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Surveys conducted in 2024 by Caring.com and Ameriprise Financial revealed a troubling trend: Americans are falling behind on estate planning. The Caring.com survey  revealed that only 32% of Americans have a will - a 6% decline from 2023. The Ameriprise survey  found that 52% of couples lack estate plans. These statistics highlight a dangerous disconnect between understanding the importance of estate planning and taking action. Let's examine these misconceptions and their potentially devastating consequences. Myth 1: "I don't have enough assets to need an estate plan."  This dangerously narrow thinking ignores that estate planning isn't just about financial wealth. It's about doing the right thing for the people you love so you don’t leave a mess, and about ensuring your wishes for your own care are considered if you cannot make decisions for yourself due to accident or illness. If you haven’t created a Life & Legacy plan, your loved ones could face lengthy court proceedings, unnecessary taxes, and difficulty accessing financial accounts, which could have devastating consequences if bills need to be paid. It’s also about: Ensuring what you DO have goes to the people you want in the way you want (and stays out of the court process); Your children being raised by people you choose; Your wishes for your medical care are honored if you become incapacitated, or if your mind deteriorates; Only people you trust are able to manage your finances if you can’t manage your finances yourself, and Leaving your loved ones with your most valuable assets - your values, insights, stories, experiences and your love. Moreover, a Life & Legacy plan can minimize conflict among your loved ones. By clearly outlining your intentions, and ideally getting my support to share your intentions with your loved ones, you significantly reduce the chances of misunderstandings or disputes, while also increasing the chances that your resources will be used to create a better future for the people you love.  Finally, an estate plan that works will save your loved ones time and money by ensuring the people who matter know what you have, where it is, how to find it, what to do with it when they do find it, and keeps them out of court and conflict. In short, an estate plan is not a luxury reserved for the wealthy; it’s a necessity for anyone who has things that matter, and people who matter. If that’s you, and you don’t have an estate plan (or your plan could be outdated) let’s talk soon .  Myth 2: "My spouse and I trust each other completely."  Ameriprise's survey reveals 95% of couples trust each other with finances and 91% share financial values. When couples don’t plan because they trust each other to carry out each other’s wishes, they’re overlooking several essential matters. For instance, trust between spouses doesn't prevent legal complications or avoid court. Without a Life & Legacy plan, a surviving spouse may face lengthy probate proceedings, increased tax burdens, and difficulty accessing accounts. This strain can damage relationships and deplete assets meant for heirs. Even worse, if both spouses die simultaneously, the complications can be significant, especially if the spouses have children from prior marriages, or minor children.  Another potential issue arises if the surviving spouse remarries. Without an estate plan, assets could unintentionally be passed to the new spouse instead of the people the deceased spouse loved. In some cases, children may even be accidentally disinherited, leaving them without the financial support their parent had planned to provide. Myth 3: "Estate planning is too expensive."  Another common misconception is that estate planning is a luxury reserved for the wealthy because of its perceived high cost. The reality? Avoiding estate planning due to cost concerns can lead to far more significant time and money costs for the people you love down the road. Without a plan, your loved ones may face costly probate proceedings, unnecessary taxes, and legal disputes that can drain your estate and create additional stress for your loved ones during an already difficult time. These costs often far exceed the upfront investment of creating an estate plan. Beyond the financial aspect, the peace of mind that comes with knowing your loved ones are protected is invaluable. A Life & Legacy plan ensures that your wishes are carried out, your loved ones are cared for, and potential conflicts are minimized. By addressing these matters proactively, you save the people you love from emotional and financial burdens, making Life & Legacy planning one of the wisest and most compassionate investments you can make, as well as the best gift you can give to the people you love. Myth 4: "I don’t need to worry about who would raise my kids." Many parents of minor children assume that in the event of their death, loved ones will naturally step forward to care for their children. Unfortunately, these assumptions are often misplaced. Without a Kids Protection Plan, which I support you to create, the decision about who raises your children will be left to a judge - a complete stranger to you and your children. And when a stranger makes the decision about who will raise your kids, it might not be the person you would have wanted. In some cases, the individual granted guardianship could have values, parenting styles, or circumstances entirely incompatible with how you envisioned your children being raised. Another important consideration is the financial burden imposed on your children’s chosen guardian. If you haven’t created a Life & Legacy plan, and allocated sufficient funds for your children’s care, even willing loved ones might decline guardianship, leaving the court to make an even more difficult choice. A Life & Legacy plan alleviates the potential financial burden on your chosen guardians and ensures that your children receive the care and stability they need during an emotionally challenging time. Take Action Now to Protect the People You Love I've seen too many people suffer negative, yet unnecessary, consequences after a loved one dies. And if you haven't experienced it yourself, chances are you probably will. But with the proper education, beginning with correcting these dangerous myths about estate planning, I believe we can break the cycle of strife. At Kaplan Estate Law, we start with education so you are clear on what would happen to your loved ones and your assets if you become incapacitated and when you die. Then we will work together to create a plan that aligns with your values, your goals, your loved ones, and most importantly, that works when you need it to. We call it the Life & Legacy Planning process, and once you've created your Life & Legacy plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected.  Book a call with us today to get started or e-mail lauren@kaplanestatelaw.com with questions.

