1. Avoid Making Hasty Decisions

The initial mix of excitement and grief when receiving an inheritance can lead to impulsive financial decisions. One of the most important steps you can take is to resist the urge to immediately make significant decisions. Instead, follow these best practices:

● Secure your inheritance first. Before anything else, transfer the inheritance to a secure account such as a high-yield savings account, a money market account, or a short-term certificate of deposit (CD) until you have had enough time to put together a long-term financial plan.

● Build your emergency fund. If you do not already have one, consider establishing an emergency fund that will cover at least six months (or whatever amount of time feels right to you) of essential living expenses. If you already have an emergency fund, consider adding to it to cover a full year.

● If married, decide whether to keep the inheritance in your sole name. If you are married, you will need to decide early on whether you want to keep the inheritance in your separate name or place the funds in an account that you jointly own with your spouse. This decision has significant legal and financial implications, particularly in the event of divorce or if one spouse has outstanding debts. Consulting with an attorney on this point is highly recommended.

● Understand gifting implications. If you are considering giving a portion of your inheritance to your children, other loved ones, or a charity, get professional advice before you proceed. Certain gifts above the annual exclusion amount may lead to gift tax liability or reporting requirements.

2. Invest in Your Future: Prioritize Retirement and Debt 

For many, an inheritance presents an opportunity to significantly boost long-term financial security.

● Maximize your retirement savings. If you are still working, consider increasing your contributions to your retirement account, especially if you are not currently contributing enough to receive your employer’s match. If your employer does not offer a retirement plan, or even if they do, opening and fully funding an individual retirement account (IRA) each year can be a smart move due to its tax advantages and compounding growth potential. 

● Strategically manage your inherited retirement account. If you have inherited a traditional IRA or 401(k), understanding the rules is critical to minimizing taxes. Under current law, most nonspouse beneficiaries are subject to the 10-year rule, which requires that the entire amount in the account be withdrawn within 10 years following the original owner’s death—potentially leading to significant income tax consequences. However, spouses often have more flexible options, including rolling the inherited IRA into their own IRA (called a spousal rollover). Professional guidance is essential to navigating these complex rules and optimizing your inheritance.

● Eliminate high-interest debt. Before making new investments, consider using a portion of your inheritance to pay off high-interest consumer debts such as credit card balances or personal loans. Eliminating these high-interest payments can often provide a bigger benefit than potential investment gains.

3. Hire a Team of Professional Advisors 

Navigating a significant inheritance can be complex, and trying to do it alone can easily lead to missteps. Building a team of professional advisors is crucial for developing a comprehensive, long-term strategy that protects and grows your newfound wealth. These professionals can work collaboratively to ensure that all aspects of your financial picture are addressed.

● Financial advisor. Your financial advisor will be your go-to for managing your finances, assisting you with

○ analyzing your current financial situation and establishing a solid financial foundation;

○ developing an investment strategy tailored to your risk tolerance and goals;

○ managing your credit and debt;

○ planning for specific goals such as saving for college, buying a home, or planning for retirement; and

○ looking into charitable giving options.

● Insurance agent. Your insurance agent will play a crucial role in ensuring that you, your loved ones, and your property are properly insured. They can review your existing coverage and advise you on essential insurance needs (life, long-term care, and liability) to help safeguard your financial future. 

● Accountant or tax professional. A knowledgeable tax professional will help you

○ understand the tax implications of your inheritance (e.g., stepped-up basis rules for capital gains);

○ optimize cash flow and minimize income taxes wherever possible; and

○ navigate the tax consequences of any gifting you plan to do.

● Estate planning attorney. An estate planning attorney will help you ensure that your own legacy is secure by

○ creating or updating your own estate plan (everyone needs a will or revocable trust, medical power of attorney, advance directive, and durable financial power of attorney);

○ developing strategies to decrease or eliminate potential federal or state estate taxes based on what you currently own;

○ structuring gifting strategies to achieve your charitable goals and pass on your values to the next generation; and

○ implementing strategies to protect your inheritance (as well as your other accounts and property) from potential creditors, predators, and future lawsuits. 

Secure Your Legacy

An inheritance, regardless of its size, presents a significant opportunity. With careful planning and the right professional support, it has the potential to provide lasting financial security for you and future generations. Do not leave this important financial event to chance. We are dedicated to helping individuals like you navigate the complexities of receiving, growing, donating, protecting, and ultimately passing your inheritance on to your loved ones. Contact us today for a consultation to discuss how we can help you make the most of your inheritance. 

[1] Planning & Progress Study 2025: Leaving a Legacy, Nw. Mutual (July 8, 2025), https://news.northwesternmutual.com/planning-and-progress-study-2025. 

Myth 1: My spouse can make all my healthcare and financial decisions because they are my spouse.

Reality: This is a dangerous misconception that can lead to significant stress and financial hardship for your family. While your spouse has certain rights, they generally do not automatically have the legal authority to make all medical decisions or manage all your financial accounts if you become unable to manage your affairs (i.e., become incapacitated). Without properly executed legal documents, you and your spouse may face obstacles handling the following:

● Medical decisions. Your spouse may be unable to access your medical information, direct your care, or make critical end-of-life decisions without a medical power of attorney (also known as a durable power of attorney for healthcare) and an advance directive (or living will). Without these documents, a court may need to appoint a guardian or conservator in a public, costly, and time-consuming process.

● Financial decisions. Similarly, your spouse could be locked out of accounts in your sole name, unable to pay bills or manage investments without a financial power of attorney. This can prevent timely financial management and even payment of day-to-day expenses. As with medical decisions, a court may need to appoint a guardian or conservator before your spouse can access these important accounts.

Proper planning ensures that your spouse or another trusted individual you choose has the immediate legal authority to act on your behalf and honor your wishes without court involvement.

Myth 2: My family knows my wishes. They will divide everything the way I want it divided.

Reality: While your family may genuinely intend to honor your verbal wishes, discussions about your affairs—without proper legal documentation—carry no legal enforceability. After your death, without a legally binding plan, your estate may be distributed according to your state’s intestacy laws, which may not necessarily be what you intended. This could lead to the following outcomes:

● Unintended beneficiaries. If you rely on the state’s default distribution plan, your money and property could go to distant relatives rather than close friends, stepchildren, or other nonrelated loved ones.

● Family disputes. Even well-meaning family members can disagree on what your true wishes were, leading to bitter conflicts and costly litigation that depletes your hard-earned money and property.

● Loss of control. Without a last will and testament or revocable living trust, you have no say regarding who inherits your money and property and how they receive it, who will raise your minor children, or who will be in charge of winding down your affairs.

A comprehensive estate plan is the only way to legally ensure that your estate is passed on as you intend, protecting your legacy and providing clear guidance for your loved ones.

Myth 3: I signed a will before, so I do not need to do it again.

Reality: Life shifts, laws change, and your goals evolve over time. An outdated estate plan can be just as detrimental as having no plan, so be sure to review your estate plan regularly—ideally, every three to five years. You should also review your estate plan whenever significant life events such as the following occur:

● Family changes. Such changes include marriage, divorce, remarriage (yours and your children’s), birth or adoption of children or grandchildren, and deaths of beneficiaries or trusted decision-makers (for example, agents under a financial or medical power of attorney, executor or personal representative, or guardian of your minor children).

● Financial changes. In addition to seeing significant increases or decreases in the value of what you own, you may have purchased or sold real property or businesses, experienced changes in your retirement accounts, or received an inheritance.

● Location changes. Moving to a different state or country can dramatically impact the validity and effectiveness of your existing estate planning tools, as state and country laws can vary widely.

● Tax law changes. Estate, gift, and income tax laws constantly evolve at federal and state levels, potentially affecting how your money and property will be distributed, how they will be taxed, and how much a beneficiary may ultimately receive.

● Changes in goals. Your philanthropic desires, legacy goals, or wishes for specific personal property, accounts, or real property may shift over time. Your estate plan should reflect that.

A comprehensive review of your estate plan every three to five years or after any major life event is crucial for ensuring that your estate planning tools still reflect your wishes, minimize taxes, avoid probate, and align with current legal requirements.

Myth 4: I am not wealthy enough to need an estate plan.

Reality: This myth is perhaps the most dangerous. Almost everyone, regardless of their net worth, can significantly benefit from thoughtful estate planning. While an estate plan certainly addresses your financial accounts, estate planning encompasses far more than just money.

● Protecting your children. If you have minor children, a will is the primary legal document for nominating a guardian to care for them if something happens to you. Without one, a court will decide who will raise your children—without your input—often through a public and potentially contentious process.

● Caring for pets. You can ensure that your beloved pets are cared for after you have passed away or during a time when you cannot care for them.

● Distributing sentimental items. A personal property memorandum can specify who receives your cherished family heirlooms, artwork, or other nonmonetary items, which can help prevent family squabbles.

● Planning for your incapacity. A comprehensive estate plan allows you to name trusted individuals to manage your finances, make medical decisions, and carry out your wishes without the delays and expenses of court involvement if you become incapacitated. Such protection is valuable regardless of how much money or property you own.

Estate planning is about taking control, ensuring that your wishes are honored, and providing peace of mind for you and your loved ones, no matter what you own. To learn how estate planning can benefit your specific situation, call us to schedule a consultation. 

1. Lack of healthcare planning. Most deaths occur in hospitals or other healthcare facilities, where many patients near the end of their life are unable to make or communicate their decisions. Without a plan, families and providers can be left guessing. Advance directives outline your preferences for end-of-life care; healthcare powers of attorney appoint a trusted person to make decisions on your behalf when you cannot. Together, these documents ensure that your medical wishes are honored and can be paired with financial powers of attorney to protect your property and finances during incapacity.

2. Failure to appoint financial decision-makers. There may come a time when you need someone to manage your financial and legal affairs, either because you are incapacitated or simply unavailable for a specific transaction. A financial power of attorney allows you to appoint a trusted person to act on your behalf, ensuring that bills are paid and important matters are handled without the need for court intervention.

3. No will or trust. Without proper planning, your estate may be held up in the often long, public, and costly probate process for months or even years after your death, at a great emotional and financial cost to your family. If you have no will, a judge will apply the state’s statutory default distribution plan to determine who will receive an inheritance from you and how much they will receive. This plan may not match your wishes.

4. Lack of attention to digital assets. Without a plan for your digital assets (such as digital photos, cryptocurrency, nonfungible tokens, social media profiles, content creation accounts, and accounts associated with e-commerce businesses) your loved ones may lose access to critical documents, photos, memories, and other important family records. They may also be unable to access any bank accounts or money associated with or generated by your digital assets or accounts.

5. Failure to anticipate your children’s possible future divorces, creditors, or lawsuits. Although it is not fun to consider, if your children divorce, rack up massive debt, or are sued at some point in the future, their inheritance could be lost and end up in the hands of unintended people. A trust can help protect your legacy and your children’s inheritance.

6. Failure to provide for an intentional transfer of family values. Do you want to pass on more than just money to your loved ones? A comprehensive estate plan can include provisions regarding family meetings, a family mission statement, and custom planning for your loved ones so that your values will continue into the next generation. Your custom plan could include allowing loved ones to choose a charity to receive part of your accounts or property, setting money aside for future family reunions or travel, or building in provisions to incentivize major milestones such as getting married or graduating from college.

7. Wasted individual retirement account (IRA) funds. Retirement account beneficiaries generally have the option to receive funds in a lump sum, which could result in a massive income tax bill for them. If this is not your intent, it is crucial to properly plan these accounts to minimize potential tax consequences. A standalone retirement trust, sometimes called an IRA trust, can help safeguard retirement funds from premature or imprudent withdrawals as well as from beneficiaries’ creditors and financial predators while still ensuring that those assets are available to support your beneficiaries.

8. Chaotic record-keeping. Proper planning ensures that your loved ones do not spend months or years trying to piece together your finances or interpret your wishes. A comprehensive estate plan helps you organize your finances and create a clear system for keeping your important documents, financial information, and instructions about your wishes in one place, readily accessible to your loved ones when they need them most.

9. Failure to consider a surviving spouse’s remarriage, creditors, and predators. If your surviving spouse remarries, your estate could end up in the hands of people you never intended. Likewise, if your surviving spouse is victimized by financial predators—something increasingly common with an aging population—your family may discover too late that your legacy is gone. A trust can help protect your money after you are gone.

10.  Family feuds over sentimental items. Sometimes fights are not just about money. Feuds and infighting among your loved ones can occur over items that have little monetary value but high sentimental value. You can help avoid such conflict with a personal property memorandum that lists who gets special items such as artwork, family heirlooms, and jewelry. In addition to the financial accounts, your plan should include careful consideration of important family items.

11.  Health Insurance Portability and Accountability Act (HIPAA) privacy lockout. If incapacity leaves you unable to communicate, family members—even your spouse—may be unable to access your medical records or talk to your doctors because of HIPAA privacy rules. Signing a HIPAA authorization form ensures that the people you choose can access your medical information.

12.  Outdated estate plan. Does your estate plan reflect your current circumstances, goals, and needs? Have you, your beneficiaries, or your trusted decision-makers had any major life changes (such as getting married, having a child, passing away, divorcing, receiving an inheritance, or moving to a different state)? A comprehensive review by an estate planner ensures that your estate plan reflects current laws and tax rules and carries out your wishes based on your and your loved ones’ lives today.

Do not leave your family vulnerable to these common oversights. A strong estate plan provides peace of mind, knowing that your loved ones are protected and your wishes will be honored. If you recognize any of the above mistakes in your own plan, or if it has been years since your last review, now is the time to act. Contact us today for a comprehensive review and to create a plan that truly reflects your life and legacy. 

A properly prepared trust can also help avoid probate, which is a lengthy, public, and often expensive court process that becomes necessary when there is no legally valid estate plan in place for distributing your accounts and property after your death. Wills and trusts are not just for the wealthy: People with any level of means can benefit from having a clear plan in place to protect their loved ones, avoid unnecessary legal hurdles, and ensure that their wishes are honored. Even if your savings are modest or your property has mostly sentimental value, these planning tools provide peace of mind and control over what happens after you are gone.

Creating a will or a trust should be a priority for several important reasons, including the following:

Handling Digital Accounts

Almost everyone has at least one account or digital presence online. Think about all your photos stored in the cloud, as well as your emails, social media profiles, online shopping accounts, online payment platforms (e.g., Venmo or PayPal), and online banking accounts. Whom do you want to have access to them? Do you want the accounts deleted or transferred to someone else? What happens if the account holds money? How do your loved ones access that money? An estate plan ensures that your online photos, records, and accounts do not get lost or locked.

Avoiding State Recovery for Medicaid Benefits

Nursing homes can cost thousands of dollars per month. Medicaid is a cost-sharing government program that supplements the costs of a person’s long-term care so long as they meet certain asset and income requirements. However, the state Medicaid agency might try—and is legally allowed—to recoup the money spent on your care from certain accounts and property you own at the time of your death. A comprehensive estate plan may be able to prevent or limit the state from recovering these costs from your bank accounts or, under certain circumstances and only in some states, forcing your loved ones to sell your family home to pay back your nursing home care costs.

Reducing Income Tax Concerns with Retirement Accounts

An inherited retirement account is not always tax-free (depending on the type of account). While an estate or inheritance tax may not apply, the beneficiary may have to pay income tax based on the amount they received and their current income tax bracket. Including your retirement accounts in a proactive estate plan can help protect your nest egg and possibly limit your beneficiaries’ income tax burden when they inherit these accounts.

Maintaining Control of Your Legacy and Protecting Beneficiaries

Estate planning can help ensure that your money and property are distributed in accordance with your wishes after your death. For example, if you want to provide not only for your surviving spouse but also for your children from a prior relationship, your estate plan can help you do that. It can also protect your beneficiaries’ inheritances from claims by divorcing spouses or creditors, pending lawsuits, or exposure to financial predators. With a plan, your money and property are also less likely to be lost to your beneficiaries’ mismanagement or frivolous spending—a surprisingly common outcome when no safeguards are in place. In fact, studies show that 70 percent of family wealth is depleted within the two following generations and 90 percent within three generations.[1] With thoughtful planning, you can avoid becoming part of that statistic.

