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www.planningyourlegacy.com 803-746-7000
December 2024
CHRISTMAS CHEER
How Music and Tradition Enriches the Holidays A Question to Ask
Every family has a Christmas tradition that holds a special place in their hearts, and ours is no different. Come the holiday season, tree farms seem to pop up just about everywhere, with trees already cut down and ready to purchase. However, I prefer to pick out and chop down my own tree: It is a time-honored tradition that just feels right, despite occasionally knicking myself on the freshly sharpened saw. We drive out to a lot about 20 minutes away, where they provide tools and let you chop down the tree yourself, charging you based on the height of the tree. These days, I find a tree as tall as I am with my arm stretched above my head, and inevitably, I end up lying on the ground, sawing away at the base of the tree. In the leaner years, when I first had kids, and we did not have two pennies to rub together, I would cheat a bit and saw a half-foot or so above where I normally would just to save a bit of money, leaving behind a shameful trunk where the tree once stood.
When I was in college in ‘87, my favorite Christmas music album, “A Very Special Christmas,” was released. It featured superstar artists such as Whitney Houston, Bruce Springsteen, Madonna, Bon Jovi, and Run-D.M.C. covering classic Christmas songs; it was the first time I can remember when major contemporary artists made Christmas music their own. The songs were catchy and enjoyable and broke up the monotony of the same classic hits playing on repeat for the prior part of the century. In hindsight, I had no idea how important that album would become. The album’s proceeds were donated to the Special Olympics, and as it was exceedingly popular, this did a great deal of good for the organization. Back then, however, I had no idea I would father an autistic son who would participate in the Special Olympics himself. As a father, watching him compete in equestrian events made me incredibly proud, and it’s heartening to know those artists’ contributions helped make that possible. I love it when artists work to better the world and use their fame to promote and raise money (or Answer for) a Loved One Asking and answering important questions helps preserve your family’s values and life lessons for generations to come. What Christmas song is most meaningful to you and why?
for deserving causes. In the spirit of charity, togetherness, and joy, I wish you all a merry Christmas and a happy New Year!
Regarding holiday traditions, I have to bring up the season’s iconic soundtrack. Christmas music — and when is it appropriate to start listening to it — is a controversial topic. Some people become as red as Rudolph’s nose when grocery stores, restaurants, and gas stations change their background music from pop to Christmas classics “too soon”. My son loves Christmas music. In fact, he usually starts listening to it right after Halloween. I imagine he is going into iTunes and pulling up his Christmas music playlist as soon as he takes off his costume. Personally, I follow the turkey rule: I refuse to put on any Christmas music until after Thanksgiving.
“Glory to God in the highest, and peace on earth, goodwill toward men!” – Luke 2:14 Philip J. Corson, Founder
However, I have nothing against it; in fact, I have a long history with the genre, and the music holds a special place in my heart.
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Clear Answers to Common Questions
7 ESTATE PLANNING ANSWERS EVERYONE NEEDS TO KNOW
When it comes to estate planning, endless questions seem to have countless different answers. Before a migraine emerges, let’s cover the top seven most commonly asked estate planning questions to settle the score. Don’t worry; even the most legal jargon-averse can appreciate this quick guide! 1. Can I put a rental property inside a trust? Yes, and it’s a great idea! Placing your rental property in a trust protects it from going through probate and keeps things running smoothly for your beneficiaries. It can provide them with a steady income stream without the hassles of court proceedings. 2. Can I prevent my spouse from giving my assets to a new partner if they remarry? Absolutely! To safeguard your assets, you can set up a specific type of trust to prevent this, like a Family Wealth Trust. This ensures your assets are used as intended, even if your surviving spouse remarries. Clear documentation and legal guidance are crucial here to ensure everyone understands the stipulations you want. 3. Should I put my kids on the deed to my house? No, this can lead to unexpected complications, such as tax issues or financial vulnerabilities (like your child’s creditors claiming a stake). Instead, consider using a trust. It’s a safer mechanism that allows you to control how and when your house passes to heirs without exposing it to risks.