You know that uneasy feeling when you think about what everyone you love would do, if (and when) something happens to you? That nagging voice reminding you that you still haven't created a will or trust or updated the estate plan you do have?  As we enter 2025, it's time to stop pushing those thoughts aside and take action to protect the people you love most. Many people avoid estate planning because they think it will be complicated, expensive, too time-consuming, or emotionally challenging. But the truth is, not having a plan, or having an out-of-date plan, is far more costly – financially,  emotionally, and time-wise – for the people you love.  Let's take a look at five things you can do right now to create lasting peace of mind. Step 1: Get Financially Organized One of the biggest challenges people face after losing a loved one is trying to piece together their financial life. Where are all the accounts? What insurance policies exist? What bills need to be paid? Without proper organization, your family could spend months or even years trying to track everything down. Worse yet, anything they don’t find will be turned over to the State Department of Unclaimed Property, where there are approximately $60 billion in lost assets nationwide.   As important as it is, financial organization isn't just about making lists – it's about creating a clear roadmap for the people who will handle your affairs when you cannot. This includes documenting all your accounts, insurance policies, important passwords, and key contacts. When your loved ones need access to this information, it should be readily available, updated, and easy to handle. This is why our Life & Legacy Planning process begins with a financial organization, and then our ongoing Life & Legacy Planning service supports you to maintain your financial organization throughout your life, so it’s handled with as much ease as possible for the people you love when something happens to you. Step 2: Create a Lasting Message for Your Loved Ones When someone dies, their loved ones often wish they had one more conversation, one more chance to hear their loved one's voice or read their words. That's why recording a Life & Legacy Interview is part of our planning process. It’s truly one of the most meaningful gifts you can give the people you love, and who love you.  This message isn't just about saying goodbye – it's about sharing your values, hopes, and life lessons. Think about what you want future generations to know about your life journey.  What wisdom do you want to pass down? What family stories, or even recipes, should be preserved?  While you may think “generational wealth” is just about money, the truth is that people who are able to learn from the recorded history of past generations have true generational wealth that’s far greater and irreplaceable than any dollar ever could be. Your words will become a treasured part of your legacy, offering comfort and guidance long after you're gone. Step 3: Learn About Tax Planning Many people don't realize that proper estate planning can help minimize or eliminate taxes their loved ones might otherwise have to pay. Without planning, they could lose a significant portion of their inheritance to estate taxes, income taxes, or capital gains taxes.  Strategic tax planning isn't about avoiding your obligations – it's about ensuring more of your hard-earned assets go to the people you love rather than the government. Working with a trusted advisor who understands both estate and tax law can help you identify opportunities to protect your loved ones’ financial future. Step 4: Plan Your Final Farewell (and Your Last Days) While it might feel uncomfortable to think about your funeral, planning and paying for it in advance is one of the most loving things you can do for the people you love. When you're gone, they will be grieving. The last thing they need is to make difficult decisions about your funeral while trying to guess what you would have wanted. By planning ahead, you not only ensure your wishes are honored but you also protect the people you love from emotional overspending during a vulnerable time. You can choose and pay for exactly what you want, locking in today's prices and relieving your loved ones of this financial burden. Even more importantly, consider how you want to spend your last years, months, or even days and discuss that with the people who will be responsible for your care now. This could be a conversation we can help facilitate if bringing it up or even thinking about it alone feels too challenging or if you keep putting it off. This courageous conversation is one of the best gifts you can give to the people you love.  Step 5: Create a Comprehensive Life & Legacy Plan All these elements come together in our comprehensive Life & Legacy Planning process, which guides you to understand the law and how it will apply to your unique situation, considering your family dynamics and assets, so you can make educated and informed choices to ensure your loved ones stay out of court and out of conflict when something happens to you. This isn't just about creating legal documents – it's about creating a plan, maintaining it, and ensuring your loved ones know who to turn to when something happens to you.  When you create a Life & Legacy Plan with our office, it includes clear instructions about who gets what, who's in charge of what, and most importantly, how to find and access everything when needed. It also includes specific directives about what happens if you become incapacitated. In addition, you’ll have the opportunity to outline your memorial service, and we’ll support you to record a Life & Legacy Interview that your loved ones will cherish for the rest of their lives. The start of a new year is the perfect time to take these essential steps to protect the people you love. Don't wait until it's too late – the greatest gift you can give your loved ones is the gift of preparation and peace of mind. How We Help You Get Started We help you put these essential protections in place. Through our Life & Legacy Planning process, we'll guide you in creating a lasting message for your loved ones, implementing smart tax strategies, planning your final arrangements, getting your finances organized, and creating a comprehensive plan that ensures the people you love stay out of court and conflict. Most importantly, we'll help you make informed decisions that align with your values and wishes. So don’t delay! Let us help you start the new year by doing the right thing for your loved ones. Click here to schedule a complimentary 15-minute consultation to learn more.