An estate plan can also help ensure that your values are passed on to the next generation and that your wishes are legally documented in a way that everyone understands. Discussing your wishes with your loved ones will not make your plan for the future legally enforceable. The only way to ensure that your goals are carried out is to work with an experienced estate planning attorney to create a will or a trust. Do not put off this important step. Taking the time to plan will save your loved ones stress, money, and heartache in the future. It is truly a gift to them.

[1] How real is the third-generation curse, and how can financial advisors tackle it? CFA Institute (Feb. 6, 2025), https://www.cfainstitute.org/insights/articles/third-generation-wealth-curse-advisor-solutions.

What Is Trust Funding?

Trust funding is the process of transferring ownership of your accounts and property to the trust during your lifetime. For some accounts or pieces of property, it also includes designating the trust as a beneficiary so that the trust will receive ownership upon your passing rather than during your lifetime.

Trust Funding as a First Step for Trust Administration

A completely funded trust not only helps the trustmaker and their loved ones avoid the dreaded probate process but can also smooth the transition from you as trustee to your appointed successor trustee (the person you have selected to step in to manage your trust when you are incapacitated or have passed away).

• Accessing your accounts and property will be less complicated. If you have properly funded your trust, your successor trustee should have little or no trouble stepping in to manage the accounts and property if you are unable to do so. This can be incredibly important if you are incapacitated and action regarding your finances must be taken right away. Your successor trustee may need to provide third parties with documentation evidencing their authority to act on the trust’s behalf. We can easily prepare this documentation for you without court involvement.

• Creating the inventory for your trustee. One of the first things your successor trustee must provide to your named beneficiaries at your passing is a comprehensive inventory of all the trust’s accounts and property. If the ownership and beneficiary designation confirmations you gathered during the funding process are periodically reviewed and kept up to date, you will leave behind a helpful preliminary list for your trustee to use in creating the inventory, which can save the successor trustee time and frustration in the beginning stages of administration.

• Confidence that your plan will be carried out. The primary reason you created a trust was likely to control what will happen to your accounts and property if you become incapacitated and after you have passed away. The instructions you leave in your trust apply to only those accounts and property owned by the trust (transferred to the trust either during your life or by beneficiary designation at your death). If an account or piece of property is not owned by the trust, the instructions in the trust agreement will not control what happens to it.

A Fully Funded Trust Helps Avoid Probate

If the item is not owned by your trust and is also not jointly owned or does not have a beneficiary designation other than the trust, it will likely have to go through the probate process. During probate, the account or property will, at best, be transferred through your pour-over will to your successor trustee as the trust’s new trustee. A pour-over will should be prepared with all trust-based estate plans. It states that all accounts and property in your probate estate are to be distributed to the trustee of your trust. Pour-over wills do not contain the specific details included in the trust (such as who will receive an inheritance from you and when and how they will receive it), so they do allow for some privacy. Although the instructions in your trust will eventually control what happens to any forgotten accounts or property, your loved ones will still have to go through the time-consuming and costly probate process. At worst, if you never created a will (pour-over or otherwise) or if your loved ones cannot find it, the court will rely on a state statute for dividing your money and property. The statute will generally provide for your surviving spouse, children, grandchildren, parents, and siblings, depending on who is living at your death. The downside of relying on state law rather than on a trust is that your accounts or property could be given to someone you intended to disinherit or whom you wanted to receive only a small share.

When Your Trust Will Not Control the Outcome

If a beneficiary other than your trust has been named on an account or piece of property, it does not matter what your trust agreement says. That account or piece of property will go to whomever is listed on the beneficiary designation. The same is true with jointly owned property. In most cases, when one co-owner of an account or piece of property dies, the surviving co-owner(s) automatically receive the deceased owner’s interest in the account or property upon their death. It is important that you know what your current beneficiary designations say and that they match your estate planning goals.

Working Together Now for Future Success

You obviously care deeply for your loved ones—you would not have taken the time to create an estate plan otherwise. The last step you need to take is to fund your trust. Please call us if you have questions about this process. We are available to assist you in any way you need. If you would like, we are also available to handle the trust funding for you. Let’s partner to make sure that your hard work will set you and your loved ones up for a successful future. 

With the future in mind, you may have established a trust for your child at birth or shortly after, knowing that you would not always be there to financially support them. However, just as children outgrow toys, clothes, and bedtime stories, they can also outgrow the terms of the inheritance you created for them in their early life. A trust that worked when your child was 5 years old may no longer meet their needs and protect them effectively at 25, 35, or 45.

Like your living, breathing child, the trust you create for them must grow as they do. It should be a flexible, evolving legal tool that matures alongside them, from first steps to first jobs, from childhood to adulthood. You may not always be there, but with the right trust setup and thoughtful updates, your care and protection can be.

Trusts for Minors

Parents look at their newborns and think they are perfect just the way they are. Nothing needs changing. But as the years pass, can you say the same about the estate plan you made long ago for their benefit?

If a minor inherits money and property outright—whether through a will or beneficiary designation on an account such as a 401(k) or life insurance policy—they generally cannot access those funds until they reach the age of majority. While they are minors, managing and using any money and property given to them will likely require court involvement. And that process is rarely as picture-perfect as the child it is meant to protect.

Here is what happens if a minor inherits without a trust in place:

●        A court typically appoints a guardian of the estate (called a conservator in some states) to manage the funds. That person may not be someone you would have chosen yourself, and they must operate under strict judicial oversight.

●        The guardian of the estate is required to act in the child’s best interest, but their actions are limited by court-ordered spending restrictions, public reporting, and annual accounting. Also, what the guardian and the court consider to be in your child’s best interest may not align with what you believe is best for them. Without clear instructions in a legal document, the guardian of the estate may have no way of knowing your true intentions.

●        When the child reaches age 18 or 21, depending on the state, the entire balance of the account that was managed with court oversight is then handed over to them with no further guidance or restrictions—ready or not.

Conservatorship (or guardianship) is an impersonal, inflexible process. Worse, it means losing control over who manages your child’s inheritance, how it is used, and when your child receives it.

A trust bypasses this system entirely and allows you to do the following:

●        Appoint someone you trust (such as a family member, professional, or corporate trustee) to manage your child’s inheritance

●        Specify how the money can be used and for what, such as education, healthcare, living expenses, enrichment, other essentials, or at the trustee’s complete discretion

●        Delay your child’s full access to their inheritance beyond age 18 or 21 using staggered distributions, trustee discretion, or milestones such as completing college or reaching financial literacy goals

A trust lets you protect your child’s future on your terms. You know your children best—and you know that they may not be ready to manage an inheritance just because the calendar says that they are 18. By using a trust and appointing someone who is responsible for managing their money for them while they are still coming of age, you can set your child up with an inheritance structure that is (almost) as perfect as they are.

Trusts for Young Adults

Your child will not remain a child forever. Part of being a parent is accepting their transition from childhood to adulthood. However, that does not always mean letting go of the reins all at once.

The idea that a child will magically become financially responsible at a fixed age such as 18, 21, or even 25 is often unrealistic. Most young adults are still in school or just beginning their careers in their early 20s. They may be juggling student loans, entry-level jobs, or their first serious relationship.

This stage of life is about experimentation and exploration. As you likely remember, early adulthood is not a straight line. It is full of detours, resets, and reimagined goals. A sudden inheritance during this phase may be overwhelming and could derail hard-earned progress.

●        Most young adults lack experience with budgeting, investing, and identifying financial red flags, whether they come in the form of peer pressure, risky ventures, or scams.

●        A windfall might unintentionally discourage long-term planning, education, or steady employment.

A thoughtfully designed trust can ease your children into financial responsibility and help them avoid rough spots on the road to adulthood.

●        Trusts can be structured with age-based distributions (e.g., 25 percent at age 21, another portion at age 25, and the rest at a later age), or they can give the successor trustee full discretion to decide when your child is ready to receive part or all of their inheritance.

●        Trusts can also structure inheritance distributions to encourage certain behaviors—such as staying gainfully employed by matching distributions to earned income—or reward certain achievements—such as providing a lump-sum gift upon college graduation.

These options allow you to slowly release the trust’s reins, giving your child time to grow, mature, and take control when the road is not so bumpy and the path ahead is clearer.

At the same time, not all young adults mature at the same pace or share the same goals. Some are precocious, others are late bloomers. Some may be ready to handle money responsibly in their late teens or early 20s, while others need guidance well into their 30s. They may want to start a business, travel, become an artist, enter public service, or experiment with investing.

A flexible trust makes allowances for child-specific differences in personalities and goals.

●        It can encourage financial maturity by paying for or providing distributions of the child’s inheritance if they complete personal finance courses or work with a financial advisor or other type of mentor who can help them responsibly manage their funds.

●        It can transition from having a third-party trustee to allowing the child to act as a co-trustee or even sole trustee once they demonstrate readiness.

●        It allows the trustmaker to create different trust structures for each of their children, taking into account their individual life paths and maturity levels.

Letting your child gradually take on financial responsibility within the protective frame of a trust prepares them for full independence. They can learn, safely make mistakes, and grow into a confident steward of their inheritance.

Trusts for Changing Needs and Grown-Up Responsibilities

Not only do children change as they grow up but the circumstances around them are also continually shifting. A trust must be malleable enough to conform to their evolving needs, emerging risks, and new family roles as your child matures into full adulthood.

Teenagers and young adults often require support for college, vocational training, or career startup costs. As adults, they may need help with major purchases, such as a home, or with long-term goals, like retirement planning.

But what about financial needs that we do not see coming? A trust must prepare for the unexpected every bit as much as the expected.

●        Establishing a career is rarely straightforward. A change in jobs or career path, the decision to go back to school, a business venture, or an investment opportunity might necessitate access to funds in ways not originally conceived.

●        Not every adult becomes a prudent money manager. Addiction, reckless spending, manipulative relationships, or a propensity to fall for get-rich-quick schemes are a few reasons why some beneficiaries might need more guardrails. A spendthrift clause can help protect the trust’s accounts and property from a child’s bad decisions, creditors, and other financial risks.

●        Estate planning for your child involves contemplating the unthinkable: What if something happens to you? It should also ask an arguably more difficult question: What if something happens to them? An accident or disability can strike your child at any time. If they find themselves requiring needs-based government benefits (e.g., Medicaid or Supplemental Security Income), a properly structured trust can preserve access to benefits while continuing to support their quality of life.

●        Marriage is a major life event, but so is divorce—the statistics on failed marriages are sobering. An outright inheritance may become marital property (and possibly subject to division in a divorce) if your child commingles the funds or property with their spouse. Holding your child’s inheritance in a trust can help ensure that what you leave them remains separate and protected—and solely with your child.

●        If your child becomes a parent, their financial picture and priorities will likely shift. You may need to amend your trust to reflect that change, whether by allowing distributions to support your grandchildren’s education or by changing the trust to support a long-term, multigenerational wealth strategy.

●        Large estates in particular might realize tax benefits from dynasty trusts, which are designed to grow over time and provide for multiple generations, including grandchildren and great-grandchildren, for many years or even decades to come.

A Trust That Grows Up with Your Child

Sometimes being too strict with your children can backfire. The same is true of a trust: One that is too rigid may not hold up to real-life pressures and forces. Here are a few steps essential to creating and maintaining a flexible trust that can bend but not break:

●        Schedule regular reviews. Revisit the trust every three to five years or after major life events such as graduation, marriage, divorce, an adverse health diagnosis, or the birth of a grandchild.

●        Choose the right trustee (and backup). Choose a successor trustee who understands your family values and your child’s unique needs. As your child matures, consider whether they are ready to serve as successor co-trustee with the person you selected or as successor trustee on their own.

●        Educate your child along the way. As your child matures, engage them in conversations about the trust’s purpose and mechanics to build financial literacy and ease the transition of responsibility.

●        Design with adaptability in mind. Life rarely follows a script. Incorporate discretionary authority, milestone-based provisions, or amendment language so that the trust can adapt when life takes an unexpected turn.

●        Work with the right professionals. An estate planning attorney may be able to update trust provisions to align them with your child’s path, wherever it takes them, and revise the trust to reflect current law, tax rules, government benefits eligibility, and wider economic circumstances depending on when the changes need to be made.

No amount of planning can anticipate everything that life might throw our way. Life does not remain static, and neither should the trust you create for your child. Circumstances change, people change, and a trust must also change to keep pace. For assistance creating or updating your estate plan to properly plan for your children, call us.

Today the breeze is a little stronger. The grass is damp. The same old sand trap guards the flag, daring you to try your luck. You adjust your hands, set your feet, and commit to the shot. You eye the ball and hit it square. Everything feels dialed in . . . until the ball sails into the sand.

Golf, like life, has a way of humbling even the most experienced among us. Conditions change. Variables shift. What worked last time might come up short today.

Estate planning is no different. It is about knowing the terrain, making smart choices with the tools you have, and adjusting as life throws you its fair share of water hazards, wind gusts, and bunker shots.

August is National Golf Month. While you are out there working on your game, remember that in the game of life, you should also be developing your estate plan. As with golf, an estate plan takes careful preparation and continual refinement for the best results.

Teeing Up: Get Your Information Together

There is something to be said for not overthinking in golf—or in estate planning. Overthinking can lead to what psychologists call analysis paralysis.

In golf, analysis paralysis can lead to freezing up and getting a case of the “yips.” You play out worst-case scenarios in your head, which can cause more overthinking, overanalyzing, indecision, and ultimately, poor execution.

The same can happen with your estate plan. You spend so much time agonizing about the initial step that it interferes with the process (or even with getting the process started).

Golf pros recommend that you reduce intrusive, unnecessary thoughts on the course by having an established, repeatable pre-shot routine. For your estate plan, that process starts with gathering your essentials. Before “teeing off,” know the following:

●        What you own. This includes bank and retirement accounts, investment portfolios, real estate (such as your home, cottage, or rental properties), vehicles, valuable collections, and digital assets.

●        What you owe. Consider your mortgages, loans, and other debts.

●        Whom you would like to name as your beneficiaries. Whom do you want to receive your money and property? Beneficiaries may include family members, friends, and charities.

This inventory is your “yardage book,” so to speak. It gives you the lay of the land. Without it, your estate plan has no direction. With it, you are ready to take a confident first swing.

Selecting the Right Club: Choosing Your Estate Planning Tools

You have teed up and surveyed the course, and now it is time to take your first real swing. Not every shot requires your driver, and not every estate plan needs the same tools.

On the course, picking the right club can make or break your shot. In estate planning, the “clubs” are the tools you use, such as wills, trusts, powers of attorney, and healthcare directives.

You would not reach for a putter on the tee box, and you would not use a driver for a delicate chip shot. Nor would you rely on a bare-bones will to handle complex family situations, accounts, properties, or businesses, or name a beneficiary with special needs on a life insurance form that could jeopardize their government benefits.

Experience is the best teacher. But chances are that you have spent more time on your golf game than on your estate plan. You might be playing the estate planning course for the first time. Your “caddy,” though—that is, your estate planning attorney—knows the course. They are the seasoned professional advisor by your side, helping you evaluate the available estate planning “clubs” and select those that will reliably get you closest to the hole (your planning goals). An estate plan typically has the following goals:

●        Avoid probate and streamline the transfer of your accounts and property after your death

●        Enable someone you trust to make medical decisions for you and manage your finances if you are alive but unable to do so (i.e., are incapacitated)

●        Minimize estate, gift, and income taxes

●        Establish guardianship and financial support for minor children

●        Protect your hard-earned accounts and property from your chosen beneficiaries’ creditors, lawsuits, or future divorces

●        Preserve eligibility for a beneficiary who is receiving means-tested government benefits

●        Leave a lasting legacy through charitable giving or multigenerational planning

With the right advice and the right tools in hand, you will be well positioned to keep your plan on course and headed straight for the green.

