Promise Law Post www.PromiseLaw.com
(757) 690-2470
May 2019
A Different Kind of Spring-Cleaning: Part II What Do Your Documents Say, and Does It Make Sense for You?
In last month’s edition of this newsletter, I highlighted the
to step back and look at the whole picture to make sure everything was in order.
When Fred and I took our celebratory post- surgery rehabilitation trip to Europe, I thought it might be a good idea to update my power of attorney, which I hadn’t done since 2009. I know that powers of attorney do not “go bad,” but the reality is that they are less likely to be accepted by financial institutions if they are much more than a few years old, so mine was overdue and quite stale. Another extremely important part of this re- evaluation process is actually consulting with the trusted family members you named in these documents previously, to make sure that everyone’s circumstances haven’t changed. For me, I didn’t just need to add Fred to give him authority regarding my financial and medical decisions; I also needed to consult with my daughter, London, to let her know what I’d previously planned and to determine if she had any feedback about what I did moving forward. When I made my trust, London was only 17. Before reviewing these documents, my recollection was that at my death there would be a few gifts dispersed to other family and charities and that the rest would be held in trust for London until she was 25. But when I actually went back and read through the verbiage, I realized that I’d opted for staggered distributions until she was 35. I’ve found that this happens to us often; we remember what we want our documents to say. In my case, I knew I needed to make some updates now that London’s older and I’ve had more time to see how she handles her finances. While I am perfectly confident in her ability to make sound financial decisions and would be happy to allow her to receive everything outright, London wanted the assets to be held
significance of reviewing,
organizing, and properly storing legal documents to ensure that they stay safe and are easily accessible. While strategies for
organization and safekeeping documents are absolute necessities, taking the time to read through the documents to determine if they make sense is equally important. As you probably already know, my surgery last year forced me to meticulously reevaluate my own documents, and in doing so, I realized that I needed to make some definitive changes. For example, in February, before my surgery, I looked at my medical directive and realized that I needed to update it in order to include my fiancé, Fred. I realized that he is one of the people I trust to make those types of decisions, and had I not updated that directive, he would have had no authority. That change led me
for a year to give her time to grieve and not have to make big financial decisions. Protecting your beneficiaries from their own potential financial precariousness — especially when they are grieving — helps immensely. In my situation, London had the wisdom to ask for more time for herself, which is very lucky. Not all beneficiaries have that foresight. In addition to taking their emotional state into consideration, taking a closer look at your beneficiaries’ age and health is necessary as well. I’m telling you this story to demonstrate the importance of making sure your documents reflect your current situation and wishes. Changes in life are inevitable, and your documents need to keep up in order to give you and your loved ones peace of mind. If you need any help reviewing your current plan or establishing your estate plan, you knowwho to call.
THE 7 HAZARDS TO YOUR ESTATE PLAN
Thursday, May 9 10:00 a.m.–12:00 p.m.; 2:00 p.m.–4:00 p.m.
Tuesday, May 28 2:00 p.m.–4:00 p.m.
The workshops are free, but registration is required. Call 757-690-2470 for more information or to register.
-Geneva Perry
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THE GOLDEN ERA OF ATHLETES ON SOCIAL MEDIA Out of the Dark and Onto the Web
It’s not an overstatement to say that social media has revolutionized the way we live our lives today. But with that massively powerful platform comes a massive responsibility, especially if you’re already in the spotlight. Athletes have taken the opportunity social media affords them to build their personal brands and engage in community outreach with the fans who look to them as role models, but there’s a downside to cataloging years of unfiltered thoughts on the internet. For better or worse, social media is here to stay, and we have full access to all the drama that unfolds for our entertainment. Despite the web’s potential for good, some pros can’t seem to get the message that every post falls under the scrutiny of the public. PR firms representing players have now made it a top priority to keep their clients’ images in line by scrubbing old posts that could be offensive and land them in hot water. Still, though, it seems like there’s a new controversy every week. One of the best examples comes courtesy of former football star“Johnny Football”Manziel. The former HeismanTrophy winner was notorious for posting embarrassing images of himself partying when he should have been practicing, and he often blasted his private issues in public, seemingly
with no filter. He’s out of a job now, most recently having been banned from the Canadian Football League. For every bad apple, though, there is a bushel of athletes who use their platforms for the greater good. HoustonTexans defensive end J.J. Watt, five-time Pro Bowler and NFL star, has used his social media“juice”to spread the word about his charity, raising over $4.6 million for youth athletic programs and organizations.
Philanthropy aside, part of the beauty of celebrity social media is that the people who seem so much larger than life become accessible because of it. In decades past, you might have written a letter that, if you were fortunate, got a response from some unpaid intern. Today, fans can reach out directly to their favorite athletes. It is a personal connection unparalleled in history. What a time to be alive.
Leaving a Legacy of Giving MAKING CHARITY A PART OF YOUR ESTATE PLAN
Your estate plan is far more than just a set of documents. It’s a declaration of what you find most important and a roadmap of the legacy you’d like to leave. Not only does a proper estate plan ensure that your loved ones will be taken care of when you’re gone, but it also allows you to make an impact on the wider world through charitable giving. Many avenues exist for making planned gifts to nonprofits, but here are some of the basics on how to make giving a part of your plan.
notify an organization about what you are planning to give. Smaller philanthropies may not accept complex assets, such as stocks or real estate. On the other hand, some charities may specialize in specific assets. For example, if your home is considered a historic site within your town, you may want to gift it to a preservation society so that it stays properly maintained.
