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A comprehensive Life & Legacy Plan is about creating a strategy that lets you enjoy your life to the fullest while protecting your loved ones' future when you can no longer be there. It might seem like life insurance is an easy way to help secure your loved ones’ future – and it is – but your policy must be set up in the right way to have the best possible impact on your family. The way you set up your beneficiary designations on your insurance policy can significantly impact its effectiveness, how it’s used, and who controls it after you die. In this blog, we'll explore how not to name beneficiaries on your life insurance and how to name beneficiaries to ensure your loved ones have the funds they need to thrive when something happens to you.  DO NOT Name a Minor As The Beneficiary of Your Life Insurance Policy   Naming your child or grandchild as a direct (or even backup) beneficiary of your life insurance policy may seem like a natural choice, but if you do that you’re guaranteeing a bad outcome for the people you love. First of all, if a minor child is the beneficiary of a life insurance policy, it guarantees a court process called “guardianship” or “conservatorship” must occur to name a legal guardian or conservator to manage the assets for your minor beneficiary until they turn 18. Then, at 18, your minor child who is just barely an adult receives everything left in the account, outright, unprotected, with no oversight or guidance. This is the worst possible outcome for everyone involved.  If you are buying life insurance, you are doing it to make the life of your loved one’s better. However, naming a minor child as a beneficiary will make things harder and more complicated. You might think the answer is to name a trusted family member or friend as the beneficiary of your life insurance, hoping they’ll use the funds for your kids, but don’t do that!  If you name another adult as the beneficiary for a life insurance policy intended for your kids, your kids will have no legal right to the money  – which means the adult you named as beneficiary can use the money however they want and don’t have to use it for your kids at all!  So what’s the solution? Keep reading until the end to find out what to do instead. Be Careful When Naming Adult Beneficiaries Directly Direct payouts to adult beneficiaries may seem straightforward, but can have unintended consequences. Life circumstances change, and the lump sum received from a life insurance policy might be at risk if not managed properly. By avoiding direct payouts, you can ensure that the financial security provided by the insurance is preserved for the long term. One key concern is the potential for beneficiaries to hastily misuse or exhaust the funds. A sudden windfall might lead to imprudent spending, leaving your loved ones without the financial support you intended. Additionally, if your beneficiaries are not financially savvy, they may struggle to manage a lump sum effectively, meaning the policy might lose money over time. Even if an adult beneficiary is financially responsible and savvy – or knows enough to speak to a financial advisor – life events can put the funds at risk. Because the life insurance proceeds now belong entirely to your beneficiaries in this case, the proceeds of the policy are now completely vulnerable to any future divorces or lawsuits that your beneficiary may go through in the future. That means that if your beneficiary is divorced, sued, or accumulates debt, all the money they received from your insurance policy could be lost. Plan For Your Life Insurance The Right Way: Use a Trust  A Trust is an agreement you make with a person or an institution  you choose. This person is called your Trustee, and their directive is to manage the assets you put into or leave to your Trust, according to the rules you create.  Instead of naming minors or adult loved ones as the direct beneficiaries of your life insurance, name your Trust as the beneficiary of your policy instead. By doing this, your loved ones will still receive the funds you intend for them while maintaining control over how the funds are managed and distributed. This ensures that your wishes for your assets and your loved ones are carried out even after you're gone.  How does it work? A well-drafted Trust allows you to specify conditions for distributing the Trust funds , ensuring that the funds are used for intended purposes such as your beneficiaries’ education, homeownership, or other specific needs. Distributions from the Trust can also depend on the ages and circumstances of each beneficiary. This level of control can prevent the misuse of funds and promote responsible financial behavior for everyone involved. Plus, assets held in a Trust bypass the probate process, ensuring a more efficient and timely distribution of funds to your beneficiaries. This can be crucial in providing immediate financial support to your loved ones when they need it the most.  And while you can choose to have your Trustee distribute life insurance proceeds directly out to your beneficiaries outright, at specific ages and stages, you may want to provide even more protection for your beneficiaries. One of the considerations we’ll help you make is whether to retain the assets in trust, giving your beneficiaries control over the Trust assets, but in a manner that keeps the inherited life insurance protected from lawsuits, future divorces, and creditors. Let Us Set Up Your Entire Plan In The Best Way Possible Setting up your life insurance policy with the right beneficiaries involves careful consideration of your unique family dynamics, financial goals, and long-term objectives while being proactive to avoid future issues. By doing so, you maximize the benefits of your life insurance to provide a lasting legacy of financial security and support for your loved ones.  But planning for your life insurance is only one step in creating a plan for everything you own and everyone you love today and in the future. As your attorney, my mission is to guide you to create a comprehensive estate plan, which I call a Life & Legacy Plan, that ensures your wishes are fulfilled and your family's future is protected no matter what the future holds. Schedule a complimentary call with my office to learn more.

When planning for your death, there’s one issue you may not have thought about, but is so important to your beneficiaries: will your loved ones have to pay taxes on what you leave them? As a Chicago estate planning attorney, I see this confusion all the time. The answer isn't straightforward because it depends largely on the types of assets you're passing down, how much you are passing on, and where you reside at the time of your death. For families in Chicago and throughout Illinois, state-specific estate tax rules add another important layer to consider. Understanding how different accounts and assets are taxed can help you make informed decisions that minimize the tax burden on your beneficiaries. In this article, I'll break down the tax implications of various types of inheritance, from cash accounts to retirement plans, so you can plan strategically and protect more of your wealth for the people you love. Estate Taxes: Will They Apply? There are three things we’ll never know about you, no matter how much planning we do now, and how proactive we are about your future planning: when you’ll die, what your assets will be when you die, and what the federal estate tax exemption amount will be when you die. Over the past 25 years, the federal estate tax exemption has been as low as $675,000 and, today, as high as $15,000,000 per person. This means that in  2026, the federal estate tax only applies to estates exceeding $15 million for individuals or $30 million for married couples. If your estate falls below this amount, your estate won't pay federal estate taxes. If your estate’s value exceeds the exemption, taxes will need to be paid before beneficiaries receive their distributions. And, if you are married, it’s critically important that estate planning is reviewed and updated after the death of the first spouse to use and preserve the full estate tax exemption of the first spouse. Also know that some states, including Illinois, impose their own estate or inheritance taxes with much lower exemption amounts. In Illinois, the estate tax exemption is $4 million - far lower than the federal exemption. For families in Chicago and throughout Illinois , this state-level estate tax often creates planning needs even when no federal estate tax is due. Understanding both federal and state requirements is crucial for comprehensive planning. Finally, note that estate tax, income tax, and capital gains tax all matter when we’re talking about inheritance (trust taxes may apply, too, but for the sake of brevity, I’ll discuss trust taxes in a future article). Even though you’re planning for your death, there is much more to consider than the federal or state estate tax. You need to also create a strategy for each type of asset you own. With this framework in mind, let's explore how different types of assets are taxed when your loved ones inherit from you. Cash and Bank Accounts: The Simple Answer When your beneficiaries inherit cash from checking accounts, savings accounts, or money market accounts, they receive favorable tax treatment. If you leave someone $50,000 in your savings account, they receive the full $50,000 without federal income tax consequences. There's one small exception to note. If your account earns interest after your death but before distribution, that interest becomes taxable income to the beneficiary. However, the principal amount itself remains tax-free. This straightforward treatment makes cash accounts one of the most tax-efficient assets to inherit, which is why many estate plans include liquid assets alongside other investments. Investment Accounts: The Step-Up in Basis Advantage Taxable investment accounts, including brokerage accounts holding stocks, bonds, or mutual funds, benefit from what's called a "step-up in basis." This tax provision can save your beneficiaries a significant amount of money. Here's how it works. When you purchase an investment, your "basis" is typically what you paid for it. If