The holidays are right around the corner, which means more time to gather with family and relatives than any other time of the year. If you’ve been meaning to talk to your family about money, inheritance, end-of-life decisions, estate planning, and creating a plan for your whole family’s wealth - now and in the future - having everyone in the same room is ideal. But asking your relatives how they want their assets handled when they die or if they become incapacitated might not go over well while opening presents or carving a turkey. To keep your family from feeling blindsided and to make the most of your conversation, consider the following three tips. 01 | Share Your Intention Ahead of Time Many people feel uncomfortable talking about their finances. They may have grown up in a family where money talk was considered taboo or perhaps they simply don’t want the details of their finances to create family tension. Some people also feel like talking about estate planning and making a plan for their money is plain bad luck (but we’re happy to report that planning for your assets does not increase your chance of dying, as you’ve already got a 100% chance of death, but it does increase your chances of leaving behind a happy, well-adjusted family). To help your loved ones feel at ease, don’t bring money talk up for the first time while the family is gathered around the TV watching football. Instead, approach the topic weeks ahead of time if possible. If you have regular visits or phone calls with your loved ones, let them know you’ve been thinking about creating a plan for your own money and the care of the family in case something happens to you. Casually mentioning that it’s on your mind will help plant the seed for a future conversation with your loved ones and likely get them thinking about their own plan or lack of a plan. As your family gathering approaches, bring up the subject again, this time with more intention and detail. Consider asking the host of your family gatherings, whether it’s your sibling, parent, or adult child when the best time would be to have an all-family conversation about money for 90 minutes. Schedule it and let everyone know that you’ve got something meaningful planned. If the host pushes back against the idea, respond with curiosity about their experience, what they feel apprehensive about, and if there is a way that you could mitigate their apprehension perhaps by speaking with other family members in advance. If you’ve already completed your own planning, use your experience as a springboard for the conversation. More on this below. 02 | Set Aside a Time and Place to Talk Discussing money while opening Christmas gifts isn’t likely to have the results you want. Your best bet is to schedule a time to gather to talk without distractions or interruptions. Be upfront with your family about the meeting’s purpose so no one is taken by surprise and so they come prepared for the talk. Choose a setting that’s comfortable, quiet, and private. The more relaxed everyone is, the more likely they’ll be comfortable opening up. Begin by sharing the context of why it’s important to you that your family begin having conversations about money, life and death. You may even want to share that the topic is uncomfortable for you, but that it’s important enough that you are willing to be uncomfortable because you know that these conversations can bring your family closer together, create more family resilience, and ensure you are all financially well-cared for, always. Finally, as part of setting context, set a start and stop time for the conversation. Remember, the goal is to simply get the conversation started, not work out all of the details or dollar amounts, so don’t expect this to be the one and only conversation you have – its a start. 03 | Share Your Planning Experience If you’ve already created your own plan, and it included an inventory of your assets, a look at what is enough, and what would happen to it all when something happens to you (which is what we do during our first Planning Session with you), you can start by explaining how you felt during the process, how easy it was, and how you feel now knowing that your assets and loved ones will be cared for the way you want if something happens to you. If you’ve worked with us describe how the process unfolded and how we supported you to create a plan designed for your unique wishes and needs. Share any concerns or doubts you initially had about planning and how we worked with you to address them. If you have loved ones who’ve yet to do any planning and have doubts about its usefulness, empathize with them in a supportive and understanding way, and share your own journey learning the benefits of planning for your money and your wishes. If you haven’t created a plan yet, or have doubts about a plan you created with another attorney, be open about why you want to create a plan for your life and death, such as a desire to avoid family conflict, to ensure that a child, disabled relative, or senior parent is cared for in the future, or to build generational wealth and a legacy for your family. Focus on the benefits that planning will have for both your immediate family and your extended family as a whole. Bringing Families Together Talking to loved ones about money and estate planning can be difficult, but as your attorney, we can guide and support you in having these intimate discussions with your loved ones. When done right, planning can put your life and relationships into a much clearer focus and offer peace of mind knowing that your assets will be protected and that the people you love most will be provided for no matter what. If you’ve already created a plan with us, be sure to share our library of blog resources with your loved ones. If you haven’t created your own estate plan, doing so before you talk with your family can help your loved ones be more open to the idea and can help them see the incredible benefit of planning from one of their own family members. Schedule a complimentary call with us or email lauren@kaplanestatelaw.com with questions. Have a happy holiday season!