The Drive: Signing the First Set of Documents

There are few feelings on the golf course that compare to nailing your first shot. You know you hit it well by the sound of the club strike and the way it launches cleanly off the tee. Your preparation has paid off. You did not overthink—or underthink—the process. The ball arcs through the air, lands in the center of the fairway, and rolls forward. You spot it, smiling as you make your way down the course with a little spring in your step.

In estate planning, signing your initial set of documents, such as a will or trust, is your “drive.” It is your initial shot that moves the ball decisively down the fairway. This “first swing” puts the following key protections in place:

●        Naming who will manage your affairs if you are incapacitated or after you pass away

●        Setting clear instructions for how your money and property should be distributed to your beneficiaries

●        Helping prevent family confusion or conflict at a time when emotions are running high

●        Protecting your minor children by nominating guardians in case something happens to you

Like a strong drive that moves the ball far down the course and sets up your approach to the green, these documents take you much closer to your end goal. They are unlikely to be a “hole-in-one.” There is still work to be done. However, you are much closer than you were when you started. You are no longer standing at the tee, debating your initial swing. You have committed and made measurable progress. You are moving the ball forward.

Putting: Adjusting Your Approach to the Pin

Some golfers are known for having a powerful drive. They look strong coming out of the box. Their ball sails far and true off the tee, and from initial appearances, has set them up for an easy, stress-free finish.

Seasoned golfers understand, though, that the short game is every bit as important as the long game. As the saying goes, “drive for show, putt for dough.”

In estate planning, even the best drive (signing your initial documents) will not get the ball to the pin (planning goals) without a steady hand on the green. Life, like golf, is a game of making ongoing adjustments to changing conditions. Hazards (sand traps, water hazards, trees, wind gusts) pop up. You and your caddy might be ready to deal with these. But what about something totally out of the ordinary (say, a massive alligator interrupting play)?

Each change can alter your path to the pin and the strategy to get there. When conditions change on or off the course, your plan should change too. Situations that call for estate plan adjustments include the following:

●        Marriage or remarriage. You will likely want to update beneficiaries and consider appointing your new spouse as your decision-maker if you become incapacitated or upon your death.

●        Having children or grandchildren. You may want to add them as beneficiaries, appoint guardians, or create continuing subtrusts to hold their inheritances.

●        Divorce. This event should cause you to revisit your entire plan to reflect a new family structure.

●        Death or incapacity of a trusted decision-maker. You should choose new executors, trustees, or healthcare agents.

●        Changes in wealth or business ownership. You will want to integrate any new accounts and property or liabilities into your estate plan and reassess tax exposure.

●        Tax law or legal changes. You should continuously fine-tune strategies to preserve tax efficiency and maintain compliance with updates in all applicable laws.

Long drives in golf are impressive to watch, but the best golfers—and the best estate plans—have both a strong long game and a finely honed short game. Plan regular reviews of your estate plan every three to five years or after any major life event. With a few well-placed and well-timed adjustments, you will stay on track for a smooth finish—no mulligans needed.

Playing the Full 18

You cannot let up on the golf course or on your estate plan. You must stay focused on the course ahead, know your approach, and be ready to adjust on the fly.

Golfers do not come out ahead by playing a few good holes. You could cruise through the front nine and struggle on the back nine. A single disastrous hole can undo an otherwise stellar round. It might look like a perfect day for golf, but conditions can change quickly and unexpectedly.

You cannot always rely on past decisions to carry you to the cup, in golf or in life. What worked before might not work now. Keep refining, improving, and adapting your estate plan the same way you would your golf game.

During this year’s National Golf Month, work on more than just your handicap. Take a swing at your estate plan, and make sure it is built to play the full 18 holes on any course and in any conditions. If you need a caddy for your next round, call Penterman Law. 

The good news: Many costs can be reduced by avoiding probate altogether. It is that simple. Here are three ways to avoid probate and its related costs.

1. Name a Beneficiary

The probate process applies only to accounts and property in a person’s sole name that do not have a beneficiary, payable-on-death (POD), or transfer-on-death (TOD) designation at the time of their death. Accounts and property with a beneficiary designation will be transferred to the designated individual immediately upon the owner’s death without any probate court involvement. It is common to designate beneficiaries on these types of accounts and property: 

●        Life insurance policies

●        Annuities

●        Retirement plans

Caution: When someone is named as a beneficiary of an account or piece of property through a beneficiary designation, they will receive that account or property outright and without any strings attached. This means it could be exposed to claims by the beneficiary’s creditors, judgments, or a divorcing spouse. Naming a beneficiary also means giving up the ability to put restrictions on how the beneficiary uses the account or property they receive. Lastly, naming a beneficiary does not help if you become unable to manage your affairs. The named beneficiary will only have access to the account or property at your death and not during your incapacity. You will have to rely on a financial power of attorney or a court-appointed conservatorship or guardianship to manage the account or property if you are unable to.

2. Own Accounts and Property Jointly

Probate can also be avoided for accounts or property you own if they are held jointly. Similar to a beneficiary designation, joint ownership automatically transfers the deceased co-owner’s share to the surviving co-owners immediately upon the person’s death without the need for probate court. There are several types of joint ownership that you can set up to avoid having to go to probate court to transfer a co-owner’s interest:

●        Joint tenancy with rights of survivorship. With this type of joint ownership, a deceased co-owner’s interest in the property simply transfers to the remaining joint tenants (co-owners) upon the deceased co-owner’s death.

●        Community property with rights of survivorship. This form of ownership is used with property owned by a married couple in a community property state, or a state that recognizes this form of ownership. At the first spouse’s death, the surviving spouse receives 100 percent ownership of the accounts and property determined to be community property.

State laws play an important role here. We can help you determine which form of joint ownership, if any, is a good fit for you.

Caution: As with beneficiary designations, adding a joint owner to your accounts or property can subject the accounts or property to claims asserted by the new joint owner’s creditors, judgments, or divorcing spouse. This vulnerability begins the moment they are added to the account or property, rather than after your death, which means that your new joint owner’s creditors could seize your accounts or property while you are still alive. 

3. Create and Fund a Revocable Living Trust

A final method (and one estate planners recommend most often) to avoid probate and all its expenses is to create and fund a revocable living trust. When you create a trust, you will need to transfer the ownership of all your accounts and property to the trust or name the trust as the beneficiary. The process of transferring assets to a trust is called trust funding. The accounts and property owned by the trust (or that become owned by the trust by beneficiary designation) are not probate assets and do not require probate court involvement. While you are alive, you remain in control of all legal decisions pertaining to the accounts and property owned by the trust as the trustee and retain the enjoyment of those accounts and property as the current beneficiary. After your death or if you become unable to manage your affairs, your named successor trustee will step in to manage and distribute the trust’s accounts and property according to your wishes. A trust works well if it is properly created and funded by an experienced estate planning attorney. 

We Have the Tools to Help You

If you are interested in creating a plan for you and your loved ones that keeps you out of probate court and avoids all the expenses that go with it, contact our office today to schedule your appointment. As an added convenience for our clients, we can hold our meetings through video conferencing or by phone if you prefer. We are here to help you decide whether it makes sense to avoid probate in your particular case and, if so, the best way to do so. 

Get started today by clicking here to book a complimentary 15-minute consultation and learn how Penterman Law can support you.

Whether you are beginning your military service or have been serving for some time, the following may be important in your estate planning.

Factors to Consider

Estate plans should be customized to each person’s particular circumstances. As you create or update your plan, consider whether it addresses the following:

●       Do you own real property and, if so, is it located in different states or countries?

●       Are you married?

●       Do you have minor children or children with special needs?

●       Do you have retirement savings, such as a 401(k), an individual retirement account, or a Thrift Savings Plan?

●       Are you planning to make charitable gifts?

●       Do you anticipate multiple moves across states or international borders?

Each of these considerations can significantly impact the structure and effectiveness of your estate plan.

Estate Planning Necessities

Many of the benefits offered to military families can help with estate planning. These include the following:

●       Life insurance. Life insurance is an important part of an estate plan intended to benefit those who are financially dependent upon you when you pass away. Active-duty members often have access to low-cost life insurance for themselves and their loved ones from Servicemembers’ Group Life Insurance. You can find more information on the Department of Veterans Affairs (VA) website. When examining how your life insurance fits into your overall estate plan, work with us to ensure that the beneficiary designation works as expected.

●       Last will and testament. Also known as a will, this crucial document outlines to whom, how, and when you want your assets (money, accounts, and property) distributed following your death. It also allows you to designate who you want to wind up your affairs after you pass away (referred to as an executor or personal representative, depending on the state) and specify who will care for any minor or special needs children.

●       Revocable living trust. A trust is a separate legal entity that can hold property and accounts for the benefit of one or more people or entities. Similar to a will, a trust allows you to dictate who will receive your property at your death and how that property is to be administered. For a trust to work as intended, your assets must be retitled into the name of your trust, and your trust must be designated as the beneficiary of the assets that must remain in your name (e.g., life insurance and retirement accounts). While you are alive and well, you will likely be the initial trustee, which puts you in charge of managing the assets you have transferred to the trust. An added benefit of a trust is that it also provides instructions on who will step in and manage the trust assets during any period of your incapacity (inability to manage your own affairs) and after your death. For most families, a trust-centered estate plan is a better fit, but a will can be adequate for some families depending on their circumstances.

● Other benefits for survivors. Survivor benefit plans (SBPs) are pension-type plans in the form of an annuity that will pay eligible survivors—typically your surviving spouse and dependent children—a monthly benefit at your death. Likewise, Dependency and Indemnity Compensation (DIC) is a tax-free monthly benefit paid to eligible survivors of service members or Veterans who (1) die while on active duty, active duty for training, or inactive duty training; (2) died from a service-related disease or injury; or (3) were receiving, or entitled to receive, VA compensation for a service-related disability rated as totally disabling (100 percent) for a specified period of time before death. When evaluating any financial service or insurance product, it is a good idea to work with an estate planning attorney to ensure that any associated beneficiary designations align with your overall plan and provide the maximum benefit to your family. 

You Need Specialized Help

Members of the military often experience frequent moves, have access to several forms of government benefits after service, and can be subject to some unusual tax rules. For these reasons, estate planning for military families is more complicated than it is for most others.

An estate planning professional can assist you in setting up the following:

●       Powers of attorney for financial matters and healthcare decisions (very helpful tools when a spouse is deployed)

●       Living wills and other medical directives

●       Powers of attorney or delegations of parental authority for minor children or separate guardian nominations

●       Funeral and burial arrangements

●       Wills

●       Organ donation authorization

●       Family care plans

●       Life insurance

●       Trusts

●       Survivor benefits

An estate plan has multiple objectives: to provide for your family’s financial security, to ensure your property is preserved and passed on to your loved ones in the way that you desire, and to determine who will manage your assets upon your death and if you become incapacitated, among others. We can guide you through the best options available to you and your family. 

Get started today by clicking here to book a complimentary 15-minute consultation and learn how I can support you.

Every Fourth of July, we celebrate more than fireworks and barbecues. We honor the bold vision of people who refused to accept the status quo and instead created a framework for lasting freedom. The Declaration of Independence wasn't just a document—it was a comprehensive plan that established principles, assigned responsibilities, and created structures to protect future generations.

This Independence Day, consider how the same spirit can inspire you to create your own declaration of independence for your loved ones. Just as our founders understood that true freedom requires intentional planning and sacrifice, creating a Life & Legacy Plan ensures your loved ones won't be bound by confusion, court battles, or government decisions when you're no longer here to guide them.

Let's explore how the principles that built America can help you build lasting security for the people you love most.

Freedom From Government Control Over Your Family's Future

Our founders fought for the right to self-governance, rejecting the idea that distant authorities should make decisions about their lives and families. Today, you face a similar choice. Without an estate plan, you're essentially allowing the government to make crucial decisions about your family's future through default state laws and probate courts. 

Here are just a few things that could happen:

A judge who has never met you or your children will decide who raises them. This means they could end up with people you’d never want to raise them - people who don’t share your values or wouldn’t honor your wishes. 

State laws determine how your assets are divided. The law was written for everyone, and so is inherently a one-size-fits-all solution. The law doesn’t take into account your wishes or your loved ones’ unique needs. It also means that someone you’d never want to inherit from you may, and your assets may not go to the people you want in the way you want.

Your loved ones won’t have access to funds when they need them. Your loved ones may wait months or years for access to resources you intended them to have immediately. This means your bills won’t be paid, your children may lose access to funds for ongoing care, or your spouse may not be able to maintain their lifestyle. If you die with a mortgage and no one is able to make the monthly payments, any equity you have may be lost to foreclosure, instead of going to the people you love most. 

It’s also common for assets to get lost and end up with the state’s department of unclaimed property, because you haven’t created an inventory of your assets, including how to access them after your death - and kept the inventory with your plan and updated it over time. 

The public can access your personal information. Without an estate plan, your loved ones must go through a court process, which is public. They will need to submit information about your assets and your family.                                                                                         

The power to choose belongs to you. In what’s perhaps a rare circumstance, when it comes to your legal planning, your choices override the law. 

However, not every estate plan will accomplish what you want. Many plans fail because they don’t take into account your unique family dynamics and your specific assets. They also often fail because no one is there to make sure your plan is updated over time, as your assets and life circumstances change. 

Creating Your Own Bill of Rights for Your Loved Ones

Life & Legacy Planning goes beyond basic documents to create robust systems that work immediately when your loved ones need them. This includes detailed instructions for your loved ones, asset inventories that prevent anything from being lost, and an ongoing relationship with me, so I can guide them through difficult transitions.

Your Life & Legacy Plan also protects future generations by including provisions for how inherited assets should be managed. Instead of leaving your children vulnerable to poor financial decisions at age 18, you can structure their inheritance to support their education, encourage responsible money management, and provide security throughout their lives.

Building Lasting Institutions That Protect Your Legacy

Unlike traditional estate planning that focuses primarily on creating a set of documents, Life & Legacy Planning is about having an ongoing relationship with a trusted advisor who works with you over time to ensure your plan works. When you work with me to create your Life & Legacy Plan, I’ll also support you to:

• Make sure your children are never taken into the care of strangers and will be raised by the people you want with your guidance.

• Pass on your assets to the people you want in the way you want. This may include a structured inheritance for your children, so they don’t receive assets at age 18, when they’re more likely to make poor financial decisions.

• Create an asset inventory that is updated over time so that no assets get lost and end up in the department of unclaimed property.

• Create a Life & Legacy recording, where you share the stories, traditions, wisdom, and values that matter most to you. These are the things that mean more to your loved ones than money. And it’s the best way to pass on your love and legacy.  

• Review and update your plan as your life and assets change. I have systems in place so you never have to remember to update your plan. I’ll do that for you.

Your Life & Legacy Plan will also address practical realities that traditional planning ignores. How will your family access your digital accounts? How will they access your passwords? Where are your important documents stored, and how will your loved ones be able to find them quickly? These details can make the difference between a smooth process and months of frustration and confusion.

So, as you celebrate the freedoms our founders secured through careful planning and bold action, consider what freedoms you want to secure for your own family. The same courage that led to American independence can inspire you to take control of your loved ones’ future through comprehensive Life & Legacy Planning that works when you need it to.

Take Action This Independence Day

Don't let another Independence Day pass without taking action to secure your family's freedom. At Penterman Law, I help you create a comprehensive Life & Legacy Plan that ensures your loved ones inherit your legacy. We'll begin your planning process with a Life & Legacy Planning Session, where you’ll gain clarity on what would happen to your assets and loved ones if you don't have a plan or have an outdated one. From there, you’ll make educated and empowered decisions to create a plan that works the way you want and reflects your values, protects your assets, and provides clear guidance for the people you love most.

Get started today by clicking here to book a complimentary 15-minute consultation and learn how I can support you.

Memorial Day isn’t just about barbeques or pool parties. It’s a day to collectively pause and honor the brave men and women who made the ultimate sacrifice for our freedom and security. 

