Creating Your Family Legacy

After you are gone, your loved ones will miss you deeply. They will long for your words of encouragement and concern. Hearing your voice again is a tremendous gift. At Sky Unlimited Legal Advisory, we guide you to leave a legacy that includes much more than just your money.

 

Through our unique legacy process, you can give your loved ones a most precious gift - a lasting expression of your love. Is there anything more priceless?

 

We believe estate planning is not just about transferring your financial assets and personal belongings, it's also about capturing and transferring your valuable intangible gifts: who you are and what's important to you - your values, insights, stories and experiences.

 

"It's too often I hear from colleagues how so few people ever leave their loved ones some lasting legacy of themselves. They even tell their clients to record a message and put it in a safe place or simply write notes to their children letting them know how they felt about them. But we all get caught up with our day-to-day that focusing in on leaving a legacy falls behind."

 

Yaasha Sabba

 

At Sky Unlimited Legal Advisory, preparing a Family Legacy is part of how we help you capture and pass on more than just your money: your intellectual, spiritual and human assets - who you are and what's important to you.

 

"I love hearing from many how the thoughts, feelings, memories, and advice they share - especially parents - is the real gift that they give to their families. It's the point of pride that I take in my practice to be able to help clients create their true, lasting legacy. That is so much more important than the paper documents in their binder. "

 

Yaasha Sabba

 

For more information about creating a Family Legacy, please contact us at (650) 761-0992, today.

 


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Got a ‘Blended Family’? Learn From Tom Petty’s Mistakes: His Daughters and Widow Are Now Locked In Bitter Battle Over His Estate

Earlier this summer, Tom Petty’s daughters escalated the battle over their late father’s estate by filing a lawsuit against Petty’s second wife that seeks $5 million in damages.

In the lawsuit, Adria Petty and Annakim Violette, claim their father’s widow, Dana York Petty, mismanaged their father’s estate, depriving them of their rights to determine how Petty’s music should be released.

 

Petty died in 2017 of an accidental drug overdose at age 66. He named Dana as sole trustee of his trust, but the terms of the trust give the daughters “equal participation” in decisions about how Petty’s catalog is to be used. The daughters, who are from Petty’s first marriage, claim the terms should be interpreted to mean they get two votes out of three, which would give them majority control.

 

Alex Weingarten, an attorney for Petty’s daughters, issued a statement to Rolling Stone magazine, asserting that Perry’s widow is not abiding by Petty’s wishes for his two children.

 

“Tom Petty wanted his music and his legacy to be controlled equally by his daughters, Adria and Annakim, and his wife, Dana. Dana has refused Tom’s express wishes and insisted instead upon misappropriating Tom’s life’s work for her own selfish interests,” he said.

 

In April, Dana filed a petition in a Los Angeles court, seeking to put Petty’s catalog under control of a professional manager, who would assist the three women in managing the estate’s assets. Dana alleged that Adria had made it difficult to conduct business by acting abusive and erratic, including sending angry emails to various managers, record label reps, and even members of Petty’s band, the Heartbreakers.

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3 Warning Signs of a Financial Scam

Nobody likes to admit they’ve fallen for a financial scam, but the fact is, it’s easier than ever to get caught up in one.

This is especially true in today’s all-digital world, where practically every shred of data related to your personal and financial background can be found online. 

 

While no one is forcing  you to use the Internet to manage your financial accounts, purchase goods and services, or communicate with the outside world, these days it’s nearly impossible to live your life without the web. This net-based existence can feel somewhat unnerving for those of us who came of age while the tech revolution was already underway, but for the elderly, who lived the vast majority of their lives offline, it can be absolutely overwhelming.

 

Given their lack of tech experience, coupled with the fact that many of them are undergoing varying levels of cognitive decline and sometimes live lonely, isolated lives, scammers view seniors as easy targets. And many of today’s con artists are so sophisticated, even the most intelligent and educated can be duped.

