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The massive tax legislation known as the "One Big Beautiful Bill"  (“OBBB”) became law on July 4, 2025, brings  sweeping changes that will affect nearly every American family. While much of the media attention has focused on the political drama surrounding its passage, what really matters is how these changes impact your family's financial security and estate planning needs. With nearly 900 pages of complex provisions, the new law extends many tax cuts, creates new deductions, and makes significant changes to healthcare and benefit programs. Understanding these changes isn't just about saving money on your taxes—it's about ensuring your loved ones’ long-term security and making sure your estate plan works when your loved ones need it most. The Big Changes That Affect Your Daily Life The new law brings several immediate changes that could impact your family's finances. Many of these provisions are temporary, which creates both opportunities and planning challenges that require careful attention. The new law creates several categories of benefits that could significantly impact your family's tax burden: Family Benefits: Child tax credit increases to $2,200 per child starting in 2026 New "Trump Accounts" for children born 2025-2028 with $1,000 government contribution and up to $5,000 annual family contributions for future education or home purchases Parent Plus student loan limits now capped at $65,000 per student, potentially affecting college funding strategies Worker Categories with Special Treatment: Tip earners can deduct up to $25,000 of tip income from federal taxes through 2028 Overtime workers get deductions up to $12,500 for individuals or $25,000 for married couples through 2028 Both benefits phase out at higher income levels and expire after 2028 Temporary Expense Relief: Car loan interest becomes deductible up to $10,000 annually for U.S.-made vehicles (2025-2028) State and local tax deduction increases from $10,000 to $40,000, though this benefit phases out for higher earners and expires after five years Seniors receive a new $6,000 deduction if they're 65 or older and meet income requirements, but this benefit only lasts through 2028. These temporary provisions create a complex web of expiring benefits that families must navigate carefully. Healthcare and Benefits: What's Changing Beyond tax changes, the new law significantly alters healthcare coverage and benefit programs in ways that could affect millions of families. These changes particularly impact older Americans and those who rely on government assistance programs. Several major program changes will affect how families access healthcare and benefits: Medicaid Changes (Starting Late 2026): Recipients ages 19-64 must work, volunteer, or attend school for 80+ hours monthly to maintain coverage Exceptions exist for caregivers of children under 14, but new administrative requirements could cause eligible people to lose coverage due to paperwork complications States may face budget pressures that could lead to further restrictions Food Assistance Program Changes: SNAP work requirements now apply to people up to age 64 (previously age 55) States must contribute 5-15% of SNAP benefit costs starting October 2027, potentially leading some states to restrict eligibility or withdraw from programs entirely Health Insurance Marketplace Changes: Enhanced tax credits for ACA coverage will expire, potentially increasing premium costs by an average of 75% New documentation requirements could make it harder for people to maintain coverage These changes create new vulnerabilities for families who might face unexpected job loss, health issues, or caregiving responsibilities. Your estate plan should account for these potential gaps in coverage and ensure your family has resources available during difficult transitions. Estate Planning in the New Reality The most significant estate planning change in the new law is the permanent increase of the federal estate tax exemption to $15 million per person, or $30 million for married couples. This means only about 350,000 American families—roughly one in every 400 households—will face federal estate taxes. However, this change doesn't make estate planning less important. In fact, the complexity and temporary nature of many provisions in the new law make comprehensive Life & Legacy Planning more crucial than ever. The law's many temporary provisions create planning challenges that traditional estate planning simply can't address. When tax benefits expire in 2028, families may face sudden changes in their financial situations. Without proper planning, these transitions could create unnecessary stress and financial hardship for your loved ones. Moreover, the law's focus on specific categories of workers and temporary benefits creates artificial incentives that may not reflect your family's long-term needs. A comprehensive Life & Legacy Plan helps you navigate these complexities while ensuring your fundamental goals—protecting your family and preserving your legacy—remain the priority. The new law also demonstrates how quickly and dramatically tax and benefit policies can change. What seems permanent today may be modified or eliminated tomorrow based on political and economic pressures. This reality makes it essential to have a plan that can adapt to changing circumstances while maintaining core protections for your family. Building Security in an Uncertain Environment Real protection for your family goes far beyond having a set of documents in place. Your loved ones need a comprehensive plan that considers both the legal aspects of transferring assets and the practical realities of daily life after you're gone. The complexity introduced by the new law makes this even more important. At Kaplan Estate Law, we use a process called Life & Legacy Planning. Life & Legacy Planning is so much more than creating documents. It's estate planning done the right way so that it will work for the people you love most when they need it to. Once you create a Life & Legacy Plan with me, your loved ones will know where to find important documents, how to access accounts, and what steps to take first. They will have clear instructions about everything from paying bills to handling your business interests. Your Next Steps The One Big Beautiful Bill creates both opportunities and challenges for American families. While some provisions offer immediate tax savings, the temporary nature of many benefits and the broader changes to healthcare and benefit programs require careful planning to protect your loved ones’ long-term security. At Kaplan Estate Law, I help you create a Life & Legacy Plan that works regardless of changing political winds or economic conditions. My process starts with a Life & Legacy Planning Session, where we'll discuss how these new laws affect your specific situation and what steps you can take to protect your family's future. Don't let the complexity of the new law overwhelm you or prevent you from taking action. The families who thrive through periods of change are those who plan ahead and work with a trusted advisor who understands both the opportunities and the risks, and is there to provide personal guidance and support for you and your loved ones. Click here to schedule a complimentary 15-minute discovery call to learn more and get started.

As we celebrated the Fourth of July, we honored the bold vision of people who refused to accept the status quo and instead created a framework for lasting freedom. The Declaration of Independence wasn't just a document—it was a comprehensive plan that established principles, assigned responsibilities, and created structures to protect future generations. Just as our founders understood that true freedom requires intentional planning and sacrifice, creating a Life & Legacy Plan ensures your loved ones won't be bound by confusion, court battles, or government decisions when you're no longer here to guide them. Let's explore how the principles that built America can help you build lasting security for the people you love most. Freedom From Government Control Over Your Family's Future Our founders fought for the right to self-governance, rejecting the idea that distant authorities should make decisions about their lives and families. Today, you face a similar choice. Without an estate plan, you're essentially allowing the government to make crucial decisions about your family's future through default state laws and probate courts.  Here are just a few things that could happen: A judge who has never met you or your children will decide who raises them.  This means they could end up with people you’d never want to raise them - people who don’t share your values or wouldn’t honor your wishes.  State laws determine how your assets are divided.  The law was written for everyone, and so is inherently a one-size-fits-all solution. The law doesn’t take into account your wishes or your loved ones’ unique needs. It also means that someone you’d never want to inherit from you may, and your assets may not go to the people you want in the way you want. Your loved ones won’t have access to funds when they need them.  Your loved ones may wait months or years for access to resources you intended them to have immediately. This means your bills won’t be paid, your children may lose access to funds for ongoing care, or your spouse may not be able to maintain their lifestyle. If you die with a mortgage and no one is able to make the monthly payments, any equity you have may be lost to foreclosure, instead of going to the people you love most.  It’s also common for assets to get lost and end up with the state’s department of unclaimed property, because you haven’t created an inventory of your assets, including how to access them after your death - and kept the inventory with your plan and updated it over time.  The public can access your personal information.  Without an estate plan, your loved ones must go through a court process, which is public. They will need to submit information about your assets and your family.                                                                                           The power to choose belongs to you. In what’s perhaps a rare circumstance, when it comes to your legal planning, your choices override the law.  However, not every estate plan will accomplish what you want. Many plans fail because they don’t take into account your unique family dynamics and your specific assets. They also often fail because no one is there to make sure your plan is updated over time, as your assets and life circumstances change. Just as the Constitution is often called a “living, breathing document,” designed for longevity and amended over time, your plan should work the same way. This is exactly what Life & Legacy Planning is all about. Creating a Plan for Your Loved Ones Life & Legacy Planning goes beyond basic documents to create robust systems that work immediately when your loved ones need them. This includes detailed instructions for your loved ones, asset inventories that prevent anything from being lost, and an ongoing relationship with me, so I can guide them through difficult transitions. Your Life & Legacy Plan also protects future generations by including provisions for how inherited assets should be managed. Instead of leaving your children vulnerable to poor financial decisions at age 18, you can structure their inheritance to support their education, encourage responsible money management, and provide security throughout their lives. Building Lasting Institutions That Protect Your Legacy Unlike traditional estate planning that focuses primarily on creating a set of documents, Life & Legacy Planning is about having an ongoing relationship with a trusted advisor who works with you over time to ensure your plan works. When you work with me to create your Life & Legacy Plan, I’ll also support you to: Make sure your children are never taken into the care of strangers and will be raised by the people you want with your guidance. Pass on your assets to the people you want in the way you want. This may include a structured inheritance for your children, so they don’t receive assets at age 18, when they’re more likely to make poor financial decisions. Create an asset inventory that is updated over time so that no assets get lost and end up in the department of unclaimed property. Create a Life & Legacy recording, where you share the stories, traditions, wisdom, and values that matter most to you. These are the things that mean more to your loved ones than money. And it’s the best way to pass on your love and legacy.   Review and update your plan as your life and assets change. I have systems in place so you never have to remember to update your plan. I’ll do that for you. Take Action Now As your attorney, I help you create a comprehensive Life & Legacy Plan that ensures your loved ones inherit your legacy. We'll begin your planning process with a Life & Legacy Planning Session, where you’ll gain clarity on what would happen to your assets and loved ones if you don't have a plan or have an outdated one. From there, you’ll make educated and empowered decisions to create a plan that works the way you want and reflects your values, protects your assets, and provides clear guidance for the people you love most. Get started today by clicking here to book a complimentary 15-minute consultation with my office.