As flags wave at half-staff and solemn ceremonies unfold across the country, this day of remembrance naturally guides our thoughts toward our own mortality and the legacies we desire to leave behind. 

Memorial Day offers us a meaningful opportunity to consider how estate planning serves as more than just a legal formality—it's a heartfelt expression of our deepest values, a bridge connecting past, present, and future generations, and a promise to not leave a mess for the people you love.

The Deeper Meaning of Estate Planning

Life & Legacy Planning - the unique form of planning that helps you pass on not just material wealth but the richness of your lived experience and personal philosophy - ensures that your loved ones receive their inheritance from you without becoming trapped by an overburdened legal system or losing assets you worked hard to create. This is worth so much more to them than a stack of documents you create. That’s what legacy is about.

The soldiers we honor on Memorial Day understood the profound importance of legacy. Their sacrifices weren't merely for the present but for a future they would never see—a powerful reminder that our actions today ripple forward in time, shaping lives beyond our own. Their example challenges us to consider: what values and memories do we wish to preserve? How can we ensure that what matters most to us continues to influence and inspire our loved ones? How can we leave a legacy of love instead of complication and confusion?

While most of us won't leave legacies as dramatically visible as those of fallen heroes, the impact we make through thoughtful estate planning can be equally meaningful within the intimate circle of our families and communities. 

Your estate plan becomes a final expression of your life's narrative—a way to communicate what you stood for, what you cherished, and what you hope lives on through those you leave behind.

Military Heirlooms and Service Records: Preserving Tangible History

For families with military connections, Memorial Day carries special significance that can directly inform your estate planning approach. Military heirlooms—medals, uniforms, letters from the battlefield, and photographs—represent more than sentimental keepsakes; they embody personal and national history deserving of careful preservation. These items tell stories of courage and sacrifice that can inspire future generations, but without proper planning, they risk being lost, damaged, or their significance forgotten.

Estate planning done right provides the mechanism to ensure these treasures receive the reverence they deserve. You might consider creating detailed inventories of military memorabilia, complete with the stories behind each item. Who earned that Purple Heart? What battles did your grandfather fight in? What was life like during wartime? These narratives transform objects into living history and should be documented alongside your formal legacy planning documents.

Service records, too, form a critical part of this legacy planning. Veterans have access to specific benefits and protections that should be incorporated into comprehensive estate planning. 

More importantly, preserving service records and perhaps even recording oral histories ensures that these chapters of family history—often characterized by remarkable courage and sacrifice—aren't lost to time. 

When you work with me, I can help identify the best approaches to preserving these irreplaceable elements of your family's story.

Estate Planning as a Process for Everyone

One of the most persistent misconceptions about estate planning is that it's only relevant for the wealthy or elderly. In truth, estate planning is an inclusive process relevant to everyone, regardless of age or financial status. Just as Memorial Day is a national observance that touches all Americans, estate planning is a universal need that crosses demographic boundaries.

Think about it this way: we all have values we believe in, people we love, and stuff we are leaving behind. Even if you don't own extensive property or investments, you will either leave behind clear guidance and direction or a confusing jumble of uncertainty. You get to choose by the actions you take now. For parents of young children, your estate plan must include a plan to ensure your children are raised by the people you choose,  according to your values. 

For mid-career professionals, it might center on protecting what you've built and establishing frameworks for future growth. 

For those in retirement, the emphasis might shift toward living the last years of your life as you choose, with dignity. 

At every stage, estate planning serves as a vehicle for expressing what matters most to you, making wise choices about your resources and ultimately leaving the world better than you found it.

Beyond Material Assets to Leaving a Legacy

When I meet with you, I’ll help you reflect on your family dynamics and your assets, and what will happen to everything you care about if you become incapacitated or when you die. As a result, you may realize that material possessions pale in comparison to your guidance and clear communication about your wishes.  This is where I introduce the Life & Legacy Recording as a powerful component of comprehensive estate planning.

As part of my Life & Legacy PlanningⓇ methodology, I can help you create a Life & Legacy Recording, where you directly communicate your beliefs, hopes, and life lessons to future generations. 

A Life & Legacy Recording passes on your spiritual and philosophical inheritance. During the recording process, I guide you to share the  stories that shaped your character, expressing forgiveness, offering advice, or articulating your hopes for how family traditions will continue.

Your Life & Legacy Recording also guides you to express the stories and sentiments behind your decisions, ensuring your loved ones understand not just what you've left them but why. 

You can even explain the significance of special possessions—why that military medal, family bible, or piece of jewelry means so much and why you've chosen certain people as the next caretaker.

Similarly, I can also help you create a plan that moves beyond simply transferring assets to teaching responsible management of resources. 

Your plan may include your guidance on charitable giving, sustainable practices, or family business values. 

Particularly on Memorial Day, as we reflect on the ideals of service and sacrifice that our nation honors, I help you incorporate these values into your Life & Legacy Plan, creating a powerful continuity between past sacrifices and future possibilities.

From Reflection to Action: Taking the First Steps

Memorial Day serves as a poignant catalyst for action. The day's emphasis on remembrance naturally evokes thoughts about how we wish to be remembered and what legacy we hope to leave. Rather than allowing these important reflections to fade as the holiday passes, use them as motivation to begin or update your estate planning journey.

Start by contemplating the values and memories you wish to preserve. What stories do you want your grandchildren to know? What principles have guided your life? What possessions hold special meaning that might not be apparent to others without explanation? Take time to document these thoughts, even informally at first.

Next, consider the practical aspects of your legacy. Who would care for your children if necessary? How would you want healthcare decisions handled if you couldn't speak for yourself? Are there specific pieces of property—perhaps a family home, military memorabilia, or heirlooms—that require special consideration? How would your loved ones know what you have, where it is, and what to do with it? These questions form the foundation of comprehensive estate planning.

It's Easy to Get Started

This Memorial Day, honor both those who gave all and your own legacy by taking the first step toward comprehensive Life & Legacy Planning. Contact me to begin crafting your unique legacy plan—one that will ensure your values, wisdom, and love continue to shape the lives of those who follow in your footsteps. In doing so, you create your own memorial—not of stone or bronze, but of true consideration of the people who will care for you and everything you are leaving behind, when you can no longer. It’s easy to get started. All you need to do is click here to schedule a complimentary 15-minute consultation and learn how I can support you.

Avoid State-Imposed Default Rules

Without an operating agreement, your LLC is subject to the default rules established by your state’s LLC laws. These generic rules may not align with your business’s specific needs or structure. By drafting an operating agreement, you gain the ability to customize key business provisions, such as

●     how profits and losses are distributed among members,

●     restrictions on transferring ownership interests,

●     methods for handling business taxes, and

●     decision-making authority and voting rights.

Outlining these details in a formal agreement allows you to operate your business on your terms instead of relying on one-size-fits-all state regulations.

Maintain Control Over Business Operations

An operating agreement clearly defines how your business is managed. This issue is particularly important as your LLC grows and you consider hiring managers or bringing on new members.

For multimember LLCs, the agreement can outline who has decision-making power and voting rights and how to resolve disputes. For single-member LLCs, an operating agreement provides structure and flexibility, particularly if you plan to bring on additional owners in the future. It also allows you to dictate how the business will be managed if you become unable to oversee daily operations. 

Protect Your Limited Liability Status

One of the main benefits of an LLC is the personal liability protection it offers its members. However, if your LLC lacks an operating agreement, it may be perceived as a sole proprietorship or an informal partnership in legal matters. This perception puts your personal assets at risk in the event of lawsuits or debt collection against your business.

The risk of having the LLC’s liability shield pierced is even higher for single-member LLCs. Courts may not recognize your LLC as a separate legal entity if there is no clear distinction between personal and business activities. An operating agreement can strengthen this separation and preserve your personal liability protection.

Establish Succession Planning

An operating agreement is essential for outlining what happens to your business if you pass away or become incapacitated. Without a formal plan in place, your business could face serious operational and legal challenges.

For multimember LLCs, the agreement can define how ownership transfers work for multimember LLCs if a member leaves, retires, or passes away. For single-member LLCs, it can specify who will take over or how the business should be wound down. Such provisions ensure a smoother transition and protect your business's legacy. 

Strengthen Credibility with Banks and Investors

Even though most states’ laws do not require an operating agreement, many financial institutions and investors do. Some banks may refuse to open a business account for an LLC without a formal operating agreement. Investors and lenders often require an operating agreement to evaluate how your business is structured and operates before committing funds.

A well-drafted operating agreement not only demonstrates professionalism and preparedness but also increases your business's credibility when you are pursuing financing or partnership opportunities.

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An operating agreement serves as a vital tool for any LLC, whether it has a single member or multiple members. It provides clarity, legal protection, and control over your business’s future. Instead of leaving critical decisions up to default state laws or risking liability issues, take the proactive step of drafting a comprehensive operating agreement.

If you don’t yet have an operating agreement, now is the time to create one. Penterman Law can help you tailor an agreement to fit your unique business needs. Contact us today to schedule a consultation and ensure your LLC is set up for long-term success.

When that extra bit of money from your tax refund lands in your bank account, it's easy to start dreaming about all the ways you can use it. Some may tell you that it's a chance to pay off debts, tuck away savings for an emergency, or add to your retirement savings. You, on the other hand, may want to splurge on something special. However, there's an often-overlooked option that not only provides immediate satisfaction but ensures long-term benefits for both you and your loved ones: estate planning.

Estate planning might sound like a complex and daunting chore reserved for the wealthy, but it's actually a straightforward and crucial process for everyone. In its most basic terms, estate planning involves making a plan for what happens to your belongings and finances after you're gone, or if you become incapacitated. Think of it as creating a roadmap for your loved ones to follow, ensuring they're taken care of and know exactly how to handle your estate according to your wishes. After all, someone will have to do something with your stuff after you’re gone, and if you’re the one who takes care of it while you can, you can save your loved ones a lot of pain. And, make sure you are cared for in the way you want, by the people you want, if you become incapacitated.

And by the way, proper estate planning covers much more than just money and personal belongings, but we’ll delve into that in just a bit.

Why You Need an Estate Plan

Not only do you need a plan for what happens with your finances and personal items after you’re gone or become incapacitated, but you also need an estate plan if any of the following are true:

You care about the people in your life who will handle things for you, if you cannot. First and foremost, estate planning isn’t something you just do for yourself, it’s truly an investment you make for the people you love. If it feels daunting to you, imagine how they will feel left with a big confusing mess when something happens to you. And, it’s one of those things that you must get handled before you need it because by the time you need it, it’s too late, and you’ve just left the people you love the most with a big mess.

That’s why we say that estate planning is about protecting your family. It's about protecting their time, energy and attention, and leaving them with a gift of love. It’s a way of saying "I love you" that goes beyond words, providing them with security and guidance during a difficult time. By making your wishes clear, you can keep them out of court, prevent potential conflicts and ensure your loved ones are supported exactly as you intend.

You want your wishes to be honored. With an estate plan, you have the power to dictate exactly how you want to be cared for if you are incapacitated, or who makes decisions for you if you cannot. If you would not want to linger in a hospital bed for years like Terry Schiavo did before her death, you must create a plan. Otherwise, the people you love could get stuck in a court process fighting over your care. 

You also get to say who inherits your assets, from your home and savings to sentimental items. Planning ensures there isn’t any confusion and guarantees that your possessions end up in the right hands. Planning also makes it clear who should handle things after you are gone, and it makes it as easy as possible for the people you choose. 

You want to save money and time (for yourself and your family). Dealing with the court if you become incapacitated or when you die is time-consuming, can be expensive and is totally public. Without a clear plan in place, you or your family may face costly legal battles and time-consuming administrative hurdles. Your careful planning now can save them from this stress and financial strain, making the process as smooth as possible. In addition, careful planning ensures that you save yourself money by avoiding unnecessary costs if you are unable to care for yourself. 

You have minor children. If you have minor children, consider who is home with them when you aren’t. Would that person know what to do if you didn’t make it home? Or would the authorities show up at your house and have to take your children into the care of protective custody/strangers while they figured it out? If the idea of this terrifies you like it does most parents, you need an estate plan. 

Most parents of minor kids are overwhelmed with the demands of everyday life and don’t stop to think that estate planning applies to them. A common misconception is that planning is only for older folks who know their mortality is staring them in the face, and young parents think that’s too far off to warrant any consideration. That’s a mistake. Death happens to everyone and incapacity can happen before it, no matter how old you are right now. Don’t leave your kids at risk.

So now you know you need an estate plan but aren’t sure what to do next. If you feel like the process seems daunting, don’t worry. Taking that first step is easier than you might think. 

Put Your Tax Refund To Work 

You might consider using your tax refund to do your estate plan on your own or opt for a cheap online service. While these options can seem cost-effective at first glance, they don’t offer the comprehensive coverage and personalized advice that your unique situation requires. 

Instead, investing your refund in working with a holistic attorney with a process in place for ensuring that your plan works throughout your lifetime is a much wiser choice. We will get to know you, your family dynamics, and your assets, and then help you choose the right plan for you both now, and into the future. Creating a will or a trust isn’t a one and done thing you do, and then put it on a shelf or in a drawer and never look at it again. When you do that, your plan is almost guaranteed to fail when the people you love need it. In that case, it’s almost better to do nothing because then at least you have it on your to-do list. False security is one of the greatest risks of estate planning.

We will help you navigate the law, and also help you tailor your estate plan to fit your specific needs, as well as provide peace of mind knowing that your estate plan is thorough and legally sound. Remember, when it comes to safeguarding your family's future and ensuring your wishes are accurately reflected, the value of expert guidance is well worth the investment.

At the very least, your attorney should help you create the relevant documents, including:

Creating a Will: A will is a document in which you detail the distribution of your assets and designate guardians for any minor children. It serves as your voice, ensuring your assets are allocated as you desire. 

Setting Up a Trust: For greater control over the distribution of your assets, a trust is invaluable. It not only allows for precise management of how and when your assets are distributed but can also offer tax advantages and circumvent the lengthy and public probate process. In addition, and maybe more importantly, a trust will help your loved ones avoid a lengthy, expensive,  and totally public court process, which can cost your family significant amounts of time, energy and attention. 

Selecting Guardians and Executors: A key component of estate planning is choosing individuals who will execute your wishes and look after your children if you are unable to do so. These crucial choices help safeguard your family's future. And if you want to go beyond merely choosing people to raise your kids, you need a thorough Kids Protection Plan, which takes into account anything that could happen (i.e., you’re in a car accident and they’re with a babysitter at home). A Kids Protection Plan also ensures your kids are raised by the people you want in the way you want, that someone you’d never want to raise your kids is not able to, and that the right people are able to get emergency care for them if you’re traveling without them.

Managing Taxes and Expenses: Effective estate planning can significantly lessen the tax load on your beneficiaries, allowing a larger portion of your assets to benefit them directly instead of going towards tax settlements.

These are all undoubtedly important, and what most estate planning attorneys will do for you. However, a Personal Family Lawyer will go a few steps further, ensuring that investing your tax refund in an estate plan is the very best investment you’ll make all year. In fact, every Personal Family Lawyer promises to deliver a plan to clients that works throughout your lifetime. They do this by:

• Empowering you to choose the right plan that fits your unique family situation, values, and budget (most lawyers will tell you what you need);

• Ensuring your assets are inventoried and don’t end up lost (most lawyers won’t tell you that this happens - a lot - to the tune of billions of dollars every year);

• Being a trusted advisor for your family, so they have someone to turn to for help when something happens to you (most lawyers don’t ever make contact with your family after you’ve completed your estate plan); 

• Capturing your memories, stories, values and family traditions so they are passed down to the next generations (most lawyers don’t think to do this either); and

• A system for updating your plan at least every three years to make sure your plan stays up to date so as your life changes and the law changes, your plan works when you need it to (most lawyers treat their clients as a “one and done” transaction, never checking in again and letting your plan go stale).

What If I Didn’t Get a Refund This Year?

