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."
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. "
For more information about creating a Family Legacy, please contact us at (650) 761-0992, today.
As family structures become more varied, we’re learning that when it comes to raising children, the marital status, gender, and even relationship status of the parents matters less and less.
What children need most are parents who are committed to loving and supporting them. Whether or not the parents have a romantic relationship with one another is immaterial to their ability to raise healthy and happy kids, so long as their co-parenting relationship is solid.
One new child-rearing trend that highlights this notion is platonic parenting. Also known as co-parenting, platonic parenting involves two or more people who agree to raise children together without a romantic connection. And we are discovering this nontraditional style of parenting can produce children who are just as well adjusted as those raised in a happily married household.
An alternative arrangement
Platonic parenting was pioneered within the LGBTQ community, where until recently same-gender couples couldn’t legally marry and didn’t have the court system to make up rules for them about post-breakup parenting. Following a romantic split, they were forced to create innovative, outside-the-box parenting arrangements on their own.
More recently, platonic parenting has spread to married couples looking to more effectively raise their children following divorce. By maintaining an amicable and cooperative relationship—sometimes even cohabitating—a couple whose romantic connection has dissolved can not only spare their children the trauma of divorce, but they may also find the arrangement is much healthier for them. Indeed, couples who stay unhappily married for the children’s sake often find the arrangement can be even more harmful to the whole family than a clean divorce.
And now, more and more people are choosing to raise children together using platonic parenting, without ever having a romantic relationship to begin with.
In stark contrast, the law considers your pet nothing more than personal property. That means that without plans in place, your pet will be treated just like your couch or vacuum in the event of your death or incapacity.
For example, if you die without including any provisions for your pet’s care in your estate plan and none of your family or friends volunteer to take your pet in, your faithful companion will likely end up in an animal shelter.
While you can leave money for the care or your pet in a will, there will be no continuing oversight to ensure your pet (and the money you leave for its care) will be cared for as you wish, if you do it that way. Indeed, a person who is named as the guardian of your pet in your will could drop the animal off at the shelter and use the money to buy a new TV—and face no penalties for doing so.
What’s more, a will is required to go through a court process known as probate, which can last for years and leave your pet in limbo during that entire time. And a will only goes into effect upon your death, so if you’re incapacitated by accident or illness, it will be useless for protecting your pet.
Because no one knows exactly how long Boomers will live or how much money they’ll spend before they pass on, it’s impossible to accurately predict just how much wealth will be transferred. But studies suggest it’s somewhere between $30 and $50 trillion. Yes, that’s “trillion” with a “T.”
A blessing or a curse?
And while most are talking about the benefits this asset transfer might have for younger generations and the economy, few are talking about its potential negative ramifications. Yet there’s plenty of evidence suggesting that many people, especially younger generations, are woefully unprepared to handle such an inheritance.
Indeed, an Ohio State University study found that one third of people who received an inheritance had negative savings within two years of getting the money. Another study by The Williams Group found that intergenerational wealth transfers often become a source of tension and dispute among family members, and 70% of such transfers fail by the time they reach the second generation.
Whether you will be inheriting or passing on this wealth, it’s crucial to have a plan in place to reduce the potentially calamitous effects such transfers can lead to. Without proper estate planning, the money and other assets that get passed on can easily become more of a curse than a blessing.
There are several proactive measures you can take to help stave off the risks posed by the big wealth transfer. Beyond having a comprehensive estate plan, openly discussing your values and legacy
with your loved ones can be a key way to ensure your planning strategies work exactly as you intended. Here’s what we suggest:
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 Petty’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.
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.