In case you missed all of the commercials for floral arrangements that have been airing recently, here’s one final reminder: Mother’s Day is this Sunday, May 9th. But before you spend your money on something that will wilt and die within a week or two, consider getting Mom a truly priceless gift—a plan for her kids that provides her with peace of mind that, when something should happen to her and dad, her children will always be in the care of the people she knows, loves, and trusts.
Nearly three years have passed since Aretha Franklin, known as the “Queen of Soul,” whose earnings are worth $80 million, died from pancreatic cancer at age 76. Yet, due to poor estate planning, her children have yet to see a dime of their inheritance, and what they ultimately receive will be significantly depleted by back taxes. Also, it’s still not clear whether or not Aretha ever had a valid will. Her story shows how destructive poor estate planning can be for the loved ones we leave behind.
Should you become incapacitated without any planning in place, your family should apply to the court for guardianship. In most cases, the court appoints a family member as guardian, but this isn't always the case. If you have no living family members, or those you do have are unwilling to serve or deemed unsuitable by the court, a professional guardian would be appointed. Here's how you can protect yourself in the event of your incapacity using proactive estate planning.
The Netflix movie I Care a Lot provides a dark, violent, and somewhat comedic take on the real-life and not-at-all funny dangers of the legal (and sometimes corrupt) guardianship system. This two-part series discusses how the movie depicts such abuses, how this can happen in real life, and what you can do to prevent something similar from happening to you or your loved ones using proactive estate planning and our Family Wealth Planning process. Learn more here!
With 2020 firmly in our rear-view mirror, the economy appears to be on the rebound, and things are slowly getting back to a semblance of normalcy. That said, many families continue to struggle financially, and if this includes you, you may be able to find some relief from the American Rescue Plan. To highlight the ways the ARP can impact your family's bank account, we'll break down three additional parts of the law that stand to boost your family's finances. Learn more here!
Signed into law on March 11th, President Biden's $1.9 trillion American Rescue Plan Act of 2021 (ARP) is the largest direct-to-taxpayer stimulus legislation ever passed, and it came just in time to save millions of Americans whose unemployment benefits were about to expire. This ARP comes with numerous other provisions that can seriously boost your family's finances for 2021. Learn more here to highlight the ways the ARP can impact your family's wallet.
Today's social media and other digital assets play such a big role in our lives. Facebook is one of the social media platforms that have a number of users and if you're one of them who share, track, and report on important life events, it can provide an intimate snapshot of your life and can also serve as a key part of your legacy. If you're interested in preserving your digital legacy using Facebook's legacy contact, here we'll break down the basics of how this function works.
A Lifetime Asset Protection Trust is a unique estate planning vehicle specifically designed to protect your children's inheritance from unfortunate life events. The sudden death of a Legendary host, Larry King, became controversial because of not using Lifetime Asset Protection Trust to distribute his assets to his children upon his death. His story demonstrates that do-it-yourself planning can have terrible consequences for your loved ones - even worse than if you had no estate plan at all.
Setting up an estate plan is the best way to preserve wealth, but without a proper update of your estate can lead to misunderstanding and conflict that will make your assets tied up in the court instead of passing it to your family. This is what happened to the legendary tv and radio host, Larry King, who passed away this year, leaving his current family and children from his previous marriage in a legal battle over his estate because of not updating his estate plan.
There's nothing like a major change in the economic climate to make you rethink your job. A steady job is not necessarily a sure thing - if you're in a place of transition with your life and career, it could be the right time to take the leap and start working for yourself, building your own business, and becoming the boss you always wish you had. But it's always the best way to consult a trusted legal professional before making your final decision in starting your business as a solo(preneur).