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Revocable Living Trusts vs. Wills in Iowa: Which Do You Actually Need?

Fri, 24 Apr 2026 15:53:52 GMT

If you've spent any time researching estate planning online, you've almost certainly seen the pitch: "Avoid probate with a revocable living trust!" It's one of the most common messages out there, and for many Iowans, it creates the impression that a trust is the gold standard and a will is somehow second-best.

The truth is more nuanced. Both wills and revocable living trusts are legitimate, useful estate planning tools, and the right choice depends on your specific situation. For a sizable portion of Iowa residents, a well-drafted will is not only sufficient — it's the more practical option. For others, a trust delivers real advantages that justify the added cost and complexity.

This post walks through what each document actually does, how Iowa's probate system shapes the analysis, and the questions you should be asking before you decide.

What a Will Actually Does

A last will and testament is a written document that takes effect at your death. It does a few core things: it names an executor (in Iowa, sometimes called a personal representative), directs how your probate property should be distributed, and — if you have minor children — nominates a guardian.

A will does not avoid probate. In fact, a will is the document that goes through probate. When you die with a valid will, your executor files it with the appropriate Iowa district court, and the court oversees the process of paying your debts, resolving any disputes, and distributing what's left according to your wishes.

A will controls only the assets titled in your individual name at death. It does not control property that passes by beneficiary designation (like retirement accounts and life insurance), jointly owned property with rights of survivorship, or assets already held in a trust.

What a Revocable Living Trust Actually Does

A revocable living trust is a separate legal entity you create during your lifetime. You typically serve as the initial trustee, which means you retain full control over the assets — you can buy, sell, spend, or distribute trust property the same way you always have. The "revocable" part means you can change or cancel the trust at any time while you have capacity.

The key feature: assets properly titled in the name of the trust do not go through probate when you die. Instead, a successor trustee you named steps in and distributes the assets according to the trust's terms, outside of court supervision.

That last phrase — "properly titled in the name of the trust" — does a lot of heavy lifting. Creating a trust document is only half the job. You also have to fund the trust by retitling bank accounts, investment accounts, real estate, and other significant assets into the name of the trust. An unfunded trust is an expensive piece of paper that accomplishes very little.

How Iowa Probate Actually Works

Here's where a lot of the online advice goes sideways. Probate is often described in dire terms — "expensive, slow, public, a nightmare." That description fits some states. It does not fit Iowa particularly well.

Iowa probate is a reasonably well-established, predictable process. Most uncontested estates move through the court without significant friction. The timeline is driven largely by statutory notice periods to creditors rather than by court backlogs, and smaller or simpler estates can sometimes use streamlined procedures.

That said, Iowa probate is not free. Attorney and executor fees in Iowa are governed by statute and are calculated based on the gross value of the probate estate, which can add up meaningfully on larger estates. Probate is also a matter of public record, meaning the inventory and will become accessible to anyone who wants to look.

So probate in Iowa is generally manageable — but "manageable" is not the same as "free" or "private." That's the tension a trust is designed to address.

When a Will Is Probably Enough

For many Iowa families, a carefully drafted will, combined with proper beneficiary designations and titling, is a perfectly appropriate plan. You should give serious consideration to a will-based plan if most of the following apply:

Your estate is modest to moderate in size and doesn't include complex assets. Your primary assets are things like a home, retirement accounts, bank accounts, and life insurance — most of which can pass outside of probate through beneficiary designations or joint ownership. You don't own real estate in multiple states. Your family situation is relatively straightforward, without blended-family complexities, special-needs beneficiaries, or concerns about a beneficiary's ability to manage money. You're not especially concerned about probate becoming public, and you're comfortable with the modest time and cost involved.

In these situations, a trust may simply add cost and administrative burden without producing meaningful benefits.

When a Trust Starts to Make Real Sense

A revocable living trust earns its keep when specific circumstances tilt the cost-benefit math in its favor:

You own real estate outside of Iowa. If you have a cabin in Minnesota, a condo in Arizona, or farmland in another state, your family could face probate in each state where you hold property. This is called ancillary probate, and it's genuinely painful. A trust can consolidate those assets under one administration.

Privacy is important to you. Wills become public record when probated. Trusts generally do not. If you have a prominent role in the community, a sensitive family situation, or simply strong feelings about keeping financial matters private, that alone can justify a trust.

You want to plan for incapacity, not just death. If you become unable to manage your own affairs, the successor trustee of your funded trust can step in seamlessly to manage assets held in the trust. This can be smoother than relying on a power of attorney alone, particularly for real estate and investment accounts.

You have blended-family, special-needs, or long-term-care planning concerns. Trusts allow for nuanced, long-term instructions — for example, providing for a surviving spouse while ensuring remaining assets pass to children from a prior marriage, or holding assets for a beneficiary who receives needs-based government benefits.

You have a larger or more complex estate. As estate size grows, so do probate costs and the value of keeping assets out of court.

The "Both" Approach — Pour-Over Wills

A common misconception is that wills and trusts are either/or. In practice, people with revocable living trusts almost always also have a short will, called a pour-over will. Its job is to catch any assets that didn't make it into the trust during your lifetime and direct them into the trust at your death.

So the real choice isn't "will vs. trust." It's "will-based plan vs. trust-based plan." Both approaches rely on a coordinated set of documents — typically including a will, durable power of attorney, and healthcare directives — and the trust-based plan adds a trust and the funding work that goes with it.

Honest Talk About Cost

A will-based estate plan typically costs less to set up than a trust-based plan. A trust-based plan requires more drafting, more coordination, and the funding process — retitling assets, updating beneficiary designations, recording deeds.

Trust proponents often argue those upfront costs are recovered later by avoiding probate fees. Sometimes that's true. Sometimes it isn't. The honest answer depends on the size of your estate, what it's made of, how well the trust is funded and maintained over time, and how long you live with the trust in place.

Be skeptical of anyone — including any attorney — who recommends a trust before asking detailed questions about your assets, family, and goals. A trust is a tool, not a product, and it's not the right tool for every job.

Questions to Bring to Your Estate Planning Conversation

Before your first meeting with an estate planning attorney, it's worth thinking through:

What do you own, and how is each asset titled? What beneficiary designations are already in place on retirement accounts and life insurance? Do you own real estate in more than one state? Who would you want to handle things if you became incapacitated? Who would you want to inherit, and are there any concerns about how a particular beneficiary would handle an inheritance? How do you feel about the public nature of probate?

The answers to these questions — not a generic online article — should drive the decision about whether a will or a trust is right for you.

How The Smith Law Firm Can Help

Estate planning in Iowa isn't about choosing the fanciest document. It's about building a plan that actually fits your life, your family, and your goals — and that your loved ones can reasonably carry out when the time comes.

At The Smith Law Firm, we work with Ames-area families to design estate plans that are proportionate to what's actually needed. Sometimes that means a straightforward will-based plan. Sometimes it means a revocable living trust. Often it means a combination of documents working together. What it never means is recommending a tool that isn't earning its keep.

If you'd like to talk through your situation, we'd be glad to schedule a consultation. Book a call here!

Estate Planning for Digital Nomads and Remote Workers in 2026

Thu, 26 Mar 2026 15:00:24 GMT

The way people live and work has changed dramatically in recent years. More professionals now work remotely, move frequently, or live part-time in different states or countries. While this flexibility offers freedom and opportunity, it also creates estate planning challenges many people don’t realize they have.

If you work remotely or travel often, your legal “home” may not be as clear as you think - and that matters when it comes to your estate plan.

Why Location Still Matters Legally

Even in a digital world, laws are still tied to geography. Your state of legal residence can affect:

which probate court has authority
how your assets are taxed
which laws control your will or trust
who can make decisions for you if you become incapacitated

If you split time between states or countries, determining your legal domicile can become complicated. Different jurisdictions may claim authority, which can slow down administration and increase legal costs for your family.

The Hidden Risks of a Mobile Lifestyle

Remote workers and digital nomads often have assets spread across multiple locations. You might have bank accounts in one state, property in another, and business income tied to yet another jurisdiction. Without proper planning, this can lead to overlapping legal requirements or conflicting rules.

Another common issue is outdated documents. Many people create an estate plan in one state, then move without updating it. While your documents may still be technically valid, they may not work as smoothly as intended in your new location. Small differences in state law can affect everything from signing requirements to fiduciary authority.

Planning Strategies That Provide Stability

A strong estate plan can bring clarity even if your lifestyle is flexible. This may include confirming your legal domicile, coordinating your documents with the laws of that jurisdiction, and making sure your agents and decision-makers can act wherever you are located. It can also involve reviewing beneficiary designations, property ownership, and tax considerations to ensure everything is aligned.

We Can Help

Estate planning for remote professionals and mobile families requires careful coordination and up-to-date legal guidance. We work with clients to create plans that reflect how they actually live today, not just where they happened to be when their documents were first signed. Start by booking a Peace of Mind Planning Session. We will answer your questions, go over your options, and discuss our unique flat-fee pricing. Mention this article and we’ll waive the $295 session fee! BOOK HERE

Why Your LLC Operating Agreement Might Matter More Than Your Will

Thu, 19 Mar 2026 15:00:34 GMT

When people think about estate planning, they usually focus on wills and trusts. Those documents are important, but if you own a business - especially an LLC - there’s another document that may control what happens to your company when you die: your operating agreement.

Many business owners are surprised to learn that their will does not automatically determine who inherits or runs their business. In many cases, the operating agreement governs what happens first. If it hasn’t been carefully drafted or updated, it can override your intentions and create confusion for your family.

The Document That Actually Controls Your Business

An LLC operating agreement is the contract that sets the rules for how the business is owned, managed, and transferred. It often includes provisions addressing what happens if an owner dies, becomes disabled, or wants to leave the company.

If that agreement says ownership can only pass to certain people, or requires approval from other members, your will cannot simply override it. Even if your will leaves your business interest to a spouse or child, the operating agreement may limit what they actually receive. In some cases, heirs may inherit only the financial value of the business, not decision-making power.

Common Problems Families Face

When operating agreements are outdated or incomplete, several issues can arise:

Heirs may not be allowed to participate in management
Business partners may gain control unexpectedly
Buy-sell provisions may force a sale at an unfavorable price
Disputes can arise between family members and co-owners

These situations can delay estate administration, reduce business value, and strain relationships at an already difficult time.

Why Coordination Matters

A well-designed estate plan coordinates your personal documents with your business documents. That means your will, trust, and powers of attorney should align with your operating agreement so they work together rather than conflict.

Reviewing your business documents regularly is especially important if your ownership structure, partners, or goals have changed. What made sense when you formed your company may no longer reflect your wishes today.

We Can Help

If you own a business, your estate plan should address it clearly and strategically. We help business owners review their operating agreements alongside their estate planning documents to ensure everything is aligned and legally sound. Book a Peace of Mind Planning Session. We will answer your questions, go over your options, and discuss our unique flat-fee pricing. Mention this article and we’ll waive the $295 session fee! BOOK HERE

Your Child Is an Influencer — Who Controls Their Brand If Something Happens to You?

Thu, 12 Mar 2026 15:00:31 GMT

Many parents today are helping their children build an online presence, whether intentionally or not. Some kids have YouTube channels, Instagram accounts, brand sponsorships, or growing audiences that generate income. What many families don’t realize is that a child’s online platform can become a valuable asset, and like any asset, it needs proper planning and legal protection.

When a Social Media Account Becomes a Business

A child’s online presence can quickly turn into more than just a hobby. Sponsored posts, ad revenue, affiliate links, merchandise, and brand partnerships can all create real financial value. In some cases, these accounts function like small businesses, complete with contracts, income streams, and intellectual property rights.

Most parents have not included these assets in their estate planning. That means if something happens to a parent or guardian who manages the account, there may be confusion about who has authority to run, access, or protect it. Platforms often restrict account transfers, and without proper legal documentation, even family members may not be able to step in.

Legal and Practical Risks Families Overlook

There are two major issues families commonly face: control and continuity.

First, control. If a parent manages login credentials, brand deals, and business communications, what happens if they are suddenly unavailable? Without clear authorization, no one else may be able to legally access the account or manage existing contracts.

Second, continuity. A growing platform may have sponsorship obligations, posting schedules, or pending payments. Without a plan, those opportunities, and the income tied to them, can be lost. In some cases, accounts may even be frozen or removed if ownership or authority cannot be verified.

What Parents Can Do Now

Planning ahead can help ensure your child’s digital brand is protected. This may include documenting account details, clarifying who has authority to manage the platform, and making sure contracts and earnings are structured properly. It can also involve coordinating estate planning documents so that legal authority over digital assets is clearly defined.

We Can Help

If your child has an online presence that generates income, it is worth making sure it is legally protected. We help families create plans that account for both traditional and digital assets. Start by booking a Peace of Mind Planning Session. We will answer your questions, go over your options, and discuss our flat-fee pricing. Mention this article and we’ll waive the $295 session fee! BOOK HERE

What Happens to Your AI After You Die?

Thu, 05 Mar 2026 16:00:10 GMT

If you’ve done any estate planning, you’ve probably thought about the obvious assets - your home, your savings, maybe family heirlooms. But there’s something many people still haven’t considered: your AI and digital creations may also be part of your estate.

Today, a significant portion of what we build, create, and manage exists online. You might use AI tools for your work, business systems, creative projects, or even passive income streams. This can include custom chatbots, digital products, prompt libraries, automated workflows, online courses, or stored creative content. These assets can carry real financial or personal value, yet most estate plans never mention them.

Why Digital Assets Are Often Overlooked

When someone passes away, loved ones usually look for assets they can easily identify like bank accounts, property, or paperwork. Digital tools are different. If no one knows they exist, they can be missed entirely. In some cases, platforms delete inactive accounts after a certain period, meaning something you spent years building could disappear without anyone realizing it was there.

Access can also be a challenge. Many platforms require passwords, authentication codes, or specific permissions. Even if your family knows about an account, they may not have the legal authority or technical ability to manage or transfer it. This can delay estate administration, create added stress, and sometimes result in lost value.

The Good News

Planning for digital and AI assets does not have to be complicated. With proper guidance, you can ensure everything you’ve built is accounted for and protected. This may include documenting your digital assets, authorizing someone to manage them if needed, and coordinating your estate plan so nothing is overlooked.

Estate planning has always been about making life easier for the people you care about. As technology becomes part of everyday life, it also becomes part of your legacy. Taking steps now can help ensure your digital assets are preserved, protected, and handled according to your wishes.

Take The Next Step

If you would like help making sure your digital assets are properly addressed, we invite you to schedule a Peace of Mind Planning Session. During this meeting, we’ll answer your questions, review your options, and explain our flat-fee approach. Mention this article and we’ll waive the $295 session fee. BOOK HERE

Estate Planning for a Child With Special Needs: What Parents Need to Know

Thu, 26 Feb 2026 15:30:02 GMT

Estate planning matters for every family. But when you have a child with special needs, the conversation becomes deeper, more personal, and more long-term. You are not just planning for childhood. You are planning for a lifetime.

That reality can feel overwhelming. And yet, thoughtful planning is one of the most powerful ways to protect your child’s future - emotionally, physically, and financially - if you are no longer able to do so yourself.

At its core, special needs estate planning focuses on two essential questions:
Who will care for your child? And how will your child be supported financially?

Choosing Guardians for Long-Term Care

For parents of a child with special needs, guardianship is not a temporary decision. It is often a lifelong one.

Naming both short-term and long-term guardians ensures that your child is cared for by people you trust, in a way that reflects your values and your child’s unique needs. Many parents share that simply making these decisions brings a deep sense of relief — because it replaces uncertainty with clarity.

Guardianship planning is not only about housing and safety. It is also about quality of life. Written guidance can help guardians understand routines, preferences, therapies, social activities, and the small details that make your child feel secure and loved. Without that guidance, even well-intentioned caregivers may struggle to replicate the care you provide every day.

Protecting Financial Support Without Losing Benefits

Financial planning for a child with special needs is often complex. Parents want to provide support — but direct inheritances can unintentionally disqualify a child from important government benefits such as Medicaid or Supplemental Security Income.

This is where a special needs trust becomes essential.

A properly structured special needs trust allows assets to be used for your child’s benefit without interfering with eligibility for public assistance. The trust can pay for therapies, education, transportation, recreation, and quality-of-life expenses while preserving access to government programs that cover medical and basic support.

Because the rules governing these trusts are detailed and vary by state, careful drafting and ongoing guidance are critical.

How a Special Needs Trust Works

In a special needs trust, funds are not given directly to your child. Instead, a Trustee manages the trust and uses its assets according to the instructions you provide.

Parents typically serve as the initial Trustee, with a Successor Trustee named to take over if the parents are no longer able to serve. Often, families choose someone other than the child’s guardian to act as Trustee to provide balance, accountability, and support.

The Trustee must follow the trust’s terms, keep records, manage investments, and understand how trust distributions affect government benefits. Because of this responsibility, many families choose to involve professional trustees or co-trustees, or to provide guidance and oversight to a trusted personal Trustee.

The Trustee’s Ongoing Role

Once the trust is funded, the Trustee’s role becomes central to your child’s stability. The Trustee must stay informed about benefit rules, make appropriate distributions, manage investments, file taxes, and remain attentive to your child’s evolving needs.

This is not a simple role, but with the right structure and support, it becomes a powerful tool for protecting your child’s quality of life.

Planning With Love and Intention

Planning for a child with special needs is not just about documents. It is about continuity. It is about ensuring that your child is surrounded by care, dignity, and support even when you are no longer there to provide it personally.

While the process can feel daunting, each decision you make now creates security for your child later.

We Can Help

Start by booking a Peace of Mind Planning Session. We will answer your questions, go over your options, and discuss our unique flat-fee pricing. Mention this article and we’ll waive the $295 session fee! BOOK HERE

Common Estate Planning Mistakes That Cost Families More Than They Expect

Thu, 19 Feb 2026 15:45:01 GMT

DIY and low-cost estate planning options can feel like a smart, efficient choice. The documents look professional, everything is signed, and it seems like the job is done.

The problem is that most estate planning mistakes are not obvious. They are structural. And they often aren’t discovered until a family is already dealing with loss.

When reviewing estate plans created online or by attorneys who do not regularly focus on estate planning, the same patterns appear again and again. The intentions are good, but the execution is often wrong or incomplete.

Here are three of the most common mistakes we see:

Leaving Assets Directly to Loved Ones

When assets are left outright to beneficiaries, they immediately lose protection. Those assets can be exposed to creditors, lawsuits, divorces, or financial mismanagement. If the beneficiary is a minor, a court must step in to decide who manages the money and how it is used.

A better option is to leave assets in a trust. A trust allows the funds to be available for the beneficiary’s needs while keeping them protected. Even if the estate is modest, protecting what exists is still important.

A trust helps ensure that the inheritance is used intentionally, managed responsibly, and shielded from future risks, so the support you leave behind lasts as long as possible..

Forgetting Beneficiary Designations

Life insurance policies and retirement accounts pass by beneficiary designation, not by your will or trust. If those forms are not updated to coordinate with your estate plan, some of your largest assets may bypass the plan entirely.

In some cases, the listed beneficiary is outdated. In others, the asset passes outright when it was meant to be protected inside a trust.

We Can Help

Don’t let these expensive mistakes happen to you! Book a Peace of Mind Planning Session. We will answer your questions, go over your options, and discuss our unique flat-fee pricing. Mention this article and we’ll waive the $295 session fee! BOOK HERE

When Your Child Turns 18, Everything Legally Changes

Thu, 12 Feb 2026 15:00:31 GMT

As parents, we spend years making medical and financial decisions for our children without a second thought. We sign permission slips, speak with doctors, manage insurance, and handle paperwork as needed.

But did you know that the moment your child turns 18, that legal authority disappears? Even if your child still lives at home. Even if you still pay their bills. Even if they still call you for advice.

Legally, they are now an adult.

That means doctors, hospitals, and financial institutions are no longer allowed to share information with you or accept your decisions unless your child has signed documents giving you that authority.

Why This Becomes a Problem

Imagine your 18-year-old is away at college, traveling, or living in another city and experiences a medical emergency. You rush to help, only to learn that doctors cannot legally discuss their condition with you. If your child is unconscious or unable to speak, you may not even be informed of key details.

This isn’t because anyone is being unkind. It’s because healthcare providers must follow HIPAA privacy laws, which protect the medical information of all adults. Once your child turns 18, they are legally treated the same as any other adult patient.

Without proper documents in place, parents can quickly find themselves locked out of conversations they assumed they would always be part of.

The Three Documents That Matter Most

In most states, three simple legal documents can prevent that situation and restore communication and clarity when it matters most.

A HIPAA Authorization allows your child to name who can receive medical information about them. Your child can decide exactly what may be shared and what may remain private, maintaining control while still keeping trusted people informed.

A Medical Power of Attorney allows your child to choose someone to make medical decisions on their behalf if they are unable to do so. This ensures that decisions are made by someone who knows them and understands their wishes.

A Durable Financial Power of Attorney allows a trusted person to handle financial and legal matters if your child becomes incapacitated. This can include paying bills, signing documents, or managing accounts during recovery.

These documents do not remove your child’s independence. They protect it.

A Quiet Transition Many Families Miss

The shift from minor to adult happens overnight, but most families are never taught what that change actually means.

High school graduation, college move-ins, travel, and new independence arrive quickly. Legal preparation often lags behind.

Taking time to put these documents in place is not about expecting emergencies. It is about making sure that if something unexpected happens, communication and care are not blocked by legal technicalities.

We Can Help

Learn more about these important documents at a Peace of Mind Planning Session. We will answer your questions, go over your options, and discuss our unique flat-fee pricing. Mention this article and we’ll waive the $295 session fee! BOOK HERE

The File Every Family Wishes Existed

Thu, 05 Feb 2026 15:00:09 GMT

Many people assume that once they have a will or trust, their family will be “taken care of.” In reality, those documents often answer only part of the story.

What families struggle with most isn’t the legal language - it’s the logistics. They don’t know where accounts are held, how to access digital records, or what their loved one wanted beyond what the documents say. Important details are scattered across emails, portals, and paper files. In the middle of grief, that search becomes overwhelming.

That’s where a “When I Die” file comes in.

Why Legal Documents Aren’t the Whole Story

The idea, shared in *A Beginner’s Guide to the End* by Shoshana Berger and BJ Miller, is simple: create one clear, findable place that holds the information your loved ones would need if something happened to you. It can be a binder, a folder, or a secure digital file. What matters is not the format, but the clarity.

Berger writes about spending nearly two years reconstructing her father’s financial life after his death, even though his legal documents were easy to find. That experience is surprisingly common. Modern lives are complicated, and without guidance, even organized families are left guessing.

What This File Actually Does

A “When I Die” file doesn’t replace your estate plan. It supports it. It connects your legal documents to real life. It helps your family know what exists, where it is, and what matters.

It also acknowledges something many plans overlook: your digital life. Photos, emails, online accounts, subscriptions, and investment portals are now part of your legacy. Without access, those pieces can be lost.

This file doesn’t have to be perfect. It only has to exist. Each step you take makes things easier for the people you love.

Take The Next Step

If you are ready to get a will or trust in place, we can help! Start by booking a Peace of Mind Planning Session. We will answer your questions, go over your options, and discuss our unique flat-fee pricing. Mention this article and we’ll waive the $295 session fee! BOOK HERE

What Is an Executor—and Why Choosing the Right One Matters

Thu, 29 Jan 2026 14:00:37 GMT

When someone creates a will, one of the most important decisions they make is choosing the executor - the person legally responsible for carrying out the instructions in the will after they pass away.

Many people pick an executor quickly, almost as an afterthought, without fully understanding what the role involves. But serving as an executor isn’t just a formality or a title. It’s a serious job, with legal responsibilities, deadlines, paperwork, and emotional complexity.

Choosing the wrong person can cause delays, family conflict, and even financial consequences. Choosing the right person can make all the difference in how smoothly your estate is handled.

What Does an Executor Actually Do?

Think of an executor as the “project manager” of your estate. Their responsibilities include:

Locating the will and filing it with the court
Opening a probate case
Notifying banks, government agencies, and creditors
Gathering and valuing assets
Paying final bills, debts, and taxes
Managing real estate (sometimes selling it)
Handling paperwork and deadlines
Distributing assets to the beneficiaries
Keeping detailed records and reporting to the court

This process can take months—sometimes more than a year, depending on the complexity of the estate.

Why the Right Executor Matters

An executor must juggle financial, legal, and emotional responsibilities, often while grieving the loss of a loved one. That’s why the qualities of the executor matter far more than titles, birth order, or family roles.

You want someone who is:

1. Organized and Responsible

There are deadlines, forms, and strict court rules. An executor who procrastinates or loses paperwork can create real problems.

2. Financially Savvy

They don’t need to be an accountant, but they should be comfortable with numbers, bills, and taxes.

3. Fair and Level-Headed

Family emotions run high after a death. You want someone who can stay neutral, communicate clearly, and avoid inflaming conflicts.

4. Trustworthy

This person will have access to your assets. Integrity is non-negotiable.

5. Willing and Able

This role takes time. Someone who is overwhelmed, overextended, or unreliable is not a good choice - even if you love them dearly.

Who Should You Choose?

Many people automatically pick their oldest child or closest relative. But those may not be the best choices. Sometimes a younger sibling, a close friend, or even a professional (like an attorney) is better suited.

What matters most is not family hierarchy; it’s finding someone who can handle the responsibility with clarity, honesty, and care.

We Can Help!

Ready to get your own estate plan started? Start by booking a Peace of Mind Planning Session! We’ll answer your questions, go over your options and our flat fees, and decide if we want to move forward. Mention this blog, and we’ll waive the $295 session fee! Book here .

How Your Digital Life Becomes a Legal Nightmare Without a Plan

Thu, 22 Jan 2026 14:00:18 GMT

The Estate Planning Issue No One Talks About: Your Digital Life

When most people think about estate planning, they picture the traditional things like your home, bank accounts, retirement plans, sentimental keepsakes, maybe even the family cabin. But there’s an entire category of your life that is often overlooked:

Your digital life.

In a world where almost everything we do is online, your digital presence has become one of your most valuable (and complicated) assets. And without proper planning, your loved ones might not be able to access anything when you are gone.

What Counts as a “Digital Asset”?

Digital assets include far more than passwords and social media.

They can include:

Online bank or investment accounts
Cryptocurrency and digital wallets
Photos and videos stored in the cloud
Email accounts
PayPal, Venmo, or CashApp balances
Online businesses
Loyalty points and airline miles
Social media accounts
Online subscriptions
Stored documents in Google Drive, Dropbox, or iCloud

Basically, anything that lives behind a username and password.

The Legal Problem: Your Loved Ones Can’t Just Log In

Here’s what surprises most people:

It’s illegal for anyone—even your spouse—to use your password after you die.

Federal privacy laws and terms of service agreements prohibit unauthorized access. That means your family may not be able to:

Recover family photos
Access important documents
Shut down accounts
Transfer digital currency
Close or memorialize social media profiles
Retrieve business information

In some cases, companies like Apple and Google have denied access even when families had a court order .

How Estate Planning Solves the Digital Mess

A modern estate plan includes specific documents addressing digital assets, such as:

1. Digital Asset Authorization

This gives your trusted person permission to access your accounts.

2. A Secure Inventory

A list of accounts, devices, and instructions stored safely

3. Instructions for Each Category

What to save, delete, transfer, or protect.

4. A Backup Plan

Because technology and access change constantly.

Why This Matters More Than Ever

Your digital life tells your story. It contains your memories, your communications, your work, and in many cases, your money. Without direction, it can vanish forever - or get locked behind a wall your family can’t break through.

We Can Help!

Ready to get a plan that includes your digital assets? Start by booking a Peace of Mind Planning Session! We’ll answer your questions, go over your options and our flat fees, and decide if we want to move forward. Mention this blog, and we’ll waive the $295 session fee! Book here .

Can AI Really Draft Your Estate Plan? What Families Need to Know

Thu, 15 Jan 2026 21:37:50 GMT

Artificial intelligence (AI) has made huge strides in the past few years, bringing futuristic technology into our everyday lives. Tools like ChatGPT can already write emails, brainstorm marketing ideas, answer questions, and even help with educational programs. It’s natural to wonder: could AI eventually replace the work of estate planning attorneys? And more importantly - is it safe to trust a computer with something as important as your family’s future?

We decided to put AI to the test by asking ChatGPT to create a trust. What we found might surprise you.

What Is ChatGPT, Really?

ChatGPT is a powerful language tool created by OpenAI. It’s trained on an enormous amount of human-written content - books, articles, websites, stories - and uses all of that information to generate answers that feel very human. You can ask it to:

Write emails or articles
Answer questions
Create lists, poems, or even songs

It’s incredibly fast and can sound surprisingly sophisticated. But like any tool trained on the internet, it can be wrong, inconsistent, biased, or even a little silly. ChatGPT is impressive, but it still needs human supervision.

How People Use ChatGPT

Because ChatGPT works like a conversation, you tell it exactly what you want. You can say things like “summarize,” “rewrite,” “create a top-five list,” or “make the tone more friendly.” You can give it context, ask follow-up questions, or set boundaries such as wanting a professional tone or a short answer.

The Real Question: Can ChatGPT Draft a Trust?

We tested it by asking the program to create a trust-based estate plan - something that requires careful thought, legal knowledge, and the ability to anticipate future complications.

Here’s what we discovered:

ChatGPT missed major legal requirements.
It left out essential provisions about what happens if the trust maker, trustee, or beneficiary becomes incapacitated.

It included language that could cause tax problems.
One clause it generated could actually waste a family’s estate tax exemption —something no responsible attorney would ever allow.

It didn’t understand nuance.
State laws, family dynamics, asset types, long-term planning strategies - AI simply can’t personalize these the way a trained professional can.

Bottom Line

AI can assist, but it can’t replace real planning. If you are ready to get started on your own estate plan, start by booking a Peace of Mind Planning Session. We’ll answer your questions, go over your options and our flat fees, and decide if we want to move forward. Mention this blog and we’ll waive the $275 session fee! Book here .

Estate Planning for Military Families: What You Need to Know

Thu, 08 Jan 2026 21:34:05 GMT

Military families live with realities most civilians never have to think about - sudden deployments, frequent moves, unpredictable schedules, and the everyday risks that come with serving our country. Those constant changes make protecting your family especially important, and often a simple, one-page will isn’t enough to cover everything your family may need.

Here’s what every military family should know so you can feel confident, prepared, and protected — wherever the military takes you next.

Why Military Families Need More Than a Basic Will

Most service members can get a free will through the JAG office, which is incredibly helpful — but it’s also very limited. A basic will doesn’t include many tools that military families often need, such as:

A trust to protect your children and keep things private
Planning for blended families or complex family dynamics
Protecting assets if something unexpected happens
Making sure a child with special needs is fully provided for
Powers of attorney so someone can handle finances and decisions while you’re away
Clear guardianship planning for minor children

Because military life can change quickly, planning ahead ensures your children, finances, and personal decisions are protected without delay or confusion.

How Frequent Moves Affect Your Estate Plan

Most military families move every 2–3 years. Those relocations affect far more than boxes and furniture — they also impact:

Your finances, especially if you’re buying, selling, or renting homes
Your local support system
The legal rules that apply to your documents

A will or trust created in one state may not fully match the laws in the next state you move to. And major life events — marriage, divorce, new babies, buying a home — may require updates too. Keeping your documents up to date means your family is always protected, no matter where you’re stationed.

“Deployment Readiness” for Your Family

Before a deployment, taking a little time to get documents in order can create enormous peace of mind. That often includes:

Wills and/or trusts
Updated beneficiary designations
Guardianship decisions for your children
Financial and medical powers of attorney
Instructions for digital assets (online accounts, passwords, etc.)
A simple “letter of instruction” explaining:
who to contact,
where important documents are kept,
and what bills or financial tasks may need attention

Deployment can happen fast. Having everything organized ahead of time helps your family stay grounded and secure while you’re away.

We Can Help!

Ready to get your own estate plan started? Start by booking a Peace of Mind Planning Session. We’ll answer your questions, go over your options and our flat fees, and decide if we want to move forward. Mention this blog and we’ll waive the $275 session fee! Book here .

A Will Won't Do What You Think It Does!

Mon, 20 Oct 2025 22:45:22 GMT

When most people hear the term estate planning , the first thing that comes to mind is a will. It seems simple enough: write down who gets what, sign it, and you’re done. Unfortunately, that assumption creates one of the biggest misunderstandings in estate planning.

Here’s the truth: a will doesn’t avoid probate. In fact, it can guarantee it.

What Probate Really Means

Probate is the court process where a judge oversees the distribution of someone’s estate after they die. Sounds straightforward, but in reality it can be:

Time-consuming: Probate can take months—or even years—to resolve.
Costly: Court fees, attorney fees, and executor expenses add up quickly.
Public: Probate is a public process, meaning anyone can look up details about your estate, assets, and beneficiaries.

If your goal is to save your family stress, time, and money, relying on just a will won’t get you there.

What Actually Keeps Families Out of Court

The solution is a comprehensive estate plan that goes beyond a simple will. A well-designed plan often includes a revocable living trust, which allows your assets to transfer directly to beneficiaries without court involvement, as well as powers of attorney to ensure someone can manage your financial and health care decisions if you’re unable to.

It also incorporates beneficiary designations to keep retirement accounts, life insurance, and certain bank accounts out of probate, along with advance directives that make your medical wishes clear and enforceable.

Together, these documents provide complete coverage — protecting you while you’re alive and after you pass.

Take the First Step

Time to finally get your estate plan done? Start with a Peace of Mind Planning Session. We’ll walk you through your options and explain our flat fees. Book your discovery call HERE!