you bought stock for $10,000 and it grew to $100,000, you'd normally owe capital gains tax on that $90,000 gain if you sold it. However, when your beneficiaries inherit that stock, their basis "steps up" to the fair market value at your death, which is $100,000 in this example. If they immediately sell it for $100,000, they owe no capital gains tax at all. However, if they sell it later and the stock has appreciated, they will owe capital gains tax - but only on the amount above $100,000. This step-up in basis is one of the most powerful tax benefits in estate planning, effectively erasing all capital gains that accumulated during your lifetime. Your beneficiaries only pay capital gains tax on appreciation that occurs after they inherit the asset. Understanding this benefit can influence your gifting strategy. Sometimes it's more tax-efficient to hold appreciated assets until death rather than gifting them during your lifetime, when the recipient would inherit your lower basis, and therefore pay taxes on capital gains incurred via a sale after the gift of the asset. Retirement Accounts: A More Complex Picture Retirement accounts like 401(k)s and traditional IRAs present more complicated tax considerations. Unlike other inherited assets, these accounts don't receive a step-up in basis, and they come with income tax obligations. When your beneficiaries inherit a traditional retirement account, they must pay ordinary income tax on distributions. If you had $500,000 in your IRA and your daughter inherits it, she'll owe income tax on every dollar she withdraws. The tax rate depends on her income bracket, which means careful withdrawal planning becomes essential. The SECURE Act of 2019 (and amended in 2022) changed the rules significantly for most beneficiaries. Previously, non-spouse beneficiaries could "stretch" distributions over the balance of the rest of their lifetime, which can have significant tax benefits, keeping beneficiaries in a lower tax bracket and deferring taxes over a longer period of time. Now, in most cases, all retirement benefits must be paid to your beneficiaries (and taxed for income tax purposes) within 10 years of your death. This compressed timeline can push beneficiaries into higher income tax brackets if they're not strategic about timing their withdrawals. Spouses who inherit retirement accounts have more flexibility. They can roll the inherited account into their own IRA, allowing them to defer distributions until they reach the required minimum distribution age. Roth IRAs offer a distinct advantage. While beneficiaries still face the 10-year distribution rule, qualified Roth IRA withdrawals are tax-free. If you've paid taxes upfront by contributing to a Roth account, your beneficiaries receive the funds without owing any income tax. For many of our Chicago clients at Kaplan Estate Law, retirement accounts are one of the largest assets in their estate, which makes strategic beneficiary planning especially important. Life Insurance: Generally Tax-Free Life insurance death benefits typically pass to beneficiaries income-tax-free, making them an excellent estate planning tool. If you have a $1 million life insurance policy, your beneficiary receives the full $1 million without paying income tax on it. There's an important caveat regarding estate taxes. If you own the policy on your own life, the death benefit may be included in your taxable estate. For very large estates, this could trigger estate taxes even though the beneficiary won't owe income tax. Advanced planning strategies, such as irrevocable life insurance trusts, can remove life insurance from your taxable estate. Strategic Planning Makes All the Difference Understanding how different assets are taxed when inherited allows you to structure your estate strategically. You might choose to leave tax-efficient assets like cash or appreciated stocks to certain beneficiaries while directing retirement accounts to others who can better manage the tax consequences. At Kaplan Estate Law, we help you create a Life & Legacy Plan that considers not just what you're leaving behind, but how to structure your assets to minimize taxes and maximize what your loved ones receive. Tax laws change frequently, and your circumstances evolve over time, so having ongoing, strategic guidance makes all the difference between a plan that works when your loved ones need it to. That’s where we come in.  If you’re looking for a trusted Chicago estate planning attorney to guide you through Illinois estate tax planning, we’re here to help. Don't leave your beneficiaries struggling with unexpected tax bills. Click here to schedule a complimentary 15-minute discovery call and learn how we can support you.

Every year on February 1st, we observe National Unclaimed Property Day - a reminder of the staggering $60 billion in forgotten and abandoned assets currently held by state governments across America. And this isn't just spare change we're talking about. These are life insurance policies, forgotten bank accounts, uncashed checks, retirement funds, and other valuable assets that have lost their connection to their rightful owners. I regularly see the consequences of overlooked assets and inadequate estate planning. Let's explore how assets are lost and become "unclaimed," how to prevent your assets from ending up in this $60 billion pool, and, most importantly, how to ensure your hard-earned assets reach your loved ones the way you want. How Assets Become "Lost" You might wonder how billions of dollars in assets could go missing. The truth is, it happens more easily than you'd think. Think about this: you become incapacitated or die, and someone in your family (either someone you named legally or someone chosen by a judge) has the job of finding all of your assets. Would they be able to find everything? How easy would it be for you to find everything, and you know what you earned, the accounts you set up, when you worked for that one company that set up a retirement account for you, got that insurance policy, etc.  What we see commonly when someone passes away without an updated estate plan (including a comprehensive asset inventory), is that their loved ones often have no idea what assets exist or where to find them. Those assets could eventually end up in state custody instead of going to the people you love. That money could be used to fund your children’s education, an investment in a loved one’s business, or to enhance the lives of the people you love most. If you try to DIY your estate plan, either on your own or with an online service, you typically receive a set of documents to review and sign. You might take these documents home, put them on a shelf or in a drawer, and never look at them again. There's usually no inventory of your assets, which means that some of your assets could be lost or overlooked and end up part of that $60 billion in unclaimed property.  Why an Asset Inventory and Regular Review is Crucial I know that effective estate planning isn't a one-time event - it's a lifelong process that includes an inventory of what you have, as well as regular updates to your inventory, as well as the legal documents that go along with it. My process begins with a Life & Legacy Planning Session, where you’ll create an inventory of your assets, ensuring nothing gets overlooked or forgotten. This inventory includes not just the obvious assets like your home and bank accounts but also: Life insurance policies Retirement accounts from all previous employers Investment accounts Business interests Valuable personal property Intellectual property rights Digital assets and cryptocurrency Digital assets present a particular challenge in today's world. Cryptocurrency, online banking accounts, social media profiles, and digital business assets can be especially difficult for loved ones to track down and access without proper planning. Many people don't realize that without proper documentation and access instructions, their digital assets could become effectively lost forever, even if their family and friends know they exist. When you work with me, I’ll also help you keep your inventory updated throughout your life. I do this by conducting regular reviews of your Life & Legacy Plan to ensure your asset inventory stays current and properly aligned with your goals, wishes, and values. This comprehensive approach helps prevent your assets from becoming lost so they can go to the people you want in the way you want. Beyond the Financial Impact While creating an asset inventory is crucial, my Life & Legacy Planning process goes several steps further. It's not enough to simply list what you own - you need to ensure these assets are properly titled, beneficiary designations are up to date, and your loved ones know how to access everything when the time comes. I support you with it all. I will also be there for your loved ones when you no longer can. In addition, there’s another crucial part of planning that’s often omitted from traditional or DIY planning. It’s the realization that the value of many assets isn't financial. Family photographs stored in the cloud, emails containing important family history, and digital collections of music or art can have tremendous sentimental value. Yet without proper planning, these too can become effectively "unclaimed property" - inaccessible to the very people meant to inherit them. When these invaluable family legacies are lost, they become another kind of unclaimed property, though their value can't be measured in dollars. Remember, proper estate planning isn't just about having the right documents - it’s about taking all the steps needed to make things as easy as possible for your loved ones. It's the greatest act of love you can give to the people you cherish most. Your Next Step As your attorney, I can help you create a comprehensive Life & Legacy Plan that includes a complete asset inventory, regular reviews, and updates to ensure nothing gets lost or forgotten. I’ll also support you to create a Life & Legacy Interview so your most valuable assets - your values, traditions and love - get passed on to the people you love most. Let's work together to protect your legacy. Click here to schedule a complimentary 15-minute consultation and learn more about how I can help.