If you have minor children and have not yet selected a guardian, you are not unlike many parents who put off this critically important task while waiting for the perfect solution to present itself. Or perhaps you and your spouse/partner cannot agree on who would be the ideal guardian for your kids. Here is your solution: Done is better than perfect. Especially here. If you do nothing, the decision about who would raise your children (if something were to happen to you) would be left up to a judge to decide. A judge who doesn’t know you, doesn’t know what’s important to you, and doesn’t know your children will make all the decisions about who cares for the people who are most important to you in the world. I know that’s not what you want. And, truth is … there may never be a perfect solution for you, but there is definitely a solution that is better than your children being raised by someone you didn’t choose. Responsible parents protect their children, and that means you must think about the unthinkable. Fortunately, there is a sensible approach to the selection of a guardian for your children that makes it a lot easier. First, sit down with your spouse or significant other and draw up a list of all potential people you would be willing to have raise your children. Don’t judge anyone on the list or even consider whether they would be willing. Just make as long a list as you can of all the people you know who you know, like and trust that your children know, like and trust. It can be helpful if each of you and your parenting partner make these lists separately and then compare notes later. Then, put your list(s) aside. Now, make a list of your most important values when it comes to raising your children. Things like, prior relationship with your children, education level, discipline philosophy or parenting style. Under no circumstances would you want to consider the financial resources of the people you are considering because it’s up to you to provide enough financial resources for your children and the people you’ve named as their guardians. Finally, rank your values and compare those values to your list of potential guardians and put each of those people (or couples) in order first, second and third. ONCE YOU HAVE YOUR LIST, CHECK IT AGAINST THESE PRACTICAL CONSIDERATIONS: Does your child know them? Ideally, your guardian selection will be someone your child already knows and trusts. Do they live close by? It is probably not ideal to uproot your children from their local community if you can help it. Do they share your values? You will want to choose someone who can raise your children with the same values and beliefs that you would. How old are they? Choosing an elderly person as guardian could mean that your children could lose them too at a tender age. Do they already have a family? If your choice as guardian already has children of their own, would your children blend in well with their family? Are they willing to take on the responsibility? Hopefully the person(s) you choose as guardian would welcome the responsibility, but not everyone does. Be sure you have a candid conversation with them before you name them as guardian. Finally, document your choices, legally and clearly. We have a proven process for creating a comprehensive Kids Protection Plan for your children that covers not just the long-term care of your children, but the immediate term as well. Gives instructions to your guardians and caregivers. And puts an ID card in your wallet so your children would never be left in the care of strangers. Keep in mind that your choice for guardian today could change, and you will likely want to update your guardianship designation as your life and circumstances dictate. If you have questions about naming guardians for your child(ren), contact attorney Lauren Kaplan at lauren@kaplanestatelaw.com. If you're ready to get started, click here to schedule an Initial Consult.

If you’re a parent, you've always strived to provide the best for your family, ensuring their well-being and securing their future. However, even the most well-intentioned plans can falter if you overlook the complexities of estate planning. Let's explore some common pitfalls that parents often encounter, then offer practical strategies to navigate them successfully.  Heads up before we dive in; I’ll provide some stories below that illustrate what happens when a family hasn’t created an estate plan or hasn’t updated it over time. The names of the people below are made up, but the scenarios I’ll describe are common.  Pitfall No. 1: Procrastination  As a parent, the weight of responsibility for your family's well-being often rests heavily on your shoulders. However, even the most well-intentioned plans can fail if you overlook the complexities of estate planning. One of the most significant pitfalls is procrastination, or postponing the process under the assumption that you have ample time or that your assets are currently too modest to warrant formal planning. But the truth is that estate planning is crucial for individuals of all ages and asset levels! Unexpected events can occur at any time, leaving your loved ones in a bad situation if you haven't properly documented your wishes. Take for example, John, a 45-year-old father of three, who put off creating a will, thinking he had decades ahead of him. You can’t really blame him, can you? Many of us are in the same boat. However, he passed away tragically and unexpectedly, leaving his family to deal with his affairs in the court process called probate. The probate process was lengthy, and his assets were frozen and unavailable for his kids until the court process played out. In addition, probate drained his assets, so there wasn’t as much to leave his kids in the end.  I doubt this is what John would have wanted. So parents, to avoid the procrastination trap, it's essential to approach estate planning with a sense of urgency. Start the process as soon as possible, and review your plan regularly to ensure it remains aligned with your evolving circumstances and family dynamics (keep reading for more information on how I can help!). Pitfall No. 2: Failing to Update Your Plan Over Time This brings us to another pitfall: failing to update your plan after significant life events, such as marriages, divorces, births, or deaths. Life is inherently dynamic, and your estate plan should reflect those changes. Your plan should reflect your life as closely as possible, otherwise it could become ineffective or even invalid. And if that happens, you end up like John, even if you already have an estate plan.  Updating your estate plan over time is crucial. So make a habit of reviewing your plan at least every three years, preferably annually, or whenever a major life event occurs. When you work with me, I will help you ensure your plan accurately reflects your current wishes and aligns with any changes in state or federal laws.  Pitfall No. 3: Not Communicating With Loved Ones Contrary to common belief, estate planning is not solely about legal documents, such as a Will, Trust or Power of Attorney. Documents are merely the byproduct of good estate planning. The real power of estate planning is in having open and honest communication with your loved ones. However, many fathers (and mothers) make the mistake of keeping their estate plans a closely guarded secret, leaving their families in the dark about their intentions and wishes. This lack of transparency can breed misunderstandings, conflicts, and resentments that can undermine the effectiveness of your plan and strain family relationships. Let’s look at David’s story for a greater understanding. David, a successful business owner and loving father, always assumed his oldest son would take over the family business after his passing. So David’s estate plan included a provision wherein his oldest son inherited the business. When David died, however, his son revealed that he had different career aspirations and didn’t want to run the business. This led to family conflict - because David didn’t have a “Plan B” in his estate plan.  