With Thanksgiving approaching, many families are busy planning menus, coordinating travel, and preparing for the big feast. While the turkey, stuffing, and pumpkin pie are important (and delicious) traditions, this holiday offers something even more valuable—a perfect opportunity to think about, discuss, and preserve your family's legacy.  In this article, you'll discover practical ways to capture family stories during your holiday gathering, learn how to start meaningful legacy conversations without awkwardness and understand how to transform these precious moments into a comprehensive Life & Legacy Plan that protects your family's values and assets for generations to come. This year, consider using your Thanksgiving gathering as a springboard for the meaningful conversations that can shape your family's future. The Heart of Legacy Planning: More Than Just Money When most people think about legacy planning, they often focus solely on financial assets. But true legacy planning encompasses much more. It's about preserving your family's stories, values, traditions, and the wisdom gained through generations. After working with families to support them with their estate planning and being there at the end of life, I’ve learned that these are the things that matter most. Values, insights, stories, and experiences, plus sentimental items, are almost always more important to families than financial assets, though, of course, money matters as well.  Those moments around the Thanksgiving table, sharing old family recipes, telling stories about ancestors, or discussing what matters most to your family, are the building blocks of a meaningful legacy. The Thanksgiving holiday, with its focus on gratitude and family togetherness, provides an ideal setting to explore these deeper aspects of your legacy.  Using Holiday Gatherings to Plan for the Future With a little planning, Thanksgiving can be a great time to discuss the future. These conversations don't have to be formal or heavy—they can emerge naturally from your holiday interactions: Talk About Family Values: When expressing gratitude (a Thanksgiving tradition), encourage family members to share what they value most about being part of the family. These discussions can help inform how you structure your estate plan to reflect and perpetuate these values. Discuss Family Philanthropy: If giving back is important to your family, use this time to talk about causes that matter to everyone. This can lead to meaningful discussions about charitable giving and how to incorporate it into your legacy plan. Address Family Dynamics: Holiday gatherings often reveal family dynamics that should be considered in your estate planning. Who are the peacemakers? Who might need additional support? Understanding these dynamics can help you create a plan that promotes family harmony rather than conflict. Bring Up Your Own Planning: If you’ve recently completed your own estate planning process, or plan to before the end of the year, or early next year, this is a great time to bring up your plans. Understanding your family's values, philanthropic interests, and dynamics isn't just about having nice conversations—it's about gathering crucial information that will help you create a Life & Legacy Plan that truly serves your family and preserves harmony for generations to come. For more information about Life & Legacy Planning, book a call with u s . Capturing Your Family's Story Thanksgiving can encourage storytelling. As families gather and reminisce, precious memories and important family history often emerge. But without intentional effort to preserve these stories, they can be lost to time. Here are some ways to capture these valuable moments: Record Your Family's Food Heritage: That special stuffing recipe from your grandmother isn't just about ingredients—it's about family history. Document not just the recipe but the story behind it. Why is it important? How has it been adapted over generations? Who taught it to whom? If your relative is still alive, consider asking them to write out the recipe with important notes. Having something in their handwriting can be very special for the younger generations. Create a Family Interview Tradition:  Designate time after dinner for family interviews. Have younger family members ask older ones about their childhood, important life lessons, or family history. Record these conversations (with permission) using your phone or video camera. It doesn’t have to be complicated. Share Family Artifacts: Bring out old family photos, letters, or heirlooms. These physical items often spark stories and discussions about family history and values. Use these moments to explain why certain items are meaningful and what they represent in your family's journey. My Life & Legacy Planning process includes a legacy interview, so your family’s traditions are captured. How We Help You Create a Lasting Legacy While Thanksgiving conversations are valuable for legacy planning, they're just the beginning. To truly protect your family's legacy and ensure your wishes are carried out, you need professional guidance and support to create a comprehensive Life & Legacy Plan. Our Life & Legacy Planning process goes beyond traditional estate planning to capture not just your assets, but your values, wisdom, and family story. Take the first step toward preserving your family's legacy. Click here to schedule a complimentary 15-minute consultation and learn how we can help.

When someone names you as their executor, it might feel like an honor – a sign that they trust you to handle their final affairs. However, what many people don't realize is that being an executor can turn into a demanding part-time (or full-time) job that lasts months or even years, often during a time when you're also grieving the loss of a loved one. The responsibilities can be overwhelming, from tracking down assets to dealing with creditors to managing family dynamics. Then, there are legal obligations and potential personal liability if things aren't handled correctly. Making complex decisions while processing grief often proves more challenging than most people anticipate. Let's explore what's really involved in administering someone's estate and how proper planning can make this process easier for the people you love. The Unexpected Time Commitment Most people don't realize that administering an estate isn't just a matter of reading a will and distributing assets. The process typically begins with locating and gathering all estate planning documents, which can be challenging if they aren't stored in an easily accessible place. The executor must then notify numerous institutions of the death, often requiring multiple copies of death certificates and extensive documentation. This notification process alone can take weeks or even months, as each institution has its own requirements and timeline for processing. The time commitment becomes even more substantial when dealing with financial institutions. Each bank, investment firm, and insurance company has its own procedures for handling a deceased person's accounts. Many require original documents rather than copies, meaning executors spend countless hours making phone calls, writing letters, and visiting institutions in person. The process often involves repeated follow-ups and submission of additional documentation as requested by various institutions. Property management, another time-consuming