4. What happens to my kids if I die without an estate plan? Without an estate plan, the state takes over, and a judge decides who will care for your children without your input. You must create a will or set up a guardianship to ensure your children are cared for according to your wishes, not the court’s. 5. If my home has a mortgage, can I still put it into a trust? Yes, you can! Moving a mortgaged home into a trust is common and doesn’t interfere with your mortgage terms. This approach helps facilitate a smoother transfer to your heirs without probate. 6. How often should I update my estate plan? It’s wise to review your estate plan every 3–5 years or after any significant life event, such as a marriage, divorce, the birth of a child, or significant financial change. This ensures your plan remains aligned with your current circumstances and wishes. 7. What’s the difference between a will and a trust? A will sets out your wishes for after you die and goes through probate, which can be a lengthy public process. A trust, however, takes effect immediately upon creation, offers more privacy, and bypasses probate, allowing for a quicker transfer of assets. Armed with these answers, you’re better equipped to make informed decisions about your estate. Remember, the best approach often involves consulting with an estate planning attorney to tailor a plan that fits your needs and gives you peace of mind.
“Remember, the best approach often involves consulting with an estate planning attorney to tailor a plan that fits your needs and gives you peace of mind.”
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A Legend Worth Its Weight in Bacon
TAKE A BREAK
CARDINAL COCOA FROSTY GARLAND GENEROSITY MENORAH MITTENS PEPPERMINT PINECONES SNUGGLE UNITY YULE
The Fascinating Tale of the Pig-Faced Lady
Ready for a tale that really brings home the bacon? Legends dating back to the 1700s tell the story of women who were a mix of beauty and beast — pig-faced ladies! Myths about noblewomen with hog heads lasted in France, Holland, and Britain for hundreds of years. These glamorous piglets were said to roam the city streets, take carriage rides through town, and show up at fancy parties or homes to beg for money. Let’s ham it up royally and take a porky peek at the pig-faced ladies Londoners talked about for centuries. One of the earliest tales starring a woman with a boarish face was in the 17th century. A pregnant Dutch housewife reportedly had a visit from a mysterious poor woman begging for money for her children. The housewife turned her away, and the cast-off beggar cursed her unborn child to be born with a pig’s face. Stories that followed had similar themes of women cursed to look like pigs. Our swine superstar was launched into legendary status in the summer of 1815 when Londoners were celebrating the recent victory of Britain over Napoleon and France. As people packed the streets, a horse-drawn carriage caught their attention. The passenger was none other than the pig-faced lady. Rumors and interest around the event spread, and London’s growing newspaper industry took the story and ran with it.
CHICKEN CAPRESE SALAD Inspired by EatingWell.com
In the following years, the masses sought proof of these pig-faced women. One woman put out an ad in the paper offering to provide care for a woman with the affliction. Another paper ran a request from a man with a marriage proposal for the elusive “baconess.” The famous author Charles Dickens even referred to her in a book he wrote in 1861. Chances are that people born with physical
• 1/3 cup balsamic vinegar • 2 tbsp extra-virgin olive oil • 2 tsp Dijon mustard • 1 tsp ground pepper • 2 1/2 tsp honey • 3/4 tsp salt, divided • 1/2 tsp Italian seasoning • 1/2 tsp garlic powder Ingredients
• 2 (8-oz) boneless, skinless chicken breasts, sliced • 8 cups coarsely chopped romaine lettuce • 1 lb grape tomatoes, halved • 1 (8-oz) container fresh small mozzarella cheese balls in water, drained • 1 cup fresh basil leaves
Directions 1. Whisk vinegar, olive oil, mustard, and pepper in a medium bowl. Transfer 6 tbsp of mixture to a smaller bowl and whisk in honey; set aside. 2. To mixture in the medium bowl, add 1/2 tsp salt, Italian seasoning, and garlic powder. Add chicken; toss to coat. Marinate for 30 minutes. 3. Coat a grill pan with oil. Over medium heat, add chicken and cook until grill marks appear on each side, about 5–7 minutes. Transfer to a plate; let stand for 5 minutes. 4. Arrange romaine, tomatoes, mozzarella, and basil on a large platter; sprinkle with salt. Top with the sliced chicken and drizzle with the honey mixture.
disabilities inspired the pig-faced lady story and reflected the sad way society treated them. The pig-faced lady likely represented London’s biggest anxieties, like class tensions and women’s limited roles. So, whether she was the embodiment of society’s fears or just a bit of hogwash, the tale of the pig-faced lady shows how the wildest legends can hog the spotlight for centuries.