In the first part of this series, we discussed one of the most frequent causes for dispute over your estate plan. Here, we’ll look at another leading cause for dispute and offer strategies for its prevention. No matter how well you think you know your family, you can never predict how they’ll behave when you die or if you become incapacitated. Family dynamics are complicated and prone to conflict during even the best of times, but when tragedy strikes a key member of the household, minor tensions and disagreements can explode into bitter conflict. And when access to money is involved, the potential for discord is exponentially increased. No one wants to believe their family would ever end up battling one another in court over inheritance issues or a loved one’s life-saving medical treatment, but we see it all the time. This is especially true for those who rely on do-it-yourself estate planning documents found online. The good news is you can dramatically reduce the odds of such conflict by enlisting the support of an experienced lawyer like us to assist you in creating your estate plan. Even the best set of documents will be unable to anticipate and navigate the complex emotional dynamics that make up your life and family, but we can. Last week, we discussed one of the most common reasons for dispute, poor fiduciary selection, which involves selecting the wrong trustee, executor, or guardian for your kids. Today, we focus on another leading catalyst for conflict: contests to the validity of your will and/or trust. 02   | CONTESTS OVER THE VALIDITY OF YOUR WILLS AND TRUST The validity of your will and/or trust can be contested in court for a few different reasons. If such a contest is successful, the court declares your will or trust invalid, which effectively means the document(s) never existed in the first place. Obviously, this would likely be disastrous for everyone involved, especially your intended beneficiaries. However, just because someone disagrees with what he or she received in your will or trust doesn’t mean that person can contest it. Whether or not the individual agrees with the terms of your plan is irrelevant; it is your plan after all. Rather, he or she must prove that your plan is invalid (and should be thrown out) based on one or more of the following legal grounds: The document was improperly executed (signed, witnessed, and/or notarized) as required by state law. You did not have the necessary mental capacity at the time you created the document to understand what you were doing. Someone unduly influenced or coerced you into creating or changing the document. The document was procured by fraud. Furthermore, only those individuals with “legal standing” can contest your will or trust. Just because someone was intimately involved in your life, even if they’re a blood relative, doesn’t automatically mean they can legally contest your plan. Those with the potential for legal standing generally fall into two categories: 1) Family members who would inherit, or inherit more, under state law if you never created the document. 2) Beneficiaries (family, friends, and charities) named or given a larger bequest in a previous version of the document. SOLUTION There are times when family members might contest your will and/or trust over legitimate concerns, such as if they believe you were tricked or coerced into changing your plan by an unscrupulous caregiver. However, that’s not what we’re addressing here. Here, we’re addressing—and seeking to prevent—contests that are attempts by disgruntled family members and/or would-be beneficiaries seeking to improve the benefit they received through your plan. We’re also seeking to prevent contests that are a result of disputes between members of blended families, particularly those that arise between spouses and children from a previous marriage. First off, working with an experienced lawyer like us is of paramount importance if you have one or more family members who are unhappy—or who may be unhappy—with how they are treated in your plan. This need is especially critical if you’re seeking to disinherit or favor one part of your family over another. Some of the leading reasons for such unhappiness include having a plan that benefits some children more than others, as well as when your plan benefits friends, unmarried domestic partners, and/or other individuals instead of, or in addition to, your family. Conflict is also likely when you name a third-party trustee to manage an adult beneficiary’s inheritance because he or she is likely to be negatively affected by the sudden windfall of money. In these cases, it’s vital to make sure your plan is properly created and maintained to ensure these individuals will not have any legal ground to contest your will or trust. One way you can do this is to include clear language that you are making the choices laid out in your plan of your own free will, so no one will be able to challenge your wishes by claiming your incapacity or duress. Beyond having a sound plan in place, it’s also crucial that you clearly communicate your intentions to everyone affected by your will or trust while you’re still alive, rather than having them learn about it when you’re no longer around. Indeed, we often recommend holding a family meeting (which we can help facilitate) to go over everything with all impacted parties. Outside of contests originated by disgruntled loved ones, the potential for your will or trust to cause dispute is significantly increased if you have a blended family. If you are in a second (or more) marriage, with children from a prior marriage, there’s an inherent risk of dispute because your children and spouse often have conflicting interests. To reduce the likelihood of dispute, it’s crucial that your plan contain clear and unambiguous terms spelling out the beneficiaries’ exact rights, along with the rights and responsibilities of executors and/or trustees. Such precise terms help ensure all parties know exactly what you intended. If you have a blended family, it’s also essential that you meet with all affected parties while you’re still alive (and of sound mind) to clearly explain your wishes in person. Sharing your intentions and hopes for the future with your spouse and children is key to avoiding disagreements over your true wishes for them. PREVENT DISPUTES BEFORE THEY HAPPEN The best way to deal with estate planning disputes is to do everything possible to make sure they never occur in the first place. This means working with us as your attorney to put planning strategies in place aimed at anticipating and avoiding common sources of conflict. Moreover, it means constantly reviewing and updating your plan to keep pace with your changing circumstances and family dynamics. Meet with us today to learn more or e-mail lauren@kaplanestatelaw.com with questions.

No matter how well you think you know your loved ones, it’s impossible to predict exactly how they’ll behave when you die or if you become incapacitated. Of course, no one wants to believe their family would ever end up battling one another in court over inheritance issues or a loved one’s life-saving medical treatment, but the fact is, we see it all the time. Family dynamics are extremely complicated and prone to conflict during even the best of times. And when tragedy strikes a key member of the household, even minor tensions and disagreements can explode into bitter conflict. I hear all the time "my kids get along", however, when access to money is on the line, the potential for discord is exponentially increased. The good news is you can drastically reduce the odds of such conflict through estate planning with the support of a lawyer who understands and can anticipate these dynamics. This is why it’s so important to work with an experienced lawyer like us when creating your estate plan and never rely on generic, do-it-yourself planning documents found online. Unfortunately, even the best set of documents will be unable to anticipate and navigate complex emotional matters like this, but we can. By becoming aware of some of the leading causes of such disputes, you’re in a better position to prevent those situations through effective planning. Though it’s impossible to predict what issues might arise around your plan, the following two things are among the most common catalysts for conflict. 01   |  POOR FIDUCIARY SELECTION Many estate planning disputes occur when a person you’ve chosen to handle your affairs following your death or incapacity fails to carry out his or her responsibilities properly. Whether it’s as your power of attorney agent, executor, or trustee, these roles can entail a variety of different duties, some of which can last for years. The individual you select, known as a fiduciary, is legally required to execute those duties and act in the best interests of the beneficiaries named in your plan. The failure to do either of those things, is referred to as a breach of fiduciary duty . The breach can be the result of the person’s deliberate action, or it could be something he or she does unintentionally, by mistake. Either way, a breach—or even the perception of one—can cause serious conflict among your loved ones. This is especially true if the fiduciary attempts to use the position for personal gain, or if the improper actions negatively impact the beneficiaries. Common breaches include failing to provide required accounting and tax information to beneficiaries, improperly using estate or trust assets for the fiduciary’s personal benefit, making improper distributions, and failing to pay taxes, debts, and/or expenses owed by the estate or trust. If a suspected breach occurs, beneficiaries can sue to have the fiduciary removed, recover any damages they incurred, and even recover punitive damages if the breach was committed out of malice or fraud. SOLUTION Given the potentially immense responsibilities involved, you need to be extremely careful when selecting your fiduciaries, and make sure everyone in your family knows why you chose the fiduciary you did. You should only choose the most honest, trustworthy, and diligent individuals, and also be careful not to select those who might have potential conflicts of interest with beneficiaries. Moreover, it’s vital that your planning documents contain clear terms spelling out a fiduciary’s responsibilities and duties, so the individual understands exactly what’s expected of him or her. And should things go awry, you can add terms to your plan that allow beneficiaries to remove and replace a fiduciary without going to court. We can assist you with selecting the most qualified fiduciaries; drafting the most precise, explicit, and understandable terms in all of your planning documents; as well as ensuring that your family understands your choices, so they do not end up in conflict when it’s too late. In this way, the individuals you select to carry out your wishes will have the best chances of doing so successfully—and with as little conflict as possible. Next week, we’ll continue with part two in this series discussing common causes for dispute over estate planning. At Kaplan Estate Law, we can guide you to make informed, educated, and empowered choices to protect yourself and the ones you love most. Contact us today to get started with a complimentary Initial Consult or email lauren@kaplanestatelaw.com with questions.