Digital Estate Planning: What Happens to Your Online Life When You're Gone?

Fri, 19 Sep 2025 22:32:01 GMT

We all have an online life now, even if we don’t think of it that way. Your email, bank app, photo storage, and social media logins are all part of your “digital estate”. Unfortunately, most people have no plan in place for what happens to these things when they’re gone. So what does happen? Without a digital estate plan:

Your family may not be able to access your accounts — even if they know your passwords.
Your bills might keep charging.
Important documents or memories could be lost forever.
Worse, accounts could be hacked or misused, and no one would know how to stop it.

It’s a mess — and it’s preventable.

Here’s what you can do right now to start protecting your digital legacy:

Make a list of your important accounts.
Include email, banking, investment, cloud storage, social media, subscriptions, and anything with sensitive info.
Decide who gets access.
Choose a trusted person to take over if you can’t manage your accounts anymore.
Use a password manager or secure place to store login info.
Make sure someone knows how to find it when needed.
Talk to your estate planning attorney.
A good plan includes a digital asset provision and clear authority for your executor or agent to access your accounts.

Start Planning Today

Your online life matters—don’t leave it in limbo. From email to cloud storage, we’ll help you plan for your digital assets. Start by booking a Peace of Mind Planning Session. We’ll talk through your options, explain our flat fees, and if it makes sense to work together, go over next steps.

Mention this blog and we’ll waive the $350 session fee.
Click the link to start now!

Estate Taxes Just Got Friendlier—But Planning Still Matters

Mon, 08 Sep 2025 22:40:27 GMT

In July 2025, Congress raised the federal estate tax exemption to $15 million per person (or $30 million for married couples ). This means most families will not have to pay estate taxes when they pass away, as most Americans have significantly less.

So, if taxes aren’t a concern, does that mean estate planning doesn’t matter anymore?

Not even close. In fact, it matters more than ever —and here’s why:

1. State Taxes Still Apply
Many states have their own estate or inheritance taxes, and their exemption limits are much lower. For example, New York’s exemption is currently around $6.9 million, and if your estate goes just a dollar over, you could lose the entire exemption. Even if you avoid federal taxes, your estate could still owe your state a big check.

2. Avoiding Family Disputes & Probate
Estate planning is just as much about clarity, control, and peace of mind as it is taxes. Without a plan, your family could end up in court, fighting over your assets, or stuck in a years-long probate process. A thoughtful estate plan makes your wishes crystal clear and keeps your family out of conflict.

3. Protecting the People You Love
Planning allows you to name guardians for your kids, protect inheritances from divorce or creditors, and ensure your healthcare and financial decisions are honored if something happens to you. It’s about protecting your legacy—not just your money.

Now is the perfect time to create a plan that reflects your values, protects your family, and makes sure everything you’ve worked for is handled the right way.

Take the Next Step

Time to finally get your estate plan done? Start with a Peace of Mind Planning Session. We’ll walk you through your options and explain our flat fees.

Mention this blog and we’ll waive the $295 session fee. Click on the link and start Here!

How to Protect Your Vacation Home from Probate Drama

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 18 Jul 2025 18:30:18 GMT

A beach house in Florida. A ski cabin in Colorado. A lakeside retreat in Michigan.

Vacation homes are one of life’s great luxuries - a place to unwind, create memories, and escape the grind. But if you own property in more than one state, your estate plan needs to do more than simply “pass things along.”

Because without the right planning, that second home could cause your family a real headache after you’re gone.

The Hidden Problem with Out-of-State Property

If your primary residence is in New York, but you own a vacation condo in California. If you pass away with just a will, both states may require separate probate proceedings - one in each jurisdiction. These are called ancillary probate. That means potentially two courts, two sets of lawyers, twice the time and twice the cost.

What You Can Do

If you want your family to avoid ancillary probate, one option is to place the property in a revocable living trust. This is the most common and flexible way to avoid probate in multiple states. The trust “owns” the home, so when you pass away, it can transfer to your beneficiaries without court involvement.

A second option is to create a limited liability company (LLC). In some cases, especially if the property is rented or shared among multiple family members, placing the vacation home in an LLC can make sense for liability protection, tax planning, and smoother transitions.

We Can Help

We help families who own out-of-state real estate every day. Start by booking a Peace of Mind Planning Session. We’ll answer your questions, go over your options, and present our flat fees. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. And if not, that’s fine too! Mention this article and we’ll waive the $275 session fee. Click on the link to start now!

Surprising Things That Are Part of Your Estate

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 11 Jul 2025 18:28:10 GMT

When most people hear the word estate , they picture a sprawling mansion with marble floors and a private vineyard. But in the legal world, your “estate” simply means everything you own when you pass away, and that includes a lot more than you might expect.

Whether you’re just starting to think about a will or already have a plan in place, it’s worth understanding what actually counts as part of your estate. Here are five things that often surprise people:

1. Digital Assets

Your estate includes your digital life like email accounts, cloud storage, social media profiles, and crypto wallets. Without a plan in place, your family may be locked out of important accounts.

Tip: Make a list of your digital assets and login info. Consider naming a “digital executor” in your estate plan.

2. Airline Miles and Hotel Points

Some rewards programs allow you to transfer unused points or miles after death, but only if you plan ahead. Others expire automatically.

Tip: Contact your rewards programs and ask about their death policies. You may be able to assign points in your will.

3. Sentimental and “Low Value” Items

That photo album, handwritten recipe book, or grandma’s wedding ring might not be worth much to the IRS, but they could be emotionally priceless to your loved ones. These items are part of your estate too, and they’re often the things families fight about most.

Tip: Use a tangible personal property memo or include clear instructions in your will.

The Bottom Line

It’s not just the obvious stuff. A good estate plan goes beyond your house and bank account - it covers the things you might not even be thinking about, but would matter deeply if something happened. The details that are easy to overlook are often the ones that create the most confusion, conflict, or regret for your family later.

We Can Help

Start by booking a Peace of Mind Planning Session today. We’ll walk through the full picture together. Mention this blog and we’ll waive the $275 session fee! Click the link to book!

Picking the Right People: Jimmy Buffett Edition

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 04 Jul 2025 18:20:40 GMT

Recently Jimmy Buffett’s widow made headlines demanding a formal accounting from the trustee of the trust her late husband left behind. The trust, reportedly worth millions, is generating less than 1% investment return, and she wants to know why.

While none of us know the full story behind the scenes, this is a classic example of why estate planning isn’t just about documents; it’s about people.Even the most well-drafted trust can fall short if the wrong person is in the wrong role.

For example, when parents of minor children are creating an estate plan, they usually think carefully about who will care for their children day-to-day. That’s your guardian - the one who steps in as a parental figure. But often overlooked is the equally important role of the trustee - the person who’s in charge of managing the money.

Sometimes those roles are played by the same person. But not always. You may have someone in your life who is deeply nurturing and would be a fantastic caregiver. You may also know someone else who’s savvy with finances, organized, and capable of overseeing investments and distributions responsibly.

But what happens when those two people don’t communicate well? Or when the caregiver has to ask the trustee for money, and the trustee says no?

Tension. Conflict. Resentment. And often, it’s the children who get caught in the middle.

This is exactly the kind of conversation a good estate planning attorney will guide you through. At the Smith Law Firm, we don’t just fill in blanks and draft papers. We help you think through the people dynamics so your plan actually works in real life.

Take the Next Step

Book a Peace of Mind Planning Session today. We’ll walk you through your options and our unique flat fee pricing. Mention this blog and we’ll waive the $275session fee! Click the link to learn more!

The Estate Tax Is Changing in 2026 — Here’s What That Means for You

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 27 Jun 2025 16:08:03 GMT

There’s a major change coming in estate planning, and it may affect your family without you even realizing it.

Right now, the federal estate tax exemption — the amount you can pass on without paying any estate tax — is $13.99 million per person in 2025. But starting January 1, 2026, that number is expected to drop by about half, to somewhere between $6–7 million per person (exact amount to be adjusted for inflation).

This means many families who were previously under the threshold could suddenly be facing a large estate tax bill. For example, if you own a home worth $2 million, have $2 million in investments, $1mm in retirement, and $4 million in life insurance, your gross estate is $9 million. That’s under the current threshold but may be over the new one starting in 2026. This could put your family at serious risk for a big tax bill when you’re gone.

Start Planning Today

The good news is, there are smart, legal strategies available to help reduce your tax burden. That’s why 2025 is such a critical window to review your estate plan, update your documents, and explore whether gifting or trust strategies make sense for your situation.

Start by booking a Peace of Mind Planning Session. We’ll walk through your options, go over our flat fees, and if we decide we’re a good fit to work together, discuss next steps. Mention this blog and we’ll waive the $295 session fee! Book today .

Estate Planning Saved This Family Hundred of Thousands of Dollars

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 20 Jun 2025 17:21:42 GMT

When people hear that an estate plan may cost a few thousand dollars, it can cause hesitation. After all, if you’re not “ultra-wealthy,” isn’t estate planning just a bunch of expensive paperwork?

Actually, no. In reality, estate planning almost always saves more than it costs, and not just in real dollars. To bring this to life, let’s look at a real-world example of how one family used a $8,500 estate plan to protect their $1.5 million estate and avoid hundreds of thousands in losses.

The Martinez Family: A Case Study in Smart Planning

The Martinez family owned a successful small business, had two adult children, and a net worth of about $1.5 million between their home, retirement accounts, and the business. On the surface, their financial picture was typical of many hardworking American families.

But their estate plan made all the difference.

1. They Preserved Their Family Business

Like many business owners, the Martinezes assumed their daughter would take over the business one day. But without a legal plan in place, that transfer could’ve become a disaster.

If the couple had passed away without proper documents, their business would have gone through probate, a public and often lengthy court process. That could’ve forced a sale or caused disruptions, potentially ruining the company their family had worked so hard to build.

Instead, their attorney created for them a revocable living trust that included a business succession plan. The business passed smoothly to their daughter without court interference or delays. Their clients were happy, and the business continued operating without missing a beat.

Estimated value preserved: $250,000+

2. They Protected Their Daughters’ Inheritance from a Divorce

At the time of planning, their daughter was in a troubled marriage. If her parents had left her an inheritance outright, it could have become marital property, meaning half could’ve gone to her spouse in a divorce.

To avoid this, their attorney recommended a trust, allowing their daughter to benefit from her inheritance while keeping it legally separate from her marriage. When the divorce became final a year later, the trust shielded her assets completely.

Estimated savings: $200,000+ in protected inheritance

3. They Avoided a Probate Nightmare

Without a trust in place, the Martinez family’s estate would have gone through probate court, resulting in court costs, attorney’s fees, and potentially 12–18 months of delays.

Thanks to their trust-based estate plan, their assets passed quickly, privately, and without court involvement. Their children didn’t have to fight over paperwork, wait months for access to funds, or spend thousands on legal fees.

Estimated savings: $25,000–$40,000 in probate costs

A $8,500 Plan. A $500,000+ Return.

The Martinezes invested $8,500 in a comprehensive estate plan, and the return was substantial. They preserved the full value of their family business, protected their daughter’s inheritance from a costly divorce, and avoided tens of thousands in probate fees and delays.

More than that, they spared their children the emotional and financial stress of legal battles. In total, their investment likely saved their family well over $500,000, all while protecting their legacy for the next generation.

Let Us Help You Do the Same

If you’re ready to get started, we’d love to help! Book your Peace of Mind Planning Session today and take the first step!

Passing Down More Than Just Money

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 13 Jun 2025 17:18:39 GMT

We believe your legacy is about more than just what’s in your bank account. Yes, your financial assets like your home, investments, and life insurance, matter. But what your loved ones often treasure most are the memories, values, and stories that made you who you are.

The truth is, your intangible assets can be just as meaningful as your material ones. So how do you pass those down? Here are three simple but powerful ways:

1. Legacy Letters (a.k.a. "Letters That Last")

Legacy letters—sometimes called ethical wills—are heartfelt notes where you share your values, stories, life lessons, and dreams for your loved ones’ futures. Think of them as a way to speak directly to your family across time, in your own voice. They’re not legal documents, but they often become the most treasured part of an estate plan.

2. Recorded Video Messages

Nothing preserves your essence quite like video. Using your phone or laptop, you can easily record short clips for your children, grandchildren, or anyone you love. Share advice, favorite memories, or a message of encouragement. These videos often become priceless keepsakes - something your loved ones can revisit whenever they need to hear your voice or see your smile.

3. Letters for Life’s Big Moments

One powerful way to stay present in your loved ones’ lives is by writing letters for future milestones like graduations, weddings, or the birth of a first child. You don’t need to predict the future; just speak from your heart. A letter from you that arrives at the right moment can feel like a hug from beyond and becomes something they’ll hold onto forever.

At The Smith Law Firm, we help clients plan for all their assets, tangible and intangible. Because we believe your legacy should reflect your full life, not just your net worth.

Ready to get started? Book your Peace of Mind Planning Session today, and mention this blog post—we’ll waive the $275 session fee.

You Signed Your Estate Plan—Now What?

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 06 Jun 2025 17:07:07 GMT

So, you've taken the big step! You’ve met with an estate planning attorney, signed your will, trust, and other important legal documents, and now they’re sitting neatly organized in a beautiful binder. What happens next?

Signing the documents is only step one. The next step is ensuring they’re accessible, actionable, and kept up to date so they work when your family needs them. Here’s what you should do now that your estate plan is officially complete:

1. Store Your Estate Planning Binder Somewhere Accessible

We know it’s tempting to put your binder in a safe deposit box, but that can actually create problems. Your loved ones may not be able to access it quickly in an emergency or immediately after your passing.

Instead, keep your binder with your original signed documents (will, trust, power of attorney, health care proxy, etc.) in a secure but accessible place at home. Let your family know exactly where to find it in case anything happens, and the name of the attorney you worked with. There isn’t much point in doing an estate plan if nobody can locate it when you’re gone.

2. Share Key Documents with the People You’ve Appointed

If you’ve nominated someone as your health care proxy or financial power of attorney, consider giving them a copy now, before a crisis hits. You don’t have to share every detail of your plan, but in an emergency, having immediate access to the documents can save time and avoid confusion.

Also, make sure your power of attorney has been executed by your named agents, and with the proper legal formalities. This will mean signing in front of a notary and potentially witnesses as well. If your agent hasn’t signed yet, get it on the calendar so they’re ready when needed.

3. Ask About a Client Care Program

Does your lawyer offer a client care program or ongoing maintenance package to ensure your documents work when you need them to? These programs may include regular check-ins, document updates, member-only events, and maybe even discounts on future services.

Bonus: Review Your Plan Every 3 Years

Even if nothing major changes in your life, state and federal laws do change. That’s why we recommend having your estate plan reviewed at least every three years to ensure it’s still valid, compliant with current law, and aligned with your wishes. This is especially important if you’ve moved to a new state, had a child or grandchild, experienced a marriage or divorce, or acquired significant new assets.

Ready For Your Own Binder?

At the Smith Law Firm, every estate planning client goes home with a professionally organized binder filled with the legal documents your family will need, exactly when they need them most. If you’d like to learn more about how we can help your family, book your Peace of Mind Planning Session today!

Why Estate Planning for Unmarried Couples Is Essential

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 30 May 2025 17:12:19 GMT

When many people think of estate planning, they imagine married couples with children or ultra-wealthy individuals protecting multiple homes and lots of cash. But estate planning for unmarried couples is just as important, and in many cases, more critical. Here’s why.

If you’re in a long-term relationship and not legally married, failing to plan ahead could leave your partner vulnerable in the event of illness, incapacity, or death. One reason is that the law does not automatically protect unmarried partners. Even if you’ve been together for decades, shared a home, raised children, or co-mingled finances, your partner may have no legal rights if something happens to you.

Without the right legal documents, your partner may not be able to make medical decisions on your behalf. They may be locked out of shared property or bank accounts in your name. Your genetic family (not your partner) may inherit everything, even if that’s not what you want. They could even be left without a place to live if your name is on the deed or lease.

Key Documents for Unmarried Couples

The good news? With a few smart steps, you can give your partner the legal protection they deserve. These are 4 legal documents every unmarried couple should consider:

1. Revocable Living Trust: A living trust lets you pass assets directly to your partner without going through probate court. This is important because probate can be expensive, take a long time, and is public. A trust also allows you to name them as your trustee, giving them control if you become incapacitated.

2. Durable Power of Attorney : This document lets your partner handle legal and financial matters if you're unable to do so yourself due to illness or an emergency.

3. Health Care Proxy / Medical Power of Attorney : A health care proxy allows your partner to make medical decisions on your behalf if you can't communicate. Without it, they may be left out of critical conversations.

4. HIPAA Authorization: Gives your partner access to your medical information. Without this, hospitals and doctors may refuse to share anything due to privacy laws.

We Can Help

Ready to start your own planning? Book a Peace of Mind Planning Session. We’ll share your options and our flat fees. Then, if we decide we’re a good fit to work together, we’ll discuss the next steps! Spots are limited -click HERE to book today!

Can I Disinherit a Family Member? Here’s What You Need to Know

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 23 May 2025 17:28:48 GMT

When it comes to estate planning, one of the most sensitive—and frequently searched—questions is: “Can I disinherit a family member?”

The short answer is: Yes, you can. But the longer answer? It requires thoughtful planning and legally precise language to make sure your wishes are honored, and upheld in court.

Whether you're considering disinheriting a child, an estranged relative, or even a spouse, it’s important to understand how disinheritance works, why it’s not as simple as just omitting a name, and the steps you must take to avoid costly legal disputes down the line.

What Does It Mean to Disinherit Someone?

To disinherit a person means to intentionally leave them out of your will or trust, ensuring they do not receive any portion of your estate when you pass away.

This often comes up in cases of:

Estranged family relationships
Children from previous marriages
Situations involving addiction, abuse, or financial irresponsibility
Personal or religious differences
A desire to leave assets to charity or other heirs instead

Whatever the reason, the law allows you to make this decision—but only if you do it clearly and correctly.

Can I Just Leave Their Name Out of the Will?

No. Simply omitting their name isn't enough. If you leave someone out without clearly stating your intent to disinherit them, they may still have legal grounds to contest the will. Courts may interpret the omission as a mistake or oversight, especially if the person is a close relative like a child or spouse.

To protect your plan, you need to explicitly state that you are intentionally leaving that person out of your estate.

Language Example:

"I am intentionally making no provision in this Will for my son, John Smith."

This language tells the court you knew what you were doing and it was intentional.

Can I Disinherit a Spouse?

In most states, you cannot completely disinherit your spouse unless they agree to it in writing (usually through a prenuptial or postnuptial agreement).

Spouses are generally entitled to an "elective share" of your estate, even if your will says otherwise. This varies by state law, so it’s essential to work with an estate planning attorney to understand your options.

Can I Disinherit a Child?

In many states, yes. You are not legally required to leave anything to an adult child unless they are financially dependent on you or you’ve made certain legal commitments.

However, the key is clarity. If you do not specifically state that you are disinheriting a child, they may be able to challenge your will in court, arguing that you forgot to include them or were unduly influenced.

What About Trusts?

A revocable living trust is another powerful way to disinherit someone while reducing the chance of a legal challenge. Trusts are private (unlike wills, which become public record) and offer more control over how, when, and to whom your assets are distributed.

If you're disinheriting someone a trust can help:

Avoid probate
Maintain family privacy
Reduce the risk of your wishes being contested in court

Real-World Scenario

Let’s say a woman named Tisha has three children: Emily, Robert, and Jane. Due to a long-standing family conflict, Tisha decides to disinherit Jane. She updates her estate plan and clearly states in both her will and her trust, "I make no provision for my daughter, Jane Smith."

Because she documented this explicitly, and used a trust, her estate passed smoothly to Emily and Robert, and Jane had no legal grounds to challenge it.

Final Thoughts: Clarity Is Protection

Disinheriting a family member is a deeply personal decision. If you choose to do it, the most important thing is to make sure your wishes are legally clear and hard to challenge.

Don’t leave this to chance—or to DIY forms that miss critical legal details.

Need Help Structuring Your Estate Plan?

We can help you create a legally sound, conflict-resistant plan that ensures your assets go exactly where you intend—and nowhere else. Book a Peace of Mind Planning Session today to start the conversation. Click HERE to learn more!

Why a Lifetime Asset Protection Trust Is Like a Tube of Toothpaste

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 16 May 2025 17:04:00 GMT

When it comes to leaving an inheritance to your children, most people think in terms of amounts: “I’m leaving my daughter $500,000” or “My son will inherit the house.”

But it’s not just about how much you leave – it’s about how you leave it.

If your child receives a lump-sum inheritance outright, it can be exposed to all kinds of risks: divorce, bankruptcy, lawsuits, poor financial decisions, or even manipulative relationships.

That’s why more families are turning to a smart solution: the Lifetime Asset Protection Trust (LAPT). To explain how it works, let’s talk about toothpaste.

The Trust Is the Tube. The Money Stays Safe Inside.

Imagine your child’s inheritance is like a tube of toothpaste. When you pass away, all the money you leave behind is neatly packed inside the tube — this is the trust.

You get to choose someone you trust to be in charge of how and when the money gets squeezed out. That person is called the trustee. It can be a family member, friend, professional trustee — whoever you believe will act in your child’s best interest.

Your child can still access the funds when they need them for things like health, education, maintenance, and support but it’s not just sitting in a joint bank account or subject to the whims of a future ex-spouse.

What Hasn’t Been Squeezed Out Stays Protected

Here’s the powerful part: Anything still in the tube is protected.

That means if your child gets divorced, sued, or ends up in financial trouble, the money inside the trust — the toothpaste that hasn’t been squeezed out — can’t be touched by outside creditors or angry exes.

Christine’s Story: Why the Trust Made All the Difference

When Christine’s mother Mary passed away, she left her $500,000, but not directly.

Instead of handing Christine a check or naming her as the direct beneficiary, Mary created a Lifetime Asset Protection Trust. She named her sister Tillie as the trustee, someone she knew Christine trusted and respected.

Christine, who was married to John at the time, could still access the money when she needed it — for home repairs, tuition for her kids, or unexpected medical expenses. But if Christine and John ever divorced, the money still inside the trust couldn’t be touched by John or his attorneys.

That $500,000 inheritance remained protected — not just from divorce, but from lawsuits, creditors, and life’s unexpected twists.

Why It Matters

Leaving your child an inheritance is a gift. But leaving it with built-in protection is an even greater one. A Lifetime Asset Protection Trust allows you to:

Give your children access to money they may need
Prevent the inheritance from being lost in a divorce or lawsuit
Appoint someone you trust to oversee distributions
Keep the money in the family — not in the hands of exes or courts

It’s a powerful way to show your kids love, foresight, and long-term care — long after you’re gone.

Ready to Protect What You’re Leaving Behind?

If you want to make sure your legacy is used wisely and stays protected, a Lifetime Asset Protection Trust could be the perfect solution.

Book your Peace of Mind Planning Session today and let’s talk through your options. Click here to learn more!

Estate Planning for Same-Sex Couples: What You Need to Know

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 09 May 2025 17:51:39 GMT

Even after the legalization of same-sex marriage in the U.S., LGBTQ couples still face unique legal and financial planning challenges, especially when it comes to estate planning. Whether you're married, in a long-term partnership, or somewhere in between, having a clear, legally binding plan in place is essential to protect your partner, your assets, and your future.

In this article, we’ll walk through why estate planning for same-sex couples is so important, what legal tools you should have in place, and how to avoid common pitfalls that could leave your loved ones vulnerable.

Why Estate Planning Is Crucial for Same-Sex Couples

While federal and state laws have come a long way, assumptions can still leave your partner unprotected, especially if you’re unmarried or have complicated family dynamics.

Without a proper estate plan:

Your assets may be distributed according to state intestacy laws, not your wishes
Your partner may not automatically have legal rights to your property
Hospital visitation, medical decisions, and financial authority could be denied
Inheritance disputes with biological family members are more likely
A legally sound estate plan ensures that your wishes are honored, and your partner is protected, no matter your marital status.

Key Estate Planning Tools for LGBTQ+ Couples

Here are the most important estate planning documents and strategies for same-sex couples:

1. Last Will and Testament

Your will allows you to name your beneficiaries (including your spouse or partner), designate guardians for minor children, and nominate an executor to carry out your wishes.Without a will, your assets could go to estranged family members instead of your partner.

2. Revocable Living Trust

A trust avoids probate (which can be time-consuming and expensive) and keeps your wishes private. It’s also a great tool for blended families or when one partner brings significant assets into the relationship.

3. Healthcare Proxy / Medical Power of Attorney

This document names the person you want to make medical decisions for you if you cannot communicate yourself. Don't assume that just because you're married, your partner will automatically have that right. Put it in writing.

4. Durable Power of Attorney

This gives your partner or spouse authority to manage your finances and legal matters if you become incapacitated.

5. Beneficiary Designations

Review all your accounts (life insurance, retirement, investment) to make sure your partner is properly listed. These designations override your will, so keep them updated.

6. Advanced Directives & HIPAA Authorization

These allow your partner access to medical information and let you document your end-of-life wishes clearly.

Real-World Example: Sarah & Danielle

Sarah and Danielle have been together for 15 years but never legally married. When Sarah was hospitalized after a car accident, Danielle wasn't allowed access to medical records or decision-making power, because nothing was documented legally.

After that experience, they worked with an estate planning attorney to:

Draft mutual wills and healthcare proxies
Create a revocable trust to pass assets smoothly
Name each other on all financial and retirement accounts

What Happens If You Don’t Plan?

If you die without a will or trust (called dying intestate), your state decides who inherits your assets—and it may not be your partner. Family disputes, probate delays, unnecessary taxes, and unintended consequences are all possible. Planning now avoids confusion, court battles, and pain later.

Estate Planning Is an Act of Love

For same-sex couples, estate planning isn’t just a legal formality. It’s protection, peace of mind, and clarity in moments that matter most.It’s how you make sure your partner is cared for, your wishes are followed, and your legacy reflects your values.

Ready to Protect the Life You’ve Built Together?

We specialize in helping LGBTQ+ individuals and couples create estate plans that provide clarity, security, and confidence for the future. Book your Peace of Mind Planning Session today and take the first step toward protecting what matters most.

Why Your Estate Plan Should Include Your Digital Life

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 02 May 2025 17:48:45 GMT

When most people think of estate planning, they picture wills, trusts, and dividing up physical assets like homes, jewelry, or family heirlooms. But in today’s world, there’s one important piece of your legacy that often gets overlooked: your digital life.

From email accounts and online banking to social media profiles and photo libraries, your digital footprint is a real and valuable part of your identity, and it deserves just as much protection as your physical assets.

What Is a Digital Estate Plan?

A digital estate plan outlines what happens to your online presence and assets after you pass away. It can include:
Email accounts
Social media profiles (Facebook, Instagram, LinkedIn, etc.)
Online banking and investment platforms
Cloud photo storage
Subscriptions and digital memberships
Online businesses or digital products
Password managers and login credentials
Without a plan in place, your loved ones may be left without access to important accounts, or vulnerable to identity theft, legal complications, or years of confusion and red tape.

Why It Matters

Your digital presence holds more than data. It holds memories, personal records, financial access, and in many cases, parts of your professional life. Estate planning gives you the opportunity to:
Designate who can access or manage your accounts
Decide what should be deleted, preserved, or passed on
Protect sensitive information
Prevent unauthorized access
Ensure your wishes are respected, both online and offline

Real-Life Examples

A client wanted her adult children to have access to her iCloud photo albums, but not her email accounts. We helped her document those wishes legally.
Another client ran an online business through Shopify and PayPal — and without a digital estate plan, her family wouldn’t have had access to critical financial data.
These aren’t rare scenarios. They’re becoming more common every year.

How to Get Started

The good news? You don’t need to figure it out alone. When we create your estate plan, we’ll walk you through how to handle your digital assets with the same care and clarity as your financial ones.

We help clients:

Identify digital assets that should be included
Choose trusted individuals to manage or close accounts
Document access instructions and preferences legally
Integrate your digital plan into your larger estate plan seamlessly

Ready to protect your digital legacy?

Book a Peace of Mind Planning Session today and let’s talk about how to bring your entire estate plan, digital and physical, into alignment. Click HERE to get started!

What Happens to Your Frequent Flyer Miles When You Die?

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 25 Apr 2025 17:16:53 GMT

When people think about estate planning, they tend to focus on homes, bank accounts, and life insurance. But in today’s digital world, rewards points and travel miles can hold real value too. So, what happens to all those frequent flyer miles and credit card points when you pass away?

It Depends on the Program

Every airline, hotel, and credit card rewards program has its own policy. Some allow point transfers at their discretion, while others clearly state that rewards are non-transferable upon death. Certain credit card programs do permit points to be passed on to a surviving spouse or estate executor, but it all depends on the provider’s terms and conditions.

What You Can Do

The fine print is everything. If your rewards program doesn’t allow point transfers, your hard-earned miles or points could disappear the moment you pass away. To prevent that, take action now: mention your rewards in your will or trust, and assign a beneficiary if the program permits it. Also, review the terms and conditions for each account so you can plan accordingly and make the most of your benefits.

Ready To Start?

At the Smith Law Firm, we create comprehensive estate plans for our clients every day. Start by booking a Peace of Mind Planning Session! We can meet in person or via Zoom. We’ll answer your questions, explain your options, and share our unique flat fees and process for getting started. The session is normally $275; mention this blog and we’ll waive the fee! BOOK HERE !

Accidents Happen—Make Sure Someone Can Speak for You

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 18 Apr 2025 17:05:25 GMT

A health care proxy is a legal document that allows you to appoint someone you trust to make medical decisions on your behalf if you become unable to communicate. This person you pick is called your health care agent. They will step in to ensure that doctors follow your wishes regarding treatment, life support, and other medical care.

Why Would a Young, Healthy Person Need One?

Many people think health care proxies are only for the elderly or seriously ill, but that’s a huge mistake. The truth is, accidents and unexpected medical emergencies can happen to anyone.

Take Emma, for example. Emma is a 21-year-old college student. She was in a car accident that left her unconscious in the hospital. Because she was over 18, her parents had no legal authority to make medical decisions for her. Doctors couldn’t discuss her condition with them due to HIPAA privacy laws, and treatment decisions were delayed while the family went through the court system to obtain guardianship.

Had Emma simply signed a health care proxy, her parents (or whomever she designated) could have stepped in immediately to advocate for her care without legal hurdles.

The Bottom Line:

A health care proxy isn’t just for seniors. Anyone 18 or older who wants a trusted person to make medical decisions if they can’t. It takes minutes to set up, but it can make all the difference in a crisis.

We Can Help!

We include a health care proxy in every estate plan we prepare! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, explain your options, and share our unique flat fees and process for getting started. The session is normally $275; mention this blog and we’ll waive the fee! BOOK HERE !

A Tale of Two $50,000 Inheritances

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 11 Apr 2025 17:25:46 GMT

When it comes to leaving money for the next generation, how you pass it down can be just as important as how much you leave. Take two families, the Millers and the Joneses. Both had a modest $50,000 to leave to their children. But because one family had an estate plan and the other didn’t, their children’s financial futures turned out very differently.

The Millers: No Estate Plan, No Guidance

The Millers didn’t understand how estate planning could set their children up for success. When they passed away, their son Toby inherited $50,000 outright at a young age. With no restrictions or oversight, the money was deposited straight into his bank account.

At first, Toby felt like he had won the lottery. He splurged on the latest video game consoles, upgraded his car, and ordered takeout every night. Within a year, the money was completely gone. Now, with no savings and nothing to show for his inheritance, Toby is back to square one—struggling to build his financial future from scratch.

The Joneses: Smart Planning for a Secure Future

The Joneses also wanted to leave their daughter Bailey $50,000, but they took a different approach—they worked with an estate planning attorney to set up a trust for her. Instead of giving Bailey full control of the money immediately, they named her responsible aunt, Miranda, as the trustee.

Miranda managed the money carefully, making sure it was invested wisely. When the time was right, and Bailey had a solid plan, Miranda distributed the funds to help her start a small business.

Today, Bailey runs a self-sustaining business, growing her wealth while pursuing her passion. Meanwhile, Toby—who inherited the same amount—has nothing left.

Set Your Kids Up For Success

Both families left their children the same amount of money, but only one of them ensured it would be used wisely. By using a trust, the Joneses protected Bailey’s inheritance from impulsive spending and gave her the foundation for long-term success.

Start Today

Ready to set up a trust? Start by booking a Peace of Mind Planning Session! We’ll answer your questions, explain your options, and share our unique flat fees and process. The session is normally $275; mention this article and we’ll waive the fee! BOOK HERE !

You Don’t Need $80M to Make This Estate Planning Mistake

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 04 Apr 2025 17:08:25 GMT

Estate planning is about preparing for the unexpected, and few situations illustrate this better than the passing of Gene Hackman and his wife, Betsy. With a 30-year age gap, they likely assumed Betsy would outlive Gene by many years. Yet they died just days apart, raising a critical estate planning question: What happens when spouses pass away close together?

What Is a Simultaneous Death Clause?

A simultaneous death clause is a provision in a will or trust that determines how assets are distributed if two people die within a short period of time. Without this clause, state laws dictate who is presumed to have died first. This can lead to unintended transfers, legal confusion, and tax complications.

How Betsy Hackman’s Estate Plan Helped Avoid Legal Issues

Fortunately, Betsy Hackman’s will contained a simultaneous death clause, stating that if she and Gene died within 90 days of each other, their deaths would be legally treated as simultaneous. This meant that her assets did not transfer to Gene first—instead, they went directly to charity, as she had intended.

We Can Help!

We can help! Start by booking a Peace of Mind Planning Session. We’ll answer your questions and present your options and our flat fees. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. The session is normally $275; mention this blog and we’ll waive the fee! BOOK HERE !