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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
803-746-7000 www.planningyourlegacy.com 1771 N HWY 321, Ste. 100 BOWLING GREEN, SC 29703
INSIDE THIS ISSUE
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Our Family’s Love for Christmas Music and Tradition
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Top Questions About Estate Planning Demystified
Chicken Caprese Salad
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Porky Myths and High Society
The Best Way to Update Your Will Without Confusion
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A SIMPLE GUIDE FOR PEACE OF MIND How to Ensure Your Will Reflects Your Current Wishes
Whether getting divorced or welcoming a new child, you may need to change or revoke your will to reflect any life changes. Why? Because significant changes can affect how your assets are handled. Common reasons for adjusting a will include marriage, divorce, new family members, financial changes, buying or selling property, or appointing a new guardian for a minor. So, how do you change a will? In the past, people added a codicil, an amendment to the original document. However, codicils can create confusion and legal disputes. They require signatures and witnesses, just like a will, which can make them more of a hassle than they’re worth. A simpler approach is to create a new will entirely. This new document should clearly state that it revokes all previous versions, including any codicils, ensuring your latest wishes are honored without question.
Creating a new will is generally no more complex or costly than adding a codicil and provides a clearer legal foundation. Sometimes, you may need to revoke your will but are not ready to make a new one, but simply destroying the current will might not be enough. If other copies of the will exist, a probate court might still consider those copies valid. Revoking a will is essentially canceling it. Once a will is properly revoked, it no longer exists legally. If you’re considering revoking your will, it’s essential to do so through legal means to ensure your intentions are clear. Only the person who created the will, known as the testator, can revoke it. Once the testator dies, the will becomes legally binding and cannot be changed or revoked.
relocations, ensuring your will accurately reflects your wishes is crucial to avoid future confusion and legal complications. If you are unsure how to proceed or have concerns, consulting with an experienced estate planning attorney can provide peace of mind and help safeguard your legacy.
Whether you need to account for new family dynamics, financial shifts, or
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🎄 Legacy Law Firm’s Christmas Party 🎄
🎅 “It’s the most wonderful time of the year!” 🎅 We’re jingling all the way to celebrate YOU — our amazing clients! Join us for a morning of delicious food, holiday cheer, and a few surprises. Date: Saturday, Dec. 14, 2024 Time: 9:00 a.m.–11:00 a.m. Location: Glennon Conference Center, Tega Cay Golf Club 15083 Molokai Dr., Tega Cay, SC 29708 Attire: Holiday Festive (ugly Christmas sweaters highly encouraged!)
🎁 What’s on the sleigh? 🎁 • Holiday Breakfast Buffet – Because “Baby, it’s cold outside,” but our menu’s nice and warm! • “Naughty or Nice” Sweater Contest – Flaunt your ugliest or jolliest sweater for a chance at glory! • Special Presentation: “Tying a Bow on Your Legacy: The Importance of Asset Alignment” – Like Santa checks his list twice, we’ll show you how to wrap up your estate plan just right!
🎅 “Make your list and check it twice!” 🎅
Give your family the ultimate gift: peace of mind. Learn how asset alignment keeps everything tied together and ensures you’re off the Naughty List for good.
✨ RSVP by Nov. 30, 2024 ✨
Website: planningyourlegacy.com Phone: 803-746-7000 Guests are welcome — just RSVP for all attending!
🎄 “Have yourself a merry little Christmas” with us before you finish holiday shopping or kick back with a holiday movie classic. Whether you’re already on the “Nice List” or need some help getting there, we’re here to make your holiday season smooth and joyful! 🎄
803-746-7000 www.planningyourlegacy.com 1771 N HWY 321, Ste. 100 BOWLING GREEN, SC 29703
THE TRUSTEE PROCESS THE TRUSTEE PROCESS
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Locate decedent’s estate planning documents. • Make service arrangements.
