Take a look at our March newsletter!
MAR 2024
Taking a holistic approach to the circle of life
Family extends far beyond the walls of our homes — over time, family becomes our community, school, friends, and neighbors. A few years ago, as I served as the third woman and second person of color as the Chair of the Board of the Central Massachusetts YMCA, my life took a significant turn. At that time, I was an empty nester, my three adult daughters having already embarked on their own adventures. Little did I know that a call would soon redefine my understanding of family and reshape my perspective on life, love, and legacy. The call came, asking for my assistance with my great- nephews and great-niece. Driven by my commitment to family and community, I didn’t hesitate. After all, how could I give back to my community through my journey with the YMCA and not help my relatives? My daughters and I collectively said yes, expecting it to be a temporary arrangement. Little did we know that we were about to embark on a journey that would challenge us and fill our lives with profound joy. Taking in three young children aged 19 months, 3 years, and 5 years old, I found myself navigating the challenges and joys of parenthood once again. The 5-year-old, initially caught in the upheaval of different homes every day, has now blossomed into a thriving 10-year-old, excelling both academically and athletically — he’s even the captain of his Thriving Together Building a Legacy of Love, Resilience, and Shared Experiences
youth football team! The 19-month-old has become a first- grader, and the 3-year-old, a lively and thriving 8-year-old.
During the pandemic, my daughters and I extended our home even further, taking in their other two siblings aged 12 and 16. Our family grew, not just in numbers, but in love, resilience, and shared experiences. While people often commend me for being a blessing to these children, I want to emphasize that the true blessing is reciprocal — they are a gift to me and my daughters. They have redefined our views on life! Through the challenges and triumphs, I discovered the true meaning of life through the eyes of these little miracles. They brought a renewed sense of family, teaching me to appreciate life, teaching me the importance of thriving together with our families. All three of my daughters play a vital role in our family, offering support in various ways. From offering rides to helping with homework, our family unit works together seamlessly. My oldest daughter, in particular, adds an intentional touch by preparing fresh-pressed organic juice daily, emphasizing the significance of what goes into their bodies. At the Law Office of Polly Tatum, we reflect this commitment to family, not only to my own but also to my clients’ families. With a recent shift toward estate planning and elder law, my team and I aim to help clients leave behind a lasting legacy while ensuring the well-being of those they leave behind. We prioritize a smooth transition, providing personal touches like Legacy Interviews — a unique service where clients leave behind videos or letters sharing their life’s purpose, story, passions, hopes, goals, and dreams for future generations. In my journey, family has become a powerful force, reminding me that life is about more than just individual survival — it’s about thriving together. Family is everything and deserves to be celebrated! –Polly Tatum 1 508-795-1557
Know Your Options to Help Protect Beneficiaries ASSET DISTRIBUTION DONE RIGHT
Discussions about inheritances are often delicate. However, the goal is to consider the unique circumstances of your children or other beneficiaries. You want to provide for loved ones without offending anyone in the process, yet some are more responsible with money than others, and you want to help them make the most of their inheritance. Here are a few suggestions to set your family up for success after you pass. No-Contest Clauses Employing a no-contest clause in your will can eliminate any potential in-fighting or contention to break away from your wishes. It automatically disinherits any contentious family members. If you know your kids enjoy bickering, then adding this no-contest clause puts them on notice to leave their bickering aside, especially in court. Preventing a long, drawn-out court
mess is a surefire way to take care of your family. It’s an easily added clause; you just have to choose to include it. A Living Trust Establishing a living trust is one way to delineate how you want your assets to be distributed after you pass, and you can revoke or change it at any time while you’re still around. You can set up a few different ways for the successor trustee to distribute assets from the trust, depending on your family circumstances: outright distributions, staggered, or discretionary. An outright distribution means beneficiaries receive assets without any protections — but an irresponsible recipient might squander the inheritance very quickly. The staggered distribution allows you to set the rules about how and when funds will be distributed or if any triggering events will play a role (turning 18, marriage, etc.).