process, also falls to the executor. Whether it's maintaining a house until it can be sold, managing investment accounts, or dealing with personal property, these responsibilities continue throughout the entire administration process. Real estate can be particularly demanding, requiring regular maintenance, payment of utilities and property taxes, and coordination with realtors if the property needs to be sold. Add to this the requirement to file court documents, appear at hearings, and prepare final tax returns, and it becomes clear why estate administration often takes far longer than expected. What makes this incredibly challenging is that most executors also work full-time jobs and manage their own families while trying to handle these responsibilities. Without proper guidance, the process can quickly become overwhelming, taking over evenings and weekends for months. The stress of juggling these responsibilities often leads to burnout and can affect both personal and professional life. The Financial and Emotional Costs Beyond the time commitment, serving as an executor often comes with unexpected financial and emotional burdens. Many executors don't realize they may need to pay for expenses out of pocket before being reimbursed by the estate. Court filing fees, property maintenance costs, professional service fees – these expenses can add up quickly, sometimes reaching thousands of dollars before any reimbursement is possible. In some cases, executors may need to hire attorneys, accountants, or other professionals to handle complex aspects of the estate, further increasing the financial burden. The emotional toll of serving as executor often proves even more challenging than the financial aspects. Family dynamics frequently become strained during estate administration, as grief and stress can amplify existing tensions. Long-buried conflicts may resurface when it comes time to distribute personal property or interpret ambiguous instructions in estate documents. The executor often finds themselves in the difficult position of trying to maintain family harmony while fulfilling their legal obligations to the estate. The pressure increases when executors discover complications like missing documents, incorrectly titled assets or outdated beneficiary designations. These issues often require lengthy court proceedings, during which family members may grow increasingly impatient or suspicious. Without clear documentation and proper planning, even simple estates can become sources of lasting family conflict. Managing these interpersonal dynamics while handling technical legal requirements can be extraordinarily taxing. Digital assets also present another layer of complexity that few executors anticipate. In our increasingly online world, accessing and managing everything from email accounts to cryptocurrency can become nearly impossible without proper password documentation and legal authority. Many digital platforms have complex policies regarding account access after death, and navigating these policies without adequate preparation can lead to lost or inaccessible assets. How a Life & Legacy Plan Makes a Difference This is where working with an attorney makes all the difference. My Life & Legacy Planning process is explicitly designed to prevent these common challenges and make estate administration as smooth as possible for your loved ones. Rather than simply creating documents, this comprehensive approach ensures that everything your executor or trust administrator needs will be organized and accessible when the time comes. The process includes detailed documentation of your wishes, clear instructions for asset management, and specific guidance for handling digital assets. When you create a Life & Legacy Plan with me, it will include a complete inventory of assets that's regularly updated, ensuring nothing gets overlooked or forgotten. Your plan will also provide clear instructions about how to access both physical and digital assets, eliminating the need for extensive searches or court intervention. You’ll also be supported in creating specific provisions for personal property distribution, helping prevent family conflicts before they arise. By addressing these details in advance, you significantly reduce the burden on your executor or trust administrator and minimize the potential for family disagreements. How We Help You Create a Plan That Works We understand that estate planning isn't just about creating documents – it's about making things easier for the people you love. Our Life & Legacy Planning process ensures your chosen executor or trust administrator will have the support and resources they need to handle your affairs efficiently and keep your family out of court and conflict. We'll help you create a plan that works when your family needs it most, and we'll be there to guide them through the process. Don't leave your loved ones to navigate the complexities of estate administration alone. Book a call with us today to learn how we can help you create a plan that makes things easier for everyone involved.

The passing of a loved one is a heartbreaking event, filled with grief and sorrow. But the aftermath can become even more painful if disagreements over their personal belongings tear your family apart. These disputes, especially when centered around meaningful objects, can leave lasting wounds that may never fully heal. But it doesn't have to be this way. By understanding the emotional weight of possessions, the power of perception, and taking proactive steps, you can prevent such heartache and foster a more harmonious grieving process for your family. In this article, we'll explore practical strategies to ensure your final wishes are honored and your loved ones stay united, even in the midst of loss. Perception Is the Basis for Conflict  Your personal belongings are so much more than just material objects. They are tangible reminders of your life, personality, and connection to the people you hold dear. When you're gone, these items can provide immense comfort and solace for your grieving family members. However, the emotional ties to your possessions can also set the stage for conflict.  The basis for conflict over your belongings is usually rooted in perception, meaning your family members have very different ideas about the value and significance of your possessions. What one person deems a priceless keepsake, another might dismiss as mere clutter. These differences in perspective can create tension, resentment, and even damage relationships that have lasted a lifetime. Adding to the complexity is that certain items are inextricably linked to specific memories and experiences. That piece of jewelry may remind one of your children of the love and care you showered upon them. However, to others, it may represent an inheritance they feel entitled to. The emotional attachments to your personal property often run deeper than anyone realizes, reflecting unresolved feelings of love, guilt, or regret. Your family members' perceptions of your belongings are also profoundly shaped by their own experiences, values, and cultural backgrounds. These differences in worldview can make it incredibly challenging for them to reach a consensus when it comes time to divide their inheritance. For instance, in some cultures, family heirlooms are passed down through generations with reverence and care. These objects are seen as symbols of shared