As a result, the family had to go to probate court, spending lots of time, energy, attention, and money, to get the business transferred to the one family member who wanted to run the business. Had David discussed his wishes openly, the family could have addressed their concerns together and arrived at a mutually agreeable solution that would have saved them the unnecessary hassle of probate court. So what can you learn from David’s story? Share your wishes with your family members, explain your reasoning, and address any concerns they may have. This open dialogue can foster a deeper understanding and strengthen the bond between you and your loved ones. It also allows your loved ones to provide valuable insights and perspectives that can help refine and improve your plan. What a loving gift to give your family! Pitfall No. 4: Not Working With a Professional  The last pitfall I’ll address is going at it alone, or doing your plan cheaply online. As I pointed out above, estate planning is not just about creating a few documents and putting them away on a shelf until something happens. There’s much more to it.  Instead, work closely with an estate planning firm like ours, who can help you craft a plan that fits your unique family dynamics, wishes and assets, as well as keep in touch over time to ensure your plan is updated and works when you need it to. At Kaplan Estate Law, we support you with all this and more, including helping you structure your plan in a tax-efficient manner, minimizing the impact of taxes on your assets and ensuring your loved ones receive the maximum benefit from your estate.  I also help you address any unique circumstances within your family, such as a family business, a child with special needs or a family member with addiction issues, ensuring that your plan is tailored to meet the specific needs of your loved ones.  So dads, after reading this, I hope it’s clear that estate planning is a profound expression of your love and responsibility as a father. By taking action now, you can navigate the pitfalls and create a lasting legacy that transcends your lifetime. Remember, your knowledge and attention to detail today can shape the future of your loved ones for generations to come. How We Support You to Avoid These Common Pitfalls We understand that protecting your family goes far beyond just legal documentation. Our mission is to empower you to enshrine your hopes, values, and profound love for your children into a comprehensive plan that preserves your family's integrity for generations to come. We take the time to truly understand what family means to you—the struggles you overcame, the values you hold dear, the future you envision. And then we help you craft a tailored estate plan that meets your needs and stays updated over time. Book a call with our office to learn how we can support you, and by extension, your entire family. Simply click on the scheduling link here or email lauren@kaplanestatelaw.com .

Vacations are a time to relax, unwind, and create beautiful memories with your loved ones. But before you set off on your adventure, it's essential to ensure that your legal affairs are in order so you can fully relax during your travels. Can’t imagine doing one more thing before you take some much-needed time away? Don’t worry! At Kaplan Estate Law LLC, we are here to guide you through these important tasks, so you can enjoy your vacation worry-free. Plus, these steps only take a little time to complete and can provide you with peace of mind knowing that you have made proper arrangements if the unexpected happens to you or your family while you’re away. Let’s dive in! (No pool puns intended!) 1. Create Powers of Attorney Whether you’re traveling overseas or just a few hours away, it's crucial to have Powers of Attorney in place for both health care and financial matters before you leave. A Healthcare Power of Attorney designates someone you trust to make medical decisions on your behalf if you become incapacitated during your vacation. While no one plans to become incapacitated, a slip on the diving board, an injury while boating, or a parasite caught from local cuisine (eek!) can happen. Similarly, a Financial Power of Attorney empowers a trusted individual to manage your financial affairs for you. With a Financial Power of Attorney, you can give someone the authority to manage your investments or pay your bills away while you’re gone, or just have it as a safety net in case you become incapacitated or can’t be reached while traveling. By having these documents prepared ahead of time, you can ensure that no matter what hiccups you run into on your travels, your wishes for your health will be respected and your financial affairs will be handled according to your instructions, even when you're away. 2. Nominate Permanent Legal Guardians for Your Kids As a parent, naming a Permanent Guardian for your children is one of the most important decisions you can make. While it's a difficult topic to consider, designating a Permanent Legal Guardian ensures that your children will be cared for by someone you trust if the unexpected happens while you're on vacation. It’s a good idea to take a little time to choose someone who shares your values, loves your children, and is willing to take on the responsibility of raising them. However, anyone you trust to raise your kids is a better choice than leaving the decision up to a judge who doesn’t know you or your family. By documenting your chosen Guardian, you make sure your children will be cared for by someone who loves them and knows them if the unthinkable happens to you, and you can always update your choice at any time in the future as your children and their relationships change over time. 3. Designate Short-Term Guardians for Your Kids In addition to naming a Permanent Guardian, it's equally crucial to designate short-term Short-Term Legal Guardians for your children. Short-Term Guardians step in when the Permanent Guardian lives far away, or in case of a short-term, immediate emergency. You can give multiple people the authority to be your child’s Short-Term Guardian, including relatives, neighbors, or nannies. When planning a vacation, it’s a good idea to name any adults who your child will be staying with while traveling with you or staying home. For example, if your child is spending the week at their grandparents’ house, you should name their grandparents as Short-Term Guardians and give them medical Power of Attorney for your minor child. If your child is traveling with you, naming any adult travel companions as Short-Term Guardians and giving them medical Powers of Attorney is a wise choice in case a Guardian or Medical POA is needed for your child while on your trip. Discuss this arrangement with the individuals you've chosen and make sure they’re aware of their roles and responsibilities. By establishing Short-Term Guardians and Medical POAs, you can ensure that your children are well-cared for in the event of an emergency. 4. Tell the People You Trust About Your Plans Last but not least, make sure that the people you trust know about your travel plans and the preparations you’ve made, including where you’ll be staying and how to get in contact with you. Let them know about any legal documents you've put in place, and how to access them if needed. Share this information with your chosen Guardians, family members, and close friends. By keeping everyone in the loop, you can ensure that your wishes are known and your loved ones can act swiftly and effectively in case of an emergency. You should also provide your loved ones with my contact information in case they need copies of your Powers of Attorney or kid’s Guardianship documents or need them delivered digitally. Estate Planning for The Life (And Vacation) You Deserve As you pack your bags and prepare for your vacation, don't overlook the importance of handling your legal affairs. Taking the time to create Powers of Attorney, Permanent and Short-Term Legal Guardians for your children, and communicating your plans to trusted individuals can provide you with peace of mind and save your family incredible stress if there’s an emergency while you’re away. To ensure that these documents are prepared correctly and in accordance with Illinois law, I encourage you to contact our office. We start by guiding all of our clients through a unique process I call the Life & Legacy Planning Session. During the Session, I get to know you and your family on a personal level and review exactly what you own and who you love to make sure everything and everyone is protected and cared for in the best way possible when you pass away or if you become incapacitated. And if we find that things wouldn’t go the way you wanted if something happened to you, I can help you create a custom estate plan that leaves no rock unturned. Don't let the joy of vacation be overshadowed by the “what if’s.” Contact me today for a free 15-minute call to learn more or e-mail lauren@kaplanestatelaw.com .