The last option is to give your successor trustee discretionary power to distribute assets — they will decide when and what a beneficiary will receive. Choosing the Right Trustee Whichever distribution option you choose, selecting the right person or entity to be your trustee (an individual, a private fiduciary, or a bank) is crucial. They should be trustworthy and fair, especially if you grant them discretionary power. They’ll be in charge of making sure your assets are distributed according to your wishes — and their best judgment. Being firm in your care for others won’t make you the villain. Thankfully, you can share your legacy and assets according to your best judgment and discretion. You have several options and tools — just remember, you know your children best.
From Documents to Deeds ELIZABETH’S ROLE IN SECURING YOUR LEGACY
At the Law Office of Polly Tatum, we take immense pride in our team members — they are the cornerstone of our success. One of the prized members of our working family is Elizabeth Smith, who became an integral part of our team in November 2023. With five years of experience as an estate planning paralegal and armed with a Bachelor of Science degree in paralegal studies, Elizabeth wears multiple hats in her role. Elizabeth facilitates much of our client communication, collecting information and guiding clients through the intricacies of estate planning. She drafts estate plans and orchestrates meetings with clients for the seamless execution of documents and transactions. Beyond this, she dedicates time to reviewing the devised plans and enlightening clients about the critical aspect of funding their trust when applicable. Additionally, Elizabeth takes charge of drafting and recording deeds to effectuate the smooth transfer of real estate assets into the trust. For Elizabeth, the most gratifying aspect of her job is assisting clients in crafting estate plans that align with their needs and secure their enduring legacy. “It is important to me that each person understands the documents. This subject
can be emotional, and many people procrastinate or feel overwhelmed when they begin to explore the topic. I enjoy being able to explain the process and give our clients a feeling of peace and accomplishment,” she passionately shares. Elizabeth approaches each day with optimism, fueled by the belief that she can make someone’s journey a little more manageable. Her commitment is rooted in the profound importance of family, stating, “My family is the most important thing to me, and I am grateful I can help our clients reach their goal of providing for their families now and in the future.” Outside of her professional commitments, Elizabeth is a loving parent to two adult children, one of whom resides with her. Her elder son has started a family of his own, making Elizabeth a proud GiGi to two grandchildren, including a newborn. Embracing a well-rounded life, she finds joy in reading, spending quality time with friends, walking her dog, and cherishing moments by the ocean. Elizabeth’s dedication to both her work and personal life exemplifies the core values we uphold.
2
LawOfficeOfPollyTatum.com
Safeguarding Tomorrow
care, maintaining a stable and supportive environment for the children’s physical and emotional well-being. Legal Guardians In the absence of guardianship planning, the court may need to intervene to determine the suitable guardian for minor children. By including this aspect in your estate plan, you can designate the individual or individuals you believe are best suited to take on this significant role. Custody Arrangements Custody planning becomes particularly relevant in cases of divorce or separation. Clearly outlining your preferences for custody arrangements in your estate plan provides a framework for decision-making, minimizing potential disputes and uncertainties during challenging times. Special Considerations For blended families, custody planning involves added complexities. Addressing these considerations in your estate plan helps navigate potential challenges,
ensuring your minor children receive the care and support they need, even in intricate family dynamics. Financial Provisions for Guardians Guardianship planning is not solely about care — it also involves financial considerations. Providing clear directives on financial support and resources for the appointed guardians helps ensure they can meet the children’s needs without unnecessary financial strain. Regular Reviews As circumstances change over time, you must review your guardianship and custody plans regularly. Life events — such as relocations, changes in family dynamics, or shifts in financial situations — may necessitate adjustments to your initial plans to ensure their continued relevance and effectiveness. By proactively addressing these aspects, parents can create a secure foundation for their minor children’s future, providing peace of mind and ensuring their best interests remain the central focus.