Secure decedent’s assets. • Review decedent’s files and records. Secure decedent’s assets. • Review decedent’s files and records. • Confirm real and personal property are covered by insurance. • Gather information about decedent’s business interests (e.g., LLC, corporation, FLP, etc.). • Notify banks of death, locate safe-deposit box, and schedule a time to view with a bank representative. • Confirm real and personal property are covered by insurance. • Gather information about decedent’s business interests (e.g., LLC, corporation, FLP, etc.). • Notify banks of death, locate safe-deposit box, and schedule a time to view with a bank representative. 4 Administer decedent’s trust. Settle decedent’s affairs. Follow the instructions in the trust instrument. • Identify decedent’s creditors, outstanding claims, and amounts due. Pay or otherwise resolve all creditor claims and debts. • Give special consideration to valuable collections. Determine method for sale of articles not specifically distributed. • Carefully estimate cash needed for payment of taxes, expenses of administration, and other distributions. • Analyze decedent’s business interests. Carry out wishes or directions for continuance, liquidation, or sale as set forth in the trust or business succession plan. • Comprehensively review market conditions for each security to decide which assets should be sold first, if necessary, to meet taxes, expenses, claims, and specific distributions. • Analyze earnings, market conditions, and desirability of all real estate in case sale is needed. • Arrange for necessary proceedings to administer securities or property in other states. • Maintain trust accounting of monies received and disbursed. • Comprehensively review market conditions for each security to decide which assets should be sold first, if necessary, to meet taxes, expenses, claims, and specific distributions. • Analyze earnings, market conditions, and desirability of all real estate in case sale is needed. • Arrange for necessary proceedings to administer securities or property in other states. • Maintain trust accounting of monies received and disbursed. 4 Administer decedent’s trust. Settle decedent’s affairs. Follow the instructions in the trust instrument. • Identify decedent’s creditors, outstanding claims, and amounts due. Pay or otherwise resolve all creditor claims and debts. • Give special consideration to valuable collections. Determine method for sale of articles not specifically distributed. • Carefully estimate cash needed for payment of taxes, expenses of administration, and other distributions. • Analyze decedent’s business interests. Carry out wishes or directions for continuance, liquidation, or sale as set forth in the trust or business succession plan.
Locate decedent’s estate planning documents. • Make service arrangements. • Call Legacy Law Firm at 803-746-7000.
Call Legacy Law Firm at 803-746-7000.
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Inventory and value or appraise assets. Gather complete, satisfactory evidence of the value of assets at date of death. Different asset types require different methods of valuation. • Inventory life insurance policies. The attorney will file claim forms and collect proceeds. • Inventory household goods and personal effects and have them appraised. • Arrange for competent management of decedent’s businesses. • Oversee securities and collect interest and dividends. • Inspect condition of real estate. Review leases, taxes, and mortgages. Arrange for management or sale if necessary. Inventory and value or appraise assets. Gather complete, satisfactory evidence of the value of assets at date of death. Different asset types require different methods of valuation. • Inventory life insurance policies. The attorney will file claim forms and collect proceeds. • Inventory household goods and personal effects and have them appraised. • Arrange for competent management of decedent’s businesses. • Oversee securities and collect interest and dividends. • Inspect condition of real 3 estate. Review leases, taxes, and mortgages. Arrange for management or sale if necessary.
Prepare decedent’s tax returns. Determine the returns that must be prepared and filed with government agencies. • File final income tax return (Form 1040) for income earned prior to decedent’s death. • File fiduciary return(s) (Form 1041) for income earned after decedent’s death. • File estate and/or inheritance tax returns with applicable state(s). Obtain waivers for transfer of securities. • File federal estate tax returns (Form 706) if required or appropriate. 5
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Prepare decedent’s tax returns. Determine the returns that must be prepared and filed with government agencies. • File final income tax return (Form 1040) for income earned prior to decedent’s death. • File fiduciary return(s) (Form 1041) for income earned after decedent’s death. 5 Settle all proper claims. All creditors’ claims and debts must be paid or otherwise resolved by this time.
Distribute decedent’s trust. • Allocate assets among beneficiaries, including subtrusts such as the Family Trust, Marital Trust, and Survivor’s Trust, as appropriate. • If decedent was single or second to die, make further distributions to subtrusts or individuals as set forth in the trust.
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