Your mom told you not to worry; she  had everything handled. You were her power of attorney, helping her pay bills and manage her accounts. When she passed away, you assumed you'd simply continue handling things the same way you had been. Then you tried to deposit the insurance check. The bank clerk looked at the check, looked at your power of attorney paperwork, and shook her head. "I'm sorry, but we can't accept this. You'll need to go through the probate court first." Suddenly, you're facing a legal process you know nothing about, at a time when you can barely function through your grief. The mortgage payment is due. Bills are piling up. And everything you thought was handled has turned into a complicated mess. Understanding why this happens starts with knowing what shifts the moment someone dies. Authority Disappears Most people don't realize that any legal authority created through a Power of Attorney they may hold during a parent's lifetime vanishes the instant that parent dies. The documents that allowed you to help manage accounts, make financial decisions, and handle day-to-day business become meaningless pieces of paper. This catches families off guard because it seems illogical. You were trusted to handle these matters yesterday. Why can't you handle them today? The answer lies in how the law views death. When someone dies, their legal identity changes. Assets that belonged to a living person now belong to an estate, which is a separate legal entity that must be properly administered through the court system. Without the right planning in place beforehand, no one has automatic authority to manage estate assets. Not the closest family member. Not the person who had been helping with finances. Not even someone named in documents that worked perfectly well during the person's lifetime. This sudden loss of authority creates immediate practical problems that catch loved ones completely unprepared. Accounts are Frozen Financial institutions have strict rules about who can access accounts after someone dies. They're legally required to protect assets until someone proves they have proper authority to manage them. This means accounts get frozen, checks get issued to estates rather than individuals, and transactions come to a halt. For loved ones, this creates immediate practical problems. How do you pay for the funeral when you can't access accounts? What happens to the mortgage payment that's due next week? How do you handle utility bills, insurance premiums, or other ongoing expenses? Are you able to pay for all these expenses out of pocket? Many people can’t, especially if they have their own mortgage, utilities, health insurance premiums, college tuition, and so on. The frustration compounds when you know the money exists. You can see the account balance. You know there are sufficient funds. But you can't touch any of it without going through a formal legal process first.  Unfortunately, getting access to those frozen assets requires navigating a complex legal system. The Court Process No One Wants When proper planning hasn't been done, loved ones must petition the court for authority to handle estate matters. This involves filing paperwork, paying fees, attending hearings, and waiting for the court to issue documents that grant legal authority.  The timeline varies, but generally speaking, families should expect this process to take months, not weeks. During that time, you're juggling your own life responsibilities while also navigating an unfamiliar legal system. You're taking time off work for court appearances. You're gathering documentation. You're waiting for approval on decisions that need to be made quickly. You’re also waiting for family members to sign legal paperwork and mail it to you.  The costs add up, too. Court filing fees are just the beginning. Many families need legal help to navigate the process correctly, which means attorney fees. There may be accounting requirements. And all of these expenses come out of the estate before anything can be distributed to loved ones. The court process is also set up for conflict, causing further delays. Heirs must receive notice of court filings, and they are able to file claims against the estate, challenge the proceedings, or dispute the amounts they may inherit. This conflict not only takes time for the court to reach any meaningful resolution, but it can also create breaks in familial relationships that never mend. And while you're dealing with court procedures and paperwork, the law is making decisions about your family's future. When the Law Decides for You Without a will or a trust stating otherwise, state law determines who inherits what. These laws follow a rigid formula based on family relationships. For straightforward family situations, the outcome might align with what the deceased person would have wanted anyway. But the process still takes time and money. The real problems emerge in complex family situations. Blended families. Unmarried couples. Estranged relatives. Family members with special circumstances. When state law makes these decisions, the results may not reflect what the deceased person actually wanted or what makes sense for their loved ones. You also lose control over the details that matter. Who gets the family heirlooms? How should sentimental items be distributed? What happens to the family home? Without instructions, these decisions either get made by the court or lead to family conflict as survivors try to figure out what's fair. Beyond the legal and financial complications, there's a hidden cost that families feel most deeply. The Emotional Cost That Numbers Can't Capture Beyond the time and money, there's an emotional burden that's hard to quantify. You're grieving while simultaneously dealing with bureaucracy. You're making dozens of phone calls, filling out forms, and attending court hearings when you'd rather be with family and friends who are also mourning. Family relationships can suffer too. Even in close families, the stress of managing estate matters without clear guidance can create tension. Siblings may disagree about decisions. Questions arise about whether things are being handled fairly. Old resentments can resurface when people are already emotionally vulnerable. And through it all, you're left wondering why this had to be so hard. Your parent didn't intend to create this burden. They simply didn't realize that planning was important - or that the planning they did wasn't complete. The good news is that none of this has to happen to you or your loved ones A Different Path Exists This entire situation is avoidable . With proper planning and a trusted advisor, families can bypass court proceedings, access assets without delay, and focus on healing instead of paperwork. The difference comes down to creating a comprehensive plan that works after death, not just during life. This means thinking through who will have authority to manage affairs, how assets should be transferred, and what instructions family members will need when the time comes. It means creating a plan that documents your wishes and will work when you and your loved ones need it to. It also means having professional support available to guide your family through the process. When you work with someone who knows you and understands your decisions, your family has a trusted advisor to turn to for help, not just a stack of documents they're trying to interpret on their own. Finally, the time to act is now, while you can make clear decisions and put proper protections in place. Your loved ones deserve better than being left to navigate a complex legal system during one of the hardest times of their lives. Click here to schedule a complimentary 15-minute discovery call to learn how I can support you.

One of our primary goals is to educate you on the vital importance of not only preparing an estate plan, but also keeping your plan up-to-date. While you almost surely understand the importance of creating an estate plan, you may not know that keeping your plan current is every bit as important as creating a plan to begin with. In fact, outside of not creating any estate plan at all, outdated estate plans are one of the most common estate planning mistakes we encounter. We’ll get called by the loved ones of someone who has become incapacitated or died with a plan that no longer works because it was not properly updated. Unfortunately, once something happens, it’s too late to adjust your plan, and the loved ones you leave behind will be stuck with the mess you’ve left, or they could end up in a costly and traumatic court process that can drag out for months or even years. Estate planning is an ongoing process, not a one-and-done type of deal. To ensure your plan works properly, it should continuously evolve along with your life circumstances and other changing conditions. Regardless of who you are, your life will inevitably change: families change, assets change, laws change, and goals change.  In the absence of any major life events, we recommend reviewing your estate plan annually and we do 3 year reviews with all clients to keep you accountable. However, there are several common life events that require you to immediately update your plan—that is, if you want it to actually work and keep your family out of court and out of conflict. To this end, if any of the following events occur in your life, contact us right away to amend your estate plan. LIFE EVENTS THAT NECESSITATE AN IMMEDIATE REVIEW OF YOUR ESTATE PLAN 01   |  YOU GET MARRIED: Marriage not only changes your relationship status; it changes your legal status. Regardless of whether it’s your first marriage or fourth, you must take the proper steps to ensure your estate plan properly reflects your current wishes and needs. After tying the knot, some of your most pressing concerns include naming your new spouse as a beneficiary on your insurance policies and retirement accounts, granting him or her Medical Power Of Attorney and/or Durable Financial Power Of Attorney (if that’s your wish), and adding him or her to your will and/or trust 02   |  YOU GET DIVORCED: Because divorce is such a stressful process, estate planning often gets overshadowed by the other dramatic changes happening. But failing to update your plan for divorce can have terrible consequences. Once divorce proceedings start, you’ll need to ensure your future ex is no longer eligible to receive any of your assets or make financial and medical decisions on your behalf—unless that’s your wish. Once the divorce is finalized and your property is divided, you’ll need to adjust your estate plan to match your new asset profile and living situation. 03   |  YOU GIVE BIRTH OR ADOPT: Welcoming a new addition to your family can be a joyous occasion, but it also demands entirely new levels of planning and responsibility. At the top of your to-do list should be legally naming both long and short-term guardians for your child. Once you’ve named guardians, consider putting other estate planning vehicles, such as a Revocable Living Trust, in place for your kids. These planning tools can make certain the assets you want your child to inherit will be passed on in the most effective and beneficial way possible for everyone involved. Consult with us to determine which planning strategies are best suited for your family situation. 04   |  YOU HAVE A MINOR CHILD REACH THE AGE OF MAJORITY: Once your kids become legal adults—which is age 18 or 21, depending on your state—many areas of their life that were once under your control will become entirely their responsibility. And if your kids don’t have the proper legal documents in place, you could face a costly and traumatic ordeal should something happen to them.   