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Notes From The Field
January 2025
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SUPPORTING AGING PARENTS
Your parents were there when you took your first wobbly steps as a toddler. They were there when you faced life’s challenges and the scary obstacles life put in your path. As they grow older, many of us face the delicate challenge of supporting them in their sunset years. Whether they are experiencing health issues, cognitive decline, or simply the realities of aging, providing both practical and emotional support is essential. At Field Law, we understand the complexities of this transition and are here to help you navigate the various aspects of estate planning, caregiving, and maintaining strong family connections during this time. Providing practical support to aging parents requires foresight, organization, and clear communication. While each family’s situation is unique, some common areas of concern arise as parents age, and addressing them early on can reduce stress and provide clarity for all involved. One crucial way to support aging parents is through financial and legal planning. Ensuring their assets are protected and their wishes are honored can prevent future misunderstandings and conflicts. At Field Law, we offer comprehensive estate planning services to assist families in preparing for their parents’ future needs. As your parents age, they may need assistance with health care needs or long-term care. If your parents are of more modest means, planning in advance is necessary to qualify your parents for Medicaid. Without planning, almost all of your parents’ assets could go to paying for in-home care, an assisted living facility, or a skilled nursing facility, with nothing left to pay for the things in life they enjoy.
In addition to ensuring their tangible needs are met, emotional support plays an equally significant role in helping aging parents navigate their later years. Aging can bring about a sense of loss, fear, and isolation, and it is important to create an environment where your parents feel valued, respected, and cared for. Effective communication is the foundation of any supportive relationship. As your parents age, their needs, concerns, and perspectives may change, and it’s crucial to engage in open, honest, and compassionate conversations. Take time to listen to their feelings and fears, and approach difficult topics with sensitivity and patience. Be sure to involve them in all decisions that affect their lives. For instance, ask them how they would prefer to manage their health care or what kind of living arrangements they feel most comfortable with. This proactive approach can help avoid confusion or disagreements later, especially if multiple siblings or family members are involved in the decision-making process. Giving them a sense of agency in these decisions can help alleviate feelings of helplessness or dependency. One of the greatest gifts you can offer your aging parents is a strong, supportive network. This includes not only your immediate family but also friends, neighbors, and community members. Consider connecting them with resources like local support groups, senior centers, or therapy services if needed. This support network can help provide both emotional comfort and practical assistance. In many cases, it’s also valuable to foster social connections for your parents, whether it’s through hobbies, religious organizations,
or community activities. Keeping them socially engaged can significantly reduce feelings of loneliness and contribute to a higher quality of life. As busy lives often pull us in many directions, it can be easy to forget the importance of simply spending time with aging parents. Take the time to create meaningful memories, whether through shared hobbies, family gatherings, or even just quiet moments together. This emotional connection can help ease their fears and create a sense of stability and love during an uncertain time. At Field Law, we are committed to providing the legal guidance and support your family needs as you navigate the challenges of supporting aging parents. Let us provide you with the tools and support needed to give your parents the dignified, comfortable, and fulfilling sunset years they deserve.
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BRAIN GAMES
SOLUTION
How to Calculate Your Financial Wealth: Preparing for Estate Taxes After You Pass
Understanding your financial wealth is not only crucial for your current financial planning, but also for preparing for the future, including managing estate taxes after you pass. A key element in this preparation is calculating your net worth, which involves evaluating your assets and liabilities and planning accordingly to minimize the impact of estate taxes on your heirs. Your assets are the things you own that have monetary value. They fall into two categories: 1. Liquid assets: These include cash, savings accounts, stocks, bonds, and retirement accounts such as a 401(k) or IRA. These assets are easy to access and can be quickly converted to cash if needed. 2. Non-liquid assets: These are items like real estate, vehicles, valuable collectibles, or life insurance policies with cash value. While these assets can be valuable, they are harder to sell quickly and may require more effort to liquidate.
When calculating your total assets for estate planning, it’s important to have an up-to- date appraisal of your real estate and any other high-value items like art or jewelry. Estate taxes are often based on the total value of your estate at the time of your passing, so accurate valuations are key to understanding your potential tax liability. Liabilities Liabilities are the debts or obligations you owe. These can include: 1. Short-term liabilities: These debts are due within a year, such as credit card balances, personal loans, or medical bills.
value of your estate, which can, in turn, impact the estate taxes your heirs will face. Your net worth is calculated by subtracting your liabilities from your assets. After calculating your net worth, consider the potential estate tax implications. The value of your estate above certain thresholds may be subject to estate taxes, which can take a significant portion of your assets if not properly planned for. Understanding your net worth can help you minimize estate taxes. Regularly calculating your net worth will help you identify potential tax liabilities and ensure your heirs receive the maximum benefit from your estate. Proper estate planning is an essential part of managing your wealth and securing your legacy. If you have questions about specific steps you can take to ensure your estate and heirs are set up for success, contact our office today.
2. Long-term liabilities: These include
mortgages, car loans, and student loans that will take longer to pay off.
It’s essential to factor in all liabilities when calculating your net worth for estate planning. Your liabilities will reduce the total
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TAKE A BREAK BEGINNINGS BLANKETS
CARNATION CAPRICORN GARNET HEALTHY ICICLE PENGUIN PLANNING RESOLUTION SNOWBOARD SOUPY
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. Rock Legend Saves Woman in Peril JON ‘BRIDGE’ JOVI
CITRUS-HERB PORK ROAST Inspired by TasteOfHome.com
Ingredients
• 1 boneless pork sirloin roast (3–4 pounds) • 2 tsp dried oregano • 1/2 tsp ground ginger • 1 tsp pepper • 2 medium onions, cut into thin wedges • 1 cup plus 3 tbsp orange juice, divided
• 1 tbsp sugar • 1 tbsp grapefruit juice • 1 tbsp steak sauce • 1 tbsp reduced-sodium soy sauce • 1 tsp grated orange zest • 1 tsp salt • 3 tbsp cornstarch • Egg noodles, cooked
Directions 1. Cut roast in half. In a small bowl, combine oregano, ginger, and pepper; rub over pork. In a large skillet coated with oil, brown roast on all sides. Transfer to a slow cooker; add onions. 2. In a small bowl, combine 1 cup orange juice, sugar, grapefruit juice, steak sauce, and soy sauce; pour over roast. Cover and cook on low for 4–5 hours or until meat is tender. Remove meat and onions to a platter. 3. Transfer cooking juices to a small saucepan. Add orange zest and salt. Bring to a boil. Combine cornstarch and remaining orange juice. Gradually stir into the pan for 2 minutes or until thickened. Serve with pork and noodles.
“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.”
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818-369-7900 435-216-4444 FieldLawPC.com
P.O. Box 8306 La Crescenta, CA 91224 INSIDE THIS ISSUE
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Supporting Aging Parents
Prepare for Estate Taxes After You Pass
Citrus-Herb Pork Roast
Bon Jovi Saves Woman on Bridge
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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