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September 2023
603-894-4141 | 978-969-0331 | LegacyCareLaw.com
Family Is Everything to Us Estate Planning Is an Extension of Family Legacy
planning is a way to preserve a family’s values, traditions, and history. We know this more than anyone; that’s why our goal will never be accomplished unless a family leaves feeling relief and admiration. Of course, we all want to ensure our children aren’t stuck with countless taxes and emotional conflicts, but we should also strive for them to see how much effort we took to preserve our legacy. Just like we know how to care for other families, we know how to care for our own. It’s an inherent part of our firm’s culture to support not just clients’ families but also each other. Our families will always come first. How can we stress the importance of family and estate planning when we don’t do the same for ourselves? I remember when our firm decided to have a Christmas party at one of my favorite restaurants in New Hampshire. My wife and I chat with the owner often, and I remember after the party, he mentioned, “That was really nice of you to bring your family!” When I revealed that it was my team, he couldn’t believe it! That was because how we communicate and share joy exudes family warmth. I wouldn’t want it any other way. The measure of our dedication to each other is a reflection of our commitment to our clients. We are here to help families find comfort in difficult times. Instead of getting lost in a sea of legal processes and documents, we always aim to educate our clients so they feel comfortable. Our team will do whatever it takes for this to be a time to reflect on a parent’s legacy, not worry about paperwork. That’s why our new name, Legacy Care Law Firm, isn’t a marker of change but a reminder of what estate planning is about. Please contact our team if we can help you or your clients with anything. We will welcome them as part of our own Legacy Care Family!
You may have seen a few changes around our firm, but the most noticeable is we’ve chosen a new name: Legacy Care Law Firm! While the name is different, we’re still the same family who cares for those around us. No matter what changes we go through, I know our passion will never falter. Legacy Care Law is the same DeBruyckere firm, same team, and same dedication — we just have a new name that’s easier to pronounce! While a name change might indicate a significant change for some, that’s not the case here. My team and I know what makes our work effective: our genuine commitment to helping our clients and supporting families. Why would we change something that doesn’t need fixing? Our firm’s team is more than just attorneys and legal assistants. We’re a family. I know the warm atmosphere we created for ourselves has reached our clients and comforted them during difficult times. Our attorneys have unique backgrounds and reasons for choosing this field, but I’m certain we all share a sense of fulfillment from helping families maintain their legacies. It truly feels incredible to allow clients to reflect on their parent’s heartfelt planning and continuing love.
Our legal family also shares a distinctive outlook on estate planning as more than just financial matters. Instead, estate
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Want to Protect Your Assets? Avoid These Inclusions in Your Will
2. Your Funeral Wishes and Preferences — You should avoid placing your funeral wishes and preferences in your will. It can take multiple weeks before your heirs or attorneys consult your will, and by then, your funeral wishes may have been completely ignored. Rather than adding these desires to your will, leave them in a letter to your closest relative so they can have it on hand when the time comes. Consider things like whether you’d prefer to be buried or cremated, what you’d like included in your obituary, and where you want your funeral to take place. 3. Inheritance for Your Children With Special Needs — One of the most crucial elements to keep out of your will is any assets or funds left for a child with special needs. If you leave funds for them in your will, the government can cut any federal benefits they may be receiving, which can cause a significant reduction in their income. Instead, you should create a special needs trust, which will set money aside for your child that will supplement their government benefits. 4. Your Wishes for Your Pets — Lastly, your will should not include any assets or desires you have for your pets. No pet has any lawful claim to an estate or property. After you designate a guardian for your pet in the event of your passing, you should make arrangements directly with them about your wishes and what you want to leave for your pet. Another great option is to create a pet trust that officially establishes funds meant for your pet’s care and well-being. This is a favorite strategy of celebrities, who often love to pamper their pets. In 2007, wealthy real estate tycoon Leona Helmsley, for example, famously left $12 million to her Maltese, Trouble. The fluffy pup quickly became a millionaire! This is just a short list of additives that may be harmful when left in a will. The details are much more complicated! To learn more about what should and shouldn’t be part of your will, speak with an experienced estate planning attorney who can help you properly place your property and final wishes.