For instance, if your child were to get into a serious car accident and require hospitalization, you would no longer have the automatic authority to make decisions about his or her medical treatment or the ability to manage their financial affairs. Without legal documentation, you wouldn’t even be able to access your child’s medical records or bank accounts without a court order. To prevent your family from going through an expensive and unnecessary court process, speak with your kids about the importance of estate planning, and meet with us to ensure they have the proper legal documents in place as they start their journey into adulthood. 05   |  A LOVED ONE DIES: The death of a family member, partner, or close friend can have serious consequences for both your life and estate plan. If the deceased person was included in your plan, you need to update it accordingly to fill any gaps his or her death may create. From naming new beneficiaries, executors, and guardians to identifying new heirs to receive assets allocated to the deceased, make sure your plan addresses all voids created by a death in the family as soon as possible. 06   |  YOU GET SERIOUSLY ILL OR INJURED: As with death, illness and injury are an unavoidable part of life. If you’ve been diagnosed with a serious illness or are involved in a life-changing accident, you may want to review the people you’ve chosen to handle your medical decisions as well as how those decisions should be made. The person you want to serve as your healthcare proxy can change with time, so be sure your plan reflects your current wishes. 07   |  YOU MOVE TO A NEW STATE:  Estate planning laws can vary widely from state to state, so if you move to a different state, you’ll need to review and/or revise your plan to ensure it complies with your new home’s legal requirements. And because some estate planning laws are complex, you’ll want to meet with us to make certain your plan will still work exactly as you desire in your new location. 08   |  YOUR ASSETS OR LIABILITIES CHANGE SIGNIFICANTLY:  Whenever the value of your estate changes dramatically—whether an increase or decrease, or even just the acquisition or sale of assets— you should revisit and update your plan. Whether you inherit a fortune, take out a new loan, retire, sell a home or business, buy a home or business, or change your investment portfolio, your plan should be adjusted accordingly. 09   |  YOU BUY OR SELL A BUSINESS: If you are buying a business, you’ll want to ensure your plan is updated to take into account your succession plans for the new venture. For every business you own, you should consider creating a buy-sell agreement and a business succession plan to protect both your business and your family in case something happens to you. In your plan, you can not only decide who will take over your role as the company’s owner should something happen to you, but you can also provide him or her with a detailed road map for how the business should be run in your absence with a comprehensive business succession plan. 10   |  THE FEDERAL ESTATE-TAX EXEMPTION OR YOUR STATE’S ESTATE-TAX EXEMPTION CHANGES SIGNIFICANTLY: Anytime the federal estate-tax exemption or your state's estate-tax exemption changes dramatically, we recommend you review your financial assets and your estate plan. Tax laws are constantly changing, so you should consult with us to ensure you are achieving the maximum tax savings possible and your investments are still aligned with your strategic goals in light of the latest changes to the tax code. LIFE & LEGACY PLANNING At Kaplan Estate Law, our estate planning services go far beyond simply creating documents and then never seeing you again. In fact, we will develop a relationship with you and your family that lasts throughout your lifetime. Ultimately, we’ve discovered that estate planning is about far more than planning for your death and passing on your “estate” to your loved ones—it’s about planning for a life you love and a legacy worth leaving by the choices you make today. And this is why we call our services Life & Legacy Planning. Contact us to get your plan started today.

When you begin thinking about estate planning, one of the first questions you might ask is whether you need a will, a trust, or both. You may have heard conflicting information from friends, social media, or TV experts, which can make the decision feel confusing. And while both wills and trusts can play an important role in your estate plan, the real question is not which document you should choose, but how to create a plan that actually works when your loved ones need it to. In this article, you’ll learn the real difference between wills and trusts, how each works in practice, and what you should consider before making a decision. More importantly, you’ll discover why choosing the right tool is only one part of building a plan that keeps your family out of court, out of conflict, and out of costly mistakes.  What a Will Does and What It Doesn’t Do A will is often the first document people think of when they think about estate planning. It allows you to state who receives your assets and who you want to raise your children after you die. But a will has important limitations that most people don’t realize until it’s too late. A will must go through probate, which is a court process that becomes public record. Even in states considered “probate-friendly,” the process can still take months or years, cost thousands of dollars, and create opportunities for conflict. If you have minor children, a will also does not prevent them from being placed in the temporary care of strangers until a judge sorts things out, unless you have a comprehensive estate plan in place.  Importantly, a will also has no authority while you are living.  If you become incapacitated, your loved ones will still need additional legal tools to manage your medical decisions, financial matters, and personal care. Without a plan that addresses incapacity, your loved ones may face court involvement, delays, and unnecessary stress during an already emotional time. And, yes, if you have a power of attorney that does operate while you are living, BUT your power of attorney stops operating at the time of your death. I know, it can be confusing. That’s why we always begin with clear education so you understand what you are doing, and why, and then support you to choose the right plan for you. Because of the limitations of wills and powers of attorney alone, many people look to trusts for greater protection and privacy. How a Trust Works  A trust is a legal structure that can hold your assets during your lifetime and distribute them according to your instructions when you die. Unlike a will, a properly funded trust bypasses probate entirely, keeping your affairs private and allowing your loved ones to take action and handle your affairs immediately when something happens to you A trust also gives you far more control. You can protect a child’s inheritance from divorce, lawsuits, or poor financial habits, and you can determine how and when they receive assets. With the support of an experienced attorney and ongoing plan reviews, a trust can remain aligned with your changing assets, family dynamics, and long-term wishes. One common misunderstanding is that simply signing a trust means everything is handled. Unfortunately, traditional lawyers and DIY services often leave the most important step unfinished: funding the trust. When assets are not titled correctly, the trust fails, and your loved ones still end up in probate, which is often the very outcome the trust was meant to avoid. The real value comes from working with a lawyer who ensures every asset is properly transferred, kept up to date, and fully coordinated with your overall plan.  So how do you decide whether you need a will, a trust, or both? It starts with understanding what you want your plan to accomplish. Key Factors to Consider When Deciding Between a Will and a Trust When choosing the right tools for your plan, the decision is not simply about documents. It’s about your goals, your family, and the legacy you want to leave behind. Here are some things to consider: 1. Do you want to keep your loved ones out of court? If avoiding court, reducing conflict, and preserving privacy are important to you, a trust may be the best option. Many families believe probate court will be “simple,” but real-life stories show how quickly things can spiral. From siblings fighting over sentimental items to property stuck for years, the cost of a cheap or incomplete plan can be devastating. 2. Do you have minor children? A will alone is not enough to protect your children. You need documents naming long-term guardians, short-term guardians,  clear instructions to avoid your children being taken into temporary custody of the authorities, and documentation that excludes anyone you’d never want to raise your kids. A trust can also preserve assets for your children and ensure caregivers receive the support they need.  3. Do you own a home or have more than one account? Even modest estates benefit from a trust because it simplifies management and prevents assets from slipping through the cracks. Today, unclaimed property in the U.S. exceeds $60 billion, largely because families couldn’t locate assets or the owner didn't keep an updated inventory. A trust-based plan, paired with ongoing guidance, helps prevent your life’s work from becoming part of that statistic. 4. Do you want someone you trust to manage things if you become incapacitated? A trust can provide immediate authority to someone you choose, avoiding a court-supervised conservatorship. This keeps your bills paid, your home maintained, and your wishes honored without court delays. 5. Do you want long-term protection for beneficiaries? If you want your loved ones to receive assets protected from creditors, lawsuits, or divorce, a trust offers options a will simply cannot. If you have loved ones who aren’t financially responsible, suffering from addiction, or have special needs, a trust will ensure assets are protected for their benefit. No matter which tool you choose, what matters most is that your plan works when your loved ones need it. That requires more than documents. It requires education, support, guidance and counsel. That’s why we always begin your estate planning with a Life & Legacy Planning Session. What to Do Now As a trusted advisor to you and your loved ones, my objective is not just to help you choose between a will and a trust. I’m here to  help you create a comprehensive estate plan, called a Life & Legacy Plan , that protects the people you love, keeps them out of court and conflict, and ensures your wishes are honored. I also have systems to review your plan over time, ensuring your plan will work when the people you loved need it, and that our firm will be there for them, when you can’t be. If this all sounds expensive, I can assure you that it’s a lot less costly than the loss of your assets to avoidable court costs, conflict, or your loved ones simply not knowing what to do or what you have. Let’s start with a 15-minute discovery call during which we can guide you to your next best steps in identifying the most affordable and effective plan for yourself and the people you love.  Click here to book your discovery call and get started!