history and identity. However, in other traditions, material possessions hold far less significance, with the focus placed squarely on intangible connections. When relatives from diverse backgrounds attempt to navigate the division of your estate, these clashing perspectives can lead to misunderstandings and conflict. Perception also influences how your loved ones view the concept of fairness. One child may feel entitled to certain items due to their role as a primary caregiver or because they lived closer to you. Another may believe everything should be distributed equally, regardless of individual circumstances. These divergent notions of justice can further fuel disputes, especially if you don't leave behind clear instructions. The Value of Open Communication and Thoughtful Planning To minimize the risk of family feuds over your personal property, one of the most effective things you can do is have open and honest conversations about expectations and preferences long before you're gone. Here are some strategies to consider: Start the Conversation Early. While it may feel awkward to discuss such sensitive topics, it's far better to address them proactively. This allows for a more thoughtful and deliberate discussion of everyone's wishes. Ideally, these conversations should occur when all parties are calm and emotionally prepared rather than in the midst of grief. Record Yourself. Don’t underestimate the value of getting on video. Recording yourself explaining your wishes and why can be very powerful, as well as provide clarity and decrease conflict for your loved ones. When you create your estate plan with my firm, we include a Life & Legacy Interview with every plan so that your decisions and the reasons for them are clear to your family members. When there’s no ambiguity, the possibility of conflict lessens. Make an Inventory.  Make a comprehensive list of all your personal belongings, including their sentimental value and any specific requests or wishes you have associated with them. This inventory can be a crucial reference point for your family members after you’re gone. If possible, involve your loved ones in this process so that they understand your wishes and can ensure your voice is heard. Create a Life and Legacy Plan. A Life and Legacy Plan can minimize disputes by clearly outlining your wishes regarding distributing your personal property. In addition to the Life & Legacy Interview, every plan includes a document called a “personal property memorandum,” which provides additional clarity, specifying which items should go to which beneficiaries. We even help you keep your plan updated over time to reflect changing circumstances or preferences and prevent family conflict. Focus on Your Family’s Needs. Ultimately, the goal of your planning should be to honor your memory and support the well-being of your loved ones. Prioritize the needs of those who are grieving and try to find solutions that minimize conflict and pain. Sometimes, creating a process where each family member can express their attachment to specific items and why they matter can help others understand their emotional value rather than just their monetary worth. Helping Your Family Sell Your Belongings with Care and Intention Sometimes, your loved ones may need to sell your personal property, which may be necessary to settle your estate, pay debts, or ensure that your items are put to good use. Whether the items sold hold sentimental value or not, this can be another task ripe with conflict. Further, many family members don’t know what the process entails. But you can help make it easier for them by doing a lot of legwork now. You can specify in your Life & Legacy Plan how you want your items to be sold and outline the process for your loved ones. Here are the steps your family will need to take: Assess the True Value of Your Items. Start by evaluating the worth of the items to be sold. This may involve hiring an appraiser, especially for valuable items such as antiques, artwork, or jewelry. An appraiser can provide an objective assessment of an item's value, which can help prevent disputes over perceived worth and ensure a fair sale. Choose the Right Selling Method.  Depending on the type and value of your belongings, your loved ones will need to choose a selling method. For everyday household items, a yard sale or estate sale might be appropriate. For more valuable items, an auction house, consignment shop, or online marketplace may be the way to go. Your family should be mindful of any fees or commissions associated with these approaches, too.  Enlist the Help of an Estate Sale Company.  If your estate contains a large number of items or your family is overwhelmed by the process, hiring a professional estate sales company can be a game-changer. These companies handle everything from pricing items to advertising the sale, managing the event, and disposing of any unsold items. They typically charge a percentage of the sales, but their expertise can make the process smoother and less stressful. Understand the Legal Requirements. Depending on your jurisdiction, there may be specific legal requirements for selling estate property. For example, an executor may need court approval to sell certain assets or follow particular procedures for notifying beneficiaries. When you create your Life & Legacy Plan with us, we will be there for your family when you no longer can be, and we can advise them on all the necessary legal requirements.  Plan for the Proceeds. Decide in advance how the proceeds from the sale will be used and document your wishes in your Life & Legacy Plan. We can help you specify whether they will be distributed among your heirs, used to pay off estate debts, or donated to charity. This precise planning that’s part of our Life & Legacy Planning process helps avoid disputes and ensures that the funds are used in a way that honors your wishes. Leave a Legacy of Harmony, Not Conflict Family disputes over your personal belongings can add immense pain to an already difficult time. But by understanding the emotional significance of your possessions, the role of perception, and taking proactive steps by creating a Life & Legacy Plan, you can minimize conflicts and preserve familial relationships. Your loved ones deserve to grieve with dignity and respect, not embroiled in bitter disputes. Take the time now to put the proper measures in place, and you can rest assured that your final wishes will be honored and your family will stay out of court and conflict after you're gone. This is the lasting legacy you can leave behind - not just the material objects you've accumulated over a lifetime, but the gift of harmony, understanding, and compassion for those you hold most dear.  How We Help You Prevent Family Feuds Over Personal Belongings Family disputes over personal property can cause significant pain and tension at a time when loved ones should come together. As your attorney, we help you create a Life & Legacy Plan that ensures your belongings are distributed according to your wishes, without conflict or confusion. With careful thought, clear communication, and the right tools, your Life & Legacy Plan will keep your family united, even in the midst of grief. And you’ll gain the peace of mind knowing that your wishes will be honored and your loved ones will be supported long after you’re gone. Click here to schedule a complimentary 15-minute consultation to learn more.