When creating your will, you may be tempted to include directions for every single piece of your property and every personal wish that you have. This instinct makes sense, but the “better safe than sorry” approach can actually come back to bite you! In truth, you’re better off leaving some personal properties and directives out of your will. Adding these specific things to your document could backfire. Instead of successfully protecting your assets, you’ll leave an enormous mess behind for your loved ones. We’d hate to see that happen, so we’ve put together a list of the things you should never include if you want to keep your legacy safe. Here are the top four. 1. Your Business — You must never add your business to your will. All wills must go through a probate process, which can take a significant amount of time. Not only can the time delay cause issues with your business, but this probate process also opens the door for someone to challenge your will and whatever wishes you intend for your business. You don’t want your will or the company you worked so hard to operate to be subject to this challenge. Instead, work with your lawyer to create a business succession agreement to bypass these problems entirely.
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Give Your Pet’s Kibble a Healthy Upgrade! We’ve heard time and time again that dry kibble isn’t exactly the best food for pets, but it’s undoubtedly the leading product on the market. If your busy schedule doesn’t allow for homemade meals for your canine or feline friend, you can keep them in tip-top shape with their usual food with these four health-boosting tips!
are all outstanding options for increasing your pet’s protein and vitamin intake, as they’re a mix of meats, fruits, vegetables, and sometimes even ground bone! Dried or frozen toppers also retain their
Hydrate dry kibble. This may be the most crucial step when enhancing your pet’s meals because, without hydration, it can be difficult for them to digest and even absorb the nutrients in dry food properly. You can ensure your furry friend stays nourished by soaking their food in warm bone broth or goat’s milk. If you don’t have either on hand, that’s perfectly fine — warm water works too! Add fish oil for omega-3s. We humans often talk about the benefits of fish oil for its supportive omega-3s, and that applies to your pets too! Not only does fish oil help pets have shiny coats, but it also supports healthy joints, hearts, cognitive functions, and more. You simply pump some fish oil onto hydrated kibble, and it’s ready for your pet to eat. Top with raw food. Your pet will love devouring a highly nutritious pile of raw food on top of their kibble! Freeze-dried, air-dried, or frozen raw toppers
nutritional value and health benefits while staying storage-friendly.
Pack in the vitamins! Every pet can benefit
from a multivitamin, just like people! Because the nutrients
in kibble can be difficult to absorb, a multivitamin can help fill any gaps left. Countless pet multivitamins are available on the market, and they include incredible supplements like probiotics, immune support, joint support, and more! Speak with your pet’s veterinarian to learn what nutrients you should prioritize for their diet. Then, you can start filling their kibble dish with everything they need to live a happy and healthy life!
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9 Red Roof Lane, Salem, NH 03079 603-894-4141 978-969-0331 LegacyCareLaw.com
INSIDE THIS ISSUE
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New Name, Same Family
Want to Protect Your Assets? Avoid These Inclusions in Your Will
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Improve Your Pet’s Health With These Kibble-Enhancing Tips
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Step-Up in Basis Will Save You Tax Dollars
USE THIS ESTATE PLANNING LOOPHOLE TO SAVE Don’t Pay More Capital Gains Tax Than You Should!
two decades, the home’s appreciation can easily be hundreds of thousands of dollars. As a result, they could be left with little profit after forking over the capital gains tax. Meanwhile, if your child were to inherit the property after your passing, they would only need to pay the capital gains tax from the market value at the time of your death instead of when it was initially purchased. The basis of the asset’s value is stepping up in time to adjust the appreciation value. That’s why it’s called a step-up in basis! The result? Your child will save on expensive taxes and start building wealth with this property’s profit.
There are plenty of estate planning maneuvers, but when done without the guidance of an attorney, these techniques may end up costing your family a fortune. One action that can do more harm than good is transferring your assets into your children’s names. While it might seem like you’re helping them, they could miss out on a significant tax break: step-up in basis.
What is the step-up in basis loophole? When you want to transfer a physical property or stocks into your child’s name, they will often need to pay a substantial capital gains tax. The value of these assets increases over time, and
when you transfer them to your child, they will have to pay tax on all the appreciation, or the increase in value, from when you first purchased the property to the sale date.
Instead, try putting your assets in a living trust. So, how can your child take advantage of the step-up in basis? You can put your assets in a living trust and add them as a beneficiary. Instead of being considered an owner, your child will only inherit your estate after your death. While a living trust has plenty of benefits, you should always consult an attorney to understand if this is the right move for you, your specific assets, and your children.
Regarding homes, the value can significantly increase over just a few decades. After
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603-894-4141 | 978-969-0331
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