When it comes to putting off or refusing to create an estate plan, your mind can concoct all sorts of rationalizations: “I won’t care because I’ll be dead,” “I’m too young,” “That won’t happen to me,” or “My family will know what to do.” But these thoughts all come from a mix of pride, denial, and above all, a lack of real education about estate planning and the consequences to your family of not planning. Once you understand exactly how planning is designed to work and what it protects against, you’ll realize there is no acceptable excuse for not having a plan. Indeed, the first step in creating a proper plan is to thoroughly understand the potential consequences of going without one. In the event of your death or incapacity, not having a plan could be incredibly traumatic and costly for both you and your family, who will be forced to deal with the mess you’ve left behind. While each estate and family are unique, here are some of the things most likely to happen to you and your loved ones if you fail to create a plan. 01  |  YOUR FAMILY WILL HAVE TO GO TO COURT If you don’t have a plan, or if you only have a will (yes, even with a will), you’re forcing your family to go through probate upon your death. Probate is the legal process for settling your estate, and even if you have a will, it’s notoriously slow, costly, and public. But with no plan at all, probate can be a true nightmare for your loved ones. Depending on the complexity of your estate, probate can take months, or even years, to complete. And like most court proceedings, probate can be expensive. In fact, once all of your debts, taxes, and court fees have been paid, there might be nothing left for anyone to inherit. And if there are any assets left, your family will likely have to pay hefty attorney’s fees and court costs in order to claim them. Yet, the most burdensome part of probate is the frustration and anxiety it can cause your loved ones. In addition to grieving your death, planning your funeral, and contacting everyone you’re close with, your family will be stuck dealing with a crowded court system that can be challenging to navigate even in the best of circumstances. Plus, the entire affair is open to the public, which can make things all the more arduous for those you leave behind, especially if the wrong people take an interest in your family’s affairs. That said, the expense and drama of the court system can be almost totally avoided with proper planning. Using a trust, for example, we can ensure that your assets pass directly to your family upon your death, without the need for any court intervention. As long as you have planned properly, just about everything can happen in the privacy of our office and on your family’s time. 02  |  YOU HAVE NO CONTROL OVER WHO INHERITS YOUR ASSETS If you die without a plan, the court will decide who inherits your assets, and this can lead to all sorts of problems. Who is entitled to your property is determined by our state’s intestate succession laws, which hinge largely upon whether you are married and if you have children. Spouses and children are given top priority, followed by your other closest living family members. If you’re single with no children, your assets typically go to your parents and siblings, and then more distant relatives if you have no living parents or siblings. If no living relatives can be located, your assets go to the state. But you can change all of this with a plan and ensure your assets pass the way you want. It’s important to note that state intestacy laws only apply to blood relatives, so unmarried partners and/or close friends would get nothing. If you want someone outside of your family to inherit your property, having a plan is an absolute must. If you’re married with children and die with no plan, it might seem like things would go fairly smoothly, but that’s not always the case. For example, you might be estranged from your kids or not trust them with money, but without a plan, state law controls who gets your assets, not you. Moreover, dying without a plan could also cause your surviving family members to get into an ugly court battle over who has the most right to your property. Or if you become incapacitated, your loved ones could even get into conflict over your medical care. You may think this would never happen to your loved ones, but we see families torn apart by it all the time, even when there’s little financial wealth involved. We can help you create a plan that handles your assets and your care in the exact manner you wish, taking into account all of your family dynamics, so your death or incapacity won’t be any more painful or expensive for your family than it needs to be. 03  |  YOU HAVE NO CONTROL OVER YOUR MEDICAL, FINANCIAL, OR LEGAL DECISIONS IN THE EVENT OF YOUR INCAPACITY Most people assume estate planning only comes into play when they die, but that’s dead wrong—pun fully intended. Although planning for your eventual death is a big part of the process, it’s just as important—if not more so—to plan for your potential incapacity due to accident or illness. If you become incapacitated and have no plan in place, your family would have to petition the court to appoint a guardian or conservator to manage your affairs. This process can be extremely costly, time consuming, and traumatic for everyone involved. In fact, incapacity can be a much greater burden for your loved ones than your death. We can help you put planning vehicles in place that grant the person(s) of your choice the immediate authority to make your medical, financial, and legal decisions for you in the event of your incapacity. We can also implement planning strategies that provide specific guidelines detailing how you want your medical care to be managed, including critical end-of-life decisions. 04  |  YOU HAVE NO CONTROL OVER WHO WILL RAISE YOUR CHILDREN If you’re the parent of minor children, the most devastating consequence of having no estate plan is what could happen to your kids in the event of your death or incapacity. Without a plan in place naming legal guardians for your kids, it will be left for a judge to decide who cares for your children. And this could cause major heartbreak not only for your children, but for your entire family. You’d like to think that a judge would select the best person to care for your kids, but it doesn’t always work out that way. Indeed, the judge could pick someone from your family you’d never want to raise them to adulthood. And if you don’t have any family, or the family you do have is deemed unfit, your children could be raised by total strangers. What’s more, if you have several relatives who want to care for your kids, they could end up fighting one another in court over who gets custody. This can get extremely ugly, as otherwise well-meaning family members fight one another for years, making their lawyers wealthy, while your kids are stuck in the middle. With this in mind, if you have minor children, your number-one planning priority should be naming legal guardians to care for your children if anything should happen to you. This is so critical, we’ve developed a comprehensive system called the Kids Protection Plan that guides you step-by-step through the process of creating the legal documents naming these guardians. Naming legal guardians won’t keep your family out of court, as a judge is always required to finalize the legal naming of guardians in the event of death or incapacity of parents. But if it’s important to you who raises your kids if you can’t, you need to give the judge clear direction. On top of that, you need to take action to keep your kids out of the care of strangers over the immediate term, while the authorities figure out what to do if you’re incapacitated or dead. We handle that in a Kids Protection Plan too. N o more excuses. Given the potentially dire consequences for both you and your family, you can’t afford to put off creating your estate plan any longer. As your attorney, we will guide you step-by-step through the planning process to ensure you’ve taken all the proper precautions to spare your loved ones from needless frustration, conflict, and expense. That said, the biggest benefit you stand to gain from putting a plan in place is the peace of mind that comes from knowing your loved ones will be provided and cared for no matter what happens to you. Don’t wait another day— contact us to schedule an appointment, so you can finally check this urgent task off your to-do list. Questions? E-mail attorney Lauren Kaplan at lauren@kaplanestatelaw.com .