How Poor Planning Cost a Young Adult Their Inheritance

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 28 Mar 2025 20:44:09 GMT

Emma was just 22 years old when she lost both of her parents in a tragic accident. As their only child, she was supposed to inherit everything—her parents’ home, savings, and retirement accounts—assets totaling nearly $500,000 . However, because her parents had never created a proper estate plan, their assets were left to be sorted out in probate court.

Since there was no trust in place and only a basic will, Emma’s inheritance became tangled in legal fees, creditor claims, and court delays. To make matters worse:

A large portion of her parents’ assets went to probate attorneys and court costs, reducing what Emma got significantly.
Creditors were able to make claims on the estate, draining even more of her inheritance.
As a young adult with no financial guidance, she received a lump sum of the remaining funds, spent recklessly, and was left with nothing within a few years.

Had her parents set up a trust , Emma could have avoided probate, kept more of her inheritance, and received structured distributions over time—ensuring financial security instead of sudden loss.

This story is a painful reminder that estate planning isn’t just for the elderly —it’s a crucial step in protecting the next generation from financial disaster. Don’t leave your family’s future to chance—plan ahead. Your loved ones deserve security, not stress.

We Can Help!

The Hidden Tax Traps in Your Estate Plan

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 21 Mar 2025 20:41:52 GMT

It’s tax season! Now is the perfect time to ensure your estate plan isn’t setting your loved ones up for a big tax bill. Many people don’t realize that estate taxes, capital gains taxes, and income taxes can significantly reduce what goes to their loved ones when they are gone.

Here are three common tax traps and how to avoid them:

Trap #1: Not Using the Gift Tax Exemption

You can gift up to $19,000 per person in 2025 without paying any tax. Spreading wealth through gifts during your lifetime can reduce estate taxes later. Take Sarah, for example, who wants to leave her daughter $500,000 but waits to pass it through her will when she dies. Since Sarah’s estate is over the federal exemption limit, her daughter will end up paying a hefty estate tax. Had Sarah gifted $19,000 per year during her lifetime, she could have saved Sarah thousands in unnecessary taxes.

Trap #2: Failing to Plan for Capital Gains Taxes

If heirs inherit assets that have significantly increased in value, they may face large capital gains taxes when selling them. Using trusts or other strategies can help minimize this burden. Let’s say John inherits a house from his father, who bought it decades ago for $100,000. When John sells it for $500,000, he faces a massive capital gains tax on the $400,000 increase in value. However, if the house had been properly transferred through a step-up in basis strategy via a trust, the taxable gain would have been minimized or eliminated.

Trap #3: Naming the Wrong Beneficiaries for Retirement Accounts

Inheriting retirement accounts like IRAs or 401(k)s can create unexpected tax consequences for your heirs. Take Lisa, for example, who named her estate as the beneficiary of her IRA instead of her children. Because of this, the IRA must go through probate, and her heirs lose the tax advantages of stretching distributions over their lifetimes. Had Lisa named her children directly, they could have benefited from tax-deferred growth and lower required

withdrawals.

Avoid Tax Traps

Tax-efficient estate planning is something everyone needs, not just the wealthy. Start by booking a Peace of Mind Planning Session. This meeting, $275, is offered free of charge when you mention this blog. Take the first step today!

�� Schedule Your Peace of Mind Planning Session

3 Estate Planning Lessons from Influential Women

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 14 Mar 2025 20:37:29 GMT

March is Women’s History Month! Women have long played a crucial role in financial and estate planning, ensuring that wealth and values are passed down.

Here are three key estate planning lessons inspired by powerful women in history:

Madam C.J. Walker – Protect Your Business Legacy

Madam C.J. Walker was the first self-made female millionaire in the U.S., building a haircare empire that empowered Black women and provided economic opportunities during a time of extreme racial and gender barriers.

Walker didn’t just build a successful business—she made sure it would continue long after she was gone. She established a clear succession plan and structured her estate so that her company could keep operating without financial disruption. If you own a business, having a trust or business succession plan ensures that your hard work doesn’t disappear when you pass.

Eleanor Roosevelt – Leave a Legacy of Advocacy

Eleanor Roosevelt was the longest-serving First Lady of the United States, a diplomat, and a human ri ghts activist who helped draft the Universal Declaration of Human Rights after World War II. She dedicated her life to advocating for civil rights, women’s rights, and humanitarian causes.

Roosevelt’s advocacy reminds us that estate planning isn’t just about passing down assets; it’s also about leaving a philanthropic and social legacy. You can include charitable giving in your estate plan through donor-advised funds, charitable trusts, or foundations that support causes you’re passionate about. A well-structured plan ensures that your influence continues long after you’re gone.

Oprah Winfrey – The Power of a Trust

We all know Oprah! Oprah Winfrey, a billionaire media mogul, philanthropist, and television host, has built one of the most influential brands in media history. Despite coming from humble beginnings, she amassed an incredible fortune through smart business decisions, brand-building, and financial planning.

Oprah has publicly shared that s he structured her estate through trusts to ensure that her legacy is protected and distributed according to her wishes. Without trusts, high-net-worth individuals risk probate court battles, excessive taxation, and loss of control over their estate. Even if you’re not a billionaire, a revocable living trust can help your assets bypass probate and ensure your loved ones receive their inheritance with less hassle.

Take The Next Step

Ready to check estate planning off your to do list? Start by booking a Peace of Mind Planning Session . We’ll answer your questions, explain your options, and share our unique flat fees and process. The session is normally $275; mention this article and we’ll waive the fee!

�� Schedule Your Peace of Mind Planning Session

Spring Cleaning: Does Your Estate Plan Need a Refresh?

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 07 Mar 2025 20:34:48 GMT

Spring is the season of renewal, and while you're decluttering closets and organizing your home, why not do the same for your finances? Estate planning isn't a one-time task—it needs regular updates to stay effective.

Here’s how to refresh your estate plan this spring:

Review Beneficiaries – Did you know that beneficiary designations override your will? Assets like life insurance and retirement accounts go to the named beneficiary—no matter what your will says. For example, if your will leaves everything to your husband but your life insurance lists your sister, she gets the payout. Keep your designations up to date!
Update Legal Documents – Have you moved, married, divorced, or had children since creating your estate plan? Estate planning isn’t a one-time task—it should evolve with your life and legal changes. Regular updates ensure your will, trust, health care documents, and power of attorney reflect your current wishes and circumstances.
Organize Papers – Storing your will in a safe deposit box can create unnecessary delays, as banks typically restrict access until probate is initiated—meaning your executor may not be able to retrieve it when needed. A better option is to keep your will in a secure, accessible location and ensure your executor or trustee knows where to find it. A better option is to keep your will in a secure, accessible location and ensure your executor or trustee knows where to find it.

We Can Help!

A little “spring cleaning” now can save your loved ones time, stress, and money in the future. Ready for a refresh? Start by booking a Peace of Mind Planning Session . We’ll answer your questions and present your options. Then, if we decide we’re a good fit to work together, we’ll discuss next steps! The session is normally $275; mention this article and we’ll waive the fee!

�� Schedule Your Peace of Mind Planning Session

Protecting Intellectual Property in Estate Planning

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 28 Feb 2025 20:31:38 GMT

Estate planning is a powerful tool for transferring wealth from one generation to the next while minimizing taxes and reducing the risk of loss to creditors. A well-rounded estate plan goes beyond cash and real estate to include less commonly considered assets like intellectual property. While authors, small business owners, and inventors often understand the importance of safeguarding their intellectual property, others may not realize they possess assets that could provide a significant income stream for their loved ones after they pass away.

What Is Intellectual Property?

Intellectual property (IP) refers to creations of the mind that have commercial value. There are four primary types of IP, each requiring specific considerations in estate planning:

Patents : Patents protect inventions and grant the creator exclusive rights to produce and sell the invention for a set period. Think of the iPhone by Apple. In estate planning, it’s crucial to determine the current value of patents and who will manage or license them after your death. Without proper planning, these rights could be lost or undervalued.
Copyrights : Copyrights protect creative works like books, music, and films, like the Harry Potter books by JK Rowling. They often provide a long-term income stream, as royalties can continue for decades after the creator’s death. Estate plans should designate beneficiaries for these royalties and outline how the copyrights should be managed.
Trademarks : Trademarks safeguard brand names, logos, and other identifiers of a business. A great example is the Nike Swoosh logo. Trademarks can retain or grow in value over time. An estate plan should specify who will own and maintain the trademarks to ensure they remain active and valuable.
Trade Secrets : Trade secrets include proprietary formulas, processes, or business strategies. The formula for Coca-Cola is a great example of a trade secret. Proper documentation and confidentiality agreements are vital to protect these assets and pass them to the right individuals.

Why Include Intellectual Property in Your Estate Plan?

Failing to account for intellectual property in your estate plan can lead to disputes, lost income, or unintended beneficiaries. At the Smith Law Firm, we create comprehensive estate plans for our clients every day. Start by booking a Peace of Mind Planning Session! We can meet in person or via Zoom. We’ll answer your questions, explain your options, and share our unique flat fees and process for getting started. The session is normally $275; mention this blog and we’ll waive the fee! BOOK HERE !

Do Wills Have Passports? Managing Assets Abroad

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 21 Feb 2025 18:05:08 GMT

Planning for your estate when everything you own is in the U.S. can be complicated enough! What about homes, bank accounts, or property in other countries? Owning assets in another country adds a level of complexity to your estate planning. While your will or trust is a vital tool for managing your United States assets, international assets often require special consideration to ensure they are properly accounted for and transferred according to your wishes.

Wills and Foreign Assets

A will can cover foreign assets, but its enforceability depends on the laws of the country where the assets are located. Some countries recognize foreign wills, while others require a separate will that complies with local laws. For example, countries like France or Spain often impose forced heirship rules, which dictate how property must be distributed regardless of your wishes.

To minimize complications, consider creating a separate will specifically for your foreign assets. Collaborate with an estate planning attorney to ensure your wills are legally compatible and do not conflict with each other’s laws. Finally, connect with legal professionals in the country where your assets are located to effectively navigate local laws and requirements.

Using Trusts to Protect Foreign Assets

Trusts can also be used to manage international assets. A trust is a legal arrangement where one person gives another person or entity the authority to manage assets for the benefit of a third party. Their effectiveness depends, however, on whether the foreign country recognizes trusts. Common law jurisdictions like the United States, the UK, and Canada generally accept trusts, while civil law countries like France may not. If the country where your assets are located does not recognize your trust, additional planning may be needed.

Protect Your International Assets

If you own international assets and want to safeguard them with a comprehensive estate plan, schedule a Peace of Mind Planning Session to explore your options. This session, typically priced at $275, is offered free of charge when you mention this blog. Take the first step today! BOOK HERE !

Forget the Time Capsule: Keep Your Estate Plan Adaptable!

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 14 Feb 2025 18:11:29 GMT

When creating an estate plan, specificity is usually key. You want to be as clear as possible about how your money should be distributed at your death. But there’s one caveat: life changes! An overly restrictive estate plan can have unintended consequences. Here are 3 ways being overly specific can cause unnecessary complications for your loved ones.

1. Outdated Instructions

Assets and circumstances change over time. If your estate plan specifies particular assets—like a specific house, stock portfolio, or personal property—that you no longer own at the time of your passing, it can create confusion, delays, or even disputes among beneficiaries.

Example: If you leave "the house at 123 Main Street" to someone but sell it years before your death, the beneficiary might receive nothing or argue over replacement assets.

2. Lack of Flexibility

Being overly specific limits your estate plan's ability to adapt to changes in your life, finances, or relationships. This rigidity can make your estate plan less effective and require frequent updates, increasing time and costs.

Example: Allocating exact amounts to heirs or charities without considering your financial situation at the time of death may leave some obligations unmet or overcommit your estate.

3. Increased Potential for Legal Disputes

Detailed and specific instructions can lead to misunderstandings or disagreements among heirs and beneficiaries. This can result in challenges to the will or trust, causing family conflict and possibly eroding the value of the estate due to legal fees.

Example: A beneficiary might contest the intent behind an overly detailed provision, delaying distributions and creating tension among family members.

To avoid these risks, u se broad and flexible language where possible, such as referencing “my primary residence” instead of a specific address. Regularly review and update your estate plan to keep it aligned with your current situation.

Take The Next Step

At the Smith Law Firm, we are experienced in drafting estate plans that accomplish your goals without being overly restrictive. Start by booking a Peace of Mind Planning Session. We’ll answer your questions, explain your options, and share our unique flat fees and process. The session is normally $275; mention this article and we’ll waive the fee! BOOK HERE !

Estate Planning: 3 Reasons We Run the Other Way

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 07 Feb 2025 18:08:54 GMT

For many people, estate planning feels about as appealing as a root canal. But everyone wants to ensure their loved ones are cared for and their assets to the right people. Whether you’re leaving $10 or $10 million, married or single, with kids or without, estate planning helps make it happen.

Don’t let these common obstacles hold you back:

1. Who Wants to Talk About Death?
We get it—conversations about death, illness, and money can feel uncomfortable. But a few minutes of discomfort is a small price to pay for ensuring your loved ones are protected. The alternative—getting sick or passing away without a plan—can leave a mess for your family to clean up.

2. It’s Never the Right Time.
Life is busy, and there’s always something more urgent. But the truth is, there’s never a “perfect” time. Take the first step by scheduling a Peace of Mind Planning Session . Even if you don’t move forward, you’ll leave with a clear understanding of what’s needed to protect your family. Schedule online here .

3. It Feels Overwhelming.
Estate planning can seem confusing—legal documents, finances, and laws aren’t exactly everyday topics. That’s why we’re here to simplify it for you! We’ll explain everything in plain language (maybe even with a whiteboard!) and guide you to make an informed decision for your family.

We Can Help!

We create estate plans for our clients every single day! Start by booking a Peace of Mind Planning Session . We’ll answer your questions and present your options. Then, if we decide we’re a good fit to work together, we’ll discuss next steps! The session is normally $275; mention this article and we’ll waive the fee! BOOK HERE !

Essential Estate Planning Steps for Adults with Aging Parents

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 31 Jan 2025 18:36:01 GMT

Caring for aging parents often brings new responsibilities, including helping them plan for their future. Estate planning isn’t just about finances—it’s about ensuring that your parent’s wishes are honored and that their care is well-managed. Whether your parents have started the planning process or are unsure where to begin, here’s how you can help.

Step 1: Start the Conversation

Estate planning can be a sensitive topic, but it’s essential to talk openly about your parents’ wishes. Questions to ask include:

Do you have a will or trust in place?
Who do you want to handle your medical and financial decisions if you’re unable to?
Are your assets organized and easily accessible?

Step 2: Organize Important Documents

Help your parents gather and organize critical documents, such as:

Wills and trusts
Powers of attorney
Advance healthcare directives
Insurance policies
Bank and investment account information

Step 3: Address Healthcare and Living Arrangements

Ensure that your parents have clear plans for their healthcare, including a durable power of attorney for healthcare and a living will. Discuss long-term care options, such as assisted living or in-home care, and how these will be funded.

Step 4: Consult a Professional

An estate planning attorney can help ensure your parents’ wishes are legally documented and aligned with their goals. This includes minimizing taxes, avoiding probate, and protecting assets.

Step 5: Review and Update Regularly

Life circumstances and laws change, so it’s crucial to review and update your parents’ estate plan regularly to ensure it remains effective. Helping your parents navigate estate planning is a meaningful way to support them and preserve their legacy.

At The Smith Law Firm, we’re here to guide you through every step of this process. Reach out to us today to get started.

The Rise of Digital Assets in Estate Planning: Securing Your Crypto, NFTs, and More

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 24 Jan 2025 21:56:16 GMT

In today’s increasingly digital world, our assets are no longer confined to physical items or traditional bank accounts. Many of us now own digital assets like cryptocurrency, non-fungible tokens (NFTs), online accounts, and digital photos—and they’re just as valuable as traditional assets. However, incorporating these into your estate plan requires a unique approach.

What Are Digital Assets?

Digital assets include:

● Cryptocurrency: Bitcoin, Ethereum, and other digital currencies.

● NFTs: Unique digital items such as artwork, music, or collectibles.

● Online Accounts: Social media profiles, email accounts, and cloud storage.

● Intellectual Property: E-books, blogs, or online courses you’ve created.

Challenges in Estate Planning for Digital Assets

Unlike physical assets, digital assets often require specific credentials for access, and without proper planning, your heirs could face challenges recovering them. Additionally, digital assets are often subject to unique terms of service agreements and varying laws, depending on the

platform.

Steps to Secure Your Digital Assets

1. Create an Inventory: Document all your digital assets, including login credentials and

recovery information.

2. Name a Digital Executor: Appoint someone knowledgeable about digital assets to

manage them after your passing.

3. Incorporate Digital Assets Into Your Estate Plan: Work with an attorney to ensure

your will or trust specifies how these assets should be handled.

4. Use Secure Storage Solutions: Store credentials in a secure location, such as a

password manager or safety deposit box.

At The Smith Law Firm, we understand the importance of safeguarding your digital legacy. Contact us today to learn how we can help you create a comprehensive estate plan that includes your digital assets.

Navigating the 2025 Estate Tax Changes: How to Protect Your Wealth Before Exemptions Expire

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 17 Jan 2025 21:51:28 GMT

A month into 2025, significant changes to estate tax laws are on the horizon, which could profoundly impact your financial future. Currently, the federal estate and gift tax exemption—the amount you can transfer to heirs without triggering federal taxes—is at an all-time high of $13.6 million per individual. However, this exemption is set to revert to approximately $13.99 million per individual at the end of 2025. For many families, this shift represents a crucial window of opportunity to plan effectively.

Why Does This Matter?

If your estate—including assets like your home, investments, retirement accounts, and business interests—exceeds the reduced exemption, your heirs could face a significant tax bill. This could mean parting with assets or savings that you intended to pass down.

Steps to Take Now

1. Evaluate Your Estate: Work with a financial advisor or estate planning attorney to assess your assets and determine whether you may be impacted by the reduced exemption.

2. Consider Gifting Strategies: The current high exemption allows you to gift assets to heirs tax-free. By doing this now, you can reduce the size of your taxable estate.

3. Set Up Trusts: Irrevocable trusts, such as Grantor Retained Annuity Trusts (GRATs) or Dynasty Trusts, can be effective tools to shield assets from estate taxes.

4. Review Your Current Plan: If you already have an estate plan, revisit it to ensure it reflects these upcoming changes. By acting now, you can protect your wealth and ensure your legacy remains intact for future generations.

Reach out to The Smith Law Firm today for guidance on navigating these changes effectively.

Does Your Estate Plan Have These Critical Documents?

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 10 Jan 2025 18:10:15 GMT

We talk a lot about “estate planning,” but what does it really mean? What documents are we talking about, and what do they do, exactly? Let’s break it down.

Simply put, estate planning is the process of creating legal documents that outline what happens to your money and assets after you pass away. But it doesn’t stop there! Estate planning also includes preparing for the possibility of incapacity, ensuring your wishes are followed if you’re unable to make decisions for yourself.

At its core, estate planning is about giving you control —over your assets, your care, and your legacy. You decide what you want to happen, and we as lawyers help you memorialize those wishes in legally binding documents.

When you work with us at The Smith Law Firm, you’ll leave with a suite of signed legal documents, including:

Last Will and Testament or Revocable Living Trus t – Decides who inherits your assets and how, when, and under what circumstances.

Financial Power of Attorney – Appoints someone to manage your finances if you’re unable to do so.

Health Care Proxy – Names a trusted individual to make medical decisions on your behalf.

Guardianship Nominations for Minor Childre n – Ensures your children are cared for by the right people no matter what.

Final Disposition Instructions – Outlines your wishes for burial or cremation.

Personal Property Memorandum – Specifies who should receive sentimental or personal belongings.

Each document is tailored to reflect your wishes, whether it’s naming the right people for important roles or making sure your prized baseball card collection doesn’t end up in the hands of someone who thinks Babe Ruth is a candy bar.

Once everything is signed and finalized, you’ll receive your estate plan in a sturdy, organized binder that can be safely stored at home. And if you need to make updates or changes, our office is just a phone call away!

Ready To Get Started?

At The Smith Law Firm, we create comprehensive estate plans for our clients daily. Start by booking a Peace of Mind Planning Session ! We can meet in person or via Zoom. We’ll answer your questions, explain your options, and share our unique flat fees and process for getting started. The session is normally $275; mention this blog and we’ll waive the fee! BOOK HERE !

Why Lack of Planning Can Lead to Financial Ruin

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 03 Jan 2025 18:23:53 GMT

Think estate planning is just for the wealthy? Think again. While it’s easy to assume that estate planning is only necessary for those with millions in assets, the truth is the opposite: the less money you have, the more you need estate planning.

Why? Estate planning is about putting legal documents in place now to prevent costly legal problems later . For those with limited resources, avoiding unnecessary expenses is even more critical because there’s less financial cushion to absorb unexpected costs.

A Real-Life Example

Meet Brian. He didn’t have much—just $10,000 in the bank. He figured estate planning wasn’t for him because, in his words, “That’s for rich trust fund kids.”

All was fine until Brian got injured on the job and became unable to work or manage his finances. His only daughter, Misty, stepped up to help, but when she tried to access his bank account to pay his medical bills, she hit a roadblock.

Why? Because Brian didn’t have a Financial Power of Attorney giving Misty legal permission to manage his finances. To access the account, Misty had to hire a lawyer and go to court to gain permission—a process that drained the entire $10,000 Brian had hoped to leave her.

The Hard Truth

If you can’t afford to put out a legal fire, you can’t afford not to do estate planning. The wealthy, like Elon Musk or Bill Gates, can spend unlimited amounts of money fixing legal problems. Most of us don’t have that luxury.

We Can Help!

We include a financial power of attorney in every estate plan we prepare! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, explain your options, and share our unique flat fees and process for getting started. The session is normally $275; mention this blog and we’ll waive the fee! BOOK HERE !

Can You Spot the “Simple” Estate?

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 27 Dec 2024 18:17:18 GMT

As an estate planning lawyer, one of the most common things I hear is: “I have a simple situation, so I don’t need any fancy trusts or complicated planning. ” But here’s the catch—most people aren’t great at accurately gauging whether their situation is truly “simple.”

Many assume that because they don’t have millions of dollars or multiple properties, their situation is simple, and a basic will is all they need. Unfortunately, this mindset often leads to unintended consequences. Don’t let this happen to you!

Take Felicity, for example. She believed she had a simple estate. Her only asset was a $50,000 bank account. Most people would think, “She doesn’t need an estate plan, and she definitely doesn’t need one of those complicated trusts!”

Sounds straightforward, right? That is until you learn what Felicity wants. She wants the $50,000 to go to her daughter, Athena—but only once Athena turns 25 and graduates from college.

And just like that, Felicity’s “simple” estate isn’t so simple anymore.

Without a trust, Athena would inherit the entire $50,000 in a lump sum on her 18th birthday, regardless of whether or not she graduates from college—and is now free to spend it all on manicures and sushi. By using a trust, Felicity can ensure her wishes are followed even after she’s gone.

The truth is, deciding whether an estate is “simple” is rarely straightforward . If you have any specific wishes for how your money is distributed—whether that’s $10 or $10mm—planning with trusts isn’t just for the wealthy—it’s for you too.

Take The Next Step

We can help you determine if trust planning makes sense for your family! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, explain your options, and share our unique flat fees and process. The session is normally $275; mention this article and we’ll waive the fee! BOOK HERE !

The Wealthy Have a Plan For Their Kids—Do You?

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 20 Dec 2024 18:07:32 GMT

Ever wonder why the rich keep getting richer while so many families struggle to get ahead? It’s not just about having more money—it’s about how they manage it. Wealthy families use a secret weapon: estate planning. This powerful tool ensures their children use their inheritance to build wealth, not squander it.

How the Wealthy Stay Wealthy

Wealthy families know the value of estate planning. They work with lawyers to set up trusts that ensure their children have a financial head start. These trusts:

Protect the money from being lost to lawsuits, divorce, or poor financial decisions.
Provide guidance on how the money can be used—like education, starting a business, or buying a home.
Help the inheritance grow i nstead of being drained.

Take William and Wendy, for example. They are leaving their children, Wally and Winnie, $100,000 in cash, and want them to use it wisely. With the help of a lawyer, they set up a trust, naming a family friend as the trustee. Winnie uses her share to start a thriving business, while Wally invests his and lives comfortably off the interest. The trust acts like guardrails, ensuring the inheritance doesn’t just last—it grows.

The Cost of Doing Nothing

Now let’s look at Mike and Michelle, who also have $100,000 to leave their children. Believing estate planning is “just for the rich,” they skip meeting with a lawyer. When they pass away, their children, Mark and Misty, each inherit $50,000 with no strings attached—and promptly spend it on vacations and takeout.

Fast forward 25 years: Wally and Winnie are thriving, reaping the benefits of their parents’ careful planning. Meanwhile, Mark and Misty are struggling financially, their inheritance long gone. The difference is not that Wally and Winnie inherited more money. The difference is their parents set them up for success by putting the inheritance in a trust.

Start Today

We help all families of all walks of life set their children up for success. Start by booking a Peace of Mind Planning Session. We’ll answer your questions and present your options. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. The session is normally $275; mention this article and we’ll waive the fee! BOOK HERE !

3 Essential Questions to Ask Your Parents This Holiday Season

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 13 Dec 2024 18:06:12 GMT

The holidays are a time for connection, reflection, and family traditions. They’re also a rare chance to have important conversations with loved ones about their wishes for the future. While these discussions can be uncomfortable, asking the right questions now can save your family from confusion and heartache later. Here are three essential questions to ask your parents this holiday season:

1. What do you want your end of life to look like if you are ill?

- Why It’s Important: This question is about more than life support or medical interventions. It’s about understanding what matters most to your parents in their final days—whether that’s being surrounded by family, staying in their home, or specific decisions about terminating life support.

- How to Approach It: Use empathy and focus on their values. “I want to make sure I honor your wishes. What would be most important to you if you became seriously ill?”

2. What do you hope any money you leave us will do for us?

- Why It’s Important: Inheritance can be a sensitive topic, but understanding your parents’ intentions helps you make decisions that align with their values. Ask not only what they want the money to accomplish but also what they fear could go wrong.

- How to Approach It: Keep the tone curious and caring. “What impact would you love for your money to have on our lives? Is there anything you’d hate to see happen with it?”

3. If you became incapacitated, would you want to stay at home or go to a nursing home?

- Why It’s Important: Deciding between in-home care and a nursing home can be emotionally and financially overwhelming. Knowing their preference helps you plan and prepare.

- How to Approach It: Be specific and thoughtful. “If something happened where you couldn’t care for yourself, would you prefer to stay at home or consider a nursing home? What kind of care would make you feel comfortable?”

Planning for the Future Is About More Than Paperwork

These questions aren’t easy to ask, but they’re vital. Estate planning isn’t just about drafting documents—it’s about asking the hard questions, hearing your loved ones’ wishes, and ensuring they feel heard and protected. This holiday season, start the conversations that will bring peace of mind to your entire family.

The 3 Biggest Downsides of DIY Estate Planning

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 06 Dec 2024 18:17:16 GMT

With so many online options for creating your own will and estate planning documents, it’s tempting to go the DIY route. While this might seem quick and affordable, there are some major drawbacks to consider. Here are 3 big reasons to think twice before tackling your estate planning alone:

Risk of Errors and Omissions

Estate planning involves complex legal language that takes lawyers years to master, and small mistakes can have big consequences. For example, a simple typo or missed signature could make your will invalid, leaving your estate to be distributed according to state law. Also, many DIY options don’t include essential documents like a financial power of attorney or health care proxy, which are crucial if you become incapacitated.

Inability to Customize

Online templates often assume a “one-size-fits-all” approach, which rarely applies when it comes to personal matters like family dynamics, unique assets, or specific goals. Imagine someone with children from two marriages who wants to provide for all of them differently. A DIY estate plan may not allow for specific distributions or conditions, potentially leaving some children with less or more than intended. This can cause heartache and conflict down the road.

Lack of Legal Advice

Estate planning involves not only understanding your wishes but also knowing the laws that apply to them. Without professional guidance, legal considerations like taxes or the rights of specific heirs could go overlooked. On top of that, the laws change. An estate planning attorney can provide insight into how your plan will play out legally, offering up-to-date solutions an online form can’t provide.

We Can Help!

A proper estate plan saves more than it costs. Learn more about your options by booking a Peace of Mind Planning Session. We’ll answer your questions and talk about your options, including if a will or a living trust makes sense for your family. Then we’ll share our packages and fees, and, if we decide we’re a good fit to work together, discuss next steps. Mention this blog and we’ll waive the $275 session fee! Click HERE to learn more!

Why 18 Is Too Young: Smarter Ways to Leave Your Kids Their Inheritance

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 29 Nov 2024 18:00:21 GMT

Most parents know they want their children to inherit their estate someday. What they may not know is that, without an estate plan, their kids could inherit a big lump sum on their 18th birthday! Even parents of the most responsible children may not want this. The good news is you can put legal documents in place that override this default rule. Here are three options, each with its own pros and cons:

1. Lump Sum at a Specific Age

Pro: Simple and straightforward; your kids receive their inheritance at an age you choose, like 21 or 25, and have full control from that point.

Con: Receiving a large sum all at once can be overwhelming, especially for young adults who may not have financial experience.

2. Staggered Distributions

Pro: Helps kids manage the inheritance gradually, giving them a portion at different ages—such as 1/3 at 21, 1/3 at 25, and the rest at 30—allowing them to learn financial responsibility over time.

Con: While staggered, the funds are still accessible at set ages, which may not fully protect the assets from poor financial choices or life circumstances.

3. Lifetime Asset Protection Trust

Pro: Provides long-term protection by appointing a trustee to manage and distribute the funds as needed, keeping the assets secure and sheltered from creditors, lawsuits, or personal challenges.

Con: Involves more complex planning and requires trust in a chosen trustee to make appropriate decisions.

Getting Started

Each of these options has its unique benefits and drawbacks, and what works best depends on your goals. Book a Peace of Mind Planning Session to find out which one makes the most sense for your family. Mention this blog and we’ll waive the $275session fee. Click HERE to get started!

Your Year-End Estate Planning Checklist

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 22 Nov 2024 18:40:37 GMT

As 2024 winds down, now is the perfect time to reflect on your wishes and review your estate plan! Here is a quick checklist to help you start the new year with peace of mind.

1. Update Beneficiaries

Double-check who you’ve named as the beneficiary on your life insurance and retirement accounts. Life events like births, marriages, and divorce will impact who you want to receive these assets when you pass away. The money will get paid to whoever you’ve listed as a beneficiary no matter what your will or trust says, so be sure it’s accurate!

2. Evaluate Power of Attorney and Health Care Directives

Confirm your designated powers of attorney (for finances and healthcare) still reflect the best person to make these important decisions. Check that the phone number and email address are current. Finally, if your documents are more than three years old, consider updating them to make sure they reflect the latest version available under state law.

3. Consider Tax Implications

Year-end is an ideal time for tax planning, and working with an estate planning attorney can help you make the most of it. One valuable strategy to consider is charitable giving. Not only can charitable contributions reduce your tax burden at death, they allow you to make a meaningful impact on causes that matter to you. An attorney can guide you through different options like setting up a donor-advised fund or creating a charitable trust.

4. Organize and Communicate

Now is the perfect time to ensure all your important documents are organized and easy to find by your loved ones. If you have a will or other estate planning documents, make sure your family knows where they are and how to access them. Consider discussing your plans with trusted family members to ensure everyone is on the same page should the unthinkable happen.

Next Steps

Did you finish the checklist? Congratulations! You’re now ready to step confidently into the new year. For those of you without an estate plan, we can help! Book a Peace of Mind Planning Session. We’ll answer your questions, show you your options, and discuss our fees and process. Book by December 20 and we’ll waive the $275 session fee! Click HERE for the next steps!

Holiday Checklist: Why Estate Planning Belongs at the Top

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 15 Nov 2024 18:24:15 GMT

As you prepare for holiday travel, no doubt your to-do list is packed with tasks like booking flights and planning family activities. But one important item often overlooked is creating an estate plan. Now is the perfect time to make sure your legal and financial matters are in order before you leave.

If something unexpected happens while you’re away—whether it’s an illness, injury, or worse—your family could be left to deal with significant legal complications in addition to their grief.

Take, for example, the tragic story of the Barber family from Southern California. While on a road trip to Arizona, mom, dad, and their three boys were involved in a terrible car accident. The parents tragically passed away, and though the children survived, they were injured and left in the care of strangers while authorities worked to locate any relatives.

It took days for the authorities to contact a family member, during which time the boys were in protective custody. When their aunt was finally located, she took the boys into her home, but refused to let other family members see them. What followed was a long, drawn-out legal battle that involved seven lawyers and cost hundreds of thousands of dollars, not to mention the emotional toll on the family.

All of this could have been avoided with a little planning. Mom and Dad should have had wills legally nominating guardians for their minor kids. Unfortunately, now we’ll never know who they would have picked.

How to Protect Your Loved Ones

Before the holidays, take the time to create an estate plan that covers all the important aspects of your life—your assets, your children’s care, and your personal wishes. At least eight weeks before your departure, schedule a Peace of Mind Planning Session with us. During this session, we’ll help you organize your finances, make informed decisions, and create a personalized plan that reflects your needs and values. Book your Peace of Mind Planning Session HERE !