Now you may be thinking, bummer, I didn’t get a refund this year. Know these two things: 1) Estate planning is always a wise investment whether you get a refund or not; and 2) A Personal Family Lawyer, using a unique process called Life & Legacy Planning, can help you organize your finances so you are more likely to get a refund next year, or at least not have a big unexpected tax bill, if that’s what happened this year. A Personal Family Lawyer will also help you get more financially organized than you’ve ever been before, so that you make the very best decisions about the allocation of your resources for yourself and the people you love. 

Estate Planning: The Ultimate Expression of Love

Among all the ways to use your tax refund, estate planning with a Personal Family Lawyer ensures that your love and care for your family endure long after you're gone. It's an act of foresight that not only secures your family's financial future but also leaves a legacy.

As a Personal Family Lawyer Firm, we will work with you to create a complete plan that is worth more to your loved ones than your tax refund will cover. To learn more about our Life & Legacy Planning process, and how we approach estate planning from a place of heart, click here to schedule a complimentary 15-minute consult call today. 

The recent passing of legendary actor Gene Hackman has revealed a complicated estate situation that serves as a powerful warning for everyone - married couples especially - regardless of your net worth. 

Whether you have significant assets or just want to ensure your wishes are honored during your lifetime and you don’t leave a mess of open loops, creditors, and pain for your loved ones, getting your estate plan done right so it doesn’t fail when the people you love need it is the answer. Unfortunately, many estate plans, even plans prepared by top lawyers and law firms, are ticking time bombs that will blow up when it’s too late. However, the right estate planning process, which I call Life & Legacy Planning, can save your loved ones from the cost of failed planning. In this article, we will look at the lessons from the Hackman family estate plan, and I’ll explore the importance of having a well-structured Life & Legacy plan, the risks of outdated documents, and key strategies to prevent inheritance disputes.

Let's first explore what’s happened.

What Happened

Gene Hackman, the two-time Academy Award winner known for films like The French Connection and Unforgiven, and his wife Betsy Arakawa were recently found deceased in their Santa Fe, New Mexico home. Court documents reportedly reveal that Arakawa, 65, died on February 11 from Hantavirus pulmonary syndrome, a rare disease contracted through contact with mouse droppings. Hackman, who was 95, died a week later from natural causes related to heart disease and complications from Alzheimer's disease.

The couple's wills, both dated from 2005, show they each intended to leave their estates to one another. Hackman's will named Arakawa as the personal representative of his estate and the recipient of his "entire estate" as successor trustee of the Gene Hackman Living Trust. Similarly, Arakawa's will specified that her estate would go to the trustee of Hackman's trust if he outlived her.

Unlike many couples, who leave their assets to each other and don’t have a plan for what happens if they die together or close together, the Hackmans had contingency plans in place. Since both Hackman and Arakawa are deceased, Julia L. Peters, who was named as the second successor personal representative in Hackman's will, has taken over the duties of managing both estates. The first successor named in the wills, attorney Michael G. Sutin, is also deceased.

Court documents show that Peters, who works for a trust company, was appointed as the personal representative for both estates in March 2025. Peters filed appropriate paperwork to admit Hackman's will to probate and begin the administration process.

The Simultaneous Death Problem Most Couples Ignore

Most married couples do exactly what Hackman and Arakawa did—they name each other as the primary beneficiary on everything: wills, trusts, life insurance policies, retirement accounts, and more. But what happens if you and your spouse die together or a short time apart? Chaos, delays, and assets potentially going to unintended beneficiaries can result. Not to mention, your loved ones will almost certainly have to go to court, which is set up for conflict and can be very expensive. The best practice is to name backups, or contingent, beneficiaries so that your plan works. 

Arakawa seemed to have considered this possibility in her own estate planning. Reports indicate her will contained a provision that if she and Hackman died within 90 days of each other, her assets would go to a charitable trust, as she had no children of her own. 

Blended Family Considerations

If you have a blended family, things can get complicated. With Arakawa and Hackman dying within days of each other, it may be difficult to sort out who the beneficiaries are. His plan says she receives his assets, and her plan says he receives her assets. This creates a loop that needs to be sorted out. If Arakawa’s assets go to a charitable trust instead of to Hackman’s estate, Hackman’s kids may receive nothing from her estate. 

Hackman's will acknowledges his three adult children from his previous marriage to Faye Maltese: Christopher Hackman, Elizabeth Hackman, and Leslie Allen. Court records show that notices regarding Peters's appointment as personal representative were sent to all three children in March 2025. 

While the publicly available documents don't reveal how Hackman's assets will ultimately be distributed among beneficiaries, Peters noted in court filings that after specific bequests to "identified beneficiaries," the remainder of Hackman's trust will be "distributed in accordance with the desires of Gene Hackman as expressed in the trust document." The trust documents themselves have not been made public, which is one of many reasons you likely want a trust to govern the distribution of your assets at the time of your death..

The Life & Legacy Planning Difference

The Hackman case demonstrates several important estate planning principles that anyone, regardless of net worth, can learn from. As a Personal Family Lawyer® firm, I create plans for clients using the Life & Legacy Planning® process, which means your plan works when you and your loved ones need it to. All my Life & Legacy plans are comprehensive and customized to fit your particular family dynamics, your assets, and your wishes.

When you work with me, these are just a few of the strategies we can use that may make sense for you:

1. Name Contingent Beneficiaries for Everything

For every asset and in every document, we’ll name not just primary beneficiaries but also contingent beneficiaries. This includes your will, trust, life insurance, retirement accounts, transfer-on-death accounts, and any other assets with beneficiary designations. When you work with me, we start by inventorying all your assets so nothing gets missed, and all accounts that need beneficiaries are handled properly. 

2. Include Simultaneous Death Provisions

If you’re married, we’ll include provisions in your will and trust that specifically address what happens if you and your spouse die simultaneously or within a short time of each other. The standard "120-hour rule" in many state laws may not be sufficient for your needs. We’ll also address what happens if any beneficiary you’ve named dies before you.

3. Create a Revocable Living Trust

A properly structured revocable living trust can provide more precise instructions for various scenarios and is often more flexible than wills are. Trusts also offer privacy, can save money on taxes, and can bypass the probate process, keeping your loved ones out of conflict and saving them time and money.

4. Include Special Provisions for Blended Families

If yours is a blended family, we will include customized strategies so your children are never accidentally disinherited. 

5. Review and Update Regularly

Hackman's will was reportedly last updated nearly 20 years before his death—a dangerously long period that would put anyone’s estate plan at risk.

If you want to ensure your plan works, it must reflect your life as closely as possible when something happens to you, whether death or incapacity. Thus, it’s imperative that your plan is reviewed at least every 3 years and after any major life event such as the death of a beneficiary, marriage, divorce, or birth. Even if you haven’t had a significant life change, your assets may change - you inherit a significant sum, or instance - or the law could change. Any of these scenarios could put your plan at risk of failing.

Most attorneys will not review your plan with you regularly, and so you have to remember to update your plan on your own. Not only that, you may not even be aware that your plan needs updating! My Life & Legacy Planning process, on the other hand, includes reviews at least every 3 years. It’s built into my system for every client. This means that I take the burden off you so you don’t have to remember to review and update your plan. We can catch vulnerabilities in your plan before they become problems for your loved ones.

Your Next Step

As the Hackman case illustrates, effective estate planning isn't just about creating documents—it's about creating a comprehensive plan that anticipates any scenario, stays updated over time, and protects all the people you care about. 

As your Personal Family Lawyer®, I support you to create a Life & Legacy Plan that works when you need it to work. That’s why I start with a Life & Legacy Planning Session, where we'll discuss not just who gets what but what happens in complex situations like simultaneous deaths, incapacity, or beneficiaries who predecease you. We’ll also discuss what will work for your unique family situation, whether you're part of a blended family, have children with special needs, or face other circumstances that require specialized planning.

Don't leave your legacy to chance or create accidental disinheritances through incomplete planning. Together, we can create a plan that truly protects you and everyone you love most.

To get started, all you need to do is Click here to schedule a complimentary 15-minute consult call.

You've taken the important step of creating an estate plan, and it includes a trust—congratulations! This shows you care deeply about keeping your family out of court and conflict, ensuring your wishes are known and honored, and you do not want to leave behind a mess for the people you love. Great work. But here's something you may not realize: an estate plan, a will, or a trust isn't a "set it and forget it" type of thing. Your estate plan is a living set of documents and tools that need regular attention to ensure they work when your loved ones need them and that they don’t fail at the worst possible moment.

Think about it this way: Would you still wear the same clothes you bought ten years ago without checking if they still fit? Probably not. Similarly, your estate plan, including your trust, needs to be reviewed regularly to ensure it still "fits" your current life situation, assets, the law, and your wishes. Let's explore why regular estate plan reviews are so crucial and how often you should be checking in on your plan.

Life Changes, and Your Trust Should Too

Life rarely stays the same for long. Since you created your trust, you've likely experienced changes in your personal and financial life. Each of these changes can impact how effective your trust will be in protecting your assets and providing for your loved ones.

Consider major life events like marriage, divorce, or the birth of children or grandchildren. These milestones fundamentally alter your family structure and potentially your wishes regarding who should benefit from your estate. For example, if you've recently welcomed a new grandchild, you might want to include them as a beneficiary. Or if you've gone through a divorce, you'll likely want to remove your ex-spouse from your trust.

Your financial situation evolves as well. Perhaps you've purchased new property, started a business, or received an inheritance. These assets need to be properly incorporated into your trust. Otherwise, they may end up going through probate, defeating one of the primary purposes of having a trust in the first place.

Even changes in your relationships can necessitate updates to your trust. The person you appointed as successor trustee five years ago might no longer be the best choice. Without regular reviews, your trust may not accomplish what you intend, potentially leading to conflict among your loved ones or assets being distributed in ways you never would have wanted.

Laws Change, Even When Your Wishes Don't

Even if your personal situation has remained relatively stable, the legal and tax landscape constantly evolves. These changes can significantly impact how your trust operates and its effectiveness in protecting your assets.

Tax laws, in particular, frequently change with new administrations and shifting political priorities. For instance, the Tax Cuts and Jobs Act of 2017 doubled the federal estate tax exemption, dramatically changing estate planning considerations for many families. If your trust was created before this change, it might contain provisions that are no longer necessary or beneficial under current law.

State laws governing trusts and estates also change regularly. These modifications can affect everything from how your trust is administered to the rights of beneficiaries. Without regular reviews, your trust might not take advantage of beneficial new laws or might run afoul of new requirements.

By reviewing your trust periodically, you can ensure it remains compliant with current laws and takes advantage of any new beneficial provisions. This proactive approach helps protect your assets and your loved ones from unexpected legal complications.

How Often Should You Review Your Trust?

Given the importance of keeping your trust updated, you might be wondering how frequently you should review it. While there's no one-size-fits-all answer, there are some general guidelines that can help you determine the right schedule for your situation.

As a baseline, I recommend reviewing your trust every three to five years, even if you don't think anything significant has changed. This regular schedule helps ensure you don't overlook gradual changes that might have occurred in your life, your assets, or the law.

However, certain life events should trigger an immediate review, regardless of when you last updated your trust:

• Marriage, divorce, or the death of a spouse

• Birth or adoption of children or grandchildren

• Death of a named trustee, guardian, or beneficiary

• Significant changes in your financial situation

• Moving to a new state, as trust laws vary by state

• Major changes in tax or estate planning laws

The Consequences of an Outdated Trust Can Be Severe

Failing to review and update your trust regularly can lead to serious consequences that undermine your initial reasons for creating it. These consequences can range from financial losses to family conflicts that could have been avoided with proper planning.

One of the most significant risks is that assets you've acquired since creating your trust may not be properly funded into it. Trust funding—the process of transferring assets into your trust's ownership—is crucial for avoiding probate. If you've purchased new property, opened new accounts, or acquired valuable assets without transferring them to your trust, these items will likely go through probate despite your efforts to avoid it.

An outdated trust can also lead to unintended beneficiaries receiving your assets. If you haven't updated your trust after major life changes, your assets might go to people you no longer wish to benefit—or might not go to those you do want to include.

Family conflict is another potential consequence of an outdated trust. Unclear or outdated provisions can leave your loved ones arguing over what you really intended. These disputes can damage family relationships and lead to expensive, time-consuming litigation.

Tax consequences can also arise from an outdated trust. Changes in tax laws might mean your trust no longer minimizes estate taxes effectively. Without updates to address these changes, your beneficiaries might face larger tax bills than necessary, reducing their inheritance.

Finally, know that reviewing your trust doesn't always mean you'll need to make changes. Sometimes you'll find that your current trust still perfectly reflects your wishes and circumstances. Even then, the review process is valuable for refreshing your understanding of your plan and giving you peace of mind.

Don't Leave Your Family's Future to Chance

Your trust is more than just a legal document—it's a reflection of your care for your loved ones and your desire to provide for them even when you're no longer here. By reviewing your trust regularly, you demonstrate that same care and foresight. You also save your loved ones from potential confusion, conflict, and costly legal proceedings during an already difficult time.

As your Personal Family Lawyer® Firm, I'm here to support you in this ongoing process. I understand that reviewing legal documents isn't high on anyone's list of favorite activities, but I work to make the process as simple and painless as possible, and build it into my own service ongoing, once we are working together. Don't leave your family's future to chance. Schedule a plan review with me today and ensure the plan you've created will work exactly as you intend when your loved ones need it most.

Click here to schedule a complimentary 15-minute discovery call to learn more and get started today.

Imagine this: You've spent decades carefully saving money, building a comfortable nest egg that represents years of hard work and discipline. One morning, you're sipping coffee and browsing the news when headlines about a bank failure catch your eye. Your stomach drops as you realize a significant portion of your savings could be at risk because you’ve got an account in cash that exceeds the FDIC insurance limits. 

This scenario isn't just a theoretical worry—it's a very real concern, as we have seen banks fail. The Federal Deposit Insurance Corporation (FDIC) serves as our financial safety net, offering protection of up to $250,000 per depositor, per insured bank, for each account ownership category. But what happens when your cash savings exceeds  beyond that safety net? How do you ensure your entire financial legacy remains protected?

Understanding FDIC Insurance: Your Financial Safety Net

The FDIC was born from the ashes of the Great Depression, when thousands of banks failed and countless Americans lost their life savings. Today, it stands as one of the cornerstones of our banking system's stability. Think of FDIC insurance as a financial life preserver—it's not something you think about until you really need it, but you'll be immensely grateful it's there when the waters get rough.

Here's what to know: FDIC insurance isn't just a simple blanket coverage of $250,000 per person. It's actually more nuanced and potentially more generous than many realize. The coverage extends to $250,000 per depositor, per FDIC-insured bank, for each account ownership category. These categories include single accounts, joint accounts, certain retirement accounts, and trust accounts.

Let me break this down with a practical example. Imagine Maria has the following accounts at First National Bank:

• A personal checking account with $100,000

• A joint savings account with her husband containing $300,000

• An Individual Retirement Account (IRA) with $200,000

Is Maria fully protected? Let's see: Her personal account falls under the single ownership category ($100,000, fully covered). The joint account with her husband receives up to $250,000 of coverage for each owner (Maria's $150,000 share is fully covered). Her IRA falls under the retirement account category (her $200,000 is fully covered). In total, Maria has $450,000 protected by FDIC insurance at this one bank.

Does this coverage arrangement make you think differently about how your own accounts are structured? Have you considered how your current banking setup aligns with these protection categories?

When Your Savings Exceed FDIC Limits: Strategic Approaches

Many of us dream of having "too much money" for FDIC insurance to fully cover—it's a good problem to have! But it's still a problem that needs solving. When your financial reserves take you beyond the FDIC safety net, it's time to get strategic about protecting those hard-earned dollars.

Think of managing large deposits like a farmer who doesn't plant all their crops in a single field. If a storm hits one area, the entire harvest isn't lost. Similarly, spreading your financial assets across multiple institutions creates resilience in your financial portfolio. Here are several approaches to consider:

Multiple Bank Strategy: Dividing Your Financial Pie

The most straightforward approach is to spread your funds across multiple FDIC-insured banks. Each bank will provide separate insurance coverage, effectively multiplying your protection. For example, if you have $750,000 in savings, you could place $250,000 in each of three different banks, ensuring complete FDIC coverage.