As the holidays approach, families gather to share food, laughter, and stories. But amid the joy, there is often an unspoken truth: many families avoid the conversations that matter most. What will happen when you are gone? How will your loved ones be cared for? What legacy will you leave behind? This season offers a rare opportunity to bring love, not fear, into these important conversations. In this article, you will learn how to shift your mindset about death and money, how to open heartfelt conversations with your family, and how to turn those talks into meaningful action with a Life & Legacy Plan. Shifting the Conversation About Death and Money Most people put off estate planning because they don’t want to face their mortality, or they think of death as something that won’t happen anytime soon. Money is also too often a taboo subject in our culture. It’s no wonder, then, that 55% of Americans don’t have an estate plan . And this number doesn’t account for those who have an outdated plan that no longer works, so the actual number is much lower. But what if we flipped the script when we think of death and money? What if death and money weren’t topics to be avoided, but to be embraced? Death is a natural part of life, and planning for what happens to your assets and to your loved ones is an expression of love. Planning ensures everyone you love has clarity and knows exactly what to do when the time comes. Instead of viewing estate planning as preparing for the end, see it as protecting your loved ones’ beginning after you die. This mindset shift is powerful because it changes estate planning from something you feel you have to do into something you want to do out of devotion to your loved ones. When you think about your plan as a message of care, you begin to see every decision differently. Choosing a guardian for your children, designating beneficiaries, or even making end-of-life medical choices becomes less about control and more about making things as easy on your loved ones as possible after your death. It also helps to recognize that the way we talk about death influences how our loved ones experience it. When you model openness and calm, your loved ones learn to approach loss with grace rather than fear.  To start shifting your own mindset, focus on legacy, not loss. Ask yourself: What stories, lessons, or values do I want my loved ones to carry forward? How can I make life easier for them when I am gone? What message of love do I want them to hear when they think of me? How can I ensure their financial security when I’m no longer there? When you anchor your thoughts in love, the topic of death becomes not a burden, but a gift. How to Bring Your Family Into the Conversation Once you have reframed estate planning as an act of care, the next step is helping your loved ones see it the same way. The holidays are the perfect time. Surrounded by gratitude and reflection, your family is already thinking about what matters most - each other. You can open the conversation gently with something like, “I have been thinking about how much you mean to me, and I want to make sure you are cared for no matter what happens.” This kind of introduction immediately sets a tone of reassurance. It communicates that your motivation is love, not fear. From there, the conversation can unfold naturally and meaningfully. Here are several ways to make it comfortable and productive: Choose the Right Setting. Pick a quiet moment rather than a busy or emotional one. After dinner, during a walk, or while sitting by the fire can be ideal times when everyone feels relaxed and connected. Invite Participation. Instead of delivering information, ask questions. “What do you think would make things easier for you if something ever happened to me?” When you involve your loved ones, it helps them feel included rather than intimidated. Acknowledge the Emotion. It is natural for people to feel uneasy at first. You might say, “I know this is not easy to talk about, but I feel peaceful knowing we can share our thoughts now while we have the chance.” By naming the discomfort, you take away its power. Focus on Values, Not Just Logistics. You can share your philosophy about life, your hopes for how your loved ones will handle challenges, and your dreams for their future. This turns a potentially uncomfortable topic into a moment of connection. Once you have created that sense of trust, move into the practical matters that bring real clarity. Explain the why behind your choices. If you have chosen specific people for roles such as executor or guardian, explain your reasoning. Understanding prevents hurt feelings and reduces the risk of future conflict. Also acknowledge that some people may feel slighted. Welcome their emotions with compassion. Discuss your wishes for care. Share who you would want to make medical or financial decisions for you if you become incapacitated. Explain why you’ve chosen that person. Provide a financial overview. You do not need to disclose every number, but share where your key assets are located and how to access them. Every year, billions of dollars go unclaimed because families simply do not know what exists. A simple list or inventory can make all the difference. When you work with us, we will support you to create an asset inventory as an inherent part of our Life & Legacy Planning process. When you approach the conversation with empathy and intention, it becomes not a grim discussion but a sacred exchange of love and gratitude. How Life & Legacy Planning Turns Talk Into Action A heartfelt family conversation is a powerful beginning, but what truly protects your loved ones is turning that conversation into action. That is where Life & Legacy Planning comes in. Traditional estate planning focuses only on creating documents. Life & Legacy Planning is different because it focuses on creating results. It is a relationship-based process that ensures your plan reflects your goals, your assets, and your values, while also being updated as your life and the law change, so it works when you and your loved ones need it to. When you create your Life & Legacy Plan with me, you will: Create a complete inventory of your assets so nothing is lost or forgotten. Receive ongoing support from my office to ensure your plan always stays current and doesn’t fail you or your loved ones. Ensure your loved ones know what to do and how to access what they need when the time comes. Life & Legacy Planning transforms estate planning from a transaction into a lifelong relationship with a trusted advisor who will support your family when they need it most. Imagine how much peace it will bring to your loved ones to know exactly where things are, whom to call, and how to handle every detail when the time comes. Instead of confusion or chaos, they will have clarity and guidance. That is the true gift of planning. The Greatest Gift of All Talking about death, money, and your wishes might not seem festive, but it is one of the most meaningful and loving acts you can offer. When your loved ones understand what to do, how to do it, and why it matters, they can focus on what truly counts: honoring your life and carrying your love forward. Having open and honest conversations about death and money transforms estate planning from fear to freedom. It gives your loved ones the space to grieve without added stress, to make decisions without conflict, and to move forward with confidence. Your Next Step This holiday season, take the opportunity to talk about what truly matters - your love, your values, and your wishes for your loved ones’  future. Then take action to ensure those wishes are carried out. Start the conversation now, and then let me support you to create a plan that gives your loved ones peace of mind for generations to come. Schedule your complimentary 15 minute initial call today.

When it comes to planning for your family's future, the options can feel overwhelming. Should you get a will? Create a trust? And what happens if you do nothing at all? These aren't just academic questions - your choices today will impact your loved ones tomorrow. In this second installment of a two-part Q & A series , I’ll break down the key differences between your primary estate planning options and explore practical ways to ensure your family is protected, no matter what the future holds. So, let’s dive in, beginning with a question about the basic estate planning documents. Q: What is the difference between a will, living trust, and dying intestate? And what does that mean, practically speaking? A: If you die without an estate plan, you do have a plan - it’s just the plan chosen for you by the state, and you may not like it. Almost certainly, your loved ones won’t like it because it means they’ll likely need to deal with a court process called “probate.” When you die without a will, it’s called dying “ intestate,” and it means that your assets are distributed according to state law after a process in which a judge decides who gets what. This could mean your assets would not go to the people you choose in the way you choose, and your family could face a lengthy, expensive, and public court process during an already difficult time. A will is your basic instruction manual for what happens to your assets after you die, but it usually still requires your family to go through the probate process. While a will allows you to name guardians for your minor children and specify who gets what, your “executor” or “personal representative” must file the will with the court and potentially wait months or even years before receiving your assets. Plus, everything becomes public record - so anyone can look up what you owned and who got what, leaving the inheritors open to predators.  If you create a trust, your assets can be passed to the people you choose without a court process and completely privately. Think of a trust like a container that holds your assets during your lifetime and then, upon your incapacity or death, a successor trustee you’ve named can step in to handle your assets, manage your affairs, and pass your assets to your chosen beneficiaries. With a properly funded trust, your beneficiaries could receive their inheritance within weeks or months instead of months or years.  Q: Is probate always required when someone dies? A: The necessity of probate depends largely on how your assets are titled when you die and the total value of assets that are in your personal name at the time of your death. Assets that are solely in your name with no beneficiary designation must go through probate, and the distribution must be ordered by a Judge. There are some exceptions: jointly owned property automatically passes to the surviving owner, assets with named beneficiaries (like life insurance policies and retirement accounts) go directly to those beneficiaries, and assets held in a properly funded living trust transfer according to the trust's instructions, without court involvement. However, it's important to remember that if minor children are named as beneficiaries, those assets get pulled into the court process known as guardianship. These issues can be complicated and have a huge impact on your loved ones, so it’s important to work with a trusted advisor who can help you understand your goals, and then properly structure your assets to accomplish your goals, especially if you want to keep your family out of court and out of conflict. Keep reading to find out how I can help. Q: What if I’m uncomfortable talking about death and money? A: While it's completely natural to want to avoid thinking about death and avoid talking about money, not planning for the reality of death or a possible incapacity before death can leave your loved ones with an expensive, time-consuming mess to clean up during what will already be an emotionally difficult time. Here's what you absolutely must know: First, if you become incapacitated or die without a plan, the court will make all the decisions about your care and your assets according to state law, not according to what you would have chosen.  Second, if you have minor children and no estate plan, the court will decide who raises your children and who takes care of the assets you leave behind, all without your input. Think about that for a moment. A judge is a complete stranger to you and your kids, yet that’s who will decide your children’s future - who makes decisions about their education, their health matters, and their financial affairs. And, then, whatever you leave behind and whatever is left after the court process goes to your children when they turn 18, without protection (i.e., they’ll be free to spend it all as quickly as they want). If that concerns you, you need a plan of your own. Third, your family will likely have to spend significantly more time and money dealing with your affairs if you don't have a plan in place than if you had taken the time to create one. The good news is that creating a plan doesn't have to be overwhelming or uncomfortable—working with a trusted advisor who can guide you through the process step by step can actually bring you peace of mind, knowing you've taken care of the people you love.  Q: How can you minimize the stress to your family by handling these matters in the simplest way possible? A: The best way to minimize stress for your family is to create a clear, comprehensive Life & Legacy Plan before anything happens to you. Many people think creating an estate plan will be stressful, but it's actually the lack of planning that creates the most stress for families.  When you work with me, I make the process as simple as possible. First, I help you get clear about what you own and what would happen to everything you own and everyone you love (including yourself) when something happens to you. Then, I support you to make informed, empowered choices about who should receive your assets, who should be in charge of carrying out your wishes, and how you want it all handled. Finally, I help ensure your plan will actually work when your family needs it by supporting you to review your plan regularly as your life changes and ensuring we maintain an updated inventory of your assets to ensure none of your assets are lost to the state due to oversight, after your death. How We Help You Create Peace of Mind We understand that thinking about death and money can feel overwhelming. That's why we've created a simple, step-by-step process to help you get your affairs in order and ensure your family is protected. Our Life & Legacy Planning process goes beyond just creating legal documents - we help you make informed decisions about your family's future, keep your plan updated as your life changes, and ensure your wishes will be carried out properly when the time comes. Most importantly, we'll be there for your family when you can't be, providing the guidance and support they'll need during a difficult time. You'll gain peace of mind knowing you've done everything possible to make things easier for the people you love. Click here to schedule a complimentary 15-minute consultation to learn more, or email us at lauren@kaplanestatelaw.com .