Imagine this: You've built a business empire worth hundreds of millions of dollars, transformed a city's downtown area, and touched countless lives with your vision and generosity. Then, unexpectedly, you pass away—and nearly five years later, a will you may  have created suddenly appears. Meanwhile, your family has been battling creditors, former associates, and mounting legal fees in a probate nightmare that has cost millions and years to manage. This isn't the plot of a legal thriller—it's the real-life saga of Tony Hsieh, the former Zappos CEO who died in November 2020 at age 46. After years of his estate being managed under the assumption he died without a will, a document dated March 2015 mysteriously surfaced in February 2025. This surprising twist could completely upend the years of legal proceedings that have already occurred. The story serves as a powerful reminder of why proper estate planning, with regular reviews and updates, is critical no matter your age or wealth status. Let's explore what went wrong and how a Life & Legacy Plan could have prevented such chaos. The Perils of Traditional Estate Planning Even if the recently discovered will is deemed valid, it raises more questions than answers. According to recent news reports  the will was found among the belongings of Pir Muhammad, a man suffering from Alzheimer's disease who recently passed away. Some reviewing attorneys  have described the document as having "convoluted" language and an unusual structure, though we can't know the full circumstances of its creation. The will reportedly includes a no-contest clause directed at Hsieh's family members, meaning if any of them contest the will, they would receive nothing. It also designates charitable donations to major foundations and appoints executors that include Mr. Muhammad, whom many of Hsieh's close friends and associates claim they've never heard of. This situation highlights a critical mistake many people make: not having a comprehensive estate planning strategy that includes proper safeguards for document storage, communication with family members, regular updates, and a relationship with a trusted lawyer. While we don't know the specific circumstances of Hsieh's estate planning process, we do know that the outcome—a will surfacing years after death, held by someone unfamiliar to many close associates, and no lawyer who knew Hsieh and could speak to his wishes—created significant complications. A will can fail you and your loved ones when it: Isn’t part of a comprehensive estate plan; Doesn’t guide loved ones on what to do when something happens to you; Isn’t easily findable immediately after your death; Wasn’t part of a system for regular reviews and updates, to catch any potential problems before they arise; Isn’t part of a plan that references your assets, and is updated over time, as they change; and  Becomes outdated as life circumstances change, and so doesn’t work when you and your loved ones need to call on your plan. Have you ever thought about where your important documents are stored and who knows about them? How would your loved ones know what to do if something happened to you tomorrow? And can you be sure that your loved ones wouldn’t end up in court and conflict over something you could have easily taken care of?  The Cost of Poor Planning (or No Planning) As a result of poor planning, Hsieh's loved ones and business associates have been embroiled in legal battles for five years. The tech mogul's fortune, once estimated at over $500 million, has been subject to numerous legal claims, many based on handwritten notes or verbal agreements allegedly made during the last year of his life when reports indicate he was struggling with substance abuse and mental health issues. Without clear documentation of his wishes through proper estate planning and without a trusted legal advisor who can speak to Hsieh’s wishes, his legacy has been partially defined by courtroom disputes rather than the innovation and community-building he championed during his life. His family has had to manage complex business holdings and real estate assets without his guidance, while defending against claims from various parties. The financial burden of litigation is just one aspect of this tragedy. The emotional toll on family members, the time consumed by legal proceedings, and the uncertainty about honoring Hsieh's true intentions represent incalculable losses. And all of this might have been prevented with thorough and thoughtful estate planning. How important is it to you that the people you love be spared this kind of emotional and financial burden after you're gone? What steps have you taken, if any, to ensure your wishes will be clear and legally enforceable? Why Traditional Estate Planning Fails Traditional estate planning, i.e., documents you either draft yourself, your financial advisor drafts for you, or you pay a transactional attorney to create, often fails you and your loved ones because  the focus is on the documents themselves . Here’s what I mean. Many people think all you need to do is draft and sign a will and maybe a few other documents, like a health care directive and a power of attorney, and then you’re done. But, as we see in Hsieh’s case, that is rarely enough. The documents are a part of the estate plan, but they are not the entire estate plan. An effective estate plan, a Life & Legacy Plan, encompasses so much more information than is reflected in a will, health care directive, or power of attorney document.  A Life & Legacy Plan works by covering what happens to your assets after you die, but also things like: Instructions on where to find your plan documents; Guidance on how your plan works and how the documents fit together;  Instructions for the people you’ve named in your documents so they know what to do after you die; An updated inventory of all your assets so your loved ones know exactly where to find them and how to access them;  A system for ongoing and regular reviews of your plan;  Who your loved ones can turn to for support with the legal process while they’re grieving; and An ongoing relationship with your lawyer, who has systems and processes built into their business to get to know you over time.  These items aren’t typically covered in a will, trust, power of attorney, or health care directive, and that’s why traditional estate plans fail. Even the rich, like Hsieh, aren’t immune.   Why Life & Legacy Planning Works Our Life & Legacy Planning process helps you create an estate plan that won’t fail you and your loved ones. The Life & Legacy Planning process was designed to ensure that your loved ones don’t go through even a tiny fraction of what the Hsieh family is dealing with now. Here’s what it includes.   A Comprehensive Asset Inventory With Regular Updates I help you create and maintain a complete inventory of your assets—not just your financial holdings but your business interests, real estate, cryptocurrency, personal property, and even your intangible assets, like your values, insights, stories and experience, or content you’ve created. This inventory is regularly reviewed and updated to reflect changes so nothing is lost. Regular Plan Reviews and Updates Life changes, and your Life & Legacy Plan evolves with you. My plans include regular reviews with you to ensure your plan reflects changes in your business holdings, personal relationships, and wishes. This ongoing relationship could prevent a situation where a potentially outdated will suddenly appears years after death. Building a Relationship of Trust Perhaps most importantly, I build relationships with my clients AND their loved ones. Unlike the mystery surrounding Pir Muhammad and his role in Hsieh’s will, your loved ones would know exactly who I am, how to reach me, and what role I play in helping manage your affairs. This relationship extends to providing counsel during difficult times, such as incapacity or end-of-life planning. Take Action Today Are you ready to avoid the kind of chaos that's plagued Tony Hsieh's legacy? As your attorney, I help you create a Life & Legacy Plan that ensures your wishes are honored, your loved ones are cared for, and your assets are preserved for the people you want, in the way you want. Click here to schedule a complimentary 15-minute consultation to learn how I can help you create your Life & Legacy Plan today.

As Pride Month begins, we celebrate the progress made toward equality while acknowledging that LGBTQIA+ individuals, couples, and families still face unique legal challenges. Despite the landmark decision in Obergefell v. Hodges  that established marriage equality nationwide, gaps in legal protection remain that can affect everything from healthcare decisions to inheritance rights. Having proper estate planning is not just important—it's essential for ensuring your wishes are honored and your loved ones are protected. The Evolving Legal Landscape for LGBTQIA+ Families While significant legal advancements have been made for LGBTQIA+ individuals and families, the legal landscape remains complex and varies by state. Marriage equality was a tremendous step forward, but it didn't solve all the legal challenges faced by the community. For example, in some states, legal recognition of non-biological parents in same-sex relationships can be tenuous without proper documentation. Healthcare directives might be questioned if estranged biological family members challenge a partner's right to make decisions. Assets without proper beneficiary designations could end up with distant relatives instead of long-term partners. Many LGBTQIA+ adults in the U.S. are in committed relationships or raising children. They are also often less likely to have estate plans in place compared to their heterosexual counterparts, leaving them particularly vulnerable to legal complications. Relying solely on marriage equality for protection is insufficient. Without comprehensive planning, you risk leaving crucial decisions about your health, assets, and loved ones to a system that may not align with your wishes. But with proper Life & Legacy Planning, you can create legal safeguards that respect your unique family structure and ensure your voice is heard. Traditional Estate Planning vs. Life & Legacy Planning Traditional estate planning typically focuses on creating basic documents like wills and powers of attorney. While these documents are important, they may not address the unique considerations of LGBTQIA+ individuals, couples and families, and can even provide a false security that results in a failure of the documents, when it’s both too late and when they are needed most.  For instance, a standard will may distribute assets according to your wishes, but it doesn't prevent the probate process—a public proceeding where estranged family members could contest your decisions. Traditional planning also tends to be transaction-based, with minimal updates over time, despite changing laws, assets and life circumstances. In contrast, Life & Legacy Planning takes a more comprehensive approach. This planning methodology considers not just your financial assets but your entire legacy—including your values, experiences, and hopes for future generations. It's designed to evolve with you throughout your lifetime, adapting to changes in your relationship status, family structure, and the legal landscape. Life & Legacy Planning includes several key elements that traditional planning often overlooks: First, it starts with education about what would happen to you and your loved ones if you become incapacitated or die without a plan. This understanding forms the foundation for making empowered and informed decisions about the planning you want and need. Second, Life & Legacy Planning includes a thorough inventory of your assets—not just financial assets but also your intangible assets like values and life lessons you want to pass on.  Third, it addresses healthcare decision-making comprehensively, ensuring your chosen advocate can speak for you without unnecessary legal hurdles. Fourth, Life & Legacy Planning ensures your plan will be reviewed and updated as laws change and your life evolves, so it works when you and your loved ones need it to. Most importantly, when you work with me to create your Life & Legacy Plan, we’ll take into account the unique challenges you and your loved ones might face, creating robust protections tailored to your specific situation. Essential Protections for LGBTQIA+ Individuals and Families For LGBTQIA+ individuals and families, certain legal protections are particularly crucial. Let's explore the key elements that should be part of your Life & Legacy Plan: Healthcare Documents: Healthcare power of attorney and living will documents are vital. These ensure your chosen person can make medical decisions if you cannot, preventing biological family members from overriding your partner's authority. They also specify your wishes regarding life-sustaining treatment, sparing your loved ones from having to make difficult decisions without guidance. Financial Protection:  Financial powers of attorney allow your designated representative to manage your finances if you become incapacitated. Without this document, your partner or chosen family might have no legal right to access your accounts to pay bills or manage your affairs, even if you've been together for decades. Inheritance Planning: While marriage provides some inheritance rights, a comprehensive trust can offer stronger protections. Trusts can help avoid probate, provide privacy, and ensure your assets pass to your chosen beneficiaries regardless of potential challenges from family members. Protecting Non-Traditional Families: For same-sex couples with children, additional protection is critical. This might include adoption paperwork, parenting agreements, or guardianship designations to ensure your children remain with your partner or chosen guardian if something happens to you. Digital Legacy Planning:  In today's digital world, your online presence and digital assets need protection too. Properly documenting access information and your wishes regarding social media accounts, cryptocurrencies, and digital files is increasingly important. Creating Your Life & Legacy Plan Creating your plan begins with finding the right advisor—someone who understands the unique considerations of LGBTQIA+ individuals, couples, and families. At Kaplan Estate Law, we create comprehensive plans that address not just the standard elements of estate planning but also the specific concerns of the LGBTQIA+ community. The process starts with a Life & Legacy Planning Session , during which we'll discuss your family structure, goals, and concerns. I'll explain what would happen to your loved ones and assets under current law if you became incapacitated or passed away without a plan. Then, together, we'll design a plan that reflects your wishes and provides maximum protection for your family. Once your plan is in place, we'll meet regularly to review and update it as needed. Laws change, life circumstances evolve, and your plan should adapt accordingly. This ongoing relationship ensures your plan remains effective and relevant throughout your life.  How to Get Started Now Pride Month is a time to celebrate identity, love, and family in all its diverse forms. It's also an ideal opportunity to ensure those you love most are legally protected. By creating your Life & Legacy Plan with me, you can have confidence that your wishes will be honored and your loved ones will be cared for, regardless of how laws or attitudes may change in the future. Take the first step toward comprehensive protection for yourself and your loved ones. Click here to schedule a complimentary 15-minute call and get started today.

Whether it’s to qualify for Medicaid, avoid probate, or reduce your tax burden, transferring ownership of your home to your adult child during your lifetime may seem like a smart move. But in nearly all cases, it’s actually a huge mistake, which can lead to dire consequences for everyone involved. With this in mind, before you sign over the title to your family’s beloved homestead, consider the following potential risks.  01   | YOUR ELIGIBILITY FOR MEDICAID COULD BE JEOPARDIZED With the cost of long-term care skyrocketing, you may be worried about your (or your senior parents’) ability to pay for lengthy stays in an assisted-living facility or a nursing home. Such care can be extremely expensive, with the potential to overwhelm even those families with substantial wealth. Since neither traditional health insurance nor Medicare will pay for long-term care, you may  look to Medicaid to help cover the costs of long-term care. To become eligible for Medicaid, however, you must first exhaust nearly every penny of your savings. In light of this requirement, you may have heard that if you transfer your house to your adult children, you can avoid selling the home if you need to qualify for Medicaid. You may think transferring ownership of the house will help your eligibility for benefits, and this strategy may seem easier and less expensive than passing on your home (and other assets) through estate planning. However, this tactic is a big mistake on several levels. It can not only delay—or even disqualify—your Medicaid eligibility, it can also lead to other serious problems. Here’s why: In February 2006, Congress passed the Deficit Reduction Act, which included a number of provisions aimed at reducing Medicaid abuse. One of these provisions was a five-year “look-back” period for eligibility. This means that before you can qualify for Medicaid, your finances will be reviewed for any “uncompensated transfers” of your assets within the five years preceding your application. If such transfers are discovered, it can result in a penalty period that will delay your eligibility. Any transfers made beyond that five-year window will not be penalized. The length of the penalty period is calculated by dividing the amount of the uncompensated transfer by the average cost of one month of private nursing home care in the state you live in. These days, the average cost of nursing home care is roughly $10,000 a month. Given these figures, this means that for every $10,000 worth of uncompensated transfers made within the five-year window, your Medicaid benefits will be delayed for one month. So if you transferred the title to a home worth $500,000 within the look-back period, your Medicaid benefits would be delayed for 50 months. In light of this, if you transfer your house to your children and then need long-term care within five years, it could significantly delay your qualification for Medicaid benefits—and possibly even prevent you from ever qualifying. 02   | YOUR CHILD COULD BE STUCK WITH A MASSIVE TAX BILL Another drawback to transferring ownership of your home in this way is the potential tax liability for your child. If you’re elderly, you’ve probably owned your house for a long time, and its value has dramatically increased, leading you to believe that by transferring your home to your child, he or she can make a windfall by selling it. And by transferring the property before you die, you may think that you can save your child both time and money by avoiding the need for probate. Probate is the court process used to distribute your assets according to the wishes outlined in your will or according to our state’s intestate succession laws if you don’t have a will. Depending on the complexity of your estate, probate can be a long and expensive process for your loved ones; however, that expense is likely to be relatively minor compared to the tax bill your heirs could face. That’s because if you transfer your home to your child during your lifetime, he or she will have to pay capital gains tax on the difference between your home’s value when you purchased it and the home’s selling price at the time it’s sold by your child. Depending on your home’s value, that tax bill can be astronomical. In contrast, by transferring your home at the time of your death via your estate plan, your child will receive what’s known as a “step-up in basis.” This tax savings is one of the only benefits of death, and it allows your child to pay capital gains taxes when he or she sells your home, based only on the difference between the value of the home at the time of inheritance and its sales price, rather than paying taxes based on the home’s value at the time you bought it. For example, say you originally purchased your home for $80,000, and when you die, the home had appreciated in value to $250,000. Your daughter inherits the home upon your death, and then she sells it five years later for $300,000. With the step-up in basis in effect, she would only owe capital gains taxes on the $50,000 of difference between the home’s value when it was inherited and when it was sold. However, if you transferred ownership of the home to her while you were still living, your daughter would lose the step-up in basis, and would face a capital gains tax bill of $220,000. Capital gains tax is only one kind of tax that could be impacted by a transfer of your home during your lifetime. You may also destroy valuable property tax basis, which could cause a re-assessment of your home for property tax purposes, depending on the county or state your home is located in. There are much better ways to avoid probate using estate planning, such as by putting your home into a revocable living trust, in which case your home would immediately pass to your loved ones upon your death, without the need for any court intervention. As your attorney, we can help you choose the most advantageous estate planning strategies to minimize your beneficiaries’ tax liability and ensure they get the most out of their inheritance, all while allowing them to avoid court and conflict.   03   | YOUR HOME COULD BE VULNERABLE TO DEBT, DIVORCE, DISABILITY, & DEATH There are a number of other reasons why transferring ownership of your house to your child is a bad idea. If your child takes ownership of your home and has significant debt, for example, his or her creditors can make claims against the property to recoup what they’re owed, potentially forcing your child to sell the home to pay those debts. Divorce is another potentially thorny issue. If your child goes through a divorce while the house is in his or her name, the home may be considered marital property. Depending on the outcome of the divorce, the settlement decree may force your child to sell the home or pay his or her ex spouse a share of the home's value. The disability or death of your child can also lead to trouble. If your child becomes disabled and seeks Medicaid or other government benefits, having the home in his or her name could compromise their eligibility, just like it would your own. And if your child dies before you and owns the house, the property could be considered part of your child’s estate and end up being passed on to your child’s heirs, leaving you homeless.   THERE’S SIMPLY NO SUBSTITUTE FOR PROPER ESTATE PLANNING Given these potential risks, transferring ownership of your home to your adult child as a means of “poor-man’s estate planning” is almost never a good idea. Instead, you should consult with us to find alternative solutions. We can help you find much better ways to qualify for Medicaid and other benefits to offset the hefty price tag of long-term care, and at the same time, we will keep your family out of court and conflict in the event of your death or incapacity. As your attorney, we offer a variety of different estate planning packages at a variety of different price points as part of our Life & Legacy Planning Process. With our guidance and support, we will not only help you protect and pass on your home, but all of your family’s wealth and assets, while also enabling you to better afford whatever long-term healthcare services you might require. Contact us or e-mail lauren@kaplanestatelaw.com to learn more.

Imagine accidentally throwing away $700 million. While it sounds like the plot of a movie, this nightmare scenario has become a reality for James Howells, a computer engineer from Wales, who has now spent more than a decade fighting to recover a discarded hard drive containing the private key to his Bitcoin fortune. Here’s what happened. In 2013, Howells mistakenly discarded a hard drive  during an office cleanup. What he didn't realize until too late was that this particular drive contained the only copy of his private key to access 8,000 Bitcoin (BTC)  he had mined years earlier. When he realized his error months later, the cryptocurrency had already skyrocketed in value. Today, those 8,000 BTC would be worth approximately $700 million, and as much as $848,000 at the BTC all-time high thus far. It’s very likely that Howells’ lost BTC will be worth over $1 billion at some point. For over a decade, Howells has tried everything to recover his lost fortune – begging local officials for permission to search the landfill, offering to share the recovered BTC with the city, taking his case to court, and even proposing to buy the entire landfill. Despite these efforts, the Newport City Council has consistently refused his requests, and British courts have ruled against him, stating there is "no realistic prospect of success." As this article is being published, Howell has said he will file a case with the European Convention on Human Rights.   This cautionary tale highlights a crucial lesson for everyone who owns digital currency, and even those who do not: If you don’t know what you own, where it is, and how to find it, your assets could be lost when you die . And, especially if you have digital assets, losing what you have can be a catastrophic, unrecoverable loss. Digital assets are especially vulnerable to loss, if they aren’t inventoried and included with your estate plan.  The Modern Challenge of Asset Tracking While most of us won't lose hundreds of millions in cryptocurrency, many people face similar challenges on a smaller scale. Our assets (only part of which are financial) are increasingly scattered and less tangible in today's digital world. For instance, you may have: Cryptocurrency in various digital wallets Digital photos and personal archives stored across multiple cloud services  Online financial accounts with different institutions Insurance policies that are accessed through your employer’s online benefits platform Frequent flyer miles and reward points worth thousands of dollars How are you keeping track of these assets? Are you sure you know exactly what you have and where it is? Howells wasn’t.  Now think about this: If Howells could  lose an extremely valuable asset while he’s alive, how will your loved ones know where your assets are after you’re gone? Or, how will they even know what you have?  If you don’t know the answer, the ramifications can be considerable.  The Real Consequences of Poor Asset Tracking  Across the U.S., approximately $60 billion in known assets have been lost or forgotten about. Bank accounts, insurance policies, retirement funds, and other financial assets regularly become "lost" when people move, change contact information, or simply forget about accounts. And that doesn’t even count the billions or, one day, trillions of lost digital assets that aren’t yet being tracked as lost. If you don’t have an up-to-date inventory of all your assets, here’s what’s likely to happen:  Assets may be permanently lost or forgotten Your loved ones may never even know these resources existed Court processes like probate become longer and more expensive Family conflict can arise when assets are discovered later Digital assets may become inaccessible without proper password management Sentimental items might be discarded or lost during transitions While it’s possible some of your assets could end up in a landfill like Howells’ BTC  hard drive, what’s more likely to happen is they get turned over to the government. Each state has a Department of Unclaimed Property for this purpose. And for you or your loved ones to recover the lost asset, you have to go through a process that is time-consuming, tedious - and may even result in failure.   As an attorney, I've seen families devastated not just by the financial impact of lost assets but by the emotional toll when meaningful items disappear or become inaccessible after a loved one's passing. This happens if a person has no estate plan, an outdated estate plan, or a plan that’s just a set of legal documents. There is a better way.  The Life & Legacy Planning Solution The traditional way to do estate planning is to draft a will, financial power of attorney, health care power of attorney, and maybe a trust. Then, you “set it and forget it,” storing your documents in a drawer and never looking at them again. When “planning” is done this way, it often results in court, conflict, lost assets, and even irreparably broken relationships among those you love most. With our Life & Legacy Process, we go beyond mere document drafting and create not only legal documents, but all the other facets that need to be in place for your plan to work, including a comprehensive asset inventory as a foundational element. Here are just a few highlights of the Life & Legacy Planning process: Personal Resource Map Right from the get-go, I help you create a detailed inventory of everything you own – from real estate and bank accounts to digital assets and family heirlooms. This comprehensive map ensures nothing is overlooked or forgotten. I believe this is so important that I’ll support you to do this whether you decide to work with me or not.  Regular Reviews and Updates Life changes, and so do your assets. My process includes regular reviews to ensure your inventory stays current as you acquire new assets or sell existing ones.  Secure Documentation I provide secure systems for documenting access information for your digital assets, ensuring your designated representatives can access what they need when the time comes. Clear Communication Plan I guide you in communicating with loved ones about what you have and where it's located, without compromising security during your lifetime. I’ll also be there for your loved ones after you’re gone, so they know what to do. Peace of Mind in a Complex World James Howells' story is extreme but serves as a powerful reminder that in today's complex world, knowing what you have and ensuring it's properly documented is more important than ever. As your trusted attorney, I don't just draft documents; I assist you in making informed and empowered decisions about life and death for yourself and the people you love. That's why I offer a Life & Legacy Planning Session , during which you will get more financially organized than you've ever been before and make all the best choices for the people you love. Click here to schedule a complimentary 15-minute consultation to learn more and get started today.

Imagine this: something unexpected happens, and you're suddenly unable to care for your children. It's a parent's worst nightmare.  In this situation, you'd want to know that your kids will be loved, cared for, and raised according to the values you hold dear. But have you taken the right legal steps to ensure that happens? Many parents mistakenly believe that simply naming guardians in their will is enough to protect their children. Unfortunately, this isn't always the case.  There are common mistakes that can lead to legal battles, family conflicts, and even put your kids' well-being at risk.  What if something happened to you tomorrow? Would your children end up in the care of strangers, even temporarily, because you didn’t have a plan in place for their immediate care? Don't let that happen. By working with us, you can avoid these pitfalls and create a rock-solid guardianship plan that provides true peace of mind – knowing that, no matter what, your children will always be raised by the people you love most. The 10 Common Mistakes Parents Make When Choosing Guardians 1) Thinking a Will is Enough  A will is essential, but it only kicks in after you're gone. It doesn't cover situations like sudden illness or incapacity. You need separate guardianship documents specifically designed to address these "what if" scenarios while you're still living . 2) Planning Only for the Long-Term If something were to happen to you today, who would take care of your kids right now ?  Don't just plan for the long haul – you also need to designate short-term guardians to prevent your children from being placed with strangers, even temporarily, while the authorities sort things out. 3) Not Naming a Guardian at All   This might seem unthinkable, but it happens. If you don't formally name a guardian, you're leaving one of the most important decisions of your life up to the courts. This could mean your children end up with someone you wouldn’t have chosen. 4) Overlooking Backup Guardians Life is unpredictable. Your first-choice guardians may not always be available or able to step in. Always name multiple backup guardians to ensure there's a safety net if your primary choice is unable to serve. 5) Choosing Guardians Based on Financial Ability Alone Money matters, but it shouldn't be the only factor when choosing who will raise your children. Your children's well-being depends on being raised in a loving, supportive environment aligned with your values. Consider factors like location, lifestyle, parenting philosophies, and the overall compatibility of your chosen guardians with your family.  And remember, you can always choose a separate financial guardian, or appoint a Trustee of a Trust, to specifically manage any money you leave behind for your children – this can be a separate role from their daily care. 6) Assuming Godparents are Legal Guardians   Many people use the terms "godparent" and "legal guardian" interchangeably, but they aren’t the same.  Verbal agreements or informal designations hold no legal weight. To make your wishes legally binding, you need formal guardianship documents prepared by an experienced professional. 7) Not Thinking Beyond Guardianship  Guardianship isn't just about who will raise your kids – it's also about who will make important financial and healthcare decisions on their behalf. You'll need powers of attorney and other legal tools to ensure these matters are handled according to your wishes. 8) Failing to Communicate Your Wishes Don't leave anything to chance. Clearly document your values, your parenting preferences, and any specific instructions you want your guardians to follow. This guidance will provide invaluable support as they navigate the challenges of raising your children. 9) Not Reviewing and Updating Your Plan Life is constantly evolving. Your family dynamics change, your children grow, and laws are updated. It's vital to review and update your guardianship plan regularly to ensure it still reflects your current circumstances and wishes. 10) Naming a Couple Without a Contingency Plan  Relationships evolve. Sadly, even the most solid couples can face unexpected challenges like divorce or separation.  It’s vital to think about what would happen to your children if your chosen guardians were to split up.  Would one person become the sole guardian? Would they share custody? Outlining these details now can prevent future conflict and heartache. There’s a Better Way: Create a Kids Protection Plan A Kids Protection Plan provides comprehensive protection for your children, so you never make one of the ten mistakes and put your children at risk of being raised by someone you’d never want to raise them (or worse, ending up in the foster care system). Unlike a traditional estate plan that simply names guardians, a Kids Protection Plan creates a complete safety net that addresses both immediate and long-term care needs. Every Kids Protection Plan I create with clients includes legal documents that ensure your children won’t be placed in the care of strangers or the foster care system, even temporarily. It provides detailed instructions for emergency responders and caregivers, and identifies temporary guardians who can step in immediately. Perhaps most importantly, it creates a roadmap of your values, hopes, and dreams for your children's upbringing. With a Kids Protection Plan, you're not just naming someone to take your place - you're providing them with the guidance and legal authority they need to raise your children exactly as you would want. Ready to Protect Your Kids? Your children are your most precious asset. Don't leave their future to chance. With our Life & Legacy Planning, you can rest assured knowing that your children will always be in the most capable and loving hands, no matter what life throws your way. Ready to take control and build that plan? Schedule a free 15-minute call with me today.  I'll answer your questions, address your concerns, and help you take the first step toward securing your children's future. Check out our new Guide - 7 Must-Dos When Naming Guardians For Your Kids

As we head into wedding season, if you are a newlywed or are about to tie the knot, add “estate planning” to your do list. And yes, we imagine that at this happiest time of your life, planning for your potential incapacity and eventual death is probably the farthest thing from your mind, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be spouse. First, be aware of the impact of doing nothing. If you were to become hospitalized for any reason prior to your wedding day, the person you love most in the world would not have the legal authority to make your medical decisions and may not even have the authority to see you in the hospital. Your beloved would have no access to your bank accounts and could even be put into a position of having to move out of your shared home abruptly in the event of your death. Indeed, once your marriage is official, your relationship becomes entirely different from both a legal and financial perspective. With this in mind, in part one  we discussed the first three of six essential items you need to address in your plan, and here we cover the final three. 04   |  DURABLE FINANCIAL POWER OF ATTORNEY As we touched on last week in part one, estate planning is not just about planning for what happens when you die. It is equally important—if not even more so—to plan for your potential incapacity due to a serious accident or illness. If you become incapacitated and have not legally named someone to handle your financial and legal interests, your spouse would have to petition the court to be appointed as your guardian or conservator to handle your affairs. Though your spouse would typically be given priority, this is not always the case, and the court could choose someone else. And the person the court appoints could be a family member you would never want having control over your life. In any case, if you have not chosen someone to make your financial and legal decisions in the event of your incapacity, the court will choose for you. To ensure your spouse has the ability to make these decisions, you should create power of attorney documents to give him or her this legal authority. You actually need two of these documents, and the first one is a power of attorney for property. A power of attorney for property would grant your spouse the immediate authority to manage your financial, legal, and business affairs in the event of your incapacity. With a power of attorney for property, your spouse would have a broad range of powers to handle things like paying your bills and taxes, running your business, collecting government benefits, and selling your home, as well as managing your banking and investment accounts. Granting power of attorney is especially important if you live together before you get married because, without it, the person named by the court could legally force your soon-to-be spouse out with little to no notice, leaving your beloved homeless. The second document you will need is a medical power of attorney, which we will discuss next. 05   |   MEDICAL POWER OF ATTORNEY AND LIVING WILL In addition to the power of attorney for property, you will also need to create a medical power of attorney. A medical power of attorney is an advance healthcare directive that would give your spouse (or someone else) the immediate legal authority to make decisions about your healthcare and medical treatment should you become incapacitated and unable to make those decisions for yourself. For example, a medical power of attorney would allow your spouse to make decisions about your medical treatment if you are in a serious car accident or hospitalized with a debilitating illness. Without a medical power of attorney in place, your spouse would have to petition the court to become your legal guardian.  As we discussed in part one , even though your spouse is generally the court’s first choice for guardian, you should spare your spouse the time, money, and trauma involved with the guardianship process by creating a medical power of attorney and naming him or her as your agent.   While a medical power of attorney allows your spouse to make healthcare decisions on your behalf during your incapacity, a living will is an advance directive that explains how you would want your medical care handled, particularly at the end of life. A medical power of attorney and a living will work closely together, and for this reason, they are sometimes combined into a single document. Within the terms of your living will, you can spell out things, such as if and when you would want life support removed should you ever require it, whether you would want hydration and nutrition supplied, and even what kind of food you want and who can visit you in the hospital.  06   |   NAME LEGAL GUARDIANS FOR YOUR MINOR CHILDREN If either you or your spouse has minor children from a prior relationship, or if you are planning to have kids of your own soon, it is imperative that you select and legally document long-term guardians for your children. Guardians are people legally named to care for your children in the event something should happen to you and your spouse.  And do not assume that just because you have named godparents or have grandparents living nearby that is enough. You must name guardians in a legal document, or you risk creating needless conflict and a long, expensive court process for your loved ones. When working with us,, naming legal guardians for your kids could not be any easier or more convenient. Indeed, creating the legal documents that will ensure your children will be raised to adulthood by the people you trust most and are never placed in the care of strangers (even temporarily) is one of our specialties. And we accomplish this using our comprehensive system called the Kids Protection Plan. The Kids Protection Plan provides you with all of the legal planning tools needed to make sure there is never a question about who will take care of your kids if you and your spouse are in an accident or suffer some other life-threatening emergency. Even if you have already named guardians for your kids in your will, either on your own or with the help of a lawyer, we often find that these plans contain at least one of six common mistakes that can leave your kids at risk.  Do not wait to take care of this urgent matter. In fact, if you have minor children, your number-one planning priority should be naming legal guardians to care for your children should anything happen to you. And if you need any help with this process, reach out to us and we will be glad to walk you through it.  A TRUSTED ADVISOR FOR YOUR NEW FAMILY Getting married is an exciting first step for your new family, and you should start things off right by getting your estate plan properly prepared. But here is the thing about estate planning—it is not just about creating a set of documents and then filing them away in a drawer and never looking at them again until something happens. Like your family, your planning needs are constantly evolving, so you must ensure your plan is regularly updated as your assets, family situation, and the laws change. If you do not keep your plan updated, it will be totally worthless when your family needs it. We have built-in systems and processes to ensure your plan is regularly reviewed and updated, so you do not need to worry about whether you have overlooked. What’s more, our planning services go far beyond simply creating documents and then never seeing you again.  Indeed, we will develop a relationship with you and your family. This is so we can get to know you, your wishes, and be there for you throughout the many stages of life—and above all, be there for your loved ones if and when you cannot be. Contact us today to get things started or e-mail lauren@kaplanestatelaw.com .

