
Teens and Chores How to Turn Reluctance Into Responsibility
No one loved doing household chores growing up, but chores are great for building character and work ethic. If we shirk our responsibilities, we inevitably turn into vegetables — couch potatoes. No doubt, convincing your teenagers of the value of hard work and the importance of doing their chores can be trying at times. Sure, many grumble about “kids these days” and how parenting used to be, but we should remember that child-rearing has come a long way since the old days. For example, when Aztec children refused to do their chores, their parents would hold them over smoking chilies, resulting in eye-watering, skin-irritating torment — basically the Mesoamerican equivalent of pepper spraying kids in the face. The further we can get from that standard of parenting, the better. So, here are two tips to help convince your teens to chip in around the house — no peppers needed. FRAME IT DIFFERENTLY. Sometimes, all you need is a change in perspective. Rather than simply stating that things need to get done — “Because I said so!” — it can help to pitch chores as ways your teens can help around the house. Talk about everything that needs to be done to contribute to a healthy, happy home. There’s grocery shopping, feeding the dog, doing the laundry, maintaining the ever-growing collection of succulents, you name it. This will give them more perspective into how much their parents currently take on. Then, break down which responsibilities they’ll be assigned to complete and how often you expect them to do each task. GOOD WORK DESERVES A REWARD. Chore money has always been a great incentive to encourage teens to do their part around the home. These days, there are even apps, like BusyKid, that assign a monetary value to different chores around the house. This doesn’t mean you have to break the bank, but teaching your kids that hard work pays off can motivate them to accomplish more around the home.
From there, you can make more specific decisions that reflect your wishes. You can establish individual trusts for each grandchild or create a trust that involves the entire family. Regardless of your option, you’ll want to relay your directions to the successor trustee so they know exactly how much money to distribute and when they need to move certain assets. You may wish to relinquish things to your grandchildren once they reach a certain age, and leaving clear instructions will ensure that happens. Trusts can be incredibly confusing when you first explore them. Call us today if you need help creating, updating, or revoking a trust!
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Peace of Mind for Today and Tomorrow How Estate Planning Can Help Your Loved Ones Grieve in Peace
When we pass away, we want our loved ones to have time to reflect on their experiences with us together and grieve. That’s one of the primary goals of estate planning; it provides peace of mind for you and your loved ones regarding the future. However, it’s nearly impossible for your friends and family to mourn when there’s no estate plan, or they’re caught off guard by the decisions you made in your estate planning efforts. If you want to avoid family infighting after you’ve passed away, You should do a few things right now to ensure everything is under control when that day comes. DETERMINE WHO WILL HANDLE YOUR AFFAIRS. If you want to ensure everything transfers smoothly after you’ve passed, create a living trust. This will allow you to get the final say in how your assets are distributed, but you’ll need to name a trustee who will ensure your wishes are carried out. This is
an important role, and you want to choose someone trustworthy. Be sure to have a conversation with them so they know what to expect and how to handle any situation. While you’re at it, you should also name someone as your financial power of attorney and create a health care directive. If you become incapacitated for any reason, these
essential documents will allow someone you trust to make financial and health care decisions on your behalf. Without it, your family may struggle to make vital decisions that impact everyone involved. TALK WITH YOUR LOVED ONES ABOUT YOUR ESTATE PLAN. If you want to avoid conflict, you must explain your decisions to your loved ones. Sit down with your family and walk them through your estate plan. This is your opportunity to fully explain your intentions so your loved ones don’t assume the worst. This will not be the easiest conversation you’ve ever had, but doing so will keep everyone in the loop. Just be sure to prepare yourself beforehand. Your relatives may try to persuade you to make changes, but this is your plan. You have the final say!
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Inside This Issue
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Milestones and Memories From 2024
Encouraging Teens to Help Around the House
The Importance of Trusts for Thoughtful Grandparents
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How Thoughtful Planning Can Prevent Family Infighting
Check Out Our Seminars!
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Tips for a Tidier Life
Declutter Your Life How to Become a Tidier Person
CLEAN SLATE Keeping a clean home can help you be more physically fit. According to a study by Indiana University, a tidier living space contributes to higher levels of physical activity. Keeping things clean means keeping active, and even if you don’t exercise for 30 minutes daily, 30 minutes of vacuuming or any kind of scrubbing is still a great way to keep yourself moving. DAILY DECLUTTER While tidying up the home may seem daunting at first, it can be much easier if you break it down into smaller tasks. Doing a bit of laundry every other day helps prevent you from having to do a massive load later. Picking up around the kitchen when you get a snack or cook a meal can prevent that space from looking like a scene out of “Kitchen Nightmares.” Wherever you go in your home, if you pick up a thing or two cluttering the area and put it away, you are well on your way to becoming a neater person.
If the top of your desk looks like a photo op for an “I Spy” book, chances are you could benefit from tidying up. It isn’t easy saying goodbye to your familiar clutter, but it’s for the better. A messy environment can be stressful and frustrating, as it makes finding anything more difficult and worsens the overall attractiveness of your home. While change can be challenging, it is worth the effort for your home and health. FIRST THING’S FIRST Growing up, your mom probably reminded you to make your bed. There is a good reason to prioritize that first thing in the morning, as it helps set an intention to accomplish the little things and get your day off to a more productive start. It also contributes to better sleep hygiene; a cluttered bedroom and undone bed could be hindering your sleep. So, eliminating potential distractions, including an unmade bed, could enhance your sleep.
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