When Matthew Perry, the beloved star of Friends , passed away last year, the world mourned the loss of a comedic icon. However, as details of his estate began to emerge, a curious puzzle presented itself: despite his reported net worth of $120 million, his bank account held (only) $1.5 million. Admittedly, this seems like a whopping sum to most of us, but for a man who earned millions of dollars for just one episode of the show, this amount appears…off somehow. Shouldn’t he have had much more money than that? The answer lies in the details of estate planning and using trusts as part of your plan. In this article, we’ll look at Perry’s estate plan and pull out some valuable lessons. These lessons pertain to all of us, not just the rich and famous. To find out how trusts can benefit you, read on. What is a Trust? A trust is simply a legal arrangement where a person (sometimes called a “settlor”) transfers assets to someone ( a “trustee”) who manages those assets for the benefit of someone else (the “beneficiaries”). Many types of trusts can be used for many different purposes, including estate planning, asset protection, and providing for loved ones. The trustees appointed to manage a trust play a crucial role in fulfilling the settlor's wishes. Choosing the right trustees is essential for the effective management of a trust. Trustees should be trustworthy, financially responsible, and knowledgeable about estate planning. They should also be willing to devote the time and effort required to manage the trust's assets.  In Perry's case, it appears he had established a trust during his lifetime. This trust, which seems to be named the Alvy Singer Living Trust - Woody Allen's character in Annie Hall - presumably holds a significant portion of his wealth. In Perry's case, the trustees were likely responsible for managing his investments, paying bills, and distributing money to the beneficiaries.  Why would Perry have chosen to establish a trust? There are many benefits, which I’ll break down in greater detail now. The Power and Benefits of Trusts There are many advantages to using a trust for estate planning. Here are some of the most common. Protection from creditors and lawsuits.  If a beneficiary faced financial difficulties, their creditors would generally not have access to assets held in a trust.  Ongoing support during life, incapacity, and after death.  Trusts can provide for loved ones in a more flexible way than a will. A will is a legal document that outlines how your assets will be distributed after your death. However, a trust can be structured to provide support during your life and for your beneficiaries over time, ensuring that their needs are met throughout their lives. If you have a will, usually your assets will be transferred to your beneficiaries all at once - even if they are young or financially irresponsible.  Minimization of estate taxes. Depending on the size of an estate, there may be significant federal and state estate taxes. By using a trust, it can be possible to reduce or eliminate these taxes. Court avoidance.  There’s a court process called probate that takes place after someone dies, and it can be expensive, lengthy, and conflict-laden. If you have a will or no estate plan, court is mandatory. If you have a trust, however, the court process may be avoided. This results in less expense, less time, and a decreased probability of conflict. It’s also a public proceeding, and court filings contain personal and financial information you may not want others to see.  Conflict avoidance. The court process is set up to give all heirs and creditors a claim to your assets. They are invited to file a claim, and they get to see information about your assets.  Greater control over what happens to your assets and your family. When you have to go to court, it means that someone other than you - a judge, who’s a complete stranger to you and your family - will make all final decisions about your money, property, and family. But with a trust, you get to make those decisions and exercise control over the outcomes. Preserving assets when there’s a substance abuse issue.  It’s no secret that Perry struggled with substance abuse for much of his life, and it’s possible that because of that, he was advised to create a trust to hold his assets. This was a wise decision. Substance abuse can have a significant impact on financial stability, and it is possible that Perry sought to protect his assets from loss, either by his own actions or potential creditors and legal issues related to his addiction. You can do the same for a friend or relative if you want to support them and also know they struggle to manage their finances responsibly. These advantages apply to you, too! You do not need to be wealthy to want a trust. You do not have to be charitable or famous to take advantage of the benefits. You simply need to be educated about the benefits and how they apply to you. Read on and I’ll show you how to book a call with me to get the education you need. I’ve alluded to one more advantage that warrants a full section of discussion: privacy. The Appeal of Privacy Remember when I mentioned above that the court process is public? And I also mentioned that a trust can help you and your family avoid court, and the very public process that it is? If you were wondering, “If it’s true Matthew Perry had a trust, then how come it’s public knowledge that he had $1.5 million in his bank account?”  then kudos! You caught on to something important. Matthew Perry also had a will, and wills go through probate. Any assets that are not placed into a trust must be dealt with via your will and thus, are subject to the court process. Remember how I also said above that court filings must contain your personal and financial information? That’s how we know about Matthew Perry’s bank account. The funds in his bank account were ostensibly not placed into his trust, and so, are subject to the public probate process. If you want, you can go look up the court records and read his will - or any will - for yourself.  His will mentioned that he had a trust, which is also common. What it doesn’t mention is the terms of the trust, who the beneficiaries are, what his other assets are, and who gets what. Our public knowledge is limited to what’s in his will. And if his bank account had been placed into his trust, it would have been kept private, too. In short, assets placed into a trust are kept private, as is your personal and financial information. Assets left out of a trust are public knowledge. So, when you create a trust, it’s crucial that you don’t just draft and sign the document and call it a day. You must take the next step and correctly place your assets into the trust. If you don’t do that, you lose all the benefits the trust offers.  How We Help You Protect What Matters Most As more details about Perry's estate (and sadly, his death) emerge, we may gain a better understanding of his intentions and the legacy he will leave behind. While his untimely passing is a tragic loss, his estate planning offers a fascinating look at the advantages of trusts and how you can also take advantage of them.  At Kaplan Estate Law LLC, we help you create a comprehensive Life & Legacy Plan that may include tools like trusts to protect your assets, maintain your privacy, and ensure your loved ones are cared for—without the headaches of court or the increased chances of conflict. By planning today, you can have peace of mind knowing your wishes will be honored, your family’s future will be safeguarded, and your legacy will be kept private. Click here to schedule a complimentary 15-minute consultation to learn more, or e-mail me with questions!