As we head into the start of wedding season, if you are a newlywed or are about to tie the knot, add “estate planning” to your do list. And yes, we imagine that at this happiest time of your life, planning for your potential incapacity and eventual death is probably the farthest thing from your mind right now, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be spouse. First, be aware of the impact of doing nothing. If you were to become hospitalized for any reason prior to your marriage day, the person you love most in the world would not have the legal authority to make your medical decisions and may not even have the authority to see you in the hospital. Your beloved would have no access to your bank accounts and could even be put into a position of having to move out of your shared home abruptly in the event of your death. If the idea of these potential realities is terrifying to you, call us today to get a “pre-marriage” plan in place, and then, after your marriage, we can update it. Indeed, once your marriage is official, your relationship becomes entirely different from both a legal and financial perspective. With this in mind, if you’ve recently said “I do” or have plans to do so in the near future, here are six essential items you need to address in your plan. 1 |  BENEFICIARY DESIGNATIONS One of the easiest—and often overlooked—estate planning tasks for newlyweds is updating your beneficiary designations. Some of your most valuable assets, such as life insurance policies, 401(k)s, and IRAs, do not transfer via a will or trust. Instead, they have beneficiary designations that allow you to name the person (or persons) you’d like to inherit the asset upon your death. You should name your spouse as your primary beneficiary (if that’s your wish), and then name at least one contingent, or alternate, beneficiary in case your spouse dies before you. And if you have kids, remember to never name a minor child as a beneficiary of your life insurance or retirement accounts, even as a contingent beneficiary. If a minor is listed as the beneficiary, the assets would be distributed to a court-appointed guardian, who will be in charge of managing the funds until the child reaches the age of majority, at which point all benefits are distributed to the beneficiary outright. If you want your child to inherit your life insurance or retirement account, you should set up a trust to receive those assets instead. And if you have significant retirement account assets, you may not even want those assets to go outright to your spouse (or future spouse), but instead, you may want to use a trust to distribute your retirement account assets. If you don’t want your retirement assets to go outright to your named beneficiaries and want them to have the maximum tax advantages, contact us for a Life and Legacy Planning Session. 02 |   A WILL A last will and testament allows you to designate who should receive your assets upon your death. If you are newly married, you likely want your spouse to receive most, if not all, of your assets, and if so, you should name him or her as the primary beneficiary in your will. Although your spouse would likely inherit all of your assets should you die without a will, known as dying intestate, depending on state law and whether or not you have children, your assets may not get divided according to your wishes, so it’s always a good idea to create a will (or update your old one) when you get married. And to ensure that your will is created and executed properly, you should always work with trusted legal counsel like us, and never rely on generic, fill-in-the-blank documents you find online. Trust us—you don’t know what you don’t know here. Online legal document services may be better than nothing for some people, but they may actually be worse than nothing for those who truly want to ensure they’ve considered all of the options. For instance, an online document service cannot help you anticipate and plan for all the potential issues related to your family dynamics and assets that can arise and lead to conflicts and disputes between your loved ones. Yet that’s exactly what you would get when you work with a trusted legal advisor like us and use our comprehensive inquiry process. Additionally, if you intend to leave assets to someone other than your spouse in your will, or for some reason plan to leave your spouse out of your will, be sure to check our state’s laws governing marital property. In some states, a surviving spouse is entitled to a certain percentage of your assets regardless of what’s in your will. Finally, although a will is an essential part of nearly every estate plan, as you’ll see below, having a will alone is rarely enough to ensure your spouse and other loved ones stay out of court and out of conflict when something happens to you. 03 |   A TRUST Upon your death, assets included in a will must first pass through the court process known as probate before they can be transferred to your spouse or any other beneficiary. Probate can take months or even years to complete, and it can even sometimes lead to ugly conflicts between your spouse and other family members. Not to mention, your spouse will likely have to hire an attorney to represent him or her during probate, which can result in significant legal fees that can deplete your estate. Furthermore, a will only governs the distribution of your assets upon your death. It offers you zero protection if you become incapacitated and are unable to make decisions about your own medical, financial, and legal needs. If you become incapacitated with only a will in place, your spouse would have to petition the court to be appointed as your guardian to manage your affairs. Here’s the bottom line: If your estate plan consists of a will alone, you are guaranteeing your spouse and family will have to go to court if you become incapacitated or when you die. To avoid the time, cost, and conflict inherent to an estate plan consisting solely of a will, you should consider creating a revocable living trust, along with your will. If your assets are properly titled in the name of your living trust, they would pass directly to your spouse upon your incapacity or death, without the need for any court intervention. What’s more, in the terms of your trust, you can even outline the specific conditions that must be met for you to be deemed incapacitated, which would allow you to have some control over your life in the event you become incapacitated by illness or injury. This is in contrast to a will, which only goes into effect upon your death and then merely governs the distribution of your assets. Finally, if you are getting married and have minor children from a previous marriage, there is an inherent risk of conflict between your soon-to-be new spouse and your children because your children and new spouse have conflicting interests about what happens to your assets in the event of your death or incapacity. If you want to ensure a lifelong relationship of harmony and ease between your children and your soon-to-be spouse, or new spouse, contact us—we have very specific strategies we can use to support that outcome. If you are soon-to-be-married or recently married and anything in this article makes you realize that estate planning isn’t something to put off, but a huge gift to the people you love, contact us to schedule a complimentary Initial Consult . This is the first step in considering all of your assets, all of your family dynamics, and getting clear on the right plan, at the right price, for the people you love. Next week, we’ll continue with part two in this series on six estate planning essentials for newlyweds. If you have any questions, e-mail us at lauren@kaplanestatelaw.com . Don't forget to register for our May 8 Webinar !