When it comes to estate planning, I get many questions about many topics. One of the most common questions I hear concerns account ownership and asset management. Understanding how accounts are titled and who has access to them isn't just about convenience—it's about ensuring your assets transfer smoothly to your loved ones while protecting them from potential risks.  In this first installment of a two-part series, I’ll answer the most common questions about asset ownership and management. I’ll also outline ways in which you can make things as easy for your family after your death. So let’s dive in, beginning with a question about joint assets. Q: What's the difference between joint ownership and transfer-on-death designation? A: Joint ownership means both parties have full access to and ownership of a specific  account or piece of real estate, while living. When one owner dies, the surviving owner automatically receives full ownership. This can be convenient but comes with risks - a joint owner can withdraw all the money at any time, and the account could be vulnerable to either joint owner’s creditors or legal judgments. On the other hand, transfer-on-death (TOD) or payable-on-death (POD) beneficiary designations give you sole control during your lifetime. Your designated beneficiary has no access or rights to the account while you're alive but receives the assets automatically upon your death. This arrangement prevents another person from accessing your assets while you’re alive and also avoids the court process (called probate) after you die.  One important note: When you have a joint owner on your account, or a designated beneficiary, that person will receive all the funds after you die, no matter how old they are or what your family dynamics are. This can create conflict in your family or can cause someone who’s fiscally irresponsible to potentially inherit a windfall with no safeguards. Lawsuits are filed all the time by disgruntled siblings who find out that the caretaker sibling receives all the money in a parent’s account (or sole title to real estate) rather than being distributed equally among all siblings. If this is a concern to you, read on to find out how you can book a call with me to learn about your options.  Q: If I hold my property jointly, or use a TOD or POD, do I need to have a Trust? If you use joint ownership or TOD/POD instead of a Trust, you need to consider some traps for the unwary. First, as indicated above, jointly owned property could be at risk from creditors of either party. Consider a granddaughter, who was titled on grandma’s bank account. When granddaughter didn’t pay a bill for her business, she was sued and had a judgment held against her. Next thing you know, grandma’s account gets garnished because it was held jointly with granddaughter. Suppose you use a TOD or POD to avoid a scenario like that. In that case, the problem is that the TOD/POD only operates in the event of death, not incapacity, and TOD/POD could result in the wrong person ending up getting the assets or the assets ending up in probate if there is an unexpected “order of death” issue. Imagine, grandma leaves house to grandson using TOD, but grandma and grandson are in the car together when there’s an accident, and grandson dies first, with grandma dying shortly thereafter, and before she could change the TOD/POD. Who gets the property, and how? In this case, the property would have to go through probate and pass to grandma’s “next of kin” according to the state intestacy statutes. Given that grandma was leaving her property to grandson, it’s likely she didn’t want the “state’s plan” for her assets. But, that’s what she’ll end up with. The solution is not to use joint ownership or a TOD/POD to pass title to assets at your death. Instead, set up a trust and retitle the property, and everything can be handled with ease, privately, and in our office, for the people you love. Q: What happens to retirement accounts and life insurance policies after death? A: These accounts pass directly to your named beneficiaries, bypassing probate and any instructions in your will, as long as you have named beneficiaries, and if you haven’t named a minor as a beneficiary This is why keeping your beneficiary designations up to date is crucial. If your beneficiary designations are outdated – listing an ex-spouse or deceased person, for example – your assets might not go where you want them to. Even worse, if you have no beneficiary listed, these accounts would go through probate, costing your loved ones unnecessary time and money. If you’ve named a minor as a beneficiary, the assets will be subject to a court process to hold the assets under court order until your minor beneficiary is “of age” - 18 in Illinois. Q: Do I need an inventory of my assets? A: Yes, and it’s critically important that you create an inventory and keep it up to date. We include this in all of our planning options because it’s one of the most important parts of the planning process. Our process, called Life & Legacy Planning, includes an asset inventory because if you don’t inventory your assets, your family will not know what you have, how to find it, and how to get access to it as easily and affordably as possible.  Lost assets end up in your state’s treasury as unclaimed property. In fact, the Illinois State Treasurer is holding 2.5 billion (!) in unclaimed funds for Illinoisians. If you want to ensure that your assets go to the people or charities you want rather than to your state government’s unclaimed property fund, you need an asset inventory. And it must stay up to date. Q: How often should I review my asset inventory and account designations? A: Your inventory and beneficiary designations need to be kept up to date over time so they reflect your current circumstances when you die. My Life & Legacy Planning process includes regular, ongoing reviews of your asset inventory so no asset ever gets lost.  It’s also important to update your asset inventory and account designations whenever you experience a major life event such as: Marriage or divorce Birth or adoption of a child Death of a beneficiary Purchase or sale of significant assets Moving to a new state Starting a business Retirement When you work with me, you won’t have to remember this on your own. I’ll proactively remind you to update your inventory and beneficiary designations and help make it as easy as possible for you to take action.  Q: What's the best way to organize and store my asset information? A: Create a clear, organized system that your loved ones can easily access if something happens to you. However, be careful about including sensitive information like passwords in your will, as it becomes public record after death. Instead, consider keeping this information in a secure location and telling your trusted family members, executor, or trust administrator how to access it. I will help you explore options for the best way to do this when we work together. How We Help You Get Organized and Protected At Kaplan Estate Law, we help you create a comprehensive Life & Legacy Plan that includes a complete asset inventory, proper account titling, and coordinated beneficiary designations. We'll help you understand the implications of different ownership structures and guide you in making the best choices for your family's unique situation. Plus, we'll help you keep everything updated through regular reviews, ensuring your plan continues to work as intended. You’ll gain peace of mind knowing that your assets will go to the people you want in the way you want. Click here to schedule a complimentary 15-minute consultation to learn more, or email us at lauren@kaplanestatelaw.com .