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The Real Cost To Your Family: Not Planning For Incapacity

Effective estate planning is not merely about ensuring the right people inherit your wealth but also ensuring who will take charge of your healthcare, financial, and legal decisions in case you are incapacitated to keep your family out of court and out of conflict no matter what happens to you.

This is the first in an ongoing series of  articles discussing the true costs and consequences of failed estate planning. The series highlights a few of the most commonand costlyplanning mistakes we encounter with clients. If the series exposes any potential gaps or weak spots in your plan, meet with your Family Startup Lawyer™ to learn how to properly address them. 

 

When it comes to estate planning, most people automatically think about taking legal steps to ensure the right people inherit their stuff when they die. And these people aren’t wrong. 

 

Indeed, putting strategies in place to protect and pass on your wealth and other assets is a fundamental part of the planning equation. However, providing for the proper distribution of your assets upon your death is just one part of the process.

 

And it’s not even the most critical part.

 

Planning that’s focused solely on who gets what when you die is ignoring the fact that death isn’t the only thing you must prepare for. You must also consider that at some point before your eventual death, you could be incapacitated by accident or illness.

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7 Events That Necessitate a Review of Your Estate Plan

Even if you put a totally solid estate plan in place, it can end up proving worthless if it’s not properly updated.

Of course, no one wants to believe their family would ever end up battling one another in court over inheritance issues or a loved one’s life-saving medical treatment, but the fact is, we see it all the time.

 

Family dynamics are extremely complicated and prone to conflict during even the best of times. And when tragedy strikes a key member of the household, even minor tensions and disagreements can explode into bitter conflict. When access to money is on the line, the potential for discord is exponentially increased.

 

The good news is you can drastically reduce the odds of such conflict through estate planning with the support of a lawyer who understands and can anticipate these dynamics. This is why it’s so important to work with an experienced lawyer like us when creating your estate plan and never rely on generic, do-it-yourself planning documents found online. Unfortunately, even the best set of documents will be unable to anticipate and navigate complex emotional matters like this, but we can.

 

By becoming aware of some of the leading causes of such disputes, you’re in a better position to prevent those situations through effective planning. Though it’s impossible to predict what issues might arise around your plan, the following 2 things are among the most common catalysts for conflict. 

 

1. Poor fiduciary selection

Many estate planning disputes occur when a person you’ve chosen to handle your affairs following your death or incapacity fails to carry out his or her responsibilities properly. Whether it’s as your power of attorney agent, executor, or trustee, these roles can entail a variety of different duties, some of which can last for years. 

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4 Critical Estate Planning Tasks to Complete Before Going on Vacation

Going on vacation entails lots of planning: packing luggage, buying plane tickets, making hotel reservations, and confirming rental vehicles.

But one thing many people forget to do is plan for the worst. Traveling, especially in foreign destinations, means you’ll likely be at greater risk than usual for illness, injury, and even death.

 

In light of this reality, you must have a legally sound and updated estate plan in place before taking your next trip. If not, your loved ones can face a legal nightmare if something should happen to you while you’re away. The following are 4 critical estate planning tasks to take care of before departing. 

 

1. Make sure your beneficiary designations are up-to-date

Some of your most valuable assets, like life insurance policies and retirement accounts, do not transfer via a will or trust. Instead, they have beneficiary designations that allow you to name the person (or persons) you’d like to inherit the asset upon your death. It’s vital you name a primary beneficiary and at least one alternate beneficiary in case the primary dies before you. Moreover, these designations must be regularly reviewed and updated, especially following major life events like marriage, divorce, and having children. 

 

2. Create power of attorney documents

Outside of death, unforseen illness and injury can leave you incapacitated and unable to make critical decisions about your own well-being. Given this, you must grant someone the legal authority to make those decisions on your behalf through power of attorney. You need two such documents: medical power of attorney and financial durable power of attorney. Medical power of attorney gives the person of your choice the authority to make your healthcare decisions for you, while durable financial power of attorney gives someone the authority to manage your finances. As with beneficiary designations, these decision makers can change over time, so before you leave for vacation, be sure both documents are up to date.

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