Prince’s Estate Mistake: How to Avoid the Same Pitfall

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 08 Nov 2024 18:20:01 GMT

It’s easy to assume that someone with great wealth would have all their affairs in order. Yet, even a celebrity like Prince neglected to create a will. It took six years, over 2,711 court filings, several DNA tests, and millions of dollars in legal fees (by 2019, the estate had already reportedly incurred $45 Million in legal fees) before Prince's estate was finally settled in August of 2022.

You may have less money than Prince, but the legal hassles will be just as burdensome. Regardless of wealth, age, or health, having a will is essential. Here’s why:

1. You Decide Who Manages Your Estate

A will allows you to appoint someone you trust to manage your estate after your death. This person will have access to your most private and personal information—your bank accounts, social media profiles, and even your medicine cabinet. Without a will, the court will choose someone for you, and it might choose the last person you’d ever want.

2. You Choose Your Beneficiaries

Even if you don’t consider yourself wealthy, your possessions matter to someone, and conflicts can arise over even the smallest items. If you die without a will, state laws will dictate how your estate is distributed. Creating a will ensures that your assets go to the people you care about most, and it allows you to disinherit individuals who would otherwise have a legal claim to your estate.

3. You Protect Your Children’s Future

If you have minor children, creating a will is essential for naming a legal guardian to care for them in the event of your death. However, a will only covers long-term care after you pass away—it doesn't provide for immediate guardianship in an emergency. To ensure your children's care in any situation, it's important to nominate both permanent guardians in a will, and temporary guardians in a separate document.

Take the Next Step

Don’t wait until it’s too late—take control of your legacy now and create a plan that reflects your wishes! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, explain your options, and reveal our unique, flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. Mention this blog and we’ll waive the $275 session fee! Click HERE to get started!

Protecting Your Furry Family Member: A Guide to Pet Estate Planning

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 01 Nov 2024 17:13:51 GMT

For many of us, pets are more than just animals—they’re cherished members of the family. That’s why it's important to ensure they’ll be taken care of if something happens to you. Without proper planning, your beloved pet could face uncertainty or even end up without a home if you become incapacitated or pass away.

To avoid this heartbreaking possibility, it’s essential to include your pet in your estate plan. Here are a few key things to keep in mind when planning for your fur baby:

Who Will Take Ownership of Your Pet?

Legally, pets are considered property. This means that you’ll need to name someone to take ownership of your pet or find them a new, loving home. Without a legally enforceable plan in place, your pet could face an uncertain future, possibly ending up in a shelter.

How Will They Support Your Pet’s Care?

Pets require ongoing care, including food, veterinary visits, and sometimes special medical treatment—costs that can add up, especially if your pet has health issues or is aging. You can set aside funds specifically for your pet’s care, ensuring that their needs are met without burdening the person you’ve chosen to care for them.

How Should Your Pet Be Cared For?

If your pet has special needs or routines, consider leaving detailed instructions for their care. You can even include financial incentives for the person you’ve selected to take on this responsibility, encouraging them to follow your wishes. This can be especially important for pets with unique health conditions or exotic animals requiring specialized care.

Create a Comprehensive Plan for All Your Loved Ones

If you’re ready to take this important step, we’re here to help. We’ll work with you to develop a comprehensive estate plan that protects your assets, honors your wishes, and provides for all your loved ones—including your pets. Start by booking a Peace of Mind Planning Session where we’ll answer your questions and explain your options and our flat fees. Normally $275, mention this blog and we’ll waive the session fee! Click HERE to proceed!

Trusts Demystified: 7 Reasons Your Family Should Have One

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 25 Oct 2024 17:09:20 GMT

Many hear the word trust and assume it’s something only wealthy people need. While it’s true that trusts are often used by high-net-worth individuals, families with more modest means also benefit from them. Here are seven reasons why you might want to consider a trust for your family:

1. Control the distribution of assets

You wouldn’t hand over your car keys to someone without proper preparation, and the same should apply to your assets. Without a trust, your children may inherit everything outright when they turn 18. A trust allows you to dictate when your kids get their inheritance and what they can spend it on.

2. Protect assets from creditors and ex-spouses

By placing an inheritance in a trust, you can shield those assets from your adult children’s creditors or ex-spouses. Proper planning can prevent your hard-earned money from ending up in the wrong hands.

3. Safeguard inheritance from spendthrift heirs

Not everyone is great at managing money, especially when it comes in a large lump sum. A trust can help protect your assets from being spent recklessly by heirs who might struggle with financial responsibility.

4. Provide for children from a prior marriage

If you have children from a previous marriage, a trust can ensure they are provided for, along with your current spouse and children. This can help avoid potential family conflicts and ensure everyone is taken care of according to your wishes.

5. Support a special needs heir

Leaving assets outright to a loved one with special needs could jeopardize their eligibility for government benefits. A trust allows you to provide for their needs without putting those benefits at risk.

6. Avoid probate

With a trust, your assets can pass to your heirs without going through the probate process, saving them time, money, and stress. Probate is expensive, time-consuming, and public—none of which is necessary when you have a trust in place.

7. Protect your family’s privacy

Wills entered into probate become part of the public record, potentially exposing your estate to creditors and opportunists. A trust remains private, allowing your estate to be managed discreetly between your heirs and their attorney.

We Can Help!

If you’re ready to take this important step, we’re here to help. We’ll work with you to develop a comprehensive estate plan that protects your assets, honors your wishes, and provides for all your loved ones. Start by booking a Peace of Mind Planning Session. Normally $275, mention this blog and we’ll waive the session fee! Book Here !

Secure Your Digital Legacy: Estate Planning for Online Assets

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 18 Oct 2024 17:06:25 GMT

In today’s world, we accumulate more than just physical assets—think about all the digital accounts and online assets you have, like bank accounts, investment portfolios, social media accounts, and even valuable digital currencies like Bitcoin. Without proper planning, your loved ones could face difficulties accessing or managing these assets when you’re gone.

Taking Stock of Your Digital Assets

From social media accounts and email addresses to digital currency and online subscriptions, it is essential to create a detailed inventory that includes login credentials and specific instructions for each digital asset. Regularly updating this inventory ensures that your digital assets are accounted for and can be easily managed by your beneficiaries.

Understanding Digital Platform Policies

Every digital platform or service provider has its own rules for accessing digital assets after a user’s death. Understanding these terms of service can make it easier for your loved ones to access or transfer your online assets when the time comes.

Let’s say you have a significant amount of money in a PayPal account. After your passing, PayPal has specific rules in place for how your account can be accessed or closed. Without understanding these rules, your loved ones might face delays or even lose access to those funds entirely.

By familiarizing yourself with PayPal’s policies—such as providing authorized users or instructions on how to transfer ownership—you can make sure your family has a clear path to manage or access those funds quickly and without hassle.

Get Started Today

Don't leave your digital assets vulnerable to uncertainty! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, discuss your options, and review our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. And if not, that’s fine too! Mention this blog and we’ll waive the $275 session fee! Limited spots available - book HERE !

Equality in Estate Planning: A Guide for LGBTQ+ Families

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 11 Oct 2024 17:30:35 GMT

As a law firm committed to inclusive estate planning, we understand the unique considerations that LGBTQ+ individuals and couples face when it comes to safeguarding their legacies. Our goal is to provide a tailored approach to estate planning that respects and protects the rights of all individuals, regardless of sexual orientation or gender identity.

Recognizing Your Relationship

Whether you're in a same-sex partnership or marriage, it's essential to ensure that your legal documents accurately reflect your relationship. Updating your will, trust, and beneficiary designations can help safeguard your assets and provide clarity on how you wish to distribute your wealth in the event of your passing.

Protecting Your Family

For LGBTQ+ couples with children, estate planning takes on added significance. Establishing guardianship arrangements, outlining custody wishes, and providing for the financial well-being of your children are crucial components of a comprehensive estate plan.

Addressing Unique Challenges

From non-biological parent rights to joint asset ownership complexities, LGBTQ+ individuals and couples may face unique challenges while estate planning. Our firm is well-versed in addressing these nuances and can help you develop strategies to mitigate any potential obstacles that may arise.

Start Planning Today

At The Smith Law Firm, we believe that everyone deserves peace of mind when it comes to their estate plans. Start by booking a Peace of Mind Planning Session. We’ll answer your questions, discuss your options, and review our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. And if not, that’s fine too! Mention this blog and we’ll waive the $275 session fee! Limited spots available - book HERE !

Life Insurance and Estate Planning: A Winning Combo!

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 04 Oct 2024 17:17:40 GMT

At The Smith Law Firm, we understand the critical role that life insurance plays in comprehensive estate planning. Life insurance not only provides financial security for your loved ones but also offers important benefits in estate management and wealth transfer. Let’s explore why integrating life insurance into your estate plan is a smart decision.

Protecting Your Loved Ones

Life insurance serves as a safety net for your family. The death benefit received from a life insurance policy can help replace lost income, cover outstanding debts, and ensure that your loved ones are financially supported during difficult times. By carefully selecting the right coverage, you can provide peace of mind and economic stability for your beneficiaries.

Estate Tax Considerations

For individuals with substantial assets, estate taxes can significantly impact the value of their heirs' inheritance. Life insurance can be a valuable tool for estate planning, as the death benefit is typically exempt from income tax and can help offset estate tax liabilities. By strategically incorporating life insurance into your estate plan, you can maximize the wealth passed on to your heirs and minimize the tax burden on your estate.

Business Succession Planning

If you are a business owner, life insurance can also play a crucial role in ensuring the continuity of your business in the event of your untimely death. By naming your business as a beneficiary of a life insurance policy, you can provide the necessary funds for a smooth transition of ownership and management. This proactive approach can safeguard your business legacy and protect the financial interests of your partners and stakeholders.

Start Your Planning Today

We make the estate planning process simple and convenient! Start by booking a Peace of Mind Planning Session. In this working meeting, we’ll answer your questions, discuss your options, and review our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. And if not, that’s fine too! Mention this blog and we’ll waive the $275 session fee! Limited spots available - book HERE !

Navigating Estate Planning for Non-US Citizen Spouses

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 27 Sep 2024 17:55:13 GMT

Did you know that when it comes to estate planning, married couples often have specific considerations to keep in mind, especially when one spouse is a non-citizen? This unique situation requires careful planning and understanding of the legal implications for the non-citizen spouse in the event that the other spouse has died.

Understanding Tax Implications

Non-citizen spouses are subject to estate and gift tax laws that differ from those applicable to US citizens. It’s crucial to be aware of the potential tax implications that may arise during the transfer of assets between spouses at death.

Let’s say Sarah, a U.S. citizen, wants to leave her estate to her husband, Carlos, who is not a U.S. citizen. If Carlos were a U.S. citizen, Sarah could transfer an unlimited amount of assets to him without paying estate taxes due to the "unlimited marital deduction." However, because Carlos is a non-citizen, this rule doesn’t apply. Without proper planning, Carlos could face a hefty estate tax bill on the assets he inherits from Sarah.

Utilizing Qualified Domestic Trusts (QDOT)

A QDOT (Qualified Domestic Trust) is a special type of trust designed to help non-U.S. citizen spouses avoid hefty estate taxes when inheriting assets from their citizen spouse. Normally, if a U.S. citizen leaves assets to their spouse, those assets aren’t taxed until the surviving spouse passes away. But, if the surviving spouse isn’t a U.S. citizen, this tax benefit doesn’t apply. That’s where a QDOT comes in.

By setting up a QDOT, the assets are placed into a trust, and the surviving non-citizen spouse can receive income from the trust during their lifetime without paying estate taxes on the entire inheritance. The estate taxes are deferred until the surviving spouse passes away or certain distributions from the trust are made.

QDOT Example

Let’s say John, a U.S. citizen, passes away and leaves $2 million to his wife, Maria, who isn’t a U.S. citizen. Without a QDOT, Maria would likely have to pay estate taxes on that $2 million. But, if John had set up a QDOT, the $2 million would go into the trust. Maria could receive income from it during her life without immediately paying estate taxes. The estate taxes would be due after Maria passes away or if the trust makes certain larger distributions to her. This allows the surviving spouse to benefit from the assets without the immediate burden of estate taxes.

Designating a Trustworthy Executor

Choosing an executor or trustee who understands the rules for non-citizen spouses is really important for making sure your estate is handled correctly. This person will be in charge of managing your assets, carrying out your wishes, and dealing with any legal issues that come up. By picking someone who knows the specific laws for non-citizen spouses, you can help prevent any problems down the road.

We Can Help!

If you are married to a non-US citizen, we can help! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, discuss your options, and review our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. And if not, that’s fine too! Mention this blog and we’ll waive the $275 session fee! Limited spots available - book HERE !

Family Matters: Having Open Conversations About Your Estate Plan

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 20 Sep 2024 17:07:23 GMT

At the Smith Law Firm, we understand how important it is to be transparent and honest when it comes to planning your estate. In this article, we'll share tips on how to start these important conversations and make sure your family is kept in the loop.

Starting the Conversation: Tips and Strategies

When talking to your family about your estate plan, keep these tips in mind to make the conversation productive and respectful:

Choose a good time and place where everyone can focus without distractions.
Be honest and transparent about your intentions and decisions.
Listen to your family members' thoughts and feelings, and respect their perspectives.
Consider involving an estate planning attorney to help guide the discussion

Handling Sensitive Topics: Dealing with Family Dynamics

Talking about your estate plan may bring up difficult topics or disagreements within your family. When faced with these challenges:

Show empathy and understanding towards your family members' viewpoints.
Focus on common goals and values to foster unity.
Address conflicts or misunderstandings in a positive and timely manner to ensure a smooth estate planning process.

By openly discussing your estate plan with your family, you're not only ensuring your wishes are honored but also setting a good example for future generations.

We Can Help!

We make estate planning simple and convenient! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, present your options, and discuss our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll take the next steps. Mention this blog and we’ll waive the $275 session fee! Book your Peace of Mind Planning Session HERE !

Four Things to Consider When Naming Guardians For Your Children

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 13 Sep 2024 17:04:57 GMT

Choosing legal guardians for your children is one of the most important decisions you’ll make. It's a big responsibility, but with careful thought, you can ensure your children are cared for as you would want. Here are three things to consider:

Parenting Style

Consider the guardian’s parenting style and values. Do they align with your approach to raising children? This includes everything from discipline to education to extracurricular activities. A guardian who shares your parenting philosophy can provide a sense of continuity for your children.

Backups Are Key

Life is unpredictable. Having a backup plan is crucial. Consider naming a backup guardian in case your first choice is unable to fulfill the role. This could be due to unforeseen circumstances like illness, relocation, personal issues, or even death.

Short-Term vs. Long-Term Care

While you’re thinking about long-term guardianship, it’s also wise to consider short-term care. This could be a friend, family member, or trusted neighbor who can step in for a temporary period if you’re hospitalized or unable to care for your children. This person can provide stability and support during a challenging time.

Remember, choosing legal guardians is a deeply personal decision. It’s important to involve your partner in the process and to communicate openly with your potential guardians. Their willingness and ability to take on this responsibility should be a top priority.

We Can Help!

Ready to nominate guardians? We make the process simple and convenient! Start by booking a Peace of Mind Planning Session today. We’ll answer your questions, present your options, and discuss our unique pricing. Then, if we decide we’re a good fit to work together, we’ll take next steps. Mention this blog and we’ll waive the $275 session fee! Book your Peace of Mind Planning Session HERE !

The Ultimate Guide to Estate Planning for Gen Z

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 06 Sep 2024 17:15:21 GMT

As Gen Z transitions into adulthood, let's debunk the myth that estate planning is solely for retirees. Read on to explore the fundamentals of estate planning for the next generation.

Why Estate Planning is Important for Gen Z

Imagine this – you've landed your dream job and saved a significant amount from your side hustle. By creating a plan for your assets, you're setting yourself up for financial success and ensuring that your hard-earned money goes to the people and causes you care about.

Understanding the Estate Planning Toolkit

At The Smith Law Firm, we have all the necessary tools to enhance your estate planning skills. Our attorneys are here to simplify the process and make it as straightforward as catching the latest popular TikTok trend. Estate planning serves as your financial safety net – it safeguards your assets - everything from crypto to social media accounts.

Estate Planning: More Than Just Finances

But, there's more to estate planning than just money – it's also about leaving a legacy. Envision supporting your favorite charity, passing down your cherished comic book collection, or ensuring your pet is well taken care of. With estate planning, you can make a lasting impact that extends beyond your lifetime.

Life is full of surprises – some pleasant, while others not so much. By organizing your estate planning documents, you are giving a gift to those you love!

We Can Help!

Ready to get your affairs in order? We make the process simple and convenient! Start by booking a Peace of Mind Planning Session today . We’ll answer your questions, present your options, and discuss our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll take next steps. Mention this blog and we’ll waive the $275 session fee! Book your Peace of Mind Planning Session HERE !

Life Happens: Update Your Estate Plan

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 30 Aug 2024 17:44:26 GMT

Life is full of unexpected turns. You fall in love, get married, start a family, or unfortunately, experience loss. While these are significant milestones, they also signal a crucial time to revisit your estate plan. Let’s break it down.

Getting Married

Congratulations on finding your forever plus one! But have you thought about updating your legal documents? Marriage can dramatically change your financial picture. It’s the perfect time to either update your will or trust, or, if you don’t have a will or trust, get one.. Don’t forget about beneficiary designations on your retirement accounts and life insurance policies.

Going Your Separate Ways

Divorce can be a tough chapter, but this is another essential time to revisit your legal documents. A new will, trust, and beneficiary designations might be in order. You will likely want to remove your ex-spouse from your health care proxy and financial power of attorney. It’s also important to consider child custody and support arrangements, as well as property division.

Family Matters

Losing a loved one is heartbreaking. It's also a reminder of the importance of planning. If you were a beneficiary on their will or trust, you might inherit assets. This could trigger tax implications or changes in your own estate plan. And if your loved one was named in your own legal documents, changes will be in order.

We Can Help!

Ready to get your affairs in order? We make the process simple and convenient! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, present your options, and discuss our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll take next steps. Mention this blog and we’ll waive the $275 session fee! Book your Peace of Mind Planning Session HERE .

Avocados & Assets: Estate Planning for Millennials

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 23 Aug 2024 17:15:28 GMT

Hold up, Millennials! Think estate planning is just for mansions and yachts? Nope! Life throws curveballs, and even young adults need a plan. A few simple documents can help take you from panicked to prepared.

Consider Maya, a 33-year-old graphic designer. She wasn't exactly thinking about death and wills. Her life was a whirlwind of freelance gigs, late-night ramen sessions with friends, and weekend adventures. But then her grandfather fell ill. Witnessing his struggle and the confusion it caused amongst the family made Maya realize – that even young, healthy people needed a plan.

So Maya set up a will, ensuring her beloved record collection and vintage camera went to her music-loving niece, not a distant cousin she barely knew. A healthcare proxy allowed her best friend, Alex, who knew all her allergies and medical history, to make decisions if Maya couldn't speak for herself. A power of attorney also allowed Alex to handle Maya's finances if illness ever sidelined her.

Having a plan, even one that didn’t involve yachts and mansions, brought Maya peace of mind. Now she can focus on her passions, knowing her future was a little more secure.

Ready to take control of your future?

Take the first step towards peace of mind by booking a Peace of Mind Planning Session with Attorney Shawn Smith. This is a 1-hour meeting where we will review your questionnaire, answer your questions, and present our flat fee packages! If we decide we’re a good fit to work together, we’ll take the next steps. And if not, that’s fine too! Book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

PS - Like what you read? Send this blog to a friend!

Lock Down Your Legacy: Business Owner's Guide to Estate Planning

Fri, 16 Aug 2024 17:29:44 GMT

Hey there, fellow business owner! You've poured your heart and soul into building something awesome. But what happens to your amazing company if you aren't around anymore? What will happen to your family, who may be relying on the revenue that business provides?

That's where estate planning comes in! It's not about fancy legal jargon, it's about making sure your business keeps thriving and your loved ones are taken care of. Here are 3 things to consider:

Who Gets the Keys? (Succession Planning)

Your business is like your baby. You wouldn't just hand it off to a random stranger, right? Succession planning lets you choose who takes over the reins, whether it's a trusted family member, a loyal employee, or a dream team you put together. You also get to outline how the transition will happen, making things smooth for everyone involved.

2. Shielding Your Success (Asset Protection)

Your business isn't just your job, it's a valuable asset. And assets need to be protected! Asset protection planning for business owners safeguards your company from legal issues and debt, ensuring it survives and benefits your loved ones in the future.

3. Keeping It in the Family (Tax Efficiency)

Taxes can feel like a hungry monster sometimes, especially when it comes to inheritance. Smart estate planning can help minimize the tax bite on your business and your estate. This means more of your hard-earned money goes to the people who matter most - your family

Ready to secure your business legacy?

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Estate Planning Tips for New Parents

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 09 Aug 2024 19:01:26 GMT

Adding a new addition to your family? Or maybe you know someone who is! Now is the perfect time to get your affairs in order. Here are some tips for new parents:

Naming Guardians

One of the most important decisions you can make as a new parent is choosing a guardian who will care for your child if something happens to you and your spouse. Without a designated guardian, a judge will decide who raises your children. What if they appoint someone who does not share your values or parenting style? All new parents should have a will.

Setting Up a Trust

Few parents want their children to get a big lump sum on their 18th birthday, with no rules or restrictions! A trust allows you to designate how and when your child will inherit your assets. We call this putting in “guardrails”. With a trust, you can delay or stagger the distributions to later ages and stages.

Avoiding Unnecessary Costs

As a parent, you want every penny of your hard-earned money going to your children, not to lawyers or the government. Probate court can be an expensive process, eating up as much as 7% of the total estate. A better option may be a revocable living trust, which bypasses probate court, saving your family money and time.

Ready to protect your family’s future?

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Blended Family? Don't Let Your Legacy Become a Blended Mess!

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 02 Aug 2024 19:03:55 GMT

Blended families are beautiful blends of love, but when it comes to estate planning, things can get complicated. Here’s why having a solid estate plan is crucial for blended families:

Providing For Stepchildren

Blended families often include stepchildren who may not be legally recognized as heirs under state intestacy laws if there is no will or trust in place. By creating an estate plan, you can ensure everyone in your family is included and no one is inadvertently left out.

Clarifying Your Wishes

An estate plan is more than just a set of legal documents—it’s a reflection of your values and wishes for your family’s future. It’s especially important to make these values known in blended families. By clearly outlining how you want your assets distributed, you can prevent misunderstandings and hard feelings down the road.

Nominating Guardians

If your blended family includes children below the age of 18, you may want to consider setting up trusts so each child gets their inheritance at an appropriate age or stage of life. Also, be sure to designate legal guardians for minor children in the event both parents pass away unexpectedly. Be sure to nominate both temporary and permanent legal guardians.

Ready to ensure your blended family’s future?

Take the first step towards protecting your blended family today by booking a Peace of Mind Planning Session with Attorney Shawn Smith. This is a 1-hour meeting where we will review your questionnaire, answer your questions, and present our flat fee packages! If we decide we’re a good fit to work together, we’ll take the next steps. And if not, that’s fine too! Book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

PS - Like what you read? Send this blog to a friend!

How to Talk to Your Family About Estate Planning

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 26 Jul 2024 18:08:39 GMT

Talking about estate planning with family can be awkward, but it’s essential. Here’s how to make the conversation a little easier.

Starting the conversation early is crucial. Don’t wait for a crisis to discuss your plans. Approach the topic in a calm and positive manner, emphasizing that it’s about ensuring everyone is taken care of and that your wishes are followed.
Honesty is important in these discussions . Share your intentions clearly and openly. Explain your decisions and the reasons behind them. This transparency can help prevent misunderstandings and conflicts later.
Listening to your family’s thoughts and feelings is also key . They might have concerns or questions that you haven’t considered. By listening and addressing their concerns, you can make sure everyone is on the same page.
Staying calm during the conversation is important. Estate planning discussions can be emotional, but approaching them with a positive attitude can make a big difference. Focus on the benefits of having a clear plan in place.

Starting these conversations early and handling them with care can prevent future conflicts and ensure everyone understands your wishes. Estate planning is about more than just legal documents—it’s about providing peace of mind for you and your loved ones!

We make it even easier with our live estate planning informational webinars - Don’t miss out on opportunities to attend our valuable informational sessions with your family!

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Common Estate Planning Mistakes (And How to Avoid Them)

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 19 Jul 2024 17:57:11 GMT

Estate planning can be tricky, and it’s easy to make mistakes. Here are some common pitfalls and tips on how to avoid them.

1, One of the most common mistakes is not updating your will. Life changes—such as marriage, divorce, the birth of a child, or the death of a beneficiary—should prompt a review and update of your will. Failing to update your will after significant life events can lead to unintended consequences.

2. Another frequent mistake is overlooking digital assets. Your digital assets can include everything from social media accounts to online banking and cryptocurrency. Make a list of your digital assets and include instructions for managing them in your estate plan.

3. Ignoring state laws is another pitfall. Estate laws vary by state, so ensure your plan complies with the laws in your state. This can be particularly important if you own property in multiple states or have recently moved.

Did You Know?

Over 70% of Americans don’t update their estate plans regularly, leaving their families at risk.
More than 50% of people forget to account for their digital assets, which can complicate the estate administration process.

Start Your Planning Today

We can help! Start by booking a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take the next steps. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

PS - Like what you read? Send this blog to a friend!

Demystifying the Estate Plan - It’s Simpler Than it Sounds!

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 12 Jul 2024 19:06:04 GMT

Creating an estate plan can feel like a big task, but with the right approach, it’s totally manageable.

The first step in estate planning is to write a Will or create a Trust!

What is a Will?

A will, also known as a last will and testament, is a legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children after your death. Here’s what a will can do:

Designate Beneficiaries : Specify who will receive your assets, such as property, money, and personal items.
Appoint Guardians : Name a guardian for your minor children.
Choose an Executor : Appoint someone to manage your estate, pay debts, and distribute your assets according to your wishes.

What is a Trust?

A trust is a fiduciary arrangement where a trustee holds and manages assets on behalf of a beneficiary or beneficiaries. Trusts can be set up during your lifetime (living trusts) or created upon your death (testamentary trusts). Here’s what a trust can do:

Avoid Probate : Assets placed in a trust bypass the probate process, allowing for quicker distribution to beneficiaries.
Manage Assets : Provide for the management of your assets if you become incapacitated.
Privacy : Unlike wills, which become public record, trusts remain private.
Flexibility : Specify conditions under which distributions are made to beneficiaries, such as reaching a certain age or achieving specific milestones.

We Can Help!

Ready to start your own Will or Trust? We make the first step easy! Start by booking a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take the next steps. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

PS - Like what you read? Send this blog to a friend!

Estate Planning Isn’t Just for the Rich!

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 05 Jul 2024 17:07:32 GMT

When you hear "estate planning," you might think it’s something only for the ultra-wealthy. Surprise! Estate planning is for everyone, regardless of your bank balance. Here’s why it matters for you.

Estate planning is about protecting your family, ensuring that they are taken care of financially if something happens to you. It’s not just about money; it’s about making sure your loved ones don’t have to deal with unnecessary stress during an already difficult time. By having an estate plan, you can help your family avoid the lengthy and costly process of probate, which can eat up a significant portion of your estate and delay the distribution of assets.

A well-thought-out estate plan can also minimize taxes, ensuring that more of your hard-earned money stays with your loved ones rather than going to the government. This planning gives you control over your assets, allowing you to decide exactly who gets what and when. Without a plan, state laws will determine the distribution of your assets, which might not align with your wishes.

Did You Know?

60% of Americans don’t have a will, leaving their families vulnerable to legal complications and potential conflicts.
Almost 70% of people believe estate planning is only for the wealthy, but the reality is, everyone can benefit from having an estate plan.
Over 50% of adults with children haven’t set up an estate plan, potentially leaving their kids without clear guardianship or financial support.

Your Estate Plan

Take the first step towards protecting your blended family today by booking a Peace of Mind Planning Session. This is a 1-hour meeting with Attorney Shawn Smith. We’ll review your questionnaire, answer your questions, and present our flat fee packages! If we decide we’re a good fit to work together, we’ll take the next steps. And if not, that’s fine too! You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

PS - Like what you read? Send this blog to a friend!

The Power of Family Meetings: Strengthening Bonds and Planning for the Future

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 28 Jun 2024 17:16:13 GMT

If you're looking for a fun and meaningful way to bring your loved ones together while also planning for the future, look no further than family meetings.

In this blog post, we're shining a spotlight on the power of family meetings—what they are, why they matter, and how they can strengthen bonds and ensure everyone is on the same page when it comes to important family matters.

So what exactly is a family meeting? At its core, a family meeting is a dedicated time for family members to come together, share updates, discuss important topics, and make decisions as a group. Whether it's a weekly check-in, a monthly gathering, or an annual retreat, family meetings provide an opportunity for open communication, collaboration, and connection.

But why bother with family meetings, you might wonder? Well, for starters, they provide a forum for airing grievances, resolving conflicts, and addressing concerns in a constructive and respectful manner. By creating a safe space for open and honest communication, family meetings can help prevent misunderstandings, build trust, and strengthen bonds among family members.

Additionally, family meetings offer a chance to plan for the future and make important decisions together as a family. Whether you're discussing financial matters, estate planning, or long-term care arrangements, involving everyone in the decision-making process ensures that everyone's voices are heard and respected.

So how do you go about hosting a family meeting? It's simpler than you might think. Start by setting a date and time that works for everyone and send out invitations well in advance. Next, create an agenda outlining the topics to be discussed and any decisions that need to be made.

During the meeting, encourage open and honest communication, and be sure to actively listen to everyone's perspectives and concerns. Remember, the goal is to create a collaborative and inclusive environment where everyone feels valued and heard.

Finally, don't forget to follow up after the meeting to ensure that any decisions made are implemented and that everyone is on the same page moving forward. By taking the time to host regular family meetings, you can strengthen bonds, foster communication, and ensure that everyone is aligned when it comes to important family matters.

Protect Your Legacy

We can help protect your own valuables with a comprehensive estate plan. Start by booking a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take the next steps. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

PS - Like what you read? Send this blog to a friend!

Pet Trusts: Ensuring Your Pets Are Cared for After You’re Gone

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 21 Jun 2024 18:30:33 GMT

Hey pet lovers, this one's for you! We all know our furry friends hold a special place in our hearts, but have you ever considered what would happen to them if you were no longer around?

In this blog post, we're tackling the often overlooked topic of estate planning for pet parents. From setting up pet trusts to appointing guardians, we'll explore the ins and outs of ensuring Fido's future is secure, even when you're not around to scratch behind his ears.

So why is estate planning for pets important, you ask? Well, for starters, it ensures that your beloved furry friends are provided for in the event of your incapacity or death. Without a plan in place, your pets could end up in the care of strangers or, worse, surrendered to a shelter where their fate is uncertain.

Additionally, estate planning for pets allows you to appoint a trusted guardian to care for your pets in your absence. Whether it's a family member, friend, or professional pet sitter, having a designated caregiver ensures that your pets receive the love, attention, and care they deserve, even when you're not around to provide it yourself.

So how do you go about estate planning for pets? It's simpler than you might think. Start by identifying a trusted caregiver who is willing and able to care for your pets in the event of your incapacity or death. Next, consider setting up a pet trust—a legal arrangement that allows you to set aside funds for your pet's care and appoint a trustee to manage those funds on your pet's behalf.

In your pet trust, be sure to outline your pet's care instructions, including dietary preferences, medical needs, and daily routines. You can also specify any special requests or preferences you have for your pet's care, such as grooming preferences or favorite toys.

Finally, don't forget to update your estate plan regularly to reflect any changes in your pet's circumstances or your own preferences. By taking the time to plan ahead, you can ensure that your furry friends are well cared for and that their future is secure, no matter what life throws your way.

Start Your Planning Today

Have furry friends you want to protect? Start by booking a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take next steps. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

PS - Like what you read? Send this blog to a friend!

The Art of Legacy Letters: Crafting Your Lasting Words of Wisdom

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 14 Jun 2024 18:53:48 GMT

Today, we're putting pen to paper and exploring the art of legacy letters. What are they, you ask? Well, think of them as a heartfelt message from beyond the grave—a way to impart your wisdom, values, and life lessons to future generations. In this blog post, we'll delve into the power of legacy letters, why they matter, and how you can start crafting your own to leave a lasting impact on those you love.

So what exactly is a legacy letter? At its core, a legacy letter is a personal document written with the intent of passing down your values, beliefs, and life lessons to future generations. It's a chance to share your hopes, dreams, and experiences with your loved ones in a way that transcends time and space.

But why bother writing a legacy letter, you might wonder? Well, for starters, it allows you to leave behind a piece of yourself for future generations to cherish. Whether you're imparting words of wisdom, sharing cherished memories, or expressing your love and gratitude, a legacy letter can serve as a tangible reminder of your presence long after you're gone.

Additionally, legacy letters provide an opportunity for closure and reconciliation, allowing you to mend fences, express forgiveness, or make amends with loved ones before it's too late. By putting your thoughts and feelings into writing, you can ensure that your wishes are communicated clearly and respectfully, leaving no room for misunderstandings or regrets.

So how do you go about writing a legacy letter? It's simpler than you might think. Start by reflecting on your life experiences, values, and beliefs, and identify the key messages you want to convey to your loved ones. From there, choose a format that feels comfortable and authentic to you, whether it's a handwritten letter, a video message, or an audio recording.

Next, consider the recipients of your legacy letter and tailor your message accordingly. Whether you're addressing your children, grandchildren, or future generations yet unborn, make sure your words resonate with their unique circumstances and perspectives.

Finally, don't be afraid to get creative and inject your personality into your legacy letter. Whether you're sharing funny anecdotes, imparting sage advice, or revealing your deepest hopes and dreams, let your authentic voice shine through and make your legacy letter truly unforgettable.

We Can Help!

Ready to start your own Will or Trust? We make the first step easy! Start by booking a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take next steps. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

PS - Like what you read? Send this blog to a friend!

What Happens to Your Online Life After You're Gone?

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 07 Jun 2024 21:33:53 GMT

Have you ever wondered what happens to your digital footprint when you pass away? Spoiler alert: it doesn't just vanish into the ether. In this blog post, we're diving deep into the world of digital estate planning—what it is, why it matters, and how you can ensure your online life is taken care of long after you've logged off for the last time.

Picture this: you've spent years curating the perfect Instagram feed, amassing a treasure trove of memories and milestones captured in pixels. But what happens to all those photos, posts, and memories once you're no longer around to hit the like button? Without a plan in place, your digital assets could be lost forever or, worse, fall into the wrong hands.

That's where digital estate planning comes in. Think of it as the digital counterpart to traditional estate planning, but instead of divvying up physical assets like houses and heirlooms, you're safeguarding your online accounts, digital files, and virtual assets. From social media profiles to cryptocurrency wallets to digital photo albums, your digital estate encompasses a wide range of assets that need to be accounted for in your estate plan.

But why is digital estate planning important, you ask? Well, for starters, it ensures that your wishes are carried out when it comes to your online accounts and assets. Without clear instructions, your loved ones may struggle to access or manage your digital accounts, leading to unnecessary stress and confusion during an already difficult time.

Additionally, digital estate planning allows you to protect your digital legacy and preserve your online presence for future generations. Whether you want your social media profiles to remain active as a digital memorial or you're looking to pass down valuable digital assets like domain names or online businesses, a comprehensive digital estate plan can ensure your wishes are honored long after you're gone.

So how do you get started with digital estate planning? It's simpler than you might think. Begin by taking an inventory of your digital assets, including usernames, passwords, and account information for all your online accounts. Next, designate a digital executor—someone you trust to manage your digital assets according to your wishes. Finally, document your preferences for each account, including whether you want it to be memorialized, deleted, or passed on to a loved one.

By taking the time to create a digital estate plan, you can ensure that your online legacy is preserved and your loved ones are spared the hassle of navigating the digital landscape in your absence. So don't wait until it's too late—start planning your digital legacy today and leave behind a lasting imprint on the digital world.

Your Estate Plan

Take the first step towards protecting your blended family today by booking a Peace of Mind Planning Session. This is a 1-hour meeting with attorney Shawn Smith. We’ll review your questionnaire, answer your questions, and present our flat fee packages! If we decide we’re a good fit to work together, we’ll take next steps. And if not, that’s fine too! You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

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Special Needs Trusts: Providing for Loved Ones with Disabilities Without Compromising Benefits

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 31 May 2024 19:07:01 GMT

Caring for a loved one with disabilities involves careful planning, especially when it comes to ensuring their financial security and quality of life after you’re gone. Special Needs Trusts (SNTs) offer a powerful tool for providing for loved ones with disabilities without compromising their eligibility for essential government benefits. In this blog, we’ll delve into the importance of Special Needs Trusts, how they work, and why they should be an integral part of your estate planning strategy.

Understanding Special Needs Trusts

A Special Needs Trust is a legal arrangement designed to manage and protect assets for a person with disabilities, ensuring they maintain eligibility for government programs such as Supplemental Security Income (SSI) and Medicaid. These programs have strict asset and income limits, and receiving a direct inheritance or large sum of money can disqualify the beneficiary from receiving these critical benefits.

Types of Special Needs Trusts

1. First-Party Special Needs Trust: Funded with the assets of the person with disabilities, often from a personal injury settlement or inheritance. These trusts must include a provision to repay Medicaid for benefits received upon the beneficiary's death.

2. Third-Party Special Needs Trust: Funded by someone other than the person with disabilities, such as parents or other family members. These trusts are not subject to Medicaid payback rules and can pass to other beneficiaries upon the death of the disabled individual.

3. Pooled Trust: Managed by a nonprofit organization, these trusts pool the resources of multiple beneficiaries for investment purposes while maintaining individual accounts for each beneficiary. This option can be cost-effective for families with fewer assets.

Benefits of Special Needs Trusts

1. Preservation of Benefits: One of the primary benefits of a Special Needs Trust is that it allows the beneficiary to receive financial support without jeopardizing their eligibility for SSI, Medicaid, and other need-based benefits.

2. Improved Quality of Life: Funds in a Special Needs Trust can be used for a variety of expenses not covered by government benefits, such as education, therapy, medical and dental care, recreation, vacations, and other personal needs, enhancing the beneficiary’s quality of life.

3. Protection and Management of Assets: A trustee manages the trust, ensuring that the funds are used appropriately and in the best interest of the beneficiary. This provides an added layer of financial protection and oversight.

4. Flexibility and Customization: Special Needs Trusts can be tailored to meet the specific needs and circumstances of the beneficiary, providing flexibility in how funds are distributed and used.

Key Considerations When Setting Up a Special Needs Trust

1. Choose the Right Trustee: The trustee plays a crucial role in managing the trust assets and making distributions. It’s important to select someone who is trustworthy, financially savvy, and familiar with the beneficiary’s needs. Professional trustees or institutions can also be considered.

2. Detailed Instructions: Provide clear guidelines in the trust document on how the funds should be used, including specific wishes for the beneficiary’s care and quality of life.

3. Coordination with Other Estate Planning Tools: Ensure that the Special Needs Trust is coordinated with your overall estate plan, including wills, other trusts, and powers of attorney, to provide comprehensive protection for your loved one.

4. Legal Compliance: Work with an experienced estate planning attorney who specializes in Special Needs Trusts to ensure the trust complies with all federal and state laws and regulations.

Take Care of Your Loved Ones Today

We can help protect your valuables with a comprehensive estate plan. Start by booking a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take the next steps. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

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Estate Planning for Digital Assets: Ensuring Your Online Presence and Digital Legacy Are Secure

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 24 May 2024 18:00:55 GMT

In today's digital age, our online presence and digital assets have become an integral part of our lives. From social media accounts and email to cryptocurrencies and online businesses, these digital elements hold significant personal and financial value. However, many people overlook the importance of including digital assets in their estate planning. In this blog, we'll explore why it's crucial to ensure your digital legacy is secure and provide practical steps to incorporate digital assets into your estate plan.

Understanding Digital Assets

Digital assets encompass a wide range of items, including:

- Email accounts

- Social media profiles (Facebook, Twitter, Instagram)

- Online banking and investment accounts

- Cryptocurrencies (Bitcoin, Ethereum)

- Digital photos, videos, and music libraries

- Online businesses and websites

- Cloud storage accounts

- Digital documents and records

These assets can have both sentimental and monetary value, making it essential to address them in your estate plan.

Why Estate Planning for Digital Assets Matters

1. Protecting Personal Information: Without proper planning, your personal information may be vulnerable to identity theft or unauthorized access after your passing. Estate planning helps safeguard your digital identity.

2. Ensuring Access for Loved Ones: Your family members may need access to your digital accounts to manage financial affairs, retrieve important documents, or preserve sentimental items. Proper planning ensures they can do so without legal hurdles.

3. Managing Financial Asset: Digital assets like cryptocurrencies and online investment accounts can hold substantial value. Including them in your estate plan ensures they are properly managed and transferred according to your wishes.

4. Preserving Your Digital Legacy: Your social media profiles and online presence contribute to your digital legacy. Estate planning allows you to specify how you want these accounts handled, whether it's memorializing, deleting, or transferring them.

Steps to Include Digital Assets in Your Estate Plan

1. Inventory Your Digital Assets: Start by creating a comprehensive list of all your digital assets. Include account information, usernames, passwords, and any other relevant details.

2. Appoint a Digital Executor: Designate a trusted person to manage your digital assets after your passing. This could be the same person as your primary executor or someone with specific technical knowledge.

3. Provide Access and Instructions: Ensure your digital executor has the necessary access credentials and clear instructions on how to manage each asset. Consider using a password manager to securely store and share this information.

4. Update Legal Documents: Incorporate provisions for digital assets into your will, trust, or other estate planning documents. Specify how you want each asset handled and who should have access.

5. Review and Update Regularly: Digital assets and technologies evolve rapidly, so it's important to review and update your estate plan regularly. Ensure that all information is current and that your plans align with any new digital assets you acquire.

Protect Your Legacy

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Art and Collectibles: Crafting an Estate Plan for Your Unique Collections

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 17 May 2024 18:33:31 GMT

For many collectors, their art, antiques, or other collectibles are not just possessions but cherished investments and pieces of their personal identity. However, without proper estate planning, these collections may be subject to unintended consequences or disputes among heirs. This blog will explore strategies for protecting your unique collections and ensuring their preservation for future generations.

Valuing Your Collection: Start by having your collection professionally appraised to determine its value. This will help ensure that your heirs receive a fair distribution of your assets and may also be necessary for insurance purposes.

Tax Considerations: Inheriting valuable collectibles can have significant tax implications. By incorporating your collection into your estate plan, you can minimize taxes and ensure that your heirs receive the maximum benefit from your assets.

Legacy Planning: Consider the long-term preservation of your collection and how it fits into your overall legacy. You may wish to donate certain pieces to museums or cultural institutions, ensuring that your passion for art or history lives on for future generations.

By carefully planning for the future of your collections, you can ensure that they continue to be enjoyed and appreciated for years to come, while also providing for your loved ones and minimizing tax liabilities.

Protect Your Legacy

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Pet Trusts: Ensuring Your Pets Are Cared for After You’re Gone

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 10 May 2024 19:41:07 GMT

For many of us, pets are cherished members of the family. However, when it comes to estate planning, pets are often overlooked. This blog will explore the concept of pet trusts and how they can ensure that your furry companions are well cared for after you're gone.

What is a Pet Trust?: A pet trust is a legal arrangement that provides for the care and maintenance of your pets in the event of your incapacity or death. It allows you to designate a caregiver and set aside funds for your pet's ongoing care, including veterinary expenses, food, and other necessities.

Benefits of a Pet Trust: Unlike simply willing your pet to someone in your will, a pet trust provides legally enforceable instructions for your pet's care and ensures that funds are available to meet their needs. Additionally, a pet trust can provide peace of mind, knowing that your beloved pet will be cared for according to your wishes.

Setting Up a Pet Trust: Establishing a pet trust involves selecting a trustee to manage the funds and a caregiver to provide day-to-day care for your pet. You'll also need to determine the amount of funds to set aside and provide detailed instructions for your pet's care.

By incorporating a pet trust into your estate plan, you can ensure that your beloved pets are well cared for and continue to receive the love and attention they deserve, even after you're no longer able to provide it yourself.

Start Your Planning Today

Have furry friends you want to protect? Start by booking a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take the next steps. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

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Digital Afterlife: Securing Your Online Presence Through Estate Planning

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 03 May 2024 18:32:24 GMT

In today's digital age, much of our lives are lived online. From social media accounts to cryptocurrency holdings, our digital presence continues even after we're gone. This blog will explore the importance of incorporating digital assets into your estate plan and provide practical tips for securing your online existence.

Cataloging Digital Assets: Start by creating a comprehensive inventory of your digital assets, including usernames, passwords, and access codes. Consider using password management tools to securely store this information.

Legal Frameworks and Challenges: Laws governing digital assets are still evolving, and many people are unaware of the legal complexities involved. Without proper planning, loved ones may struggle to access or manage your digital accounts after your passing.

Planning Tools: Estate planning offers several tools for managing digital assets. These may include designating a digital executor to manage your online accounts, providing instructions for accessing and closing accounts, and incorporating digital assets into your will or trust.

By proactively addressing your digital assets in your estate plan, you can ensure that your online presence is handled according to your wishes and provide peace of mind for your loved ones.

We Can Help!

Ready to start your own Will or Trust? We make the first step easy! Start by booking a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take next steps. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

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Estate Planning for the Modern Family: Navigating Blended and Non-Traditional Structures

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 26 Apr 2024 18:30:29 GMT

In today's world, family structures are evolving, and traditional notions of marriage and parenthood are giving way to diverse arrangements. Blended families, unmarried partners, and other non-traditional setups bring unique challenges when it comes to estate planning. This blog will explore how individuals in modern families can navigate these complexities and ensure that their loved ones are protected.

Understanding Legal Challenges: Non-traditional family structures often face legal complexities, especially regarding inheritance laws. In many states, intestacy laws may not adequately provide for non-married partners or stepchildren. Understanding these legal nuances is crucial for ensuring that your assets are distributed according to your wishes.

Tools for Protection: Estate planning offers a variety of tools to protect the interests of non-traditional families. Wills, trusts, healthcare directives, and powers of attorney can be customized to address the unique needs of each family member. For example, a trust can be set up to provide for a non-biological child or ensure that assets are distributed fairly among children from different relationships.

Case Studies: Real-life examples can illustrate the effectiveness of estate planning in non-traditional families. For instance, a trust can be established to provide ongoing financial support for a non-married partner or stepchildren, ensuring they are not left financially vulnerable in the event of your passing.

By understanding the legal landscape and utilizing the appropriate estate planning tools, individuals in modern families can protect their loved ones and ensure that their wishes are carried out, regardless of their family structure.

Your Estate Plan

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How Estate Planning Can Ease the Financial Burden of Funerals and Probate

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 19 Apr 2024 21:44:59 GMT

Losing a loved one is undoubtedly one of life's most challenging experiences, and amidst the grief, there are practical considerations to address, including the costs associated with funerals and probate. Funeral expenses and probate fees can quickly add up, placing a significant financial burden on grieving families. However, with careful estate planning, individuals can take proactive steps to reduce these costs and alleviate some of the financial stress during an already difficult time. In this blog post, we'll explore the costs of funerals and probate, as well as practical strategies for minimizing these expenses through estate planning.

Understanding Funeral Costs

Funeral expenses can vary widely depending on factors such as location, type of service, and personal preferences. On average, a traditional funeral in the United States can cost several thousand dollars, including funeral home services, burial or cremation fees, casket or urn expenses, and additional expenses such as flowers, transportation, and obituary notices. For many families, these costs can quickly escalate, placing a strain on their finances during an already emotionally challenging time.

The Financial Impact of Probate

Probate is the legal process by which a deceased person's assets are distributed to their heirs and beneficiaries. While probate serves an essential purpose in ensuring that assets are transferred according to the deceased person's wishes or state law, it can also be time-consuming, complex, and expensive. Probate fees, court costs, attorney fees, and executor commissions can eat into the estate's assets, reducing the overall value of the inheritance left for heirs and beneficiaries.

How Estate Planning Can Help

Estate planning offers several strategies for minimizing the costs associated with funerals and probate, allowing individuals to preserve more of their assets for their loved ones:

Preplanning Funerals: By preplanning funeral arrangements in advance, individuals can lock in prices and ensure that their wishes are carried out without placing a financial burden on their families. Preplanning allows for thoughtful consideration of options and can help alleviate stress and uncertainty for grieving family members.

Creating a Revocable Living Trust: A revocable living trust allows assets to pass directly to beneficiaries without going through probate, thereby avoiding probate fees and delays. Assets held in a trust can be distributed quickly and privately, saving time and money for beneficiaries.

We Can Help!

Start by booking a Peace of Mind Planning Session. This is a 1-hour meeting which can happen in person or via Zoom. We’ll review your questionnaire, answer your questions, and present our flat fee packages. If we decide we are a good fit to work together, we’ll take next steps. And if not, that’s fine too! Either way, you’ll leave more clear than ever about what you need to preserve your assets. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

Navigating Estate Taxes: Strategies for Minimizing Tax Liability

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 11 Apr 2024 23:18:20 GMT

Estate taxes can significantly impact the assets passed down to heirs and beneficiaries, potentially reducing the wealth you've worked hard to accumulate over your lifetime. Understanding how estate taxes work and implementing proactive planning strategies is essential for preserving your legacy and ensuring that more of your assets are preserved for future generations. In this blog post, we'll explore the basics of estate taxes, common misconceptions, and practical strategies for minimizing tax liability.

Understanding Estate Taxes

Estate taxes, also known as inheritance taxes or death taxes, are levied on the transfer of assets upon a person's death. These taxes are separate from income taxes and are based on the total value of the assets in an estate. The federal government and some states impose estate taxes, with exemption thresholds and tax rates varying depending on the jurisdiction. It's essential to understand the current estate tax laws and how they may impact your estate.

Common Misconceptions

One common misconception about estate taxes is that they only apply to the ultra-wealthy. While it's true that estate taxes primarily affect larger estates, many individuals may still be subject to estate taxes, especially if they own valuable assets such as real estate, investments, or business interests. Another misconception is that estate taxes can be avoided entirely. While there are strategies for minimizing estate taxes, it's unlikely that you can completely eliminate them, especially if you have a significant estate.

Strategies for Minimizing Estate Taxes

Fortunately, there are several strategies that individuals can use to minimize their estate tax liability and preserve more of their assets for their heirs and beneficiaries:

Lifetime Gifting: One effective strategy for reducing estate taxes is to gift assets to loved ones during your lifetime. By taking advantage of the annual gift tax exclusion and lifetime gift tax exemption, you can transfer assets out of your estate and reduce its overall value subject to estate taxes.

Life Insurance: Life insurance can be used to provide liquidity to pay estate taxes upon your death, allowing your heirs to retain more of their inheritance. Life insurance proceeds are generally not subject to income taxes and can be an effective way to offset estate tax liabilities.

Charitable Giving: Donating assets to charitable organizations can not only benefit worthy causes but also reduce your estate tax liability. Charitable gifts are generally deductible for estate tax purposes, allowing you to lower the overall value of your estate subject to taxation.

We Can Help!

Start by booking a Peace of Mind Planning Session. This is a 1-hour meeting. We’ll review your questionnaire, answer your questions, and present our flat fee packages. If we decide we are a good fit to work together, we’ll take next steps. And if not, that’s fine too! Either way, you’ll leave more clear than ever about what you need to preserve your assets. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

Protecting Your Future: The Importance of Powers of Attorney in Estate Planning

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 04 Apr 2024 19:00:40 GMT

Losing the ability to make decisions due to incapacity is a difficult reality that many individuals may face as they age or in the event of unexpected illness or injury. While estate planning often focuses on what happens after death, it's equally important to plan for the possibility of incapacity during one's lifetime. Powers of attorney are essential legal documents that allow individuals to appoint trusted agents to make decisions on their behalf if they become unable to do so. In this blog post, we'll explore the importance of powers of attorney in estate planning and why everyone should consider including them as part of their comprehensive plan for the future.

Understanding Powers of Attorney

Powers of attorney are legal documents that grant authority to another person, known as an agent or attorney-in-fact, to make decisions on behalf of the principal, the person creating the document. There are two primary types of powers of attorney: financial powers of attorney and healthcare powers of attorney.

Financial Powers of Attorney: Managing Finances and Assets

A financial power of attorney allows the designated agent to manage the principal's financial affairs, including paying bills, managing investments, and making financial decisions. Without a financial power of attorney in place, family members may encounter significant challenges in accessing and managing the principal's assets, especially if they become incapacitated. This can lead to delays, financial hardships, and unnecessary stress during an already difficult time.

Healthcare Powers of Attorney: Making Medical Decisions

A healthcare power of attorney, also known as a healthcare proxy or medical power of attorney, authorizes the designated agent to make medical decisions on behalf of the principal if they are unable to do so due to incapacity. This includes decisions about medical treatments, procedures, and end-of-life care. By appointing a healthcare agent and providing clear instructions about their wishes, individuals can ensure that their healthcare preferences are respected and that they receive the care they desire, even if they are unable to communicate their wishes directly.

Choosing the Right Agents

Selecting the right agents is a critical aspect of creating powers of attorney. Agents should be trustworthy, responsible individuals who understand the principal's wishes and are willing to act in their best interests. It's essential to have open and honest conversations with potential agents about their roles and responsibilities and to provide clear guidance about the principal's preferences and values.

Take The First Step

We can help! Start by booking a Peace of Mind Planning Session. This is a 1-hour meeting. We’ll review your questionnaire, answer your questions, and present our flat fee packages. If we decide we are a good fit to work together, we’ll take next steps. You can book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee!

The Consequences of Dying Without an Estate Plan: Why You Shouldn't Leave Your Future to Chance

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 28 Mar 2024 19:30:04 GMT

Losing a loved one is an emotional and challenging experience, and it can become even more complicated if they pass away without an estate plan. Estate planning is often viewed as a task for the distant future or something reserved for the wealthy, but the reality is that it's a crucial step for everyone, regardless of age or financial status. In this blog post, we'll explore the significant consequences that can arise if you die without an estate plan.

Intestate Succession: Letting the State Decide

When someone dies without a will or other estate planning documents, they are said to have died "intestate." In such cases, state laws dictate how their assets will be distributed. This process, known as intestate succession, can vary widely depending on the jurisdiction and may not align with the individual's wishes. Without clear instructions in place, family members may find themselves embroiled in lengthy and costly legal battles to determine who inherits what.

Uncertainty and Confusion for Loved Ones

The absence of an estate plan can leave loved ones in a state of uncertainty and confusion during an already difficult time. Without clear guidance on how to handle assets, debts, and other important matters, family members may struggle to make decisions and may even become estranged due to disagreements over the distribution of assets. Moreover, without a designated executor or trustee, the probate process can be delayed, further compounding the stress and frustration for those left behind.

Financial Consequences: Taxes, Debts, and Expenses

Dying without an estate plan can also have significant financial repercussions. Without proper estate planning strategies in place, assets may be subject to unnecessary taxes and creditors' claims, reducing the overall value of the estate. Additionally, the probate process itself can be costly, with fees and expenses eating into the estate's assets. By failing to plan, individuals risk leaving their loved ones with less than they intended and may even burden them with unexpected financial obligations.

Take The First Step

Protecting Your Family's Future: The Importance of Guardianship Planning

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 21 Mar 2024 23:24:08 GMT

As parents, ensuring the well-being of our children is paramount. While we may not like to think about worst-case scenarios, it's essential to have a plan in place for their care and upbringing in the event of our incapacity or passing. Guardianship planning allows you to designate trusted individuals to care for your minor children and make decisions on their behalf.

Let's explore why guardianship planning is crucial and how our expertise can help you protect your family's future.

Ensuring Your Children's Well-Being: Without a guardianship plan in place, the court may appoint a guardian for your children based on state laws and regulations. By proactively designating guardians in your estate plan, you retain control over who will care for your children and can ensure they are placed in a loving and supportive environment.
Avoiding Family Disputes: Failing to designate guardians can lead to disputes among family members regarding who should care for your children. By clearly outlining your preferences in your estate plan, you can minimize the potential for conflict and ensure a smoother transition for your children during a challenging time.
Considering Financial Support: Guardianship planning also involves considerations regarding financial support for your children. Through trusts and other estate planning tools, you can provide for your children's financial needs while ensuring that assets are managed responsibly until they reach adulthood.
Communicating Your Wishes: Discussing guardianship planning with your chosen guardians is essential to ensure they understand your expectations and are willing to assume the responsibility if necessary. Our team can facilitate these conversations and help you create a plan that aligns with your values and preferences.

We appoint guardians in every estate plan we prepare for parents of young children. Start by booking a Peace of Mind Planning Session. During this one-hour working session we will explain your options and review our packages and flat fees. Then, if we decide we are a good fit to work together, we’ll discuss next steps. Book your session HERE . Mention this blog and we’ll waive the $275 session fee!

Peace of Mind Through Advance Directives: Ensuring Your Healthcare Wishes are Honored

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 14 Mar 2024 20:50:39 GMT

While estate planning often focuses on the distribution of assets, it's equally important to address healthcare decisions and end-of-life preferences. Advance directives empower you to express your wishes regarding medical treatment and ensure your healthcare decisions are honored, even if you're unable to communicate them yourself.

Let's explore the importance of advance directives and how our expertise can help you create a comprehensive plan for your future care.

Clarifying Your Healthcare Preferences: Advance directives encompass documents such as living wills and healthcare proxies, allowing you to outline your preferences for medical treatment and appoint a trusted individual to make healthcare decisions on your behalf if you're incapacitated. By clearly documenting your wishes, you can ensure your healthcare preferences are respected, reducing the burden on your loved ones during difficult times.
Avoiding Family Disputes: Without clear guidance from advance directives, family members may disagree about the appropriate course of medical treatment, leading to conflict and stress during already challenging circumstances. By proactively creating advance directives, you can minimize the potential for disputes and provide your loved ones with clarity and peace of mind.
Empowering Your Healthcare Proxy: Designating a healthcare proxy allows you to appoint someone you trust to make medical decisions on your behalf if you're unable to do so. It's essential to choose someone who understands your values and wishes regarding healthcare, ensuring they can advocate for you effectively in medical situations.
Reviewing and Updating Your Directives: Life circumstances and healthcare preferences may change over time, making it crucial to review and update your advance directives regularly. Our team can help you navigate these changes and ensure your directives accurately reflect your current wishes and preferences.

We include advanced health care directives in every estate plan we prepare. Start by booking a Peace of Mind Planning Session. During this one-hour working session we will explain your options and review our packages and flat fees. Then, if we decide we are a good fit to work together, we’ll discuss next steps. Book your session HERE . Mention this blog and we’ll waive the $275 session fee!

Will Your Estate Be Subject To Hefty Taxes? We Can Help!

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 07 Mar 2024 20:16:31 GMT

Estate taxes can significantly diminish the value of your estate if not properly addressed. As experienced estate planning attorneys, we understand the complexities of estate tax laws and can help you navigate them to minimize your tax burden. Let's explore how proactive estate planning can protect your assets from excessive taxation.

Understanding Estate Tax Basics: Estate taxes are imposed on estate greater than a certain dollar amount at death. Individuals who die with more than $13.61 million will be subject to federal estate tax, for example. In New York, that number is just $6.94 million. An estate of that size could end up owing hundreds of thousands of dollars in taxes if not properly addressed!

Utilizing Trusts: Trusts are powerful tools for estate planning, allowing you to transfer assets to beneficiaries while potentially reducing estate taxes. By establishing irrevocable trusts, charitable trusts, or other tax-efficient structures, we can help you preserve more of your wealth for future generations.

Maximizing Exemptions and Credits: Properly leveraging available exemptions and credits is essential for minimizing estate taxes. Through strategic planning, we can help you maximize the use of exemptions such as the lifetime gift tax exemption and the marital deduction, ensuring more of your assets pass to your heirs tax-free.

Updating Your Plan Regularly: Estate tax laws are subject to change, making it crucial to review and update your estate plan regularly. Our team stays abreast of legislative developments and can adjust your plan accordingly to ensure it remains effective in minimizing estate taxes.

Don't let estate taxes erode the wealth you've worked hard to build! Start by booking a Peace of Mind Planning Session. During this one-hour working session we will explain your options and review our packages and flat fees. Then, if we decide we are a good fit to work together, we’ll discuss next steps. And if not, that’s fine too! Book your session HERE . Mention this blog and we’ll waive the $275 session fee!

The Importance of Estate Planning: Protecting Your Legacy

Thu, 29 Feb 2024 21:08:41 GMT

As estate planning attorneys, we understand that planning for the future can feel overwhelming. However, the importance of estate planning cannot be overstated. It's not just about distributing your assets; it's about protecting your legacy and ensuring your loved ones are taken care of should the unthinkable happen.

Here’s why estate planning is important no matter your circumstances:

Preserving Your Wealth: Estate planning allows you to minimize taxes and other expenses associated with transferring your assets to your heirs. Getting a few basic documents in place can save your family potentially thousands of dollars in the long run.
Protecting Your Loved Ones: Beyond financial assets, estate planning encompasses crucial decisions regarding guardianship for minor children, healthcare directives, and end-of-life care. By clearly outlining your wishes, you can spare your loved ones from confusion and potential disputes during difficult times.
Avoiding Probate: Proper estate planning can help your heirs avoid the lengthy and costly probate process which can eat up 1-7% of the total estate.
Maintaining Privacy: Without an estate plan, your assets may become part of the public record during probate proceedings. With careful planning, we can help you maintain privacy and confidentiality, shielding your family from unnecessary scrutiny.

Don't wait until it's too late!

Start by booking a Peace of Mind Planning Session. During this one-hour working session we will explain your options and review our packages and flat fees. Then, if we decide we are a good fit to work together, we’ll discuss next steps. Book your session HERE . Mention this blog and we’ll waive the $275 session fee!

Beyond Paperwork: Unpacking the Hearts Behind Wills and Trusts

Thu, 22 Feb 2024 20:04:19 GMT

Estate planning. Wills. Trusts.

It all sounds so... clinical, doesn't it? Forms to fill, legalese to decipher, signatures on dotted lines. But beneath the dry surface lies a beating heart, a symphony of human emotions playing out in ink and code. Because, at its core, estate planning isn't just about dividing assets; it's about navigating the delicate terrain of love, loss, and legacy.

Talking about money, inheritance, and mortality can feel like tiptoeing through a minefield. But open communication, however daunting, is the key to defusing these emotional landmines. Imagine the heartache spared if your loved ones had known your true wishes for that cherished heirloom or childhood home? Imagine the unnecessary turmoil avoided if difficult conversations about caregiving roles and financial responsibilities were had upfront?

Think of your estate plan as a bridge, one that spans the present and the future, connecting you to those who matter most. Every clause, every designated beneficiary, sends a message of love, of trust, of your hopes for those you leave behind. Sharing this openly and honestly is the ultimate act of care and respect.

Get Started Today

We get it – this stuff is hard! That’s why we make taking that first step easy. Start by booking a Peace of Mind Planning Session. This is a 1-hour meeting with me. You’ll share your goals and objectives, and I’ll present your options and our unique flat fees. Then, if we’re a good fit to work together, we’ll discuss the next steps. Book your Peace of Mind Planning Session HERE . Mention this blog post and we’ll waive the $275 fee!

Dusting Off Your Legacy: A Guide to Updating Your Will

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 15 Feb 2024 20:20:57 GMT

Life happens. Plans change. Children arrive, relationships evolve, and that perfectly crafted will you wrote years ago might feel as dusty as an attic heirloom. So when should you consider giving your will a facelift?

Here are a few red flags:

• Major life changes: Marriage, divorce, new children, or losing a beneficiary are all strong signals it's time to revisit your will.

• Shifting assets: Acquired a new property or valuable investment? Time to update your list of beneficiaries and ensure everything aligns with your current wishes.

• Legal tweaks: Laws change, and so should your will. Our firm can help ensure your document complies with any new regulations.

Updating your will doesn't have to be a daunting procedure.

Here are some helpful tips:

• Gather your documents: Dig out your current will, birth certificates, marriage licenses, and any other relevant paperwork.

• Make a list: Jot down any changes you want to make, including new beneficiaries, asset allocations, and specific wishes for your loved ones.

• Find legal guidance: The attorneys at The Smith Law Firm are here to ensure your updated will is valid and legally sound. Remember, DIY wills can be a legal minefield!

Update Your Will

Do you have a will that is more than 3 years old? Now’s the time to revisit it. Start by booking a Peace of Mind Planning Session. We will review your current estate planning documents and give our recommendations if we believe updates are warranted. Book your session HERE . Mention this blog and we’ll waive the $275 session fee!

3 Reasons Why a Healthcare Proxy is Your Silent Superhero

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 08 Feb 2024 22:18:33 GMT

Imagine this: you're in a medical emergency, unable to speak for yourself. Suddenly, the future of your care hangs in the balance, leaving your loved ones wrestling with agonizing decisions. But what if you could have a trusted voice speak for you, navigating the medical maze with your wishes as their compass? Enter the health care proxy!

So, why is this document an essential part of your health arsenal?

Here are the 3 biggest benefits:

Your Wishes, Loud and Clear: Your proxy, armed with your explicit preferences and values, confidently guides your medical team, ensuring treatments align with your beliefs and priorities. No more guessing games, no more agonizing family debates. This isn't just about medical choices; it's about preserving your voice, your autonomy, in the face of uncertainty.
Peace of Mind for You and Your Loved Ones: Knowing your medical journey has a trusted navigator brings comfort not just to you, but to your loved ones too. They're spared the emotional burden of making gut-wrenching decisions under pressure, replaced by the confidence that your wishes are honored.
Continuity of Care, Not Chaos: Picture this: your medical journey seamlessly unfolds, with healthcare professionals seamlessly collaborating with your proxy. No more delays due to confusion or conflicting opinions. Your proxy ensures your care plan flows smoothly, advocating for the right treatments and navigating transitions with ease.

Choosing a health care proxy isn't just about paperwork; it's about building a safety net for you and your loved ones.

We Can Help!

We include a health care proxy for both spouses in every estate plan we do. Ready to get started? Book a Peace of Mind Planning Session. This can be via Zoom or in person. We’ll answer your questions and present your options and our fees. And if we decide we’re a good fit to work together, we’ll take next steps. Normally $275, mention this blog post and we’ll waive the fee! Book your Peace of Mind Planning Session HERE . Limited spots available, so act fast!

The 3 Biggest Estate Planning Myths Debunked!

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 01 Feb 2024 17:22:43 GMT

Estate planning? Must be for the rich and famous, right? Wrong! Estate planning is for everyone, and it's not as scary or complicated as you might think. In fact, some common misconceptions can hold people back from taking control of their future and protecting their loved ones. Let's debunk the top 3 estate planning myths:

Myth #1: I'm too young/single/don't have enough stuff to need it.

Reality: Life is unpredictable. Whether you're 25 or 75, single or married, with a mansion or a studio apartment, estate planning ensures your wishes are respected if something unexpected happens. It's not about wealth; it's about clarity and peace of mind for you and your loved ones.

Myth #2: My family knows what I want, so why bother with paperwork?

Trust me, hoping for the best without clear documentation is risky. Family dynamics can shift, memories fade, and legal loopholes can complicate things. A will or trust lays out your intentions black and white, avoiding confusion and potential conflicts down the line.

Myth #3: Estate planning is expensive and time-consuming.

That may be true at some law firms, but at the Law Office of Jane Smith, we make it easy! Our unique, 3-meeting process is designed to get your estate plan created and signed in just 4 weeks. Plus, we offer flat fee pricing so you know exactly how much your plan will cost. It’s that easy!

We Can Help

If having your estate planned signed in just 4 weeks sounds appealing, start by booking a Peace of Mind Planning Session. This is a 1-hour meeting with me. You’ll share your goals and objectives, and I’ll present your options and our unique flat fees. Then, if we’re a good fit to work together, we’ll discuss the next steps. Book your Peace of Mind Planning Session HERE . Mention this blog post and we’ll waive the $275 fee!

Celebrity Estate Planning: Lessons Learned (and One Not to Copy)

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 25 Jan 2024 16:04:08 GMT

The lives of the rich and famous are often shrouded in mystery, but their legal woes can offer surprising insights for us mere mortals. When it comes to estate planning, even celebrities can stumble - though their mistakes come with much larger price tags. Let's take a peek at three celebrity estate planning stories, two cautionary tales and one shining example, to glean valuable lessons for our own legacies:

1. Prince: The Will-Less Wonder (Wrong Example): In 2016, pop icon Prince tragically passed away without a will. This seemingly simple oversight plunged his vast estate into years of legal battles, leaving siblings and distant relatives squabbling over millions. The lesson? Having a will or trust is crucial. Intestacy laws may distribute your assets in ways you never intended, causing unnecessary turmoil for your loved ones.

2. Michael Jackson: The "Super Bowl Halftime Show" of Mistakes: While Michael Jackson had a will, it lacked crucial updates. Created years before his death, it left everything to his children, with no provisions for his newborn son. This resulted in legal challenges and ultimately, a revised will distributing the estate more equitably. Remember, life changes deserve updates to your estate plan! Regularly review your documents and address any shifts in family, relationships, or assets.

3. David Bowie: The Masterful Maestro of Planning: Unlike many of his fellow stars, David Bowie meticulously planned his estate. He established trusts, designated beneficiaries, and even stipulated how his music would be used after his passing. This proactive approach ensured his legacy and wishes were respected, offering a model for responsible estate planning.

Remember, regardless of your net worth, estate planning is not a luxury, it's a necessity. Learn from the missteps of celebrities and embrace the wisdom of Bowie's foresight. Take control of your legacy and ensure your wishes are clear, leaving your loved ones with cherished memories instead of legal tangles.

Get Started Today

We make it easy to Be Like Bowie. Start by booking a Peace of Mind Planning Session. This is a 1-hour meeting with me. You’ll share your goals and objectives, and I’ll present your options and our unique flat fees. Then, if we’re a good fit to work together, we’ll discuss the next steps. Book your Peace of Mind Planning Session HERE . Mention this blog post and we’ll waive the $275fee!

Health Care Proxy: Your Voice When You Can't Speak

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 18 Jan 2024 16:14:11 GMT

Have you ever considered what happens to your medical decisions if you're unable to speak for yourself? It's a thought many of us push aside, but it's a crucial conversation to have. This is where the health care proxy, also known as a durable power of attorney for health care, comes in. It's your voice when you can't speak, ensuring your wishes are honored during times of illness or incapacity.

Think of it this way: You wouldn't entrust your financial decisions to a stranger, so why leave your medical choices to chance? A health care proxy allows you to choose a trusted individual, a health care agent, to make medical decisions on your behalf when you can't. This could be anything from authorizing treatment options to deciding on life support measures.

Here's an example of how it works: Imagine you're involved in a serious accident and unable to communicate due to injuries. Your doctor needs to make critical decisions about your care, but without your input, they're left in the dark. This is where your health care proxy steps in. They've had open conversations with you about your values and preferences, and they can confidently advocate for your wishes with your medical team.

The benefits of having a health care proxy are manifold:

Peace of mind: Knowing your loved ones understand your wishes and can make decisions in your best interest brings immense comfort and reduces stress for both you and your family.
Clarity and confidence: Your doctors have a clear roadmap to follow, ensuring your treatment aligns with your values and beliefs.
Reduced family conflict: Difficult medical decisions can strain families, but a designated proxy minimizes confusion and eases the burden on loved ones during an already challenging time.

Remember, a health care proxy is not just about end-of-life decisions. It can be used for any situation where you're unable to communicate your medical wishes, from routine procedures to long-term care decisions.

Here are some additional tips for choosing a health care agent:

Select someone you trust implicitly and who understands your values and beliefs.
Choose someone who is comfortable making difficult decisions and advocating for your wishes.
Discuss your medical history, preferences, and values openly with your chosen agent.
Keep your health care proxy document up-to-date as your wishes and circumstances evolve.

We include a health care proxy in every estate plan we do. Because planning isn’t just about planning for death; it’s also about planning for life. Ready to get your bundle of estate planning documents in order? Step 1: Book a Peace of Mind Planning Session. This can be via Zoom or in person. We’ll answer your questions and present your options and our fees. Normally $275, mention this blog post and we’ll waive the fee! Book your Peace of Mind Planning Session HERE . Limited spots available, so act fast!

Trust Tussle: Navigating the Maze of Revocable vs. Irrevocable Trusts

attorney@shawnsmithlaw.com (Shawn Smith) — Wed, 10 Jan 2024 16:28:35 GMT

Planning your financial future? Enter the fascinating world of trusts, where you entrust assets to someone (trustee) for the benefit of yourself or others (beneficiaries). But choosing the right trust requires understanding the nuances, particularly the battle between revocable and irrevocable trusts.

Revocable Trusts:

Think of revocable trusts as your ever-evolving wardrobe. You can add, remove, or change clothes (assets) any time you please. Want to change Trustees? Simply amend the trust. Want to add your new grandchild? Consider it done.

Pros:

Ultimate control: You're the fashionista in charge, tweaking your financial outfit as needed.
Avoids probate: Assets skip the court process, ensuring a smoother transition to beneficiaries.
Disability protection: A designated successor trustee steps in if you become incapacitated.

Cons:

No creditor protection: Assets remain vulnerable to lawsuits and debts.
Tax implications: Your estate still includes the trust assets for tax purposes.

Irrevocable Trusts:

Now for the irrevocable trust, which, unlike a stubborn pair of jeans, cannot be easily returned once donated. Once you form the trust and move assets in, they're out of your taxable estate for good. This could help lower your estate tax bill. But, like a diamond-encrusted pair of heels, they come with a cost: limited control. You can't easily take them back or change beneficiaries.

Pros:

Asset protection: Shields assets from creditors and lawsuits, offering financial security for your loved ones.
Tax benefits: Removes assets from your taxable estate, potentially saving your heirs a hefty tax bill.
Medicaid eligibility: Can help qualify for Medicaid assistance if needed.

Cons:

Limited control: Once you donate, those assets are out of your hands. Say goodbye to wardrobe swaps.
Complexities: Setting up and maintaining an irrevocable trust can be intricate, so seek professional guidance.

So, who wins the trust tussle?

Neither! There's no one-size-fits-all answer. The ideal trust depends on your unique goals and situation. Talk to a lawyer to decide which garment fits your financial body best.

Remember:

Revocable trusts provide flexibility but offer limited asset protection.
Irrevocable trusts offer significant tax benefits and asset protection but come with limited control.

We Can Help!

We can help you decide which trust is best for your family. The first step in our 3-meeting process is a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll fill out a questionnaire, and we’ll answer your questions and present your options. We’ll also talk about our unique flat fee pricing. Then, if we decide we are a good fit to work together, we’ll discuss the next steps. This session is normally $275 but mention this blog post and we’ll waive the fee! Book your Peace of Mind Planning Session HERE .

Where The Heck Do I Put My Will? An Estate Planning Lawyer's Guide

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 04 Jan 2024 18:39:26 GMT

You've crossed the finish line of estate planning – congratulations! That carefully crafted will, trust, and power of attorney are poised to carry out your wishes. But hold on, the journey's not quite over. Now comes the crucial question: where the heck do you store these vital documents?

Let's explore the possibilities, each with its own set of pros and cons:

1. Home Sweet Home:

Pros: Convenient, always accessible, and you can keep an eye on them. A fireproof safe provides extra security.
Cons: Risk of loss in a fire, flood, or theft. Remember, your house isn't Fort Knox. Family members might stumble upon them before the time is right, causing unnecessary worry or confusion.

2. Safe Deposit Box:

Pros: Secure access with multiple verification layers, fire and flood protection, and peace of mind knowing they're out of your home.
Cons: Access can be limited during bank hours or after someone has passed awy. Dealing with bureaucracy on your loved ones' behalf might be tricky. Consider annual access fees and potential box closure rules.

3. Online Storage:

Pros: Convenient access from anywhere with an internet connection, easy sharing with your executor, and potentially lower risk of physical damage.
Cons: Cybersecurity concerns exist, though reputable sites offer strong encryption. Ensuring your loved ones have login credentials and tech savvy to access them in your absence requires planning. Also, in some instances, a probate court will require the original.

4. Lawyers Office:

Pros: Your lawyer already knows the documents and can readily assist your loved ones when the time comes. Secure storage and confidentiality are guaranteed.
Cons: Not all lawyers offer this service, and fees might apply. Requires additional trust and communication with your lawyer about their document retention policies.

5. Family and Friends (Proceed with Caution):

Pros: Familiar face for your loved ones and potentially easier emotional access.
Cons: Risk of loss, damage, or unauthorized access. Potential for family conflict if mishandled or misplaced. Choose trust and organization skills wisely.

Ultimately, the ideal document sanctuary depends on your individual needs and preferences. Consider convenience, security, and accessibility for your loved ones. Remember, clear communication about their location and who should access them upon your passing is crucial.

Bonus Tip: Make copies! Keep one with your lawyer, one at home in a separate location from the originals and consider sharing a digital copy with a trusted family member (with proper security measures in place).

Start Your Planning

No matter where you choose to store your estate planning documents, the most important thing is to do it! We make it easy. Start by booking a Peace of Mind Planning Session. This is a 1-hour meeting with me. You’ll share your goals and objectives, and I’ll present your options and our unique flat fees. Then, if we’re a good fit to work together, we’ll discuss the next steps. Book your Peace of Mind Planning Session HERE . Mention this blog post and we’ll waive the $275fee!

Digital Assets and Estate Planning: Adapting to the Evolving Landscape

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 28 Dec 2023 16:37:50 GMT

In the world of estate planning, ensuring that all your assets are comprehensively included in your revocable living trust is paramount. Traditional trust documents typically cover tangible assets like bank accounts, retirement funds, and real estate. However, there's a growing need to consider the inclusion of digital assets, particularly cryptocurrencies, which are often overlooked in standard estate planning.

Cryptocurrency: The Unseen Wealth

The rise of cryptocurrencies has introduced a new asset class that's both volatile and decentralized. Unlike traditional banking systems, there's no central authority like a “Bank of Bitcoin,” making the management of these assets unique and challenging, especially in the context of estate planning.

For those holding cryptocurrencies, it's crucial to consider how these assets will be managed and accessed posthumously. Trusts and wills can include cryptocurrency just as they would any bank account, but the process for trustees and executors is more complex.

Handling Cryptocurrency in Estate Plans

Access to cryptocurrency is fundamentally different from accessing funds in a bank. Crypto wallets don’t operate with standard "pay-on-death" policies, meaning trustees or executors need direct access to the wallets, which includes passwords and PINs. If your designated trustee isn't familiar with cryptocurrency, educating them about the basics is essential to prevent loss.

An estimated 25% of Bitcoin has been lost due to forgotten passwords or misplaced external wallets. Inaccessibility equals worthlessness in the crypto world. Therefore, your estate plan should include clear instructions and access details for your digital currency holdings.

Planning for Your Digital Legacy

When creating an estate plan, provide your attorney with a detailed list of all your cryptocurrency assets. Regular updates to this list are crucial, especially for active traders. Any changes in wallet keys should also be reflected in your estate documents.

Be aware of international laws governing crypto trading, as they may impact the management of your digital assets. Some U.S. states are adapting their laws to allow executors to manage digital assets similarly to traditional ones. However, due to the volatile nature of cryptocurrencies, some executors may prefer to liquidate these assets quickly.

For crypto traders, the best approach is to work with an estate planner experienced in digital assets. This ensures that your digital wealth is properly managed and transferred to your beneficiaries, maintaining its intended value.

Our Firm Can Help

As digital assets like cryptocurrencies become more prevalent, integrating them into your estate planning is not just prudent, it's essential. It’s crucial that families and individuals that own these assets work with a qualified estate planning attorney to ensure they are passed down to their loved ones and not lost forever. We can help! Start by booking a Peace of Mind Planning Session, In this 1-hour session, we’ll discuss your options for protecting all your digital assets. Mention this article and we will waive the $275 session fee. Book today! HERE is the link.

Federal and State Estate Taxes in 2024: A Comprehensive Guide

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 21 Dec 2023 16:39:46 GMT

Understanding taxes can be daunting, especially when it comes to estate and inheritance taxes. As 2024 unfolds, it's crucial to grasp how these taxes operate, both federally and at the state level. This guide will break down these concepts in layman's terms, with a special focus on New York State's estate tax.

What is Federal Estate Tax?

The federal estate tax is essentially a tax on the transfer of wealth upon someone's death. However, it only kicks in if the deceased person’s estate exceeds a certain value. For 2024, this exemption threshold is set at $13.6mm for individuals. This means if the total value of the estate is less than this amount, it escapes federal estate tax. Married couples get double that amount.

State Estate Taxes: New York's Approach

State estate taxes are similar to the federal estate tax but are governed by individual state laws. In New York, the estate tax applies to estates that exceed the state exemption limit, which is notably lower than the federal limit. For 2024, New York's exemption amount is $6.11mm. The tax rates for estates above this value range up to 16%. This lower threshold means that some estates may not owe federal tax but could still be liable for state tax in New York.

Inheritance Tax Explained

Inheritance tax is a separate concept. It's a tax imposed on what beneficiaries receive from an estate, rather than on the total value of the estate itself. Not every state levies this tax, and for those that do, the rules and rates vary. The key point here is that the tax is paid by the person inheriting the money or property, not by the estate. There is currently no inheritance tax in New York.

2025: Changes and Implications

The current estate tax exemption, set under the Tax Cuts and Jobs Act of 2017, is scheduled to sunset in 2025. This means that the significantly increased exemption amounts for estate and gift taxes, which have been adjusted for inflation annually since 2018, are set to revert to their pre-2017 levels. Post-2025, unless new legislation is passed, the exemption amounts will return to approximately $5.5 million per individual, adjusted for inflation. This change could have a significant impact on estate planning strategies, potentially subjecting more estates to federal estate taxes. It's important for individuals and families to work with an estate planning attorney to reduce or eliminate tax due.

In Summary

- Federal Estate Tax : Affects large estates, with the 2024 exemption at $13,610,000. This number is set to decrease significantly in 2025.

- New York State Estate Tax : Applies to estates valued over $6,110,000, with tax rates up to 16%.

- Inheritance Tax : Paid by beneficiaries, not applicable in all states, and varies where it is applicable.

We Can Help!

This stuff is confusing – we get it! That’s why we discuss taxes at every Peace of Mind Planning Session. You’ll fill out a questionnaire before we meet so we can calculate your potential tax liability at your session. If you’re above the limits, we’ll share strategies for reducing or eliminating your taxes altogether. The session is normally $275, but we’ll waive that fee if you mention this blog post. Book today HERE . Space is limited, so don’t delay!

Kickstart 2024: Your Guide to Creating and Updating an Estate Plan

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 14 Dec 2023 16:44:17 GMT

As we step into 2024, it's the perfect time to either review your existing estate plan or start the journey of creating one. Keeping your estate plan updated annually ensures that it always reflects your current wishes. It's also a great time to discuss your plans with family, friends, or anyone involved in your estate to ensure everything progresses smoothly when needed.

Stay Ahead of New Laws

Each year brings new tax laws at both federal and state levels. While most won’t affect your estate plan, it’s wise to check in with your estate planning attorney to be sure (TIP: Our Client Care Program members get exclusive updates on changes in the law! Learn more about our membership HERE ). If you have assets in different states, be mindful of varying laws that might impact your estate.

Remember, the federal gift tax exemption changes annually. This could influence any regular gifts or contributions you make. Starting January 1, 2024, the federal gift and estate tax exemption amount is 13.61 million per person. This increased exemption amount means that individuals can transfer up to $13.61 million tax-free during their lives or at death, and married couples can transfer up to $27.22 million.

For those who established an estate plan last year, make sure your revocable trust has been properly funded! This means titling all your assets like real estate, bank accounts, and stocks in your trust. Any new assets acquired should also be properly titled and included in your trust or will. Haven’t gotten around to it and need some help? Our office can help you fund your trust for a flat fee. Book a Funding Strategy Session HERE .

Making Changes: The Right Way

Regularly revisiting your estate plan is crucial, as it ensures that your final wishes align with any changes in laws, life circumstances, and asset profiles. Each year brings potential shifts in estate and tax laws that could significantly impact your estate planning strategies. Similarly, life events such as marriages, divorces, births, and deaths can alter your intentions for asset distribution. Your asset portfolio itself might evolve as well. A house sold; a bank account opened or closed. An annual review helps to keep your estate plan current.

Updating your trust or will isn’t as simple as adding a handwritten note, however. Trust amendments need to be formally appended, clearly stating any changes, removals, or additions. For wills, a codicil is necessary. This formal addition must meet state requirements, including signatures and possibly notarization.

Starting Your Estate Plan

If you don’t have an estate plan, there’s no need to panic. Now is a great opportunity to create one! At the Smith Law Firm, our process is as easy as 1-2-3! The first step is to book a Peace of Mind Planning Session. If you decide to move forward, we’ll have a Design Meeting where we’ll roll up our sleeves and design your estate plan. After a review of the final documents, you’ll come to our office for a Signing Ceremony. We’ll provide the witnesses and notary. Champagne optional! Book your Peace of Mind Planning Session HERE . Mention this blog and we’ll waive the $275 session fee.

Holiday Gifting with a Twist: Financial Gifts That Last Beyond the Season

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 07 Dec 2023 17:33:15 GMT

The holiday season is a time for joy and giving. While kids love unwrapping those colorfully packaged gifts, why not consider a present that extends its value way past the holidays?

Financial gifts can be a fantastic way to set up the younger ones for future success, and they might even offer you a tax benefit. These gifts may not come with shiny bows, but their long-term value is undeniable. Let's explore some smart financial gifting options for this holiday season.

529 College Savings Plans

We all know how expensive education has become. The student loan crisis has highlighted the need for alternative solutions. A 529 savings plan is an excellent way to start funding a child's education. These are state-sponsored investment plans, quite similar to 401(k)s, where your contributions are invested for long-term growth. Plus, there's an option for prepaid tuition plans to lock in current rates. The best part? While your initial investment isn't federally tax-deductible, the growth is tax-deferred, and withdrawals for educational purposes are tax-free. Some states even offer deductions on your initial investment.

Gifting Stocks: A Generous and Smart Investment

Gifting stocks is a fantastic way to pass on your investments to loved ones. By transferring your own stock shares, you're not just giving a present; you're sharing a piece of your financial legacy. The recipient of these shares can reap the benefits of any dividends the stocks might yield and has the option to sell them in the future, potentially at a higher value. This can be particularly valuable for younger family members as it introduces them to the world of investments and can contribute to their long-term financial health. The process usually involves coordinating with your broker or financial advisor to ensure the transfer is smooth and complies with all necessary regulations.

Savings Bonds: The Gift of Future Security

Savings bonds are another excellent gift option, especially for those looking for a more secure, long-term investment for their loved ones. Purchasing savings bonds has been made incredibly easy and can be done entirely online through the Treasury website. These bonds are essentially loans to the government, and in return, they pay interest over time. They can be purchased in denominations ranging from $25 to $10,000 and typically mature over a period of three years, although they can continue to accrue interest for up to 30 years. To purchase a bond as a gift, you'll need the recipient's Social Security number, and if they are a minor, a parent or guardian must set up a Treasury Direct account with a Minor Linked Account to hold the bonds. This is a thoughtful gift that can help secure the recipient's financial future, providing them with a nest egg that grows over time.

And good old cash? Always welcome. For larger sums, consider setting up a trust or a dedicated account that matures when the recipient is older.

A Quick Note on Gift Tax

For 2023, you can give up to $18,000 per person without incurring gift tax. This applies to 529 contributions, bond purchases, or any financial gift. If you're planning to transfer stocks, be mindful of any related rules and regulations.

We Can Help!

We discuss gifting strategies with all our clients. Start by booking a Peace of Mind Planning Session. This is a 1-hour meeting that can happen in person or via Zoom. You’ll fill out a questionnaire before we meet, and we’ll answer all your questions and talk about our packages and flat fees. Mention this blog post and we’ll waive the $275 session fee! Limited spots available. Book today by HERE .

Crafting Your Will: An Essential Guide for Every Adult 📜

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 30 Nov 2023 16:06:56 GMT

While many are acquainted with the concept of a “last will and testament”, few understand the urgency of creating one sooner rather than later. It's more than just a document; it's a shield that safeguards you, your loved ones, and your assets. To ensure it stands strong, it's imperative to draft it according to your state's regulations.

Constructing Your Will: Step-by-Step ��

Although every state has unique guidelines defining a 'legitimate will', some fundamental prerequisites are universal. While online templates might be tempting, consulting an attorney ensures your will is watertight with respect to state laws.

1. Age Limit: Typically, the will-maker (testator) should be 18 or older. Exceptions can be made for emancipated minors, legally wedded folks, and US military members.

2. Mental Fitness: The testator should possess “testamentary capacity,” meaning a clear understanding of their assets and the ramifications of the will. This isn't always equated with legal sanity. Recognizing the will's purpose and the intended beneficiaries might suffice.

3. Genuine Intent: It's vital that the will emanates from the testator's volition. External manipulations or pressures can render the document void.

4. Signatures: Most jurisdictions require your will to be inked and vouched for by witnesses, with a recorded date. It's worth noting that oral or scribbled (holographic) wills are seldom endorsed and come with additional stipulations.

The Why Behind the Will ��

The aversion to penning a will often stems from confronting our own mortality. But here's the catch: in our absence, we leave loved ones in a quandary about our assets. A will eliminates the guesswork and bypasses the lengthy court-administered intestacy process. Key aspects to deliberate in your will:

- Guardianship: Should you leave behind kids under 18, specifying a guardian becomes paramount. This is particularly crucial for single parents or in cases where both parents might be deceased.

- Property Matters: For assets like real estate, they must be explicitly mentioned in the will unless they are co-owned as tenants in common.

- Special Bequests: If you’ve earmarked particular possessions for specific individuals, cement those decisions in your will to ensure they're honored.

Here to Guide You! ��

Drafting a will doesn’t have to be daunting. Kickstart the process with our Peace of Mind Planning Session. Whether face-to-face or virtual, we’ve got you covered. You’ll fill out a questionnaire before we meet. At your session, we’ll dive deep into your concerns, answer your queries, and lay out your options and our unique flat fees. As a bonus, reference this article and we’ll forgo the $275session charge! Hurry though, as slots are limited. [ BOOK YOUR PEACE OF MIND PLANNING SESSION NOW].

Decoding Trusts: Navigating Their Varieties & Advantages 📜

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 16 Nov 2023 16:38:44 GMT

Ever mulled over a will? Then you've probably heard of trusts. They're like the dynamic duo of estate planning – Batman and Robin, if you will. But trusts are a diverse lot, and not every type ties back to a will. Some trusts even come into play while the beneficiary is still kicking.

The beauty of trusts? They’re great sidesteppers. They help avoid probate and estate taxes, ensuring your assets don't get caught up in legal tangles. Since they're not subject to probate, there’s no need for a court review. After the trust's creator (known as the "grantor" or "settlor") passes away, the trustee distributes the trust property. And guess what? All those pesky taxes and debts are managed by the trust, leaving heirs and beneficiaries tax-free and stress-free.

Trust Types: A Snapshot ��

Broadly, trusts are either revocable or irrevocable, with several subtypes anchored to the grantor's goals.

Revocable Trusts: Think of these as trusts with an ‘edit’ option. As the grantor, you can tweak them during your lifetime. It’s like having your cake (as the grantor) and eating it too (as the trustee and beneficiary). Though, in most places, there needs to be another beneficiary on board. What’s cool? As a grantor, you can pop assets into the trust or take them out as needed, neatly segregating them from your other belongings. But remember, these trusts aren’t immune to creditors or legal judgments. They’re all about giving the grantor the reigns to control how beneficiaries access their inheritance.

Irrevocable Trusts: Set in stone, these trusts are, well, irrevocable. Once created, they’re out of the grantor’s hands. That means no altering terms, no accessing the property, and complete immunity from creditors. Every rule, every designation, sticks, irrespective of life’s curveballs. However, in some places, if all beneficiaries give a thumbs-up, tweaks might be possible. Always double-check with an estate planner before sealing the deal.

Special Needs Trusts: A subset of irrevocable trusts, these are for those who require lifelong financial aid and are pegged to benefits like Medicare or Medicaid. Since there’s a cap on how much these individuals can pocket without jeopardizing their benefits, these trusts bridge the gap, offering more without compromising on essential benefits.

We’re Here to Help!

Drafting a trust isn't a DIY task, despite the alluring simplicity of online templates. Whether you're considering a unique trust like special needs or spendthrift, we've got your back! Dive in with our Peace of Mind Planning Session – be it virtually or face-to-face. Fill out our questionnaire, and we’ll guide you through your options, all at transparent flat rates. Bonus: Mention this blog, and we'll ditch our usual $275 fee! Ready to embark? [BOOK YOUR PEACE OF MIND PLANNING SESSION NOW]

Celebrating Legacy: Why Estate Planning Matters this Holiday Season 🌟

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 09 Nov 2023 16:26:42 GMT

The holiday season is all about togetherness, reminiscing about the past, and looking forward to the future. While it's not the cheeriest topic during festive dinners, it's worth pondering what legacy you aim to leave behind. �� What dreams do you harbor for the next generation? Maybe there's a special something you want to entrust to a close friend or colleague?

Penning down your wishes in a will is about more than just preserving your voice posthumously. It's a guiding light, eliminating confusion and potential disagreements over assets. Let's delve into why drafting a will is crucial, especially now.

Decoding Inheritance ��

You might think, "Do I even own enough to warrant a will?" Surprisingly, state-defined thresholds for probate court can be quite minimal, and even smaller estates often need probating.

Without a will, the legal system distributes your assets based on the state's default rules. This usually means your spouse secures half, with your children sharing the balance. Personalized directives? They won't matter.

Modern family structures often involve multiple spouses and children from varied unions. The courts then need to innovate. Although ex-partners might not have a claim, your extended family including children, grandchildren, siblings, and even cousins might. If you're keen on specific allocations or want to sidestep direct inheritors, a will is your playbook.

Revisiting & Refining Your Wishes ��

Family get-togethers aren't always smooth sailing. A comment here, a debate there, and sometimes decisions made in the heat of the moment might need rethinking. Worried about penning down something in your will that might need tweaking later?

Wills are fluid documents. Through legal amendments called codicils, you can modify sections or the entirety of your initial will. Evolving family dynamics, business growth, or asset accumulation? Adjust your will accordingly.

Don't be paralyzed by the "what ifs." Crafting a clear will can shield your loved ones from unnecessary disputes, offering more peace than any holiday truce. Speak to an estate planning expert and set your legacy intentions in stone.

Here to Guide You ��

Drafting wills is our daily bread. Start your journey with our Peace of Mind Planning Session. You’ll fill out an online questionnaire before we meet. Then, at your session, we’ll answer your questions and talk about your options and our flat fees. If we’re a good fit to work together, we’ll take the next steps. If not, no strings attached! Mention this post and we'll happily forgo our regular $275 fee. Act quickly, slots fill up fast! [BOOK YOUR PEACE OF MIND PLANNING SESSION HERE]

Season of Giving: Integrating Philanthropy in Your Estate Strategy 🌟

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 02 Nov 2023 15:35:55 GMT

Holidays and generosity go hand in hand, right? �� This festive season, think beyond gifting to just family. Imagine the impact of integrating charitable contributions into your estate planning!

Charitable Trusts: A Win-Win ��

When you establish a charitable trust, not only are you bolstering causes close to your heart, but you also secure a tax break for yourself and beneficiaries. Sure, the IRS keeps a keen eye on these trusts, but the rewards are enticing.

Dive into Charitable Remainder Trusts ��

These trusts start off as standard irrevocable trusts. They demand a living beneficiary (lasting either 20 years or more). Funds are placed in the trust, and the beneficiary gets periodic payments. Once the trust tenure ends, the balance is directed to designated charities.

There are two key types:

1. Annuity Trust : Here, beneficiaries get a fixed amount, but it shouldn't exceed 50% of the initial asset value.

2. Unitrust : This pays a percentage of the asset value to beneficiaries, re-evaluated yearly, maxing out at 50%.

Before diving in, chat with your legal and financial team to navigate the specifics.

Exploring Pooled Charitable Trusts ��

Imagine a trust where multiple donors pool their resources. That's a pooled trust! It's typically run by a nonprofit, collecting and managing donations. Beneficiaries get a slice of the pie until they pass on, post which the balance goes to charity.

The unique thing about pooled trusts? They're more public, involving multiple donors, and hence, can offer slightly reduced returns. They also can be a lifeline for folks on government aid, ensuring they don't lose out on benefits if their income fluctuates.

Crafting a Trust: An Art & Science ��

Creating a trust isn't a walk in the park. It's essential to structure charitable contributions right, ensuring both donor and beneficiary thrive. So, if you're feeling philanthropic, loop in an estate planning lawyer to map out the ideal trust structure for you.

Kick-Start Your Philanthropic Journey ��

Eager to pave your estate planning path? Start by booking a Peace of Mind Planning Session. Complete a simple questionnaire, and we'll brainstorm your options when we meet. We'll then outline your choices and our transparent, flat fee pricing. If there’s a fit, we’ll move forward. If not, no worries! Mention this post, and we'll waive the usual $275 session fee. [BOOK YOUR PEACE OF MIND PLANNING SESSION HERE]

Beyond Digital: The Importance of Physically Signing Your Estate Documents

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 26 Oct 2023 15:21:44 GMT

In the digital age, with countless tasks being carried out online, from business deals to personal shopping, it might come as a surprise to many that some traditional protocols still hold significant importance. One of these longstanding customs is the in-person signing of your will or trust. Here’s why it matters:

1. Legal Verification and Validity: First and foremost, many jurisdictions require wills and trusts to be signed in person to ensure their legal validity. This process confirms that the person creating the document (the testator for a will or the settlor for a trust) is actually the one signing it. This guards against potential fraud or forgery.

2. Witnesses: Most wills must be signed in the presence of at least two witnesses, who subsequently also sign the document. The presence of witnesses ensures that there's unbiased proof of the testator's intent and soundness of mind at the time of signing. Witnesses can later testify, if necessary, that the will was indeed signed freely and without any undue influence.

3. Notary Public: Many trusts, and some wills, require the additional authentication of a notary public—a neutral third-party officer who can verify the identities of the signing parties. Notaries ensure that signers are who they claim to be, acting of their own free will, and fully understand the implications of what they're signing.

While technology has streamlined many aspects of our lives, executing your estate planning documents is one of the few things that still needs to be done in person.

Getting Started

Ready to pull the trigger on your own estate planning? Start by booking a Peace of Mind Planning Session. You’ll fill out a questionnaire, and we’ll talk about your goals and concerns. Then we’ll present your options and our flat fees. If we decide we’re a good fit to work together, we’ll discuss next steps. And if not, that’s fine too! The session is normally $275, but mention this blog and we’ll waive that. BOOK YOUR PMPS HERE

A Homeowner's Perspective: Why I Chose a Living Trust for My Estate

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 19 Oct 2023 15:03:04 GMT

Owning a home is often seen as a milestone achievement. It's a place filled with memories, security, and, often, a significant portion of one's net worth. So, when it comes to safeguarding this valuable asset for future generations, where should you turn? One excellent option is a revocable living trust.

What is a Revocable Living Trust?

A revocable living trust is a legal entity that holds and manages assets for your benefit during your lifetime and provides for the transfer of these assets to beneficiaries upon your death – all without the need for probate. As the name suggests, this type of trust is "revocable," which means you, as the trustor or grantor, can modify or dissolve it anytime while you're alive and mentally competent.

Key Benefits of Placing Your Home in a Revocable Living Trust

1. Avoiding Probate: One of the main advantages of a revocable living trust is bypassing the often lengthy and expensive probate process. Probate is a public, court-supervised process to transfer assets from the deceased to their rightful heirs or beneficiaries. By holding your home in a trust, you ensure a seamless transition to your named beneficiaries without the hassles or delays of probate.

2. Maintaining Privacy: Unlike wills, which become public records once they enter the probate process, trusts operate privately. That means the terms of your trust and details about your assets (including your home) remain confidential.

3. Flexibility: Remember, a revocable living trust is just that – revocable. So, if your circumstances or wishes change, you can amend the trust, sell the property, or even remove it from the trust altogether.

4. Protection in Cases of Incapacity: A crucial aspect often overlooked is the protection offered if you become mentally incapacitated. Without a proper plan, the courts might appoint a conservator to oversee your affairs. With a revocable trust, the successor trustee (a person you've chosen) can step in and manage your assets, including your home, without court intervention.

5. Continuity: Homes often have ongoing obligations – mortgage payments, taxes, maintenance, and more. A smooth transition to a successor trustee ensures that there's no disruption in addressing these responsibilities.

We Can Help

We create revocable living trusts for our clients every day. Start by booking a Peace of Mind Planning Session. You’ll fill out a questionnaire, and we’ll talk about your goals and concerns. Then we’ll present your options and our flat fees. If we decide we’re a good fit to work together, we’ll discuss next steps. The session is normally $275, but mention this blog and we’ll waive that. BOOK YOUR PMPS HERE

From Fish to Fido: Comprehensive Estate Planning for All Your Pets

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 12 Oct 2023 15:19:43 GMT

When drafting an estate plan, people often focus on significant assets like real estate, bank accounts, and personal belongings. However, for many, their most treasured companions aren't jewels or properties, but the whiskered face that greets them each morning or the wagging tail that celebrates their every return. Yes, we're talking about pets.

Why Include Pets in Your Estate Plan?

Despite their cherished role in our families, the law views pets as property. Without proper provisions in place, they could end up in a shelter, rehomed, or, in worst-case scenarios, face euthanasia. Also, pets thrive on routine and familiarity. Addressing their needs in your estate plan ensures minimal disruption and provides for their continued care. Finally, by including pets in your estate plan, you ensure that they are cared for by individuals who you trust and who are equipped to provide for their needs.

How to Include Pets in Your Estate Plan

1. Pet Trusts: This legally binding document specifies funds, a designated caregiver, and care instructions for your pet. It allows for a detailed outline of your pet’s needs and provides financial resources to meet those needs. Remember to include details like diet, medical history, and even their favorite toys.

2. Will Provisions: While not as robust as a pet trust, you can mention your pet in your will. Designate a beneficiary for your pet (essentially someone who will inherit your pet), and consider allocating funds to them for pet care expenses. However, it’s worth noting that wills don't detail day-to-day care instructions or ensure allocated funds are spent on the pet.

3. Letter of Intent: While not legally binding, this document serves as a guide for your pet’s caregiver. Here, you can detail daily routines, preferred vet details, feeding instructions, and even those little quirks unique to your pet.

4. Choose a Guardian: Just as you'd carefully consider guardianship for children, select someone who genuinely loves animals and has the capacity to care for yours. Always discuss this with the person beforehand to ensure they're ready and willing for the responsibility. A backup guardian is also a wise choice.

5. Emergency Pet Cards: These are cards you keep on you, especially when traveling, that indicate you have pets at home. They can provide instructions on who to contact in emergencies, ensuring pets aren't left alone should anything unexpected occur.

Take The Next Step

Have a furry friend that needs to be cared for no matter what? Start by booking a Peace of Mind Planning Session. This is a 1-hour session with me. You’ll share your goals and concerns, and we’ll present your options and our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. Mention this blog post and we’ll waive the $275 session fee. BOOK HERE

Celebrating National Estate Planning Awareness Month 2023

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 05 Oct 2023 15:21:02 GMT

The first of October ushers in a month that holds special significance in our world - National Estate Planning Awareness Month. That's right, October isn't just about Halloween and candy corn. It's about securing a legacy, protecting assets, and ensuring a smooth transition for your loved ones.

Why Estate Planning Matters

Though it might not be as exciting as your go-to fall pastime, its significance is undeniable. Regardless of age, wealth, or family dynamics, everyone stands to gain from a carefully crafted estate plan. Here's the rationale behind it:

1. It's About Control: Simply put, estate planning allows you to decide who gets what, when, and how. Without it, those decisions are left to the laws of your state, and they might not align with your wishes.

2. Peace of Mind: The tranquility of knowing your loved ones won't be left in a legal labyrinth or financial freefall is priceless.

3. Avoiding Probate: Proper estate planning ensures assets are transferred seamlessly, without the need for court intervention.

4. Guarding Against the Unexpected: Life is unpredictable. Estate planning safeguards against sudden incapability, ensuring your wishes are respected no matter what.

Embrace Awareness This October

If you've been putting off getting your own planning done, consider National Estate Planning Awareness Month your sign to get started. Whether you've got a sprawling estate or a modest one, taking the time now can save heartache, headache, and hassle in the future. Start by booking a Peace of Mind Planning Session. You’ll share your goals and objectives, and we’ll present your options and our unique flat fee pricing. Mention this blog post and we’ll waive the $275 session fee. Book today HERE !

Why AI Can't Replace Estate Planning Attorneys: The Human Touch Matters

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 28 Sep 2023 15:33:40 GMT

So, there's been this little buzz around town (and by town, I mean the entire world) about Artificial Intelligence (AI) taking over every profession. From AI composing music to managing stock portfolios, it's hard not to be a tad bit fascinated—and maybe a smidge concerned.

But while AI is making waves in many sectors, when it comes to estate planning, there's no replacing the good ol' human touch. Let me break down why.

1. Estate Planning is Personal

Sure, an AI can crunch numbers faster than any human, but can it truly understand the dynamics of a blended family? Or the subtle nuances between siblings who may or may not get along? The process of estate planning goes beyond cold hard assets—it dives deep into family values, legacy intentions, and individual wishes. It’s not just about what you have; it's about what you want to leave behind and how you want to be remembered. An algorithm, no matter how sophisticated, can't truly get that.

Let's say you have a family heirloom—a century-old necklace. You want it to go to a family member who'll cherish its history and not just its monetary value. An AI might allocate it based on data inputs, while a human attorney will consider sentiment, family dynamics, and your emotions.

At the end of the day, you want to feel seen and heard. You want to have confidence your estate plan is going to do what you want it to do. AI simply cannot recreate that all-important connection between humans.

2. The Law is Always Evolving

The legal landscape isn't static. New precedents are set, laws get updated, and interpretations can vary. While AI can certainly keep track of updates, the application and understanding of those changes, especially in something as nuanced as estate law, require human insight, empathy, and discretion.

Consider digital assets like cryptocurrency. The way these assets are handled in an estate plan is relatively new territory. An experienced attorney can help navigate these evolving waters, weighing up-to-date legal perspectives with individual concerns and needs.

3. The "What If" Game

Contingency planning is a BIG part of estate planning. What if one beneficiary predeceases the grantor? What if a trust's stipulations aren’t met? Humans are adept at thinking through various scenarios, considering emotional and practical implications in tandem. AIs, on the other hand, work on probabilities and data—not always the gut instincts or nuanced thinking required here.

If a beneficiary has a history of financial irresponsibility or substance abuse, for example, an attorney might craft a trust that offers protection and support, rather than a simple outright distribution that an AI might default to.

While AI is pretty cool, there are some things that just need the human touch. Our lives, stories, and wishes are beautifully complex, and that's where our amazing estate planning attorneys come in.

GET STARTED

Ready to pull the trigger on your own estate planning? Start by booking a Peace of Mind Planning Session with me. You’ll fill out a questionnaire, and we’ll talk about your goals and concerns. Then we’ll present your options and our flat fees. If we decide we’re a good fit to work together, we’ll discuss next steps. And if not, that’s fine too! The session is normally $275, but mention this blog and we’ll waive that. BOOK YOUR PMPS HERE

Top 3 Myths About Estate Planning: Busted!

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 21 Sep 2023 17:01:05 GMT

So you've been hearing about estate planning, and if you're anything like the average Joe or Jane, there's a pretty good chance you've come across a myth or two. Yes, the world of wills, trusts, and probates is rife with misconceptions. And today, we're going on a myth-busting mission.

Let's dive right in and separate the fact from the fiction, shall we?

1. Myth: "Estate planning? That's just for the wealthy!”

Busted! Here's the deal: you don't need to have a Scrooge McDuck-style vault of gold coins to benefit from estate planning. Sometimes it’s MORE necessary for folks without a lot of money. Consider Todd, a widower with just $10,000 in a bank account. He didn’t have an estate plan because he thought he didn’t “need” one. Todd suffered an injury on the job and was incapacitated. He wanted his daughter, Jane, to access his account to pay his bills. But because he didn’t have a Power of Attorney naming Jane as his agent, she had to get permission from a judge to access her father’s account. And that court proceeding ate up almost all of the $10,000 Todd had worked so hard to save. This would not be a problem for someone with a lot of money, but for Todd and Jane, not having an estate plan was financially devastating.

2. Myth: "I'm young and healthy. Estate planning is for older folks”

Busted! Unfortunately, none of us have a crystal ball. While we all hope for long, healthy lives, the unexpected can—and does—happen. Estate planning is really about being prepared for any eventuality, even the ones you aren’t expecting. It's about making sure you have a say in who looks after your kids if you can't, who manages your social media accounts, and who gets your assets when you’re gone. Bottom line? It's never too early to start thinking about your wishes and getting them down on paper.

3. Myth: "A simple will is all I need. Why complicate things?"

Busted! A simple will doesn’t actually accomplish very much. First, it doesn’t cover everything you own. Assets with a beneficiary like life insurance are not covered by your will. And any jointly owned assets will automatically go to the other owner no matter what your will says. Second, wills have to be probated before your estate can be distributed. This is a process that can take up to 2 years, can eat up as much as 7% of the estate assets, and is public. For these reasons, most of my clients choose to do a revocable living trust, which is like a will, but covers all of your assets while also avoiding probate court.

START YOUR ESTATE PLANNING TODAY

Remember, estate planning isn’t about being wealthy or old—it’s about being prepared. And if you ever have questions or need some guidance, we're here to help. Start by booking a Peace of Mind Planning Session. You’ll fill out a questionnaire, and we’ll talk about your goals and concerns. Then we’ll present your options and our flat fees. If we decide we’re a good fit to work together, we’ll discuss next steps. The session is normally $275, but mention this blog and we’ll waive that. BOOK YOUR PMPS HERE

Estate Planning for the Unmarried: Top 5 Must-Consider Tips

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 14 Sep 2023 15:11:24 GMT

When most people think of estate planning, their mind jumps to married couples with 2.5 kids and a white picket fence. But here's the deal: estate planning is just as crucial for those singles as it is for married folks. No matter your relationship status, estate planning should be on your radar.

Let’s dive into the top 5 things all unmarried folks need to consider when plotting out their estate:

1. Who's Your Person?

If you're unmarried and something happens to you, who would you want making the big decisions? Whether it’s health-related choices or financial matters, designating a Power of Attorney ensures someone you trust is at the helm. What happens if you become incapacitated without a Power of Attorney? Your family will have to get permission from a judge to make decisions on your behalf. That’s going to be expensive, time-consuming, and public.

2. Beneficiaries Matter

While spouses often default as beneficiaries in many legal scenarios, that's not the case for the single crowd. Check your retirement accounts, life insurance policies, and any other accounts that require beneficiary designations. Make sure they're up-to-date and reflect your current wishes. (Pro tip: It’s easy to forget about that old 401(k) from two jobs ago. Track it down!)

3. The Will: Not Just a Formality

Having a will is essential. Without one, your assets could be distributed based on state law, which might not vibe with your personal wishes. Your closest living relative could get all your money when you really wanted it to go to the ASPCA. Whether it's leaving your prized comic book collection to your niece or making sure your best friend gets your savings, spelling it out in a will is the way to go.

4. Healthcare Directives

No one likes to think about becoming incapacitated, but it's a reality we can't shy away from. A healthcare proxy, living will, and HIPAA waiver clarify your wishes regarding medical intervention and end-of-life care. Again, it’s all about ensuring your voice is heard, even if you can't speak for yourself. Without one, your loved ones are going to have to go to court to get permission to make decisions on your behalf.

5. Estate Taxes

If you've done well for yourself, consider the potential implications of estate taxes. An unmarried person who passes away with more than $12.92 million will be subject to federal estate taxes. Only with proper estate planning can you minimize or reduce entirely what goes to Uncle Sam at your death.

Start Your Estate Plan Today

Remember, whether single, mingled, or it’s complicated – everyone's estate planning journey is unique. The first step with our office is to book a Peace of Mind Planning Session. This is a 1-hour session with me. You’ll share your goals and concerns, and we’ll present your options and our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. Mention this blog post and we’ll waive the $275 session fee. Book Here!

Life Insurance and Your Will: Debunking the Myth

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 07 Sep 2023 14:30:52 GMT

When navigating the intricate web of estate planning, it's easy to get tangled up in a few misconceptions. One common myth we hear a lot? That your life insurance payout is governed by your will. Spoiler alert: it's not! Let's break it down.

The Lowdown on Life Insurance

Life insurance is a contract between you and your insurance company. You pay premiums, and in return, the insurance company agrees to pay out a specified amount to designated beneficiaries upon your passing. Life insurance payouts typically occur relatively quickly after the insurance company is notified of the death. Simple enough, right?

Beneficiary > Will

Now, here's where it gets interesting. The beneficiary (or beneficiaries) you name in your life insurance policy is King or Queen of the castle. They reign supreme. So, no matter what your will states, the life insurance payout will go directly to that named beneficiary.

For example, let’s say you bought a life insurance policy years ago when you had just one child, Rebecca. You named Rebecca as the beneficiary of the policy. Ten years and 2 kids later, you finally get around to doing your will. You specifically state in your will that everything is to go equally to your three kids. Unfortunately, “everything” doesn’t include life insurance! Rebecca is going to get 100% of the life insurance, and your other children will get nothing

Points to Ponder

If you're considering using life insurance as a tool in your estate planning strategy, it's essential to keep the beneficiary information updated. Life happens. Marriages, births, deaths – all these can influence who you want as your policy's beneficiary. Regularly reviewing and updating this information can save a lot of heartache and confusion down the road.

Get Started Today

Wills are undeniably a cornerstone of estate planning. However, it's crucial to remember that not every asset is controlled by your will. Ready to get started on your own estate plan? Our process is simple. Start by booking a Peace of Mind Planning Session. You’ll share your goals and objectives, and we’ll present your options and our unique flat fee pricing. Mention this blog post and we’ll waive the $275 session fee. Book today !

The Vitality of Estate Planning for Non-Married Individuals

attorney@shawnsmithlaw.com (Shawn Smith) — Thu, 31 Aug 2023 15:29:30 GMT

When we talk about estate planning, the spotlight often falls on married couples. However, if you're not married, estate planning is just as crucial – if not more!

Whether you're in a committed relationship, single, or part of a non-traditional family, estate planning offers essential benefits that go beyond marital status. In this blog post, we'll explore why non-married individuals need estate planning to protect their future and their loved ones.

1. Protecting Your Partner:

For unmarried couples, estate planning is paramount in securing the financial future of your partner. Without proper planning, your partner may face significant challenges in accessing assets and making medical decisions on your behalf.

2. Controlling Asset Distribution:

Estate planning empowers you to dictate how your assets will be distributed after your passing. With a well-crafted plan, you can ensure your assets go to those you care about most, including family members, friends, or charitable causes.

3. Addressing Family Dynamics:

If you have children or dependents from previous relationships, estate planning allows you to provide for their needs and address complex family dynamics, ensuring they are cared for according to your wishes.

4. Avoiding Intestacy Laws:

Without a valid estate plan, state intestacy laws will determine how your assets are distributed. These laws may not align with your wishes, potentially leaving loved ones with unintended consequences.

5. Guardianship for Dependents:

For unmarried parents, estate planning allows you to designate guardians for your children, ensuring their future care is in the hands of someone you trust.

6. Healthcare Preferences:

Estate planning includes healthcare directives, allowing you to express your medical preferences and appoint someone you trust to make medical decisions on your behalf if you become incapacitated.

7. Minimizing Probate:

A comprehensive estate plan can help your loved ones avoid costly and time-consuming probate proceedings, providing them timely access to your assets and reducing potential disputes.

8. Protecting Non-Traditional Families:

Estate planning is especially vital for non-traditional families, including same-sex couples and domestic partners, who may face additional legal challenges without proper planning.

9. Charitable Giving:

Estate planning offers an opportunity to leave a lasting legacy through charitable giving and philanthropic endeavors that reflect your values and passions.

Marital status should never be a barrier to securing your future and protecting your loved ones. Whether you're married or not, estate planning is a proactive step towards ensuring your wishes are respected and your assets are distributed according to your desires.

Our firm makes estate planning easy and uncomplicated. Get started by booking a Peace of Mind Planning Session. This is a Zoom with Attorney Shawn Smith. We’ll start by listening to your goals and concerns. Then, we’ll present your options and review our process and flat fee pricing. If we decide we’re a good fit to work together, we’ll discuss next steps. Book your Peace of Mind Planning Session Here ! $275 session fee.

The Cost of Probate in Estate Planning

attorney@shawnsmithlaw.com (Shawn Smith) — Fri, 25 Aug 2023 15:26:55 GMT

As we navigate the world of estate planning, one question often arises – What's the deal with probate?

Probate, the legal process of administering an individual's estate after their passing, can be both confusing and costly if not properly managed. But fret not, because we're here to shed some light on the subject and help you make informed decisions about your estate planning journey.

Understanding Probate Costs:

1. Court Fees: Like any legal process, probate comes with court fees, which vary depending on the estate's value and jurisdiction. These costs can add up, so it's essential to be prepared.

2. Attorney Fees: During probate, hiring an attorney to guide you through the complexities is often necessary. Attorney fees can be a significant portion of the probate cost, but their expertise ensures a smooth process.

3. Executor Compensation: If you've appointed an executor to manage your estate, they may be entitled to compensation for their efforts, typically a percentage of the estate's value.

4. Appraisal and Valuation Costs: Valuing the assets in the estate, such as real estate and investments, may require professional appraisals, incurring additional costs.

5. Notice Publication: In some cases, probate requires publishing a notice of the proceedings, which comes with its own expenses.

6. Debts and Taxes: Outstanding debts and taxes owed by the deceased are paid from the estate, potentially reducing the assets available for beneficiaries.

7. Miscellaneous Expenses: From document filing to administrative expenses, probate comes with several miscellaneous costs that can quickly add up.

Minimizing Probate Costs with Estate Planning:

While probate costs are inevitable in some cases, assets placed in a Revocable Living Trust instead can bypass probate entirely, saving your loved ones the time, expense, and publicity of probate court.

Ready to discover if a Living Trust is right for your family? Start by booking a Peace of Mind Planning Session. This is a Zoom with Attorney Shawn Smith. We’ll start by listening to your goals and concerns. Then, we’ll present your options and review our process and flat fee pricing. If we decide we’re a good fit to work together, we’ll discuss next steps. Book your Peace of Mind Planning Session HERE . Mention this blog post, and we’ll waive the $275 session fee. BOOK YOUR PMPS HERE

Superheroes for a Limited Time: Unraveling the Magic of Short-Term Guardians

Thu, 17 Aug 2023 15:33:21 GMT

As you venture into the world of estate planning, you may come across a term that sounds both intriguing and mysterious – Short-Term Guardians!

Now, don't worry if you haven't heard about them before – we're here to unravel the magic and show you why they're a crucial part of your estate planning journey.

What's the Buzz About Short-Term Guardians?

Picture this: You and your partner are planning a well-deserved getaway, just the two of you. But as loving parents, there's one big question on your minds – who'll be the superhero to look after your kiddos while you're away?

Enter the "Short-Term Guardians"! These are the incredible individuals you appoint to take care of your children temporarily, just for those moments when life throws you a curveball or when you need a quick breather.

Why Short-Term Guardians Are Real-Life Superheroes:

1. Emergency Preparedness: Life is full of unexpected twists, but with Short-Term Guardians in place, you can rest easy knowing your kids are in good hands during those unforeseen events.

2. Backup Babysitters: F rom sudden work trips to impromptu date nights, having Short-Term Guardians means you'll always have a reliable babysitting backup!

3. Your Rules, Your Way: You get to be the director and set the rules! Short-Term Guardians follow your guidelines and provide the loving care your little ones are accustomed to.

4. Instant Support System: Whether it's a family member, a close friend, or a superhero neighbor, Short-Term Guardians are your instant support system when you need them most.

5. Special Bonds: By involving your kids in the process of choosing Short-Term Guardians, you foster special relationships that make transitions smoother and full of fun!

How to Choose Your Superhero Squad:

Selecting Short-Term Guardians is all about finding those real-life superheroes who share your values and genuinely care for your children. Individuals who live close by are preferred.

We appoint Short-Term Guardians in every estate plan we prepare for parents of minor children. Ready to get started? Start by booking a Peace of Mind Planning Session by clicking Here! You’ll share your goals and objectives, and we’ll go over your options and our unique, flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps. Mention this blog post and we’ll waive the $275 session fee! BOOK YOUR PMPS HERE

Embrace the Future: Virtual Estate Planning Now Available!

Thu, 10 Aug 2023 16:03:49 GMT

At The Smith Law Firm, we're all about embracing the future and making life easier for you! That's why we're excited to announce that we now offer Virtual Estate Planning as an option for our clients.

In today's fast-paced world, we understand how valuable your time is. That's why we've taken estate planning to the virtual realm, ensuring you can secure your legacy and protect your loved ones from the comfort of your own home.

So, what's Virtual Estate Planning all about? Let us break it down for you:

1. Convenience at Your Fingertips: With just a few clicks, you can schedule virtual consultations with our experienced estate planning attorneys. No more commuting or waiting rooms – it's all about saving time and energy!

2. Personalized Planning: Rest assured, our virtual process is just as personal and tailored to your needs as an in-person meeting. We take the time to understand your unique situation and goals to craft a comprehensive estate plan that reflects your wishes.

3. Seamless Document Exchange: Say goodbye to paperwork hassles! Our secure online platform allows you to exchange documents and review drafts with ease, keeping everything organized in one digital space.

4. Remote Signing Sessions: You can sign your documents at our office (witnesses and notary provided!) Or, if you prefer, you can secure your own witnesses and notary, and sign from the comfort of your home. We’ll supervise via Zoom to make sure everything runs smoothly.

5 . Flexible Scheduling: Life can be unpredictable, but estate planning doesn't have to be! We offer flexible scheduling options to accommodate your busy lifestyle.

Now, we get it – Virtual Estate Planning might feel a bit unfamiliar at first. But rest assured, our team is here to guide you every step of the way. Our tech-savvy attorneys will make the process smooth, straightforward, and dare we say, enjoyable!

Ready to get started with your estate planning? Start by booking a Peace of Mind Planning Session by clicking the link in our bio! You’ll share your goals and objectives, and we’ll go over your options and our unique, flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps.

Mention this blog post and we’ll waive the $275 session fee! BOOK YOUR PMPS TODAY !!

The Crucial Role of a Health Care Proxy

Thu, 03 Aug 2023 15:16:40 GMT

As life is filled with unexpected twists and turns, it is essential to prepare for all possibilities, especially when it comes to our health. None of us can predict when an accident or illness may leave us unable to make critical medical decisions. To safeguard your well-being and ensure your healthcare preferences

are upheld, a health care proxy becomes an indispensable tool. In this blog post, we'll delve into the importance of a health care proxy and why everyone should have one in place.

Why Everybody Needs a Health Care Proxy:

1. Empower Your Loved Ones: A health care proxy (also known as Health Care Power of Attorney) empowers your chosen agent to make medical decisions on your behalf, ensuring that your loved ones have the legal authority to act in accordance with your wishes.

2. Peace of Mind: Knowing that your medical decisions will be made by someone you trust brings immense peace of mind, especially during challenging times when you may not be able to communicate your preferences.

3. Accident Preparedness: Accidents can happen to anyone at any time. Having a health care proxy ensures that you have a designated person ready to make decisions in case of an emergency.

4. Medical Advocacy: Your health care proxy acts as your advocate, ensuring that medical professionals respect your treatment preferences and end-of-life wishes.

5. Customized Care: With a health care proxy in place, you can outline your specific medical preferences, ensuring that your treatment aligns with your beliefs and values.

6. Reducing Family Disputes: By appointing a health care proxy, you help prevent potential family conflicts over medical decisions, providing clarity and unity during challenging times.

7. Legal Protection: Without a health care proxy, medical decisions may be left to medical providers or state law, which may not align with your desires.

8. Complex Medical Conditions: For individuals with chronic or complex medical conditions, a health care proxy ensures that their care is guided by someone who understands their unique needs.

9. Aging Population: As our population ages, health care proxies become increasingly vital to ensure that aging individuals receive appropriate care according to their wishes.

In this uncertain world, a health care proxy is a critical component of securing your future and protecting your well-being. No matter your age or health status, taking the time to appoint a trusted health care proxy is a thoughtful and responsible decision.

We include Health Care Proxies in every estate plan we prepare. Ready to get started? Start by booking a Peace of Mind Planning Session by booking a consultation! We can meet in person or via Zoom. You’ll share your goals and objectives, and we’ll go over your options and our unique, flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps.

Mention this blog post and we’ll waive the $275 session fee! BOOK YOUR PMPS NOW!

Estate planning for the unexpected

Mon, 10 Jul 2023 14:49:43 GMT

No one likes to think about the possibility of becoming incapacitated, but it’s important to plan for the unexpected. In the event that you are unable to make decisions for yourself, whether due to illness, injury, or other reasons, it’s important to have a plan in place for how your healthcare and financial decisions will be managed. In this blog post, we’ll explore what happens if you become incapacitated and how you can ensure that your preferences are followed.

What happens if I become incapacitated?

If you become incapacitated, meaning you are unable to make decisions for yourself, there are several things that could happen depending on your situation. First, your healthcare decisions may need to be made by someone else. This could be a family member or friend, but if you haven’t designated someone to make decisions on your behalf, a court may need to appoint a guardian or conservator to manage your healthcare decisions.

Similarly, if you are unable to manage your finances, someone will need to step in to make sure your bills are paid, your assets are managed, and your financial affairs are in order. This could also be a family member or friend, but again, if you haven’t designated someone to act on your behalf, a court may need to appoint a conservator to manage your finances.

How can I ensure my healthcare and financial decisions are managed according to my preferences?

The best way to ensure that your healthcare and financial decisions are managed according to your preferences is to create legally binding documents that outline your wishes. Here are a few documents to consider:

Advance directive: An advance directive is a legal document that outlines your preferences for medical treatment in the event that you are unable to make decisions for yourself. It can include instructions on life support, pain management, and other medical treatments.

Durable power of attorney for healthcare: A durable power of attorney for healthcare designates someone to make healthcare decisions on your behalf if you are unable to do so. This person should be someone you trust to make decisions that align with your wishes.

Durable power of attorney for finances: A durable power of attorney for finances designates someone to manage your financial affairs if you are unable to do so. This person should be someone you trust to make decisions that align with your financial goals.

Living trust: A living trust is a legal document that allows you to transfer assets to a trustee who will manage them on your behalf. This can be especially useful if you become incapacitated because the trustee can step in and manage your assets without needing to go through the court system.

It’s important to work with an attorney who specializes in estate planning to create these documents. They can help ensure that your wishes are clearly stated and legally binding.

No one likes to think about the possibility of becoming incapacitated, but it’s important to plan for the unexpected. By creating legally binding documents that outline your wishes, you can ensure that your healthcare and financial decisions are managed according to your preferences. Work with an attorney who specializes in estate planning to create these documents and ensure that your wishes are clearly stated and legally binding.

Benefits of setting up a living trust!

attorney@shawnsmithlaw.com (Shawn Smith) — Tue, 18 Apr 2023 20:11:21 GMT

Setting up a living trust is a smart way to protect your assets and ensure they're distributed according to your wishes after you die. A living trust is a legal document that allows you to transfer ownership of your assets to a trust while you're still alive. You continue to control the assets and can change the trust's terms or revoke it altogether at any time. Here are some of the benefits of setting up a living trust:

Avoiding Probate

One of the primary benefits of setting up a living trust is that it can help you avoid the probate process. Probate is a court-supervised process of distributing assets after someone dies. The process can be lengthy, expensive, and public, and it can tie up your assets for months or even years. By transferring ownership of your assets to a trust, you can avoid probate altogether. Your assets will pass directly to your beneficiaries according to the terms of the trust, which can save time, money, and hassle for your loved ones.

Maintaining Privacy

When you die, your will becomes a matter of public record. Anyone can access it and see who your beneficiaries are, how much they're receiving, and other personal details. A living trust, on the other hand, is a private document. The terms of the trust remain confidential, and your assets are distributed without the need for court involvement. This can be especially important if you have sensitive family or financial information that you don't want to become public knowledge.

Protecting Your Assets

A living trust can also help protect your assets from creditors, lawsuits, and other claims. Because the assets are owned by the trust and not by you personally, they may be shielded from creditors or other legal actions. Additionally, if you become incapacitated, the trust can provide for your care and support without the need for a court-appointed guardian.

Ensuring Your Wishes are Followed

Another benefit of setting up a living trust is that it allows you to control how your assets are distributed after you die. You can specify who gets what, when they get it, and under what circumstances. This can be especially important if you have a blended family, minor children, or special needs beneficiaries. By setting up a trust, you can ensure that your wishes are followed and that your assets are distributed in a way that best meets your family's needs.

Saving Money

While there are costs associated with setting up a living trust, it can save you money in the long run. By avoiding probate, you can save on court fees, legal fees, and other expenses. Additionally, because the trust can provide for your care and support if you become incapacitated, you may be able to avoid the need for a guardianship or conservatorship, which can be costly.

Setting up a living trust can offer many benefits, including avoiding probate, maintaining privacy, protecting your assets, ensuring your wishes are followed, and saving money. If you're considering setting up a trust, it's important to work with an experienced attorney who can help you navigate the process and ensure that your trust is set up correctly.

Why It Is Important to Update Your Estate PLan

Thu, 06 Apr 2023 23:17:33 GMT

Estate planning is the process of arranging your assets, properties, and other valuable things so that they can be distributed to your loved ones after you pass away. While estate planning is an important aspect of financial management, it is not a one-and-done process. Regular review and updates of your estate plan are crucial to ensure that it is up-to-date with your changing circumstances, and that it meets your goals and wishes.

In this blog post, we'll take a closer look at why it's essential to review and update your estate plan regularly, and how often you should do it.

Why is it important to review and update your estate plan?

Your estate plan is a legal document that outlines how your assets will be distributed after you pass away. However, life is unpredictable, and things can change quickly. You may experience significant changes in your financial situation, health, family circumstances, or your personal goals and wishes. Therefore, it's crucial to keep your estate plan current and up-to-date.

If you don't update your estate plan regularly, it may lead to unintended consequences. For example, if you named someone as a beneficiary in your will or trust, and they pass away before you do, it may create a situation where your assets end up in the wrong hands. Similarly, if you get divorced or remarried, it can affect how your assets are distributed, and who will have legal authority over your health care and financial decisions.

How often should you review and update your estate plan?

There is no one-size-fits-all answer to this question, as the frequency of review and updates of your estate plan will depend on your individual circumstances. However, as a general rule, it's recommended that you review and update your estate plan every three to five years or whenever there is a significant change in your life circumstances.

Here are some events that may trigger a need to update your estate plan:

Changes in family circumstances: If you get married, divorced, have a child, or experience the death of a loved one, it's crucial to update your estate plan to reflect the changes in your family circumstances.

Changes in financial circumstances: If you experience a significant change in your financial situation, such as receiving an inheritance, selling or buying a property, or starting a new business, you may need to update your estate plan to ensure that your assets are distributed according to your wishes.

Changes in your health: If you become seriously ill or disabled, it's essential to update your estate plan to ensure that your health care decisions are in line with your wishes.

Changes in the law: Estate planning laws and regulations are subject to change, and it's important to review your estate plan regularly to ensure that it's in compliance with the latest laws and regulations.

Reviewing and updating your estate plan regularly is an essential part of financial management. By keeping your estate plan current and up-to-date, you can ensure that your assets are distributed according to your wishes, and that your loved ones are taken care of after you pass away. Remember to consult with a qualified estate planning attorney to help you review and update your estate plan to ensure that it meets your individual needs and circumstances.

Welcome to our new website!

Wed, 30 Dec 2020 21:11:05 GMT

Welcome to our new website! This site has been professionally designed to be responsive and mobile friendly, so it looks great and is accessible no matter what type or size of device you are using.

Our new website also has an integrated Client Portal, meaning you are able to access your case documents, correspondence, and calendars directly from our website!

If you have any questions, don’t hesitate to contact us today.

Estate Planning in the Era of COVID-19

Sun, 26 Apr 2020 21:42:16 GMT

If the events of these past few weeks have put you on edge, know that you’re not alone. Everything happening right now is unprecedented and the uncertainty of the situation is forcing us all to face our fears in some way. With all the anxieties and unknowns of the situation, it might feel like now is a good time to put your affairs in order, just in case. While the coronavirus will not be fatal to most people that get infected, it doesn’t hurt to be prepared in case you do end up needing medical care. Although the possibility of falling critically ill is scary, the prospect can feel a little bit brighter with the certainty that you’re prepared for whatever might happen. At the very least you will have done what you can to control what is in your power and ensure your estate is in order. The truth is everyone should have an estate plan, pandemic, or not, as it gives you control over your affairs and lets you make critical plans for the future.

So if you don’t have a plan, now is as good a time as any to put one together. At the Smith Law Firm, we provide assistance to our clients enabling them to plan effectively for the future. Although some clients may be unable to come into our office due to social distancing measures, we continue to provide this crucial service through electronic and online media.

Estate planning documents you will need

An estate plan includes a collection of documents and strategies that help you organize your assets and plan for what happens when you’re no longer able to act for yourself. Without these documents, your affairs may fall into disarray, even if you do not have substantial assets or children. For instance, if you fall seriously ill and can no longer take health or financial decisions for yourself, your family will need to apply to the court to appoint a guardian who will act for you. This procedure is usually lengthy and expensive. This is why to avoid the trouble, it makes sense to have these documents now. Some of the documents that you should keep in mind, especially during this period, include:

A financial power of attorney: A financial power of attorney caters to what happens if you can no longer make financial decisions for yourself. For instance, if you are at the point where you need critical medical care, this document lets you select someone that will administer your finances, including your bank accounts, while you are indisposed. You can also set limits to how the power can be exercised and in what respects. Although you can appoint any person of full age and mental capacity as your attorney, a good rule of thumb is to pick someone that is financially astute and that will only act in your best interests.

Health care power of attorney: Similar to a financial power of attorney, a health care power of attorney allows you to authorize someone to make medical decisions on your behalf. They will be able to authorize medical treatments on your behalf and generally make health care decisions for you if you are incapacitated or incompetent.

Advance health care directive: Also known as a living will, this document allows you to specify what kind of end-of-life treatment you want to receive. Some have specific desires as to how they want to be treated should they be in a position where recovery is impossible. This document lets you document your wishes and provide directives on what should happen at this stage.

Will: Unlike the other documents that specify what should happen while you are alive, a will lets you provide for when you are no longer here. The document lets you stipulate directions for who should inherit you and how. If you don’t create a will to direct your own succession, the distribution of your assets will be handled by the state and may result in consequences very radical from what you may have preferred. Also, if you have minor children, a will lets you appoint a guardian that will look after them if you are no longer able to.

Living trust: This is one of the most versatile instruments you can create as part of your estate plan. It is a mechanism that allows you to set up your assets in such a way that they are not affected by whatever happens to you. It helps you avoid the need for probate and shields your assets from life events like financial or judicial debt. It also lets you provide for the care, support, and education of your children, and even give them an inheritance, for when you’re no more.

Although every one of these documents is important for your estate plan, you do not need to draft them all at once. You can start with two or three of the most pressing ones then gradually add to your plan as you go along.

How will the procedure go?

Due to the current realities imposed by COVID-19, much of the “normal” procedure for creating an estate plan has been impacted. However, the basics of the procedure are still the same, and with the help of technology, we are pivoting to continue to provide these services via electronic means. Here’s what you can expect from the process:

Identify your goals: As always, the first step in creating your estate plan is to identify your goals. Knowing what you wish to achieve with the plan will help you understand better what documents and strategies should form part of the plan.

Schedule a consultation: Your next step will be to schedule a consultation by calling us at (515) 451-1260. We will reach out to you within 24 hours of your call or email and discuss with you as to a convenient time for a consultation.

Provide instructions: Since shelter-in-place and social distancing order are still in effect, the consultation can take place online. Either at this meeting or through a series of meetings, you can then share your goals with us and provide instructions on what documents you want to become part of your estate plan.
Draft your estate plan documents: Utilizing our extensive knowledge of wills and estates law in Iowa, we will draft the documents as agreed and regularly interface with you for specifics that meet the requirements of the law.
Witnessing and notarizing: Although the normal process of witnessing and notarizing estate plan documents was solely physical, changes are being made at this period. We are also adopting measures to provide remote witnessing and notarizing in line with the state's emergency proclamation and social distancing measures.

We also continue to review our process to ensure that people who need time-sensitive estate planning documents can continue to access them without undue delay.

Speak to our estate planning attorney today If you are considering making your estate plan, contact The Smith Law Firm today. Our estate planning attorney will help you understand what options are open to you and how to go about creating an estate plan that lets you secure your future and that of your heirs.

Consumer Debt Relief in the ERA of COVID-19

Tue, 21 Apr 2020 21:39:21 GMT

There’s really no denying it now. The COVID-19 outbreak sweeping across the US and most of the world has fundamentally affected individuals and families everywhere. As the realities of the situation continue to evolve, the all too real economic effects of the pandemic are becoming painfully clear.

Official reports as of April 16, 2020, indicate that more than 22 million Americans have filed for unemployment in the US, far and away from the highest number at any point in US history. For so many households, the situation has now become a question of how long they can keep their heads above water before sinking to financial ruin.

Thankfully, measures are being taken, both at the federal and state level, to counter the harsh financial implications of the COVID-19 pandemic. If you have been wondering what will happen to your student loans, mortgage or other consumer debt you were servicing before the coronavirus, there may be legal relief for you.

Along with the Coronavirus Aid, Relief and Economic Security Act (CARES Act) passed by the US Congress, the Iowa State government has announced certain palliative measures for consumer debt relief.

In this article, we explain what relief is available for consumer debt and what steps you can take in order to benefit from these measures.

MORTGAGE AND RENT PAYMENT

The CARES Act introduces two protections for homeowners with impending or already outstanding mortgage payments:

A right to forbearance: This means if your mortgage payments were impending before the coronavirus or have since become due, you can ask to have your payment obligation deferred. The relief is available to those who are experiencing financial hardship due to the pandemic. If granted, you can enjoy relief from your payment obligations for up to 180 days and you may request one extension for up to another 180 days. During the period of forbearance, no fees, penalties, or additional interest can accrue on your account, beyond the already scheduled payments. You must contact your loan servicer to request this relief.
A foreclosure moratorium: The CARES Act also provides foreclosure relief for mortgage loans that have already become due. The moratorium on foreclosure actions runs for 60 days starting from March 18, 2020 and prohibits all judicial and non-judicial foreclosure actions, including finalizing a foreclosure judgment or sale during the period. It does not matter if your failure to pay on the initial loan was due to COVID-19-related difficulties or not.

It is important to note that the reliefs provided by the CARES Act only apply to either wholly or partly federally backed mortgages. These include loans backed by the Department of Housing and Urban Development, Fannie Mae, and Freddie Mac. How do you know if your mortgage is federally backed? You can check this resource for more information.

In addition to the relief against mortgage payments and foreclosure, the Act also provides relief against eviction for tenants in “covered dwellings”. A covered dwelling is one where the building is secured by a federally backed mortgage loan or that participates in federal housing programs. Homes covered by this provision will enjoy a 120-day relief from eviction starting from March 27, 2020. After the period expires, they can only be evicted upon receipt of a 30-day notice.

State of Iowa also announced a suspension of all foreclosure proceedings in the Governor’s March 22, 2020 Proclamation of a Disaster Emergency . The proclamation suspends commencement or continuation of foreclosure proceedings on residential, commercial, and agricultural property in the state.

STUDENT LOANS AND OTHER GOVERNMENT DEBT PAYMENTS

The CARES Act provides further relief from payments for student loans. As per the provision, all payments on Direct Loans and Federal Family Education Loans (FFEL) are suspended till September 30, 2020. However, only FFEL loans currently owned by the US Department of Education qualify for relief. The loans will not accrue any interest during the period as well and the suspension will not result in any negative credit reporting.

The CARES Act also makes provision for payments of $1,200 to qualified Americans, with an additional $500 for each child. These payments are protected against seizure by the US for any debts owed to the government. In addition, the US Treasury has exempted benefit payments made to individuals by the Social Security Administration from the offset. This means your SSA benefits payments will not be deducted to satisfy any non-tax debts owed to the federal government.

CREDIT CARDS, ARRANGED OVERDRAFTS AND PERSONAL LOANS

While there is no state directive currently mandating banks or credit card providers to provide relief at this period, there are some measures in place. The Office of the Comptroller and the Federal Deposit Insurance Corporation is encouraging banks to explore ways to help their customers at this time. Some of the recommended measures include waiving certain fees and modifying terms on current loans to account for temporary financial hardship due to COVID-19.

Apart from this, several banks and lenders are taking individual measures to provide relief for customers affected by the pandemic. You can check this resource to see what your bank or lender is doing to support customers at this time.

UTILITY SERVICE AND DISCONNECTION

The Federal Communications Commission has waived certain rules to ensure that consumers enrolled in the Lifeline program do not lose access to critical utilities. The Lifeline program lets qualifying low-income earners access discounts on voice and broadband internet services. Under previous FCC rules, including involuntary disenrollment rules, some of these may have lost access to the service if the rules were enforced. Now, the FCC has ordered that enforcement of these rules be paused, at least until May 29, 2020.

The State of Iowa has also imposed a moratorium on utility terminations. The moratorium came from the Iowa Utilities Board which issued an emergency order on March 27, 2020, directing that disconnection of electric, natural gas, and water utilities to consumers are paused for the duration of the COVID-19 pandemic.

BANKRUPTCY PAYMENTS

For bankruptcy payments, the CARES Act excludes COVID-19 stimulus checks and other payments from being considered as income under a Chapter 7 bankruptcy means test. It also excludes these payments from being used to determine the amount to pay unsecured creditors in Chapter 13 bankruptcy. The provision applies to bankruptcy proceedings commenced before and after the enactment of the Act.

However, these payments are not exempted from bankruptcy proceedings. This means that they cannot be claimed as exempt property under normal bankruptcy exemptions, such as wildcard exemptions.

The Act makes further special provisions regarding Chapter 13 repayment plans. First, it allows debtors in current plans to extend the term of their plans if they are unable to stay current with plan payments. This gives them additional time to pay critical debtors and priority claims such as tax obligations, child support and mortgage defaults. Second, the Act allows a debt who has experienced a financial hardship due to COVID-19 to apply for a modification of their repayment plan. They can extend the time for payment of claims under the plan for up to 7 years after the date of the first payment was due.

CONCLUSION

The measures discussed in this article show that if you are troubled by consumer debt at this period, there are several possibilities to manage your liabilities. If you are unsure how to proceed with these or if you want advice that is a bit more specific to your case, do not hesitate to contact us at the Smith Law Firm, PLLC.

Our consumer bankruptcy attorneys and debt relief experts are available to counsel you on your options and steps you can take.

What to Expect During an Iowa Personal Injury Case

Mon, 09 Mar 2020 21:36:21 GMT

Each year, thousands of Iowans are hurt in accidents. In addition to the physical and emotional pain they cause, accidents can also lead to medical bills, lost income, and other financial costs. To recover these losses, you may want to file a personal injury case. Here’s what you can expect during a personal injury case in Iowa.

What is Personal Injury?

The term “personal injury” is a broad one. Generally, the phrase refers to any injury that a person causes to another by acting carelessly. Injuries caused by car accidents, slip-and-falls, medical malpractice, product defects, and many other types of negligence fall under the personal injury umbrella. Lawyers sometimes refer to personal injury law as tort law.

Who are the People Involved in a Personal Injury Case?

In an Iowa personal injury case, the person who has been hurt is the plaintiff. The person (or person’s company) who harmed the plaintiff is the defendant.

The lawyers for the plaintiff and defendant will file any necessary papers with the proper court. In Iowa, this court is called the district court. The clerk’s office at the district court will maintain the records throughout the case.

The clerk’s office will also assign the case to a judge. The judge will make all legal rulings in the case. If the case goes to trial, there may be a jury. While the judge makes legal rulings, the jury decides any questions of fact. For instance, if the plaintiff says light was red and the defendant says the light was green, the jury will decide who to believe. However, the judge will decide if the color of the light has any legal relevance.

What Happens During the First Meeting with a Personal Injury Lawyer?

If you have been injured, you should contact an Iowa personal injury lawyer. At the first meeting, be prepared to present any relevant documents (medical bills, letters from your employer, etc.) or photos related to the injury. You should also be ready to give honest answers to any questions the lawyer asks you about your case. (Note that anything you say to the lawyer during this first meeting is confidential, so being honest will not hurt you.)

In addition to asking questions and looking at any documents, the lawyer may also talk to you about the statute of limitations. The statute of limitations is a law that requires plaintiffs to file their lawsuits within a certain time. In Iowa, the general statute of limitations for personal injury claims is two years . However, there are exceptions that extend this period under some circumstances. You should speak to an Iowa personal injury lawyer to see if any exceptions apply in your case.

During the first meeting, the lawyer may also discuss payment options. Most personal injury attorneys in Iowa use contingency fee arrangements. In a contingency fee arrangement, rather than charging the client, the lawyer takes a portion of any monies that are recovered in the suit. In the first meeting, be sure to ask the attorney if they use contingency fees and how they use them. Some lawyers who use contingency fees still charge clients for expenses (e.g., copying and filing costs, etc.), so be sure to ask clear questions about the fees before retaining a personal injury lawyer.

What Happens During the Early Part of the Case?

Once you hire an Iowa personal injury lawyer you and the lawyer will decide if it’s best to resolve your claim(s) without filing suit or if filing suit should be done right away. If the suit is filed, the petition (also known as a complaint) outlines your allegations against the defendant. The complaint is an important document because it not only states the legal basis for your lawsuit, it also specifies the type and amount of damages sought.

After the petition is filed, the defendant must file an answer within 20 days . The answer allows the defendant to dispute the factual and legal allegations in the petition. The answer may also include a defense.

Defendants do not always file an answer. Some defendants file motions to dismiss. If a judge grants a motion to dismiss, the case will end. However, a skilled Iowa personal injury attorney will know how to defeat any such motion.

If your case is not dismissed, it will proceed to the discovery phase. During discovery, both the plaintiff and the defendant can request information from the other side. Most discovery requests ask for written documents, such as medical records. However, parties sometimes request other forms of discovery. In personal injury cases, the defendant might request that you undergo a medical examination to prove the extent of your injuries.

After discovery ends, the defendant will likely file a motion for summary judgment. If successful, this motion will dismiss the case. If this motion fails, the defendant will likely make a settlement offer. If you accept the offer, the case will end. (An Iowa personal injury attorney can help you evaluate any settlement offers to ensure that they are fair.) If you reject the offer, the case will proceed to the trial stage.

What Happens During the Trial?

If the case does not settle, there will be a trial. The trial will begin with jury selection. The clerk’s office will bring a large group of people into the courthouse. The lawyers for both sides will ask the people questions to determine if there is any reason why they cannot serve on the jury. Both sides have the right to dismiss jurors. Eventually, eight people will be chosen to serve as jurors.

Once the jury is seated, both sides will make their opening arguments. You, the plaintiff, will then present your case. Your lawyer will call witnesses who can testify about how the injury happened and how it harmed you. Your lawyer will also admit documents and photos into evidence. The other side will have the opportunity to do the same.

Once both sides have presented their evidence, the jury will decide who should win. The judge will instruct the jury on the law it must apply in the case. After being instructed, the jury will go to a separate room to deliberate. The jury will then decide who is responsible for the accident and how much money you should receive. (Note that in Iowa, the jury can reduce your recovery if it finds that you contributed to your own injuries.)

What Happens After the Trial?

If you are disappointed by the verdict, your attorney can file a motion for a new trial or other motions. These posttrial motions can ask the court to reconsider its rulings or review the jury’s verdict. If the trial ends in your favor, the defense may also file motions. The defense may file a motion for a new trial, a motion to set aside the verdict, or a motion to reduce the amount of the award.

Note that once the district court rules on any post-trial motions, there may be another step. The case is not wholly complete until all appeals are exhausted.

Any party that disagrees with the trial court’s decision can file an appeal. In Iowa, the Iowa Court of Appeals is the court that will most likely hear the appeal. After the Iowa Court of Appeals makes its decision, the losing party can ask the Iowa Supreme Court to review the case. However, because the Supreme Court only hears complicated or unique cases, this review is rarely granted.

What Should You Do if You Have More Questions?

Filing a personal injury case can be a complicated, confusing, and stressful process. However, a caring and competent personal injury attorney can make the process easier and less stressful. If you have been injured in the state of Iowa, contact The Smith Law Firm . Our firm has years of experience with personal injury law. We can help you get full and fair compensation for your injuries. Contact us today for a consultation on your personal injury case.

The Cost of Filing an Iowa Chapter 7 Bankruptcy in 2020

Fri, 10 Jan 2020 22:33:54 GMT

You might be surprised to discover that it costs less than $2,000 to file a first-time Iowa Chapter 7 bankruptcy action. This amount also includes the costs of hiring an Iowa bankruptcy lawyer. Depending upon your financial state, you can even pay in monthly increments over time. While the information below is general, speaking with a bankruptcy lawyer in Iowa can provide clarity for your specific situation.

COSTS ASSOCIATED WITH FILING CHAPTER 7 IN IOWA

There are out-of-pocket expenses that come with filing for bankruptcy in Iowa, like every other U.S. state. They are typically limited to filing fees, credit counseling, copies of credit reports, and legal representation.

If you are planning to budget your bankruptcy fees, consider the information below:

Pre-bankruptcy credit counseling: A requirement of filing for Chapter 7 in Iowa is attending pre-bankruptcy credit counseling six months before your filing. The cost of pre-bankruptcy credit counseling is between $10 and $30.
Iowa bankruptcy lawyer: Protecting what you can keep after filing Chapter 7 in Iowa is a natural strategy when making the most significant financial decision of your life. It is also one of the many ways in which an Iowa bankruptcy lawyer can help you. Typically, the legal fees of an attorney are $1200.
Chapter 7 petition filing fees: Initiating a Chapter 7 bankruptcy case begins by filing a petition with the U.S. Bankruptcy Court closest to you. Whether you are filing in the Northern or Southern District of Iowa, the filing fee is $335.
Copy of credit reports: Courts, credit counselors, and lawyers may ask you to pay for the costs associated with obtaining copies of your credit reports. Depending upon the number of requests, you may want to budget $100 for incidental credit reporting expenses.

After reviewing the details presented above, it is reasonable to conclude that you will spend around $1,665 to file for Chapter 7 bankruptcy in Iowa with the help of a bankruptcy attorney.

TIPS FOR MAKING BANKRUPTCY COSTS MORE MANAGEABLE

If it sounds impossible to afford the costs of filing for bankruptcy and legal representation upfront, you may feel assured in knowing that there are options available to make them more flexible.

Here are a few tips that allow you to manage the costs of filing a Chapter 7 bankruptcy action in Iowa:

Find an approved pre-bankruptcy credit counseling agency that offers free or low-cost services
Work with an Iowa bankruptcy lawyer willing to accept a monthly payment arrangement
Ask your attorney if you qualify to file an Application to Have the Chapter 7 Filing Fee Waived with the bankruptcy court

U.S. Federal Bankruptcy Codes support the affordability of filing for chapter 7 since filers are already experiencing liquidity issues. It also improves your chances of future financial success without the added stress of paying legal fees upon the discharge of your debts.

CONTACT AN IOWA BANKRUPTCY LAWYER AT THE SMITH LAW FIRM, PC FOR A FREE CONSULTATION

If you have questions about the costs of filing for a Chapter 7 bankruptcy in Iowa or otherwise, The Smith Law Firm, PC invites you to contact our legal team for a free consultation by calling (515) 451-1260 or sending us a message through our online contact form.

What Can You Keep After Filing For A Chapter 7 Bankruptcy In Iowa?

Thu, 26 Dec 2019 22:29:06 GMT

Filing for bankruptcy is a challenging process for Iowa families. Not only are there feelings of personal defeat, but you may also worry about how impoverished the process will leave you when you finally put it all behind you.

Fortunately, bankruptcy exists because people need a fresh financial start when there is no other option. With that said, a fresh start is only possible if you have the tools you need to survive.

As such, the U.S. Bankruptcy Courts in Northern and Southern Iowa allow you to claim certain exemptions that encourage you to thrive rather than face the possibility of bankruptcy again.

However, you must follow a few rules. Working with an Iowa bankruptcy lawyer is a practical and affordable way to ensure that you are getting the most benefit from the process while protecting your rights.

In this post, we examine what a Chapter 7 bankruptcy exemption is and how you can use it to your advantage to keep your most critical assets.

DEFINING IOWA CHAPTER 7 BANKRUPTCY EXEMPTIONS

A Chapter 7 bankruptcy exemption is the personal property courts allow you to retain upon exiting bankruptcy. Most cases involve people who do not own any assets.

Typically, you can keep your home, automobile, retirement plans, and personal effects. However, there are limits to the maximum allowable amount, which means that it is vital for you to review the laws early on in your filing.

WHAT YOU CAN KEEP AFTER EXITING FROM BANKRUPTCY IN IOWA

During a Chapter 7 bankruptcy filing in Iowa, you will likely be surprised at what the courts allow you to retain. The image of total deprivation does not apply to a Chapter 7 case for individuals requiring a little help.

While courts liquidate all of your non-exempt assets, here are a few items of real and personal property you can keep:

Primary Iowa residence: You can keep one home or apartment you own that is limited to a half-acre in a city or town, while rural area homeowners can keep up to forty acres.
Personal Motor vehicle: Bankruptcy courts will exempt your vehicle by up to $7,000.
Retirement benefits : Bankruptcy does not dip into your retirement account to the extent that it is necessary for your support.
Personal property : You can retain up to $7,000 in household furnishings, clothes, and prescribed health devices. Jewelry is limited to $2,000. Art and books exempt up to $1,000.

While the above-referenced list is not exhaustive, you can see that the bankruptcy process will not leave you without the means to achieve a better life for you and your family.

SPEAK WITH AN IOWA BANKRUPTCY LAWYER FOR MORE INFORMATION

If you have further questions concerning your assets, speaking with an Iowa bankruptcy lawyer is beneficial. He or she can analyze the details of your Chapter 7 action and help you understand what to expect.

At the Smith Law Firm, PC, our team of legal professionals invites you to contact us for an initial consultation by calling (515) 451-1260 .

What To Do If You Have Been Injured In An Auto Collision

Sun, 24 Nov 2019 22:17:37 GMT

Millions of Americans are injured in auto collisions every year, with medical costs approaching $20 billion dollars over the victims’ lifetimes. Victims of serious injuries are often unable to work to support themselves and their families either temporarily or permanently. The law allows victims to sue the responsible parties for compensation for their medical costs, lost earnings and the pain and suffering, they have endured. If you’ve been injured in an auto collision, you should speak to a personal injury attorney as soon as possible after you sustain an injury from an auto collision because some claims are strictly time-limited.

WHAT TO DO RIGHT AFTER AN AUTO COLLISION

It’s important to immediately call the police after an auto collision. Don’t let the negligent driver talk you into “working it out without the insurance companies” or any other private arrangement. If you are the victim of a hit and run, most states require that the accident is reported to the police within a short time period. If you tell the police that you are injured, they will call an ambulance to the scene. Accepting the offer to be taken to the nearest emergency room to be checked is the wise thing to do to protect your health, and also good evidence that your injuries were caused by the accident, and not something else. Never accept cards from people at an accident scene who recommend “therapy places,” as these places do not usually offer good care, and are sometimes illegitimate. While you are waiting for the ambulance, you should gather as much evidence as possible at the scene. Take pictures and videos of the vehicles and record statements from witnesses.

HOW A PERSONAL INJURY ATTORNEY CAN HELP YOU

A reputable personal injury attorney will help you collect all the evidence necessary to present your case strongly. This will include all the medical reports from your doctors, evidence of lost earnings from your employer and other relevant documents to help your case. Once you have completed your treatment, your personal injury attorney will try to negotiate a settlement with the insurance company. If your case cannot be settled, a formal lawsuit will be commenced. If you’ve been seriously injured in an accident, you will need compensation to get your life back on track, and a personal injury lawyer can help you get what you deserve.

For more information on What to Do if You’ve Been Injured in an Auto Collision , an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (855) 451-1260 today.

When Should I Call A Medical Malpractice Attorney?

Sat, 16 Nov 2019 22:14:11 GMT

It’s medical malpractice when a health care professional (doctor, nurse, physician’s assistant, physical therapist, etc.) makes a mistake that causes an injury. To be considered a mistake, the practitioner needs to do something that is not in line with the acceptable standard of care for their specialty. If it was possible to sue for every little mistake and for trivial injuries, the courts would be clogged and there would be lots of vacant seats in medical school. The rumor that there are many frivolous malpractice cases is false. Due to the high cost of this type of litigation, only the strongest cases with the most serious injuries are prosecuted.

YOU NEED “SLAM DUNK” NEGLIGENCE

Medical malpractice cases are very expensive to prosecute because they can rarely be settled without the expense of hiring doctors to testify as expert witnesses. That’s why medical malpractice attorneys will only retain cases that have strong evidence of negligence. For example, an instrument left inside a patient during an operation has to be a mistake, so it is not difficult to prove negligence. It’s less clearly a mistake when a patient has a stroke during or after surgery, as some procedures carry these risks even if the doctors do them perfectly. When a doctor is accused of failing to diagnose a condition, it must also be shown that the patient would have benefited an earlier diagnosis. If a patient with a very serious illness dies, it’s not easy to prove that patient would not have died anyway. If you believe your practitioner has done something wrong, the first step is to get a second opinion, preferably from somebody that’s not in the same professional circle, even if it means going to another town. If the second practitioner believes you have been a victim of negligent care, you should consider calling a medical malpractice attorney for a consultation.

YOU NEED TO HAVE A SERIOUS PERMANENT INJURY

Due to the cost of medical malpractice litigation, it’s only financially viable to bring cases where a person has suffered a serious permanent injury that could result in a large money damages award. So if the doctor left the instrument inside the patient, but there was no infection and it was a simple matter to remove it, the damage is small. This threshold for damages is a bitter pill for people that have suffered greatly from a doctor’s mistake but have fully recovered. If you believe you’ve been a victim of a medical practitioner’s negligence, and that’s you’ve been seriously and permanently harmed, that’s when you should call a medical malpractice attorney.

For more information on Why You Should Call a Medical Malpractice Attorney, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (855) 451-1260 today.

Why Is A Revocable Living Trust Better Than A Will?

Fri, 08 Nov 2019 22:08:18 GMT

Everybody knows that a will is a document that sets forth how a person would like their estate distributed when they die. Most people know that it’s better to have a will than to risk passing away without one. What’s not such common knowledge is that there are other types of estate planning tools, such as revocable living trusts, that can do a better job of protecting a person’s assets and their family’s privacy.

WHAT’S WRONG WITH A WILL?

A will is a document that spells out the wishes of a person, known as a testator, for the distribution of their property after their death. It usually appoints a person to be the executor of the will, charged with carrying out the instructions laid out in the document. This process is managed by the probate court. The job of the probate court is to ensure that the will is authentic and to resolve any disputes that may arise regarding the will. This process is expensive and time-consuming, especially since there can be many relatives with standing to contest a will. Another drawback is that the inventory of the estate and its assets is made publicly available through the probate process.

WHAT’S BETTER ABOUT A REVOCABLE TRUST?

The person planning their estate, known as a settlor, grants their property to a trust. Many types of property can be placed in trust including personal property, bank accounts, and real estate holdings. Estate planning trusts will usually name the settlor as the trustee to ensure that they maintain control of the property, with a successor to take over as trustee upon the incapacity or death of the settlor. The trust is revocable, which means that the settlor can alter or terminate the trust at any time. The distribution of the assets of the trust is not supervised by the court and is not a public record, protecting the family’s privacy. There usually still needs to be a will, but the will does need to specify how the assets will be distributed, but merely pours into the revocable trust.

For more information on Why a Revocable Living Trust is a Good Estate Planning Tool , an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (515) 451-1260 today.

Will My Ex-spouse Get My Money When I Die?

Sat, 19 Oct 2019 21:03:50 GMT

What You Should Know About Designated Beneficiaries

A recent US Supreme Court case, Sveen v. Melin, 138 S.Ct. 1815 (2018), highlights why it’s important to know how designated beneficiaries work in your state and what happens when certain life events, such as divorce or death, occur.

Mark Sveen and Kaye Melin were married in 1997. The next year, Mark purchased a life insurance policy naming Kaye as the primary beneficiary, and his two children from a prior marriage, Ashley and Antone Steeve, as contingent beneficiaries. Mark and Kaye divorced in 2007, but the divorce decree made no mention of the insurance policy, and Mark never revised his beneficiary designations on the life insurance policy.

After Mark passed away in 2011, both Mark’s children and Kaye made competing for claims to the insurance proceeds. Minnesota (where Mark was domiciled at the time of his death) has a revocation-on-divorce statute which was enacted in 2002. Mark’s children claimed that Mark’s divorce canceled Kaye’s beneficiary designation, and therefore, the proceeds should go to the named contingent beneficiaries, Mark’s children. However, Kaye argued that because the statute was not in effect at the time the insurance policy was purchased, it should not retroactively apply.

The Court held that the children should inherit the life insurance proceeds reasoning that retroactively applying the statute did not violate the Constitution’s Contracts Clause, but since this is not a first-year Constitutional Law class, we’ll focus on what this means for you and your estate plan.

Revocation-on-divorce statutes are an example of default rules long used by the legal system to resolve estate litigation in a way that the court presumes the decedent (person who has died) intended.

Under the Minnesota statute, if one spouse has made the other spouse a beneficiary of a life insurance policy or similar asset, their divorce automatically revokes that beneficiary designation. The proceeds from the insurance policy or similar asset will then either go to the contingent beneficiaries if named or the policyholder’s estate upon death. In enacting this statute, the Minnesota legislature presumed that this is what the policyholder would want. However, the policyholder does have the option to rename the ex-spouse as the designated beneficiary after the divorce is finalized.

The one dissenting Justice in this opinion makes a few very good points, though. Justice Gorsuch points out that the statute’s presumed purpose is to protect policyholders from their own negligence if they forget to change their beneficiary designations upon divorce, but the statute also presumes that policyholders pay enough attention to their beneficiary designations to ensure that if they want their ex-spouses to remain as beneficiaries, they reaffirm this designation.

The majority of the Court assumed that policyholders would prefer the default rule put in place by the revocation-on-divorce statute. However, Justice Gorsuch listed various reasons why a policyholder may prefer to keep an ex-spouse as a beneficiary on policy including, “a sense of obligation, remorse, or continuing affection, or to help care for children of the marriage that remain in the ex-spouse’s custody.”

In recent years, the prevalence of revocation-on-divorce statutes has been increasing. At least half the states have enacted revocation-on-divorce statutes, but that means that the other half have not. Additionally, most states now have enacted laws that provide for automatic revocation of dispositions for a former spouse in a will that was executed prior to the divorce.

An experienced estate planning attorney can work with you to develop an estate plan that incorporates all of your wishes in light of the ever-changing applicable state law. Remember, it matters where you live, and sometimes where you die, in determining which state law will apply.

This case also highlights how important it is to ensure you update your estate plan every three or four years, and especially when a life event occurs, such as a birth, death, or divorce. It’s important to do so so that your family members do not end up in a 7-year court battle like this family did.

For more information on Why You Need an Estate Plan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (855) 451-1260 today.

What Happens When Someone Is Injured Because Of Distracted Driving In Personal Injury Cases?

Fri, 03 Aug 2018 19:44:52 GMT

What Happens When Someone Is Injured Because Of Distracted Driving In Personal Injury Cases?

Distracted driving can be lethal. And yet, the trend has become increasingly common due to the frequent use of smartphones.

Sending a text message or checking your Instagram account may seem “quick” or “easy” while driving, but using technology on the road puts your and others’ safety at risk—the safety of pedestrians, passengers, and other drivers.

According to the National Highway Safety Administration, approximately 660,000 people in the United States use electronic devices while driving during daylight hours. Accidents involving distracted drivers topped 391,000 in 2015 alone, resulting in 3,300 fatalities.

While safety is a critical reason to avoid activities that divert your attention from the road, consumers should keep in mind that distracted driving could also have legal consequences.

WHAT ARE SOME EXAMPLES OF DISTRACTED DRIVING?

When people consider distracted driving, they typically think about texting. And yes, cell phone use is certainly a common example of distracted driving—but it’s far from the only one. Distracted driving refers to any activity that takes the driver’s attention away from operating the vehicle. It can be divided into three categories:

• Manual distractions cause the driver to remove one or both hands from the wheel. Examples may include eating, drinking, or rummaging through a purse or wallet.

• Visual distractions cause the driver to take their eyes off the road. This type of distraction may include taking in the view from the side window or searching for a lost item on the floor of the vehicle.

• Cognitive distractions cause the driver to shift their focus from driving. Daydreaming and talking to other passengers are two examples.

Some instances of distracted driving involve a combination of two or even all three categories. Cell phone use, for example, consists of taking your eyes off the road, using your hands to operate the device, and concentrating on the conversation or content onscreen. It is, therefore, an especially dangerous form of distracted driving.

WHERE DOES DISTRACTED DRIVING FACTOR INTO PERSONAL INJURY LAW?

In an accident potentially involving distracted driving, the injured party may sue for compensatory damages. To win the suit, however, the plaintiff’s attorney must prove negligence. They will go over how the accident took place, investigate the at-fault party’s driving history, access relevant medical records, procure traffic footage, and interview witnesses.

In essence, the attorney will assess whether distracted driving was a factor in the crash, and determine whether the plaintiff may be entitled to compensatory damages. If it seems like texting may have been a factor, law enforcement can pull the driver’s cell phone records with the aim of proving negligence or recklessness.

There are a few technicalities to keep in mind, however. It should be noted that even if another driver caused the accident, the injured driver could be held liable for contributory negligence or comparative fault if they were using a cell phone or engaging in another form of distracted driving.

What this means is that if someone crashes into your car while you are texting, the amount of compensation you receive for your injuries may be limited. All evidence of distracted driving, no matter who is technically at fault, can help to prove—or disprove—negligence or recklessness.

Moreover, some lawsuits are filed against the driver’s employer rather than the driver (or in addition to the driver). If a corporation requires that employees be accessible by phone while driving, the company may be held responsible for an accident linked to distracted driving, and sued for damages by the injured party.

HOW ARE DISTRACTED DRIVING CASES STRUCTURED?

Distracted driving cases involve the same stages as other auto injury cases. The plaintiff will begin by meeting with an attorney to discuss the incident. Then, the attorney attempt to resolve the claim or will file a lawsuit and delve into the fact-finding and discovery phase.

The following stages may vary. If there is enough evidence to prove negligence, the case could be settled out of court. That said, the case could go to trial, at which time a judge or jury will determine whether there is enough evidence to prove negligence. Then, if the plaintiff is awarded damages, they will collect the money, and the case will subsequently be closed.

While this post presents an overview of distracted driving in a personal injury case, the topic is admittedly complex. For more information on Personal Injury Law, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (515) 451-1260 today.