This strategy is a bit like not putting all your eggs in one basket—a time-tested approach to risk management that remains relevant in our digital banking age. The downside? Managing multiple accounts across different institutions requires more time and attention. You'll need to track various account numbers, passwords, and potentially deal with different banking platforms. On top of that, if you have a revocable living trust, you want to ensure each account is tilted in the name of your trust, and not in your individual name.

Utilizing Different Ownership Categories: Maximizing Protection at One Bank

Another approach involves strategically using different ownership categories within the same bank. A married couple, for instance, could have individual accounts ($250,000 coverage each), plus a joint account (another $500,000 in coverage, $250,000 for each person). Here’s what that could look like:

• Husband's individual account: $250,000

• Wife's individual account: $250,000

• Their joint account: $500,000

• Husband's IRA: $250,000

• Wife's IRA: $250,000

That's a total of $1.5 million protected at a single institution! This approach offers convenience but requires careful planning and clear documentation of ownership. If you have a revocable living trust, it’s critical for me to review your options with you here to ensure your accounts are properly titled both for FDIC coverage, and for your trust/estate planning purposes.

Certificate of Deposit (CD) Laddering: Timing Your Protection

CD laddering involves purchasing certificates of deposit with varying maturity dates. This not only provides a steady stream of maturing funds but can also be structured across multiple banks to maximize FDIC coverage.

Imagine building a ladder where each rung represents a CD at a different bank. As each CD matures, you can decide whether to reinvest at the same bank or move funds elsewhere based on current interest rates and your coverage needs.

This approach is like planting different crops that harvest at different times of the year—you're always collecting something, and no single weather event can wipe out your entire yield. If you go this route, again I want to make sure your CDs are properly titled in the name of your living trust.

Considering Credit Unions: An Alternative Safety Net

Credit unions offer an alternative to traditional banks with similar protection through the National Credit Union Administration (NCUA). The NCUA's share insurance fund protects deposits up to $250,000, similar to FDIC coverage.

For some, credit unions offer a more personal banking experience along with competitive rates and lower fees. They can be an excellent component of your deposit-spreading strategy.

As you consider these options, ask yourself: How is my current banking arrangement structured? Could I be vulnerable to losing uninsured deposits if my primary bank were to fail? How much complexity am I willing to manage to ensure maximum protection?

Looking Beyond Traditional Banking: Additional Options

Sometimes, thinking outside the traditional banking box can provide both security and opportunity. Cash management accounts offered by brokerage firms often spread your deposits across multiple banks automatically, maximizing FDIC coverage without you having to manage multiple accounts directly.

For larger sums, Treasury securities offer the backing of the full faith and credit of the US government, and can be an effective protection, so long as you believe the US won’t default on its loans. If  you are concerned about the US debt crisis and whether the US will default on its loans, Treasury securities would not be a good option for you. 

Remember that protection is only one consideration. You'll also want to think about accessibility, convenience, and how your deposits fit into your broader financial and estate planning goals. After all, what good is protection if it makes your financial life unwieldy or prevents you from using your money effectively?

Bringing It All Together: Creating Your Protection Plan

Protecting your financial legacy isn't just about security today—it's about ensuring that the fruits of your labor continue to benefit you and potentially your loved ones well into the future. Just as you wouldn't build a house without a solid foundation, you shouldn't build wealth without ensuring it stands on secure ground.

Taking stock of your current deposit situation is the first step. Make a list of all your deposit accounts, their balances, and ownership structures. Then, assess how much of your money currently falls outside FDIC protection. This clarity will help you determine how urgently you need to restructure your accounts.

Next, consider which of the strategies we've discussed best fits your personal situation. Do you value simplicity and would prefer the multiple-bank approach? Or perhaps you'd like to keep your banking relationships consolidated and maximize coverage through different ownership categories?

Implementing your chosen strategy doesn't have to happen overnight. You can make changes gradually, perhaps as CDs mature or as you receive new funds to deposit.

Securing Your Financial Legacy for the Future

As your Personal Family Lawyer®, I don't just draft documents; I help you ensure you make informed and empowered decisions about life and death for yourself and the people you love. Understanding and addressing FDIC insurance limits is a crucial part of protecting your financial legacy. 

That’s why we start with a Life & Legacy Planning® Session, where together we'll explore how your assets fit into your broader financial picture and help you get more financially organized than you've ever been before. Then, I’ll support you to create a Life & Legacy Plan that ensures your hard-earned assets are positioned to support your loved ones well into the future.

Click here to schedule a complimentary 15-minute discovery call to learn more and get started today.

You've worked hard to build your assets and secure your family's future. Like many responsible adults, you've named beneficiaries on your retirement accounts, life insurance policies, and maybe even your banking and investment accounts. It feels good to know you've put something in place for your loved ones. 

But here's the truth many financial advisors, CPA’s, and even other lawyers won’t tell you: relying solely on beneficiary forms for your estate plan can lead to unintended consequences and potential financial disasters for your loved ones. While beneficiary designations serve a purpose, they're far from a comprehensive estate planning solution. Let's explore why beneficiary designations alone fall short and the risks you may be unknowingly taking with your family's financial future. 

The Dangers of Naming Minor Children As Your Beneficiaries 

You love your children and want to ensure they're cared for if something happens to you. Naming them as beneficiaries on your accounts seems like a straightforward way to achieve this goal. However, this approach can backfire spectacularly when your children are minors.

You create a legal and financial quagmire when you designate a minor as a beneficiary. Financial institutions can't simply hand over large sums of money to children. Instead, the court will likely appoint a guardian to manage the funds. This process can be time-consuming, expensive, and may not align with your wishes.

Even more concerning is what happens when your child reaches the age of majority. At this point, they gain complete control of the inherited assets. Ask yourself: Is your 18-year-old ready to manage a six or seven-figure life insurance policy? What about your retirement account? For most young adults, the answer is a resounding no.

Imagine your child receiving a windfall at an age when they're still learning to navigate adult responsibilities. They might make impulsive financial decisions, fall prey to manipulative friends or partners, or simply lack the maturity to handle sudden wealth. By relying solely on beneficiary designations, you're potentially setting your child up for financial mismanagement or even exploitation.

There is a much better way to ensure your children receive their inheritance at an age (or ages) you deem appropriate: a Life & Legacy Plan. With our Life & Legacy Planning process, we support you in providing for your child's needs while protecting the assets until they reach a more appropriate age to manage them independently. This approach ensures your hard-earned money supports your child's long-term well-being rather than funding a brief period of reckless spending. 

When a Beneficiary Dies Before You

Life is unpredictable, and tragedy can strike at any time. While it's uncomfortable to contemplate, your named beneficiaries may predecease you or die with you in an accident. This scenario can throw your estate into chaos if you've relied entirely on beneficiary forms.

When a named beneficiary dies before you, the fate of those assets becomes uncertain. Some accounts may have provisions for contingent beneficiaries, but many people neglect to name backups. In other cases, the asset may revert to your estate, potentially subjecting it to probate – a time-consuming and potentially expensive legal process you likely wanted to avoid by using beneficiary designations in the first place.

The situation becomes even more complex if you and your primary beneficiary die simultaneously or in quick succession. In such cases, determining the order of death can have significant implications for how your assets are distributed. Without a comprehensive estate plan in place, your assets may end up going to unintended recipients or getting tied up in lengthy legal battles.

A Life & Legacy Plan, however, can provide clear instructions for various scenarios, including the death of beneficiaries. By establishing a will or trust, you can create a chain of inheritance that accounts for multiple contingencies, ensuring your assets are distributed according to your wishes regardless of the circumstances.

The Risks of “Set-It-and-Forget-It” Planning

Life is dynamic and filled with changes, both big and small. Your financial situation evolves, relationships shift, and laws change. Yet, all too often, people treat beneficiary designations as a "set it and forget it" solution. This static approach to estate planning can lead to severe problems down the line. Consider how much can change over the course of a few years or decades:

• You may divorce or remarry, dramatically altering your family structure.

• Children grow up, and your relationship with them may change.

• Your financial situation could improve significantly, making previous designations inadequate.

• Tax laws and regulations around inherited assets may be revised.

• You might develop new philanthropic interests or want to include charitable giving in your legacy.

If you don't regularly review and update your beneficiary designations, they may no longer reflect your current wishes or circumstances. It's not uncommon for people to unknowingly leave substantial assets to estranged relatives simply because they failed to update their beneficiary forms. 

In addition, beneficiary designations don't allow for the nuanced distribution of assets that many people desire as their wealth grows. You might want to establish conditions for inheritance, protect assets from creditors, or provide for family members with special needs. These complex wishes simply can't be accommodated through standard beneficiary forms.

On the other hand, a Life & Legacy Plan is designed to adapt to life's changes. Regular reviews with my office ensure your plan evolves with you, reflecting your current situation and desires. This means your assets go to the people you want in the way you want, and your plan works when you and your loved ones need it.

The Peace of Mind That Comes From Careful Planning

To truly protect your legacy and ensure your wishes are carried out, you need a Life & Legacy Plan, rooted in education about what would happen to you, your family, and your assets if you become incapacitated and when you die. From there, we craft a plan together that reflects your wishes, works when you need it to, and fits within your budget. This might include a will, one or more trusts, powers of attorney, and healthcare directives, in addition to carefully considered beneficiary designations. When we complete your original Life & Legacy Plan, you’ll have peace of mind knowing that it will:

• Protect minor beneficiaries and ensure assets are managed responsibly;

• Provide for multiple contingencies, including the death of beneficiaries;

• Minimize taxes and avoids probate when possible;

• Reflect your values and complex wishes for asset distribution;

• Adapt to changes in your life, finances, and the legal landscape.

Don't leave your legacy to chance or expose your loved ones to unnecessary financial risks. Your family's future security is worth the time and financial investment in proper planning. Remember, a truly effective estate plan is a living document that grows and changes with you, providing peace of mind today and security for generations to come. 

Know, too, that if you’ve already created your Life & Legacy Plan with me, keep an eye out for reminders to review and update your plan. If you know that you need to update your plan before we remind you, don’t hesitate to call us immediately.

How We Help You Create the Right Plan For Your Needs

As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and have a plan that works when you need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your assets protected. We’ll also touch base regularly to ensure your plan and beneficiary designations stay updated over time, taking the burden off your shoulders to make changes to your plan when needed. After all, you have enough to worry about each day. 

Click here to schedule a 15-minute discovery call with us today.

You might think that estate planning is something you can complete one time and then check off your to-do list for good. But the reality is that in order for your estate plan to work for you no matter how your life changes, your plan needs to change with it.

To make sure any big changes in your life are considered in your plan, I recommend reviewing your estate plan with your attorney at least every three years. But if any major life events happen before then, it’s crucial to have your plan reviewed as soon as possible so it can be updated if needed.

Last week, we started to explore 10 life changes that might affect your estate plan (that post is available just below). This week, we’re covering five more life events that mean it’s time to review your plan.

06 | You Became Seriously Ill or Injured

A sudden illness or injury can leave you incapacitated and unable to manage your affairs. Therefore, it's essential to review your estate plan to ensure it includes Powers of Attorney for healthcare and finances. These documents let you name someone you trust to pay your bills and manage your assets, as well as make medical decisions for you if you can’t speak for yourself.

It’s also important to include healthcare directives that describe what kind of healthcare you want if you become incapacitated. This can include dietary restrictions or preferences, religious beliefs, or limits to certain treatments or life-sustaining measures. By legally documenting your healthcare choices, your Power of Attorney will feel more comfortable in the role and will be able to make medical decisions for you that align with your wishes.

07 | You Moved Here From Another State

Each state has its own laws and regulations regarding estate planning, so if you moved here from another state after completing your estate plan, it’s crucial to have your plan reviewed by a local attorney. If your existing plan doesn’t meet Nebraska’s requirements for how an estate plan is signed or witnessed, or contains terms or processes that differ from the processes of our state, this can cause delays when your plan needs to be used and may even require a court to review its validity.

Reviewing your plan with a local attorney and making any changes to comply with Nebraska laws will make sure that your estate plan can be relied upon at any moment without delay or confusion.

08 | You Got Married

Marriage brings about not only joy and celebration but also important legal updates that are easy to put off. When you tie the knot, your estate plan needs to reflect your new marital status. Some states automatically make your spouse a co-owner of some of your property, but that doesn’t ensure an easy transfer of that property to your spouse when you die. Other states do not make any automatic updates in ownership. 

To make sure your assets will go to your new spouse if you die or become incapacitated, it’s essential to update beneficiaries and make arrangements for shared assets. Additionally, you might consider creating provisions to protect your spouse financially and emotionally in the event of your passing.

09 | You Got a Divorce

The end of a marriage is a significant life event that requires immediate attention to your estate plan. After a divorce, you’ll likely need to revoke and redo your entire estate plan. This includes creating a new Will and Trust, updating beneficiary designations on life insurance and retirement accounts, and revising asset distribution to reflect your new circumstances and relationships.

If you have children from your previous marriage, you may need to revisit guardianship arrangements and provide for their financial needs accordingly.

10 | The Law Changed

Tax laws are subject to change, and revisions to estate tax exemptions can have a substantial impact on your estate plan. If there are significant changes in federal or state estate tax laws, it's crucial to review your plan with an estate planning attorney to minimize tax burdens and protect your wealth for your loved ones. 

Even if you weren’t affected by federal or state estate taxes in the past, changes in federal estate tax law are scheduled for 2026, so now is the time to review whether this change will affect your family’s estate tax filing status. Estate taxes can cost your family tens or even hundreds of thousands of dollars, but these tax liabilities are optional and can be avoided with proper estate planning.

By Your Side Through All of Life’s Changes

Your estate plan serves as the bedrock protecting your family and finances, not just for today but also for the future. However, estate planning isn't a one-time task - it should adapt and evolve alongside the changes in your life.

As your Personal Family Lawyer®, my mission is to be by your side through all of life's changes, ensuring your estate plan remains up-to-date and effective no matter what life brings your way. That's why I offer my clients a complimentary review of your estate plan every three years, and I encourage you to reach out at any time before then with questions about life changes or events that might affect your plan.

If you’re ready to create an estate plan that protects your loved ones and your legacy, or want your existing plan reviewed, give me a call. I’d be honored to help ensure your family’s well-being for years to come. 

Click on my scheduling link below to get started. I can’t wait to hear from you.

Click here to schedule a 15-minute discovery call with us today.

Maybe you thought that creating a Will or Trust is something you can do once and then your family and assets are protected forever after. It seems to be how most lawyers structure their services, so it wouldn’t be surprising if you did think this. You work with your lawyer, they draft documents, you bring them home in a binder or notebook, put them on a shelf or in a drawer, and you never hear from them again. Estate plan, done. But, it’s not, and thinking of it that way could leave your family with a big mess when something happens to you. 

In reality, life events can drastically affect your estate plan and even cause your plan not to work in the way you intended. To make sure your plan remains up to date throughout your life, we recommend reviewing your plan a minimum of every three years. Because I am so passionate about this, I offer to review my clients' plans every three years for free. 

And, if any of these 10 life events happen before your three-year plan review, you’ll want to have your plan professionally reviewed right away. Let’s take a closer look at these 10 life events and how they can affect your estate plan and what changes may be required.

01 | Your Assets or Liabilities Changed

Life is full of changes, and your financial situation is unlikely to stay the same over time. Changes in your assets, such as acquiring a new home or other assets, selling property, or incurring debt should prompt a review of your estate plan. You may need to update asset distribution, beneficiary designations, and financial provisions to reflect these changes accurately and ensure that the people you love receive what you intend when you die. Most importantly, you need to update your asset inventory every time your assets change, and if you do not have an asset inventory, you need to call us and update your plan to ensure you’ve got an inventory included. The biggest risk to your family in the event of your incapacity or death is that they do not know what you have, where it is, or how to find it. We solve this by creating an updating your asset inventory, regularly.

02 | You Bought, Sold, or Started a Business

Owning a business adds another layer of complexity to your estate plan. If you’ve recently bought or sold a business, it's essential to update your plan to reflect what you want to happen to your business when you die, ensure a smooth transfer of ownership (if desired), and create a plan to protect your business assets for yourself and your loved one’s future. 

The financial and personal value of your business can be a significant gift to your loved ones both today and for years to come - if you know how to incorporate it into your estate plan in the right way.

03 | You Gave Birth or Adopted a Child

Welcoming a new child into your family is an incredibly joyful moment. As a parent, it's essential to update your estate plan to include provisions for your child's well-being and financial future. This includes naming Guardians for minor children, creating a Kids Protection Plan, and ensuring their financial security through Trusts or other means.

It’s also important to document your wishes for your child’s education, religion, and values in your plan so that their legal Guardians will know how you would want your child raised if something happened to you.

04 | Your Minor Child Reached the Age of Majority (or Will Soon)

As your children grow up and reach the age of majority, it’s time to review how they will receive their inheritance, make sure someone can legally make healthcare decisions for them, and manage their money in the event they become incapacitated. Depending on their level of maturity, you may want to consider if they are ready to handle assets on their own and if so, what amount. 

An even better idea is to provide lifelong protection of your child’s inheritance through the use of a Lifetime Asset Protection Trust. By using this estate planning tool, your child’s inheritance can be used to support your child’s future while safeguarding its use and protecting it from any potential future lawsuits or divorces your child may face later in life. 

This ensures that your children are financially secure as they head into adulthood while also supporting your children with financial responsibility.

05 | A Loved One Dies

The loss of a family member is emotionally devastating, and it can significantly affect your estate plan. If a deceased loved one was a recipient of assets under your Will, Trust, or financial accounts, it's crucial to update these documents to make sure your assets will be distributed to the right people.

Additionally, if the deceased individual was designated as a Trustee or Executor of your estate or a Guardian of your minor children, you will need to appoint new individuals to fill these roles.

Planning for Life’s Changes

Your estate plan is the foundation that protects your family and your finances today and in the future. But estate planning is not a set-it-and-forget-it task; rather, your estate plan should change and evolve with the changes in your life. 

As your Personal Family Lawyer® firm, I am here to guide you through life’s changes to keep your estate plan up-to-date and effective, so you can have the peace of mind of knowing that your plan will work exactly how you want it to when your loved ones need it most.

If you've recently experienced a significant life event or it's been a while since your last estate plan review, now is the time to review your plan. If you haven’t created an estate plan yet, it’s better to plan early than to have no plan at all. 

To get started, schedule a free 15-minute discovery call to learn more about my Life & Legacy Planning Session process where we’ll discuss your family dynamics and goals, address any changes in your life, and create a comprehensive estate plan that brings you peace of mind.

Plus, don’t forget to return next week when I’ll be discussing five more life events that signal it’s time to review your plan.

Click here to schedule a 15-minute discovery call with us today.

Today, we're diving into a topic that is absolutely crucial: estate planning for your parents. As they gracefully navigate their golden years, ensuring their peace of mind (and yours!) becomes a top priority. Whether they raised you the way you want, or showed you how you want to do it differently, as your parents age, one of the very best things you can do for your own best future, and that of your entire future lineage - your children, grandchildren, and beyond - is to take great care of the people you were born to or raised by.

The questions you need to start asking now are: How will you help them if they become ill or injured? Who will take care of their bills and make sure their health needs are met? How do they want to be cared for, if and when they cannot care for themselves?

The starting place is open conversation and a power trio of estate planning tools swoop in to save the day: the General Power of Attorney, the Power of Attorney for Health Care (including a Living Will), and the HIPAA Waiver. 

Now, let's break down why these tools are the unsung heroes of comprehensive estate planning for your parents, and how to bring them up so you can support your parents to get them created or updated, no matter how much or how little money they have in the bank.

1. General Power of Attorney (POA)

A General Power of Attorney (or POA)  grants a person you name (often a family member or trusted friend) the authority to manage your financial affairs if you become unable to do so yourself. From handling bills to making investment decisions, the General POA ensures that your financial matters are handled, whether you are experiencing a temporary illness or a long-term inability to manage your money, such as in the case of memory problems.

If your parents have assets that you must be able to access easily in the event of their incapacity, you may decide that a POA for accessing their accounts is not sufficient, as it can be difficult to get access to bank accounts even with a POA in place, and will require court action. In that case, the best course of action is to ensure that their assets are titled in the name of a trust, with you or someone you trust as the named successor Trustee, who can step in and handle financial matters for your parents, without any court involvement, when needed.

2. Power of Attorney for Health Care and Living Will

It’s possible your parents already lean on you for guidance with their healthcare decisions, and it’s equally possible they don’t share details of their healthcare with you at all. No matter which side of the spectrum your parents stand on, the question of what will happen to their healthcare needs if they become seriously ill can feel overwhelming —  and trust me, it’s even more overwhelming during moments of medical crisis. 

Thankfully, a Power of Attorney for Health Care and Living Will allow your parents to explain their medical wishes to guide medical providers and family members on what treatments and life-saving measures they’d like to have, even in the toughest of times.

The Power of Attorney for Health Care designates someone to make these medical decisions on behalf of your parents if they're unable to do so. This trusted individual becomes the advocate, ensuring that healthcare choices align with your parents' values and preferences.

Meanwhile, the Living Will outlines your parents' wishes regarding life-sustaining treatments in the event they're unable to communicate. From CPR to artificial hydration, this document provides clarity amidst uncertainty, giving both your parents and their loved ones peace of mind that the decisions being made around their care and what they themselves would want.

3. HIPAA Waiver

In the digital age, privacy is paramount – but what happens when privacy becomes a barrier to essential healthcare-related communication? Enter the HIPAA Waiver, the ultimate tool for opening communication roadblocks in times of need.

HIPAA (the Health Insurance Portability and Accountability Act) protects the privacy of individuals' medical records. While this is crucial for safeguarding sensitive medical information, it can sometimes hinder the flow of communication between healthcare providers and family members, especially for the elderly and those incapacitated by an illness or injury. 

By signing a HIPAA Waiver, your parents authorize specific individuals to access their medical information and speak directly to their medical providers, ensuring seamless communication and informed decision-making. This is essential in medical emergencies but is also extremely helpful if your parents need help hearing their doctor or understanding their medical advice.

How to Bring Up Estate Planning With Your Parents

So you may be wondering, how exactly do I approach this topic with my parents?  I would suggest that the best way to bring up estate planning with your parents is to get your own planning handled first. Then, let your parents know that in the process of handling your own planning, your lawyer raised the question of whether you were an agent under anyone else’s power of attorney, or named as a successor Trustee in your parents' Trust, or if you are going to be caring for aging parents at some point.

And, if you have worked with a lawyer and they didn’t ask you those questions, give us a call and let’s review your plan and your parents’ planning to make sure that everything you’ll need is dialed in. This can all get quite messy very quickly, and now is the time to talk with your parents.

Why the Urgency?

You might be thinking, "Why the rush? Can't we tackle this later?" Here's the scoop: Life is unpredictable, and procrastination can be a costly gamble. Waiting until a crisis strikes to get these tools in place can lead to a whirlwind of legal and emotional chaos, leaving your parents' wishes unfulfilled and their affairs in disarray.

By proactively planning ahead, you're not just checking items off a to-do list – you're investing in your parents' peace of mind, and yours.

Don't wait for a storm to hit – schedule a short discovery call today to learn how our unique Life & Legacy Planning process is designed with your family's well-being in mind, offering personalized guidance and support every step of the way.

Click here to schedule a 15-minute discovery call with us today.

Have you ever heard horror stories about families fighting over Grandma's jewelry or getting stuck in a never-ending legal battle after someone passes away? Or about how long it can take to sell a house tied up in the court process? What about family members being denied their inheritance completely? Unfortunately, these situations happen every day. Not even the rich and famous are immune! A simple Google search will pull up dozens of celebrity stories about all the conflict that ensues after they die.

But most people don’t realize these things are avoidable - if you understand the process. So, if you’ve thought about creating a will or trust to avoid these outcomes, let’s ensure you are fully aware of what’s at stake first. We’ll use a food analogy throughout this article, so our apologies if we make you hungry.

Lasagna as an Example of the Difference Between a Will or Trust and an Estate Plan

Let’s start by getting really clear on what we’re talking about. You’ve probably heard the term “estate planning” numerous times, but do you really know what it is? Contrary to what you may have heard or read about, estate planning and the documents involved - such as a will or trust - are not quite the same thing. 

Think of your favorite recipe. We’ll use lasagna as an example. A lasagna recipe includes a few different components: the ingredients needed to make the dish, how much of each ingredient you need, and the steps you have to take to transform the ingredients into a dish. Without the steps, the ingredients are just ingredients—they don’t create anything. 

Estate planning is similar. Your estate plan is the recipe, and the documents are the ingredients. A will or trust may be the pasta or the sauce, but they are not the lasagna. Sure, they’re necessary components of the lasagna, but without the other ingredients and steps, they’re just pasta and sauce. Same with estate planning. If you just create a will or trust, you have documents that are just documents. They don’t do anything by themselves.

That most people think the documents ARE the estate plan is a common misconception based on a lack of knowledge. Too many people are focused on the documents, even many lawyers, and so think all they need to do is create those documents, sign them, and call it a day. Even so-called financial “experts” will tell you this. And there’s a whole new tech industry based on this premise, with do-it-yourself programs like LegalZoom. AI has even joined the fold.

Every single one of these people and companies is talking about the documents, or the ingredients. They are not telling you about the recipe. They are not showing you how to make the lasagna, but rather, they’re telling you about some (not even all) of the ingredients you need. What results are the big messes mentioned above: families in court and conflict, fights over sentimental items, long wait times to sell a house or distribute any of the assets, and even big, unnecessary tax bills. 

To truly protect your loved ones and ensure your wishes are carried out the way you want, as easily as possible for the people you love, you need a comprehensive estate plan, not just the documents. The plan lays out not only the ingredients you need, but also in what amounts, and what actions must be taken to make the lasagna.

If you haven’t created a comprehensive plan of your own, or your current plan fails for any reason, know that there’s a plan already made for you. It’s a plan laid out in your State’s law, and it may be very different from what you want. 

Nebraska’s Recipe for Lasagna May Not Be To Your Liking

To illustrate the difference between the State’s plan for you and one you can create for yourself, let’s get back to our lasagna example.

Let’s say Nebraska's recipe for lasagna includes spicy sausage, but you can’t tolerate spicy foods. Nebraska’s plan contains meat, but you’re a vegetarian. Or, it could be that Nebraska’s recipe includes mushrooms, but your child is allergic to mushrooms. Some ingredients may be missing altogether, and the recipe will probably tell you that you can’t even cook the lasagna for months, or even years (goodness, your family will be hungry!). Whatever the situation, it’s possible that Nebraska’s plan includes some component that you don’t like, or even one that could be disastrous to your family. 

In reality, Nebraska’s plan says how your assets will be distributed, who will get them and in what amounts. It requires a court process, which can be lengthy and expensive, and sometimes assets are frozen until the court process is over. It’s also set up for conflict, as your family members - even if you’re estranged - are required to get notice of the court proceeding, what assets you have, and are invited to make a claim for your assets. You may not like any of this.

If not, here’s the good news. The law also says you can create your own plan and decide on your own who you want to inherit your assets and how. If you create your own plan, you get to decide to give money to charitable causes that matter to you, for instance. And if you create your own plan, you can also decide whether you want your loved ones to go through the court process. 

What Recipe Do You Want to Use?

By creating your estate plan, you get to choose your lasagna recipe. You get to choose whether you want meat or veggie, mild or spicy sausage. You get to exclude ingredients your family members may be allergic to. You even get to decide if you want to share your lasagna with someone else. And you get to decide when to cook the lasagna, whether you want it to be eaten tonight or assembled, frozen and saved for another day. 

It’s entirely possible that you don’t think Nebraska’s recipe is gross and you wouldn’t change a thing. But you won’t know that until you know the details of the that plan and how those details pertain to you, your assets, and your family. Or, it could be that you think Nebraska’s recipe is completely awful and you want to pick one that you and your family like. Either way, know what you want to create and be clear on how to do it, and do it correctly. Luckily, we can help. 

How We Help You Get it Right

We’ve seen too many families suffer negative, yet unnecessary, consequences after a loved one dies. And if you haven’t experienced it yourself, chances are you probably will. But with the proper education, beginning with correcting the misconception that estate planning and the documents involved are one and the same, we believe we can break the cycle of strife. 

At Penterman Law, we start with education so you are clear on what Nebraska’s plan is for you, and what you can do to create your own plan that aligns with your values, your goals, your family, and most importantly, that it works when you need it to. 

We call it Life & Legacy Planning, and once you’ve created your Life & Legacy Plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. Book a call with us today to learn more.

Click here to schedule a 15-minute discovery call with us today.

When you create an estate plan that includes a living trust, you've taken an essential step toward protecting your home and family from the cost of court. However, many people don't realize that placing their home in a trust requires updating their homeowner's insurance policy. Without this crucial step, you could face a devastating scenario: paying out of pocket for significant damage because your insurance claim was denied. Let's explore how to ensure your trust and insurance work together to protect your most valuable asset.

The Hidden Risk of Trust Ownership

When you transfer your home into a trust, you change its legal ownership structure. While you might still live in the home and act as the trustee, depending on how your trust is structured, the trust becomes the legal owner of the property. If your trust is a revocable trust, this change of title won’t impact your taxes because you are still the owner for all tax purposes, but this title change could give your homeowner’s insurance company a reason to deny your claim. And, whether that denial turns out to be valid or not, or could be contested in a court proceeding against the insurance carrier, you don’t want to have to deal with any of that. 

Insurance companies base their coverage decisions on legal ownership. If there's a mismatch between the property's legal owner and the named insured on your policy, the insurer might deny your claim. Imagine discovering after a major fire that your insurance company denies your claim because your policy doesn't reflect your trust ownership. This nightmare scenario happens more often than you might think, but it's easily avoidable with proper planning.

Aligning Your Insurance with Your Trust

The solution starts with notifying your insurance company as soon as you transfer your home into a trust. Most insurance companies are familiar with trust ownership and can easily update your policy to reflect this change. They typically handle this by adding the trust as an additional insured party or including a trust endorsement on the policy.

When updating your policy, consider these key elements:

Property Coverage: Ensure the policy's replacement cost accurately reflects current building costs in your area. Construction prices have soared recently, and many policies haven't kept pace.

Liability Protection: Your policy should protect both you personally and the trust from liability claims if someone is injured on your property.

Additional Structures: Don't forget to include coverage for detached garages, workshops, or other structures on your property under the trust's ownership.

Most insurers make these updates with minimal or no additional premium costs, but the protection they provide is invaluable. This small administrative task could save you hundreds of thousands of dollars if disaster strikes.

Common Mistakes That Put Your Property at Risk

When disaster strikes, homeowners find out too late that they weren’t fully protected. But you can protect yourself if you’re aware of the most common pitfalls:

Delayed Notification: Many people wait months or even years to inform their insurance company about the trust transfer. During this gap, they're paying for insurance that might not protect them. Instead, notify your insurance company as soon as you create or update your trust.

Incorrect Trust Names: Insurance policies must list the trust's exact legal name. Even small discrepancies could cause problems during a claim. If your trust is "The Johnson Family Living Trust dated January 15, 2025," that's exactly how it should appear on your insurance policy.

Overlooking Policy Reviews: Your insurance needs will change over time. Regular reviews ensure your coverage keeps pace with your home's value and your family's needs.

Multiple Property Confusion: If you own multiple properties in trust, each property's insurance policy must correctly reflect the trust ownership. Don't assume that updating one policy covers all your properties.