THE CRUCIAL ROLE OF ESTATE PLANNING FOR MINOR CHILDREN
When it comes to securing the well-being of minor children, estate planning is crucial. While estate planning is a comprehensive process, for parents, it’s important to give extra attention to guardianship and custody planning to provide a safety net for children’s futures, especially in unforeseen circumstances. Continuity of Care Guardianship planning allows parents to designate a trusted individual to assume responsibility for the care and upbringing of their minor children if the parents are unable to do so. This proactive measure ensures continuity of
St. Paddy’s Irish Soda Bread
Ingredients • Nonstick vegetable oil spray • 2 cups all-purpose flour, extra for dusting • 5 tbsp sugar, divided • 1 1/2 tsp baking powder
• 1/2 tsp kosher salt • 3/4 tsp baking soda • 3 tbsp chilled unsalted butter, cubed • 1 cup buttermilk • 2/3 cup raisins
Directions 1. Preheat oven to 375 F. Coat an 8-inch round cake pan with nonstick spray. 2. In a bowl, whisk together flour, 4 tbsp sugar, baking powder, salt, and baking soda. Cut butter into the mixture with your fingers or a pastry knife until crumbly. Make a well in the center and pour in buttermilk. Gradually mix until dough comes together. Mix in raisins. 3. Using floured hands, form dough into a ball and transfer to pan. Sprinkle with remaining 1 tbsp sugar. 4. Bake bread for about 40–45 minutes or until golden brown and a tester stick comes out clean. Let bread cool in the pan for 10 minutes, then enjoy!
Take a Break
Inspired by Epicurious.com
3
508-795-1557
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
19 CEDAR ST. • WORCESTER, MA 01609 • 508-795-1557 • LAWOFFICEOFPOLLYTATUM.COM
INSIDE
1
Building a Legacy of Love
2
Ensure Your Assets Are Distributed Wisely Meet Elizabeth Smith — Crafting Legacies, One Estate Plan at a Time Why Estate Planning Is Essential for Minor Children St. Paddy’s Irish Soda Bread
3
4
The Ins and Outs of ESG Investment
ESG: The Present and Future of Ethical Investment
Investment and ethics can sometimes be at odds with one another. Historically, investors haven’t prioritized the moral implications of giving money to companies with dubious business practices. Today, some people hesitate to invest in companies that compromise their values, but with ESG, they can have a clear conscience. Environmental, social, and corporate governance (ESG) is a new investment approach that gives investors a real voice. What does ESG mean? E is the environmental category and refers to companies following sustainable business practices or creating products that combat climate change, deforestation, and other environmental concerns. S is for social, which emphasizes human rights and community relationships — for example, fair trade certification, which warrants that producers of a product are fairly compensated for their work. This would
be absolutely necessary for investors in social-oriented organizations. G gives investors a standard for corporate governance to ensure companies have equitable compensation for employees. Who determines what companies are ESG-conscious? Research firms like Bloomberg compile stats on a wide variety of companies to ensure investors know where they’re putting their money. Researchers look at annual reports, company structure, and other factors to determine ESG scores. They use a 1–100 scale; the higher the number, the better their ESG ranking.
Some prefer to put their money in ESG mutual funds. Experienced brokers and managers invest for you, picking organizations that show promise in growth and ethical impact. Some focus on specific parts of ESG, especially environmental investment.
ESG is about Investing in your values.
ESG investment is a revolution in ethical investing, streamlining the process to help ethically conscious companies. But it’s not an accident: A network of research firms, funds, and brokerages work to support this new method of ethical investing. You shouldn’t have to sell your soul to make money on your investments. The bottom line is to be smart about your investments. Do your homework before making any investment decisions so you can earn the best returns in a way most compatible with your values and financial goals.
How do I invest in ESG? There are several methods to
find and invest in ESG-conscious companies. Financial advisors specializing in ethical investing can
lead you in the right direction, showing you companies with solid returns while following
sustainable business practices.
4
LawOfficeOfPollyTatum.com
Published by Newsletter Pro • NewsletterPro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator