There is an old quote, attributed to Andrew Carnegie, that says, “. . . shirtsleeves to shirtsleeves in three generations.” It sounds a bit cryptic today, but essentially, it means that anything you pass down will be gone within three generations. This is an American idiom, but many cultures have equivalent parables. Commonly, when we envision the American Dream, we can see how it often ends. One generation acquires the wealth, passing it down to their children. Those children live off the money, often making no contribution to the family’s riches. By the time their children are of age, there…Read More
According to a 2019 survey conducted by the Pew Research Center, 7% of surveyed adults lived with an unmarried partner, up from 3% in 1995. More people are entering long-term committed relationships without getting married. Unfortunately, many state and federal laws do not protect unmarried couples as much as they do married couples regarding inheritance, taxes, and decision-making powers. That’s why you must engage in comprehensive financial and estate planning because without proper planning, your beloved partner could end up with nothing should you pass away. The Law Is Not On Your Side If you don’t have an estate plan in…Read More
When it comes to protecting your unmarried partner, there are several options to consider. Depending on the value of your money and property, your desired level of protection from your partner’s creditors, and other factors unique to your situation, one or more of these strategies may be beneficial. A word of caution: regardless of what methods you use, you must work with an experienced estate planning attorney. While do-it-yourself options may be cheaper, they can sometimes create more problems than they solve, and the problems can be expensive to remedy. Add Your Partner As A Joint Owner On An Account…Read More
Estate planning is an incredibly important tool, and it’s not just for the uber-wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing healthcare agents to make decisions for you should you become ill, minimizing taxes so you can pass more wealth onto your family members, and stating how and to whom you would like to pass your estate on to when you pass away. While it should be at the top of everyone’s to-do list,…Read More
Our team at Legacy Law Centers understands that it can be hard to get motivated about your estate planning. Although creating an estate plan sounds about as fun as getting a root canal, it’s crucial if you want to protect your legacy after you pass away. Regardless of your income level, you probably want to make sure that your loved ones are protected and receive your hard-earned money and property when the time comes. Below, we discuss three common roadblocks that often stop people from drafting an estate plan to protect themselves and loved ones: #1: We Don’t Want To Talk…Read More
At Legacy Law Centers, we understand how important it is to plan for your children’s post-secondary education. That is why we are here to help you determine which legal tools you need to include in your estate plan to provide for your family’s particular education needs. Health & Education Exclusion Trust A health and education exclusion trust (HEET) is a type of irrevocable trust that you customize to you avoid paying gift and generation-skipping transfer (GST) taxes on tuition and medical care expenses for your grandchildren and great-grandchildren. If you pay tuition fees from a HEET directly to an educational institution on…Read More
At Legacy Law Centers, our team of experienced attorneys knows that finding time in your busy schedule to take care of important estate planning matters can be difficult, especially if you are a parent working from home or a frontline worker during this pandemic. If you have been meaning to get started drafting an estate plan to ensure your legacy and loved ones are protected when you are no longer around, then consider the following questions to determine what legal documents you need to include. Who Do You Trust To Handle Your Financial Affairs? How your money and property will be handled is one of…Read More
As the coronavirus (COVID-19) crisis continues to unfold and impact more aspects of our day-to-day lives, many of our clients have been reaching out to our law firm to get advice regarding how to adjust current or draft new estate plans to address the volatility of the financial markets and the possibility of their health being directly impacted by the spread of the virus. Although it is completely understandable that this health crisis is making us all anxious about the future, our legal team at Legacy Law Centers is reminding clients that the present state of the world presents unique…Read More
In previous generations, the traditional nuclear family was the status quo. A married, heterosexual couple had 2-3 children, and those children grew up to have kids themselves. But divorce, remarriage, and cohabitation before marriage are now becoming increasingly common and accepted. According to the Pew Research Center, approximately 1 in 6 American children live in a blended family. Although a vast portion of today’s Americans have stepfamily, the laws have not necessarily changed to reflect this pattern. If you live in a blended family, you may need to take additional steps to ensure old laws don’t interfere with modern plans. Furthermore,…Read More
If you think you only need to create discretionary lifetime trusts for young, troubled, or financially inexperienced beneficiaries, then think again. In this day and age of frivolous lawsuits and high divorce rates, discretionary lifetime trusts should be considered for all of your beneficiaries, minors and adults alike. What Is a Discretionary Lifetime Trust? A discretionary lifetime trust is a type of irrevocable trust that you can fund while you are alive – in which case you will gift your assets into the trust for the benefit of your beneficiaries – or after you die – in which case your assets will…Read More