DECIDE HOW TO GIVE
NAME A CHARITY IN YOURWILL
There are different ways to structure a charitable bequest, giving you the flexibility to make sure your estate planning goals are met. If you have a set sum of money or a particular asset you wish to leave to a charity, you can make a specific bequest in your will. However, if you want to ensure your loved one’s needs are met before giving a portion of your estate to charity, you can make what’s known as a residuary gift. With a residuary gift, once debts have been paid off and your other beneficiaries have received their bequests, a specified percentage of your remaining estate will go to a charity of your choice.
The most basic way to give to a charity is by naming it in your will. Simply name the charitable organization you wish to support among your beneficiaries, and specify the assets you wish to give. If estate or income taxes are a concern, ensure your chosen organization is a 501(c) (3) nonprofit. These are the charities the IRS deems tax-exempt.
MATCH THE ASSETS TO THE CHARITY Almost all charities will accept cash bequests, though
OTHER AVENUES
Depending on your income level and the kinds of assets in your estate, more complex means of making a planned gift may be available to you. Talk to your estate planner to see if creating a charitable trust or establishing a foundation is the right move for you.
it is always a good idea to
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TAKE A BREAK
How to Cultivate Valuable Customer Reviews THE GOOD KIND OF GOSSIP When you’re thinking about buying a new product or service, what’s the first step you take? If you turn to the world wide web in search of reviews, then you’re in good company. According to a survey conducted by BrightLocal, 85 percent of consumers regard the customer review to be the single most credible and trustworthy source of advertising. That same survey found that 68 percent of customers surveyed were willing to provide feedback for a company. So, how do you get your customers to write the glowing reviews that help close deals? Don’t rely on customers to go to your website to leave reviews. There are numerous websites you can utilize that make leaving feedback more convenient for your clients. What’s more is that these other platforms are highly trafficked. BrightLocal found that Facebook and Yelp were consumers’ most trusted source of user reviews in the U.S., but you can also use Google My Business or the Better Business Bureau. Most importantly, be sure you are active on all the platforms you use. DIVERSIFY YOUR PLATFORMS
SHRIMP SAUSAGE SKEWERS
Ingredients
OFFER INCENTIVES
CREOLE SEASONING
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1/2 pound raw shrimp, peeled and deveined 1/2 pound cooked sausage, cut into 1-inch pieces
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2 tablespoons paprika
Give your clients a reason to write reviews. Consider offering incentives like a discount or coupon code, coffee gift card, or an entry to win a contest for an even bigger prize.
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1/2 tablespoon garlic powder
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1/2 tablespoon onion powder
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2 zucchini, cut into 1/2-inch cubes
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1/2 tablespoon cayenne or chili powder
ASK THE RIGHT QUESTIONS
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2 tablespoons extra-virgin olive oil
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Wooden skewers, soaked in water for 30 minutes
Think of the review process as a conversation rather than a request to be met, and use open-ended questions to start. Before you even request a review, you can ask customers questions like “How was your recent experience with us?” or “How are you liking your product?”That way, you can gauge their satisfaction before they leave any feedback.
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1/4 tablespoon dried oregano
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1/4 tablespoon dried thyme
Directions
1. Heat your grill to medium-high. 2. In a bowl, combine all ingredients for creole seasoning. 3. In a large bowl, combine the shrimp, zucchini pieces, and sausage pieces, and cover them with the olive oil. 4. Add creole seasoning and mix well until all ingredients are covered. 5. Load up skewers with alternating pieces of shrimp, sausage, and zucchini until they’re full. 6. Grill skewers until shrimp are well-cooked (6–8 minutes). Inspired by Food Network
RESPOND, RESPOND, RESPOND
The last thing you want to see is a scathing one-star review. But no matter how hard you work, they are still bound to happen. When you receive one, take the time to respond thoughtfully —without being defensive — and try to come up with a possible solution to the complaint. And be sure to respond to your positive reviews as well. When you show that you engage with all of your customers, prospective ones will be more likely to give you a shot.
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INSIDE THIS ISSUE
1 2 3
A Different Kind of Spring-Cleaning: Part II
The Golden Era of Athletes on Social Media Making Charity a Part of Your Estate Plan
Shrimp Sausage Skewers The Value of User Reviews
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Genealogy Sites Provide Breakthroughs in Cold Cases
GENEALOGY SITES AND THE WARMING OF COLD CASES The Revolution in Forensic Science Continues to Captivate the Masses
We’ve come a long way in the field of forensic science since 1986, when DNA was first used to convict someone in court. In 2019, criminals who would have gotten away with their crimes in the past are now put behind bars where they belong. The advent of genealogy testing has been thrust into the spotlight with high- profile cases that were solved by sequestering information from sites like 23andMe and Ancestry.com. With this revolution in DNA testing on the rise, there’s really no end to the impossible-to-solve cold cases that can finally be put to rest. Whatever the motivation was behind genealogy sites in the beginning, they’re now some of the most sought-after databases in the world and are worth billions for their collection of the most personal consumer data in existence. Using these websites’ data, investigators can make DNA matches with potential offenders. The most famous recent case is the successful apprehension of Joseph James DeAngelo, otherwise known as the Golden State Killer.
After 13 murders and dozens of assaults, he was finally brought to justice after investigators matched his DNA to the evidence found at the crime scenes. They gained access to his DNA from the personal genomics site GEDmatch.
to its customers, law enforcement agencies successfully subpoenaed the companies to hand over the requested data. With the ability to theoretically solve any crime with preserved DNA, law enforcement and websleuths alike are foaming at the mouth at the possibilities genealogy testing has to offer. If only we’d preserved some of Jack the Ripper’s DNA!
Although access to the data of popular sites like 23andMe and Ancestry.com is restricted
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