Creating a Comprehensive Protection Plan

Avoiding all these pitfalls is an inherent part of my comprehensive estate planning process called Life & Legacy Planning. If you have a DIY estate plan, a plan you downloaded from a cheap legal site, or even a plan drafted by a traditional estate planning attorney, you’ll get a set of documents, sure, but you won’t get a comprehensive plan that addresses all the potential consequences that arise. That’s why my Life & Legacy PlanningⓇ process includes:

• A current inventory of your assets so we can look at how your property is owned and what properties could be at risk;

• Regular, ongoing reviews of both your plan and insurance documents to ensure they remain synchronized. Major life events like marriages, divorces, or deaths in the family might require updates to both your trust and insurance policies;

• Guidance on how to accurately and fully transfer your assets to your trust; and

• Much, much more.

We Help You Protect What Matters Most

As your Personal Family Lawyer® Firm, I ensure your Life & Legacy Plan works as intended, including proper alignment with your insurance coverage. I'll help you avoid costly mistakes and maintain comprehensive protection for your home and family. Our process includes regular reviews to keep your plan current and effective.

Don't wait for a crisis to discover gaps in your protection. Contact me today to schedule a Life & Legacy Planning® Session, where together, we'll review your current trust and insurance arrangements and ensure they work together seamlessly.

Click here to schedule a 15-minute discovery call with us today.

Surveys conducted in 2024 by Caring.com and Ameriprise Financial revealed a troubling trend: Americans are falling behind on estate planning. The Caring.com survey revealed that only 32% of Americans have a will - a 6% decline from 2023. The Ameriprise survey found that 52% of couples lack estate plans. These statistics highlight a dangerous disconnect between understanding the importance of estate planning and taking action. Let's examine these misconceptions and their potentially devastating consequences.

Myth 1: "I don't have enough assets to need an estate plan." 

This dangerously narrow thinking ignores that estate planning isn't just about financial wealth. It's about doing the right thing for the people you love so you don’t leave a mess, and about ensuring your wishes for your own care are considered if you cannot make decisions for yourself due to accident or illness.

If you haven’t created a Life & Legacy plan (the type of comprehensive planning I offer), your loved ones could face lengthy court proceedings, unnecessary taxes, and difficulty accessing financial accounts, which could have devastating consequences if bills need to be paid.

It’s also about:

• Ensuring what you DO have goes to the people you want in the way you want (and stays out of the court process);

• Your children being raised by people you choose;

• Your wishes for your medical care are honored if you become incapacitated, or if your mind deteriorates;

• Only people you trust are able to manage your finances if you can’t manage your finances yourself, and

• Leaving your loved ones with your most valuable assets - your values, insights, stories, experiences and your love.

Moreover, a Life & Legacy plan can minimize conflict among your loved ones. By clearly outlining your intentions, and ideally getting my support to share your intentions with your loved ones, you significantly reduce the chances of misunderstandings or disputes, while also increasing the chances that your resources will be used to create a better future for the people you love. 

Finally, an estate plan that works will save your loved ones time and money by ensuring the people who matter know what you have, where it is, how to find it, what to do with it when they do find it, and keeps them out of court and conflict.

In short, an estate plan is not a luxury reserved for the wealthy; it’s a necessity for anyone who has things that matter, and people who matter. If that’s you, and you don’t have an estate plan (or your plan could be outdated) let’s talk soon. 

Myth 2: "My spouse and I trust each other completely." 

Ameriprise's survey reveals 95% of couples trust each other with finances and 91% share financial values. When couples don’t plan because they trust each other to carry out each other’s wishes, they’re overlooking several essential matters.

For instance, trust between spouses doesn't prevent legal complications or avoid court. Without a Life & Legacy plan, a surviving spouse may face lengthy probate proceedings, increased tax burdens, and difficulty accessing accounts. This strain can damage relationships and deplete assets meant for heirs. Even worse, if both spouses die simultaneously, the complications can be significant, especially if the spouses have children from prior marriages, or minor children. 

Another potential issue arises if the surviving spouse remarries. Without an estate plan, assets could unintentionally be passed to the new spouse instead of the people the deceased spouse loved. In some cases, children may even be accidentally disinherited, leaving them without the financial support their parent had planned to provide.

Myth 3: "Estate planning is too expensive." 

Another common misconception is that estate planning is a luxury reserved for the wealthy because of its perceived high cost. The reality? Avoiding estate planning due to cost concerns can lead to far more significant time and money costs for the people you love down the road. Without a plan, your loved ones may face costly probate proceedings, unnecessary taxes, and legal disputes that can drain your estate and create additional stress for your loved ones during an already difficult time. These costs often far exceed the upfront investment of creating an estate plan.

Beyond the financial aspect, the peace of mind that comes with knowing your loved ones are protected is invaluable. A Life & Legacy plan ensures that your wishes are carried out, your loved ones are cared for, and potential conflicts are minimized. By addressing these matters proactively, you save the people you love from emotional and financial burdens, making Life & Legacy planning one of the wisest and most compassionate investments you can make, as well as the best gift you can give to the people you love.

Myth 4: "I don’t need to worry about who would raise my kids."

Many parents of minor children assume that in the event of their death, loved ones will naturally step forward to care for their children. Unfortunately, these assumptions are often misplaced. Without a Kids Protection PlanⓇ, which I support you to create, the decision about who raises your children will be left to a judge - a complete stranger to you and your children. And when a stranger makes the decision about who will raise your kids, it might not be the person you would have wanted. In some cases, the individual granted guardianship could have values, parenting styles, or circumstances entirely incompatible with how you envisioned your children being raised. Even if you have named legal guardians for your children in a prior created will, it has likely not taken into consideration the 6 common mistakes I see consistently when people (and even their well-meaning lawyers) name legal guardians without the training I’ve had as a Personal Family Lawyer® around planning for the needs of families with minor kids at home. If you have a minor child, and have named legal guardians, but want me to review your plan to see if you’ve made any of the 6 common mistakes, contact my office. 

Another important consideration is the financial burden imposed on your children’s chosen guardian. If you haven’t created a Life & Legacy plan, and allocated sufficient funds for your children’s care, even willing loved ones might decline guardianship, leaving the court to make an even more difficult choice.

A Life & Legacy plan alleviates the potential financial burden on your chosen guardians and ensures that your children receive the care and stability they need during an emotionally challenging time.

Take Action Now to Protect the People You Love

I've seen too many people suffer negative, yet unnecessary, consequences after a loved one dies. And if you haven't experienced it yourself, chances are you probably will, or know someone who has. But with the proper education, beginning with correcting these dangerous myths about estate planning, I believe we can break the cycle of strife.

As a Personal Family Lawyer® firm, I start with education so you are clear on what would happen to your loved ones and your assets if you become incapacitated and when you die. Then we will work together to create a plan that aligns with your values, your goals, your loved ones, and most importantly, that works when you need it to.

We call it the Life & Legacy Planning® process, and once you've created your Life & Legacy plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. 

Click here to schedule a 15-minute discovery call with us today.

Every year on February 1st, we observe National Unclaimed Property Day - a reminder of the staggering $60 billion in forgotten and abandoned assets currently held by state governments across America (including over $260 million in Nebraska). And this isn't just spare change we're talking about. These are life insurance policies, forgotten bank accounts, uncashed checks, retirement funds, and other valuable assets that have lost their connection to their rightful owners.

In my practice, I have seen the consequences of overlooked assets and inadequate estate planning. Let's explore how assets are lost and become "unclaimed," how to prevent your assets from ending up in this $60 billion pool, and, most importantly, how to ensure your hard-earned assets reach your loved ones the way you want.

How Assets Become "Lost"

You might wonder how billions of dollars in assets could go missing. The truth is, it happens more easily than you'd think. Think about this: you become incapacitated or die, and someone in your family (either someone you named legally or someone chosen by a judge) has the job of finding all of your assets. Would they be able to find everything? How easy would it be for you to find everything (and you know what you earned, the accounts you set up, when you worked for that one company that set up a retirement account for you, got that insurance policy, etc.)?

What we see commonly when someone passes away without an updated estate plan (including a comprehensive asset inventory), is that their loved ones often have no idea what assets exist or where to find them. Those assets could eventually end up in state custody instead of going to the people you love. That money could be used to fund your children’s education, an investment in a loved one’s business, or to enhance the lives of the people you love most.

“Traditional” or “old school” estate planning often contributes to the problem. With an estate plan drafted by a financial advisor or lawyer who sells a will or trust rather than a comprehensive plan (or from a DIY tool like cheap legal or AI), you typically receive a set of documents to review and sign. You might take these documents home, put them on a shelf or in a drawer, and never look at them again. There's usually no inventory of your assets, which means that some of your assets could be lost or overlooked and end up part of that $60 billion in unclaimed property. 

Why an Asset Inventory and Regular Review is Crucial

As a Personal Family Lawyer® firm leader, I know that effective estate planning isn't a one-time event - it's a lifelong process that includes an inventory of what you have, as well as regular updates to your inventory, as well as the legal documents that go along with it. My process begins with a Life & Legacy Planning® Session, where you’ll create an inventory of your assets, ensuring nothing gets overlooked or forgotten. This inventory includes not just the obvious assets like your home and bank accounts but also:

• Life insurance policies

• Retirement accounts from all previous employers

• Investment accounts

• Business interests

• Valuable personal property

• Intellectual property rights

• Digital assets and cryptocurrency

Digital assets present a particular challenge in today's world. Cryptocurrency, online banking accounts, social media profiles, and digital business assets can be especially difficult for loved ones to track down and access without proper planning. Many people don't realize that without proper documentation and access instructions, their digital assets could become effectively lost forever, even if their family and friends know they exist.

When you work with me, I’ll also help you keep your inventory updated throughout your life. I do this by conducting regular reviews of your Life & Legacy Plan to ensure your asset inventory stays current and properly aligned with your goals, wishes, and values. This comprehensive approach helps prevent your assets from becoming lost so they can go to the people you want in the way you want.

Beyond the Financial Impact

While creating an asset inventory is crucial, my Life & Legacy Planning process goes several steps further. It's not enough to simply list what you own - you need to ensure these assets are properly titled, beneficiary designations are up to date, and your loved ones know how to access everything when the time comes. I support you with it all. I will also be there for your loved ones when you no longer can.

In addition, there’s another crucial part of planning that’s often omitted from traditional or DIY planning. It’s the realization that the value of many assets isn't financial. Family photographs stored in the cloud, emails containing important family history, and digital collections of music or art can have tremendous sentimental value. Yet without proper planning, these too can become effectively "unclaimed property" - inaccessible to the very people meant to inherit them. When these invaluable family legacies are lost, they become another kind of unclaimed property, though their value can't be measured in dollars.

Remember, proper estate planning isn't just about having the right documents - it’s about taking all the steps needed to make things as easy as possible for your loved ones. It's the greatest act of love you can give to the people you cherish most.

Your Next Step

As your Personal Family Lawyer® Firm, I can help you create a comprehensive Life & Legacy Plan that includes a complete asset inventory, regular reviews, and updates to ensure nothing gets lost or forgotten. I’ll also support you to create a Life & Legacy Interview so your most valuable assets - your values, traditions and love - get passed on to the people you love most. Let's work together to protect your legacy.​​

Click here to schedule a 15-minute discovery call with us today.

You know that uneasy feeling when you think about what everyone you love would do, if (and when) something happens to you? That nagging voice reminding you that you still haven't created a will or trust or updated the estate plan you do have? 

As we enter 2025, it's time to stop pushing those thoughts aside and take action to protect the people you love most. Many people avoid estate planning because they think it will be complicated, expensive, too time-consuming, or emotionally challenging. But the truth is, not having a plan, or having an out-of-date plan, is far more costly – financially,  emotionally, and time-wise – for the people you love. 

Let's take a look at five things you can do right now to create lasting peace of mind.

Step 1: Get Financially Organized

One of the biggest challenges people face after losing a loved one is trying to piece together their financial life. Where are all the accounts? What insurance policies exist? What bills need to be paid? Without proper organization, your family could spend months or even years trying to track everything down. Worse yet, anything they don’t find will be turned over to the State Department of Unclaimed Property, where there are approximately $60 billion in lost assets nationwide.  

As important as it is, financial organization isn't just about making lists – it's about creating a clear roadmap for the people who will handle your affairs when you cannot. This includes documenting all your accounts, insurance policies, important passwords, and key contacts. When your loved ones need access to this information, it should be readily available, updated, and easy to handle. This is why our Life & Legacy Planning process begins with a financial organization, so it’s handled with as much ease as possible for the people you love when something happens to you.

Step 2: Create a Lasting Message for Your Loved Ones

When someone dies, their loved ones often wish they had one more conversation, one more chance to hear their loved one's voice or read their words. That's why recording a Life & Legacy Interview is part of our planning process. It’s truly one of the most meaningful gifts you can give the people you love, and who love you. 

This message isn't just about saying goodbye – it's about sharing your values, hopes, and life lessons. Think about what you want future generations to know about your life journey. 

What wisdom do you want to pass down? 

What family stories, or even recipes, should be preserved? 

While you may think “generational wealth” is just about money, the truth is that people who are able to learn from the recorded history of past generations have true generational wealth that’s far greater and irreplaceable than any dollar ever could be.

Your words will become a treasured part of your legacy, offering comfort and guidance long after you're gone.

Step 3: Learn About Tax Planning

Many people don't realize that proper estate planning can help minimize or eliminate taxes their loved ones might otherwise have to pay. Without planning, they could lose a significant portion of their inheritance to estate taxes, income taxes, or capital gains taxes. 

Strategic tax planning isn't about avoiding your obligations – it's about ensuring more of your hard-earned assets go to the people you love rather than the government. Working with a trusted advisor who understands both estate and tax law can help you identify opportunities to protect your loved ones’ financial future.

Step 4: Plan Your Final Farewell (and Your Last Days)

While it might feel uncomfortable to think about your funeral, planning and paying for it in advance is one of the most loving things you can do for the people you love. When you're gone, they will be grieving. The last thing they need is to make difficult decisions about your funeral while trying to guess what you would have wanted.

By planning ahead, you not only ensure your wishes are honored but you also protect the people you love from emotional overspending during a vulnerable time. You can choose and pay for exactly what you want, locking in today's prices and relieving your loved ones of this financial burden.

Even more importantly, consider how you want to spend your last years, months, or even days and discuss that with the people who will be responsible for your care now. This could be a conversation we can help facilitate if bringing it up or even thinking about it alone feels too challenging or if you keep putting it off. This courageous conversation is one of the best gifts you can give to the people you love. 

Step 5: Create a Comprehensive Life & Legacy Plan

All these elements come together in our comprehensive Life & Legacy Planning® process, which guides you to understand the law and how it will apply to your unique situation, considering your family dynamics and assets, so you can make educated and informed choices to ensure your loved ones stay out of court and out of conflict when something happens to you. This isn't just about creating legal documents – it's about creating a plan, maintaining it, and ensuring your loved ones know who to turn to when something happens to you. 

When you create a Life & Legacy Plan with me, it includes clear instructions about who gets what, who's in charge of what, and most importantly, how to find and access everything when needed. It also includes specific directives about what happens if you become incapacitated. In addition, you’ll have the opportunity to outline your memorial service, and we’ll support you to record a Life & Legacy Interview that your loved ones will cherish for the rest of their lives.

The start of a new year is the perfect time to take these essential steps to protect the people you love. Don't wait until it's too late – the greatest gift you can give your loved ones is the gift of preparation and peace of mind.

How We Help You Get Started

As your Personal Family Lawyer® Firm, Penterman Law will help you put these essential protections in place. Through our Life & Legacy Planning® process, we'll guide you in creating a lasting message for your loved ones, implementing smart tax strategies, planning your final arrangements, getting your finances organized, and creating a comprehensive plan that ensures the people you love stay out of court and conflict. Most importantly, we'll help you make informed decisions that align with your values and wishes. So don’t delay! Let us help you start the new year by doing the right thing for your loved ones.