Have you jumped on the AI bandwagon yet? If so, you’ve probably used it to make your life easier. AI can be incredibly helpful, especially when the stakes are low. Need a personalized meal plan or an exercise routine? AI can handle that. But when it comes to estate planning, some people use AI for what they believe to be a simple and cost-effective solution.  The allure of Do-It-Yourself estate planning through AI is strong, especially when you think your situation is simple and straightforward. You may also think you don’t have much money, and so your circumstances aren’t complicated. Both of these beliefs are extremely common - and rarely true. Here’s the truth: estate planning is not just about creating a set of documents, and it’s almost always more complicated than you think . To do it effectively, it must be personalized to fit you, your family dynamics, and the specific types of assets you have. But unless you’re an expert, you don’t know how your personal circumstances apply to the law and your values - or how your estate plan should be structured to fit the law and your values. AI cannot do any of this. And if you get it wrong, there are legal (as well as financial) consequences. You need a human to guide you; a human who understands you, your family, your assets, your wishes and desires, and how all these things work together with current law.  So before you’re tempted to use AI for your estate plan, ask yourself the following three questions. Then consider your answers before turning to AI or any other free or cheap legal service. If you’ve already done your estate plan, these questions are important for you, too.  Question No. 1: What Matters? First and foremost, who or what matters most to you? When you’re creating a legal plan for what happens if you become incapacitated and when you die, the place to start is by getting clear on what matters. Is it the money you’ve worked hard to earn, or is it the people around you and the relationships you’ve nurtured? Most likely, it’s the people.  Think about this. How are you affected when a loved one passes away? You’re probably filled with grief, and their absence leaves a void in your life. While their money can ease financial strain, it’s the memories and the love you shared that truly matter (this is their “legacy”). Your loved ones will feel the same way after you’re gone. What will your legacy be?  Imagine that your family is left to deal with a big legal and financial mess after you're gone, all because you didn’t create an estate plan or created one that failed. Are you ok with that being your legacy? Does it matter to you that people will need to spend time away from work and their lives to manage your  affairs? And what if they ended up fighting or estranged? Does that matter to you?  What about your assets? Does it matter to you if your estate has to pay unnecessary taxes, or that your assets get lost and turned over to your State’s Department of Unclaimed Property? Or do you care about supporting a cause you believe in, or supporting a family member who needs help?  When you create a Life & Legacy Plan with our office, you gain the power to influence these outcomes in a way that AI cannot do. But first get clear on what truly matters to you. Question No. 2: What’s It Worth? Once you’re clear on what matters, the next question is: what are those things worth? How important is it to ensure your family’s relationships are preserved, for example? How important is it that your assets don’t get used to pay taxes when there’s an option to give them to your loved ones? It’s critical to know not only what’s important, but how  important it is, so you know how much time, energy, attention, and money to dedicate to it.  One of the main reasons people may use AI to draft their estate plans is that they think estate planning is simple. However, estate planning is much more complex than most people realize. Even licensed attorneys who practice estate planning often find themselves overwhelmed by the intricacies of the law, which changes regularly and varies from state to state. AI is a one-size-fits-all approach that doesn’t take into account the complexities. So if you rely on AI, you’re leaving a lot to chance. Is it worth it to you to take a chance on what matters? There is no wrong answer here; it may be yes or it may be no. The key is that you’re being true to yourself. Question No. 3: Is AI Actually Cheaper and Easier? And now we’re at the third and final question: is AI or Do-It-Yourself legal really cheaper and easier than working with an expert? If the program makes a mistake in your estate plan and your family ends up in court, embroiled in conflict, with relationships irreparably broken, was it worth the supposed savings? What if your assets were lost to the government, eaten up by unnecessary taxes, or depleted by lawyers’ fees and court costs due to litigation?  When you weigh the potential costs—financial, emotional, and relational—against the upfront savings you might achieve by using AI, the true worth of those things that matter to you becomes clearer. You see that estate planning is about much more than just money; it’s about protecting the people you love and ensuring your legacy is honored as you intend.  You and Your Family Deserve More Than a Quick and Cheap Fix The way to ensure that your plan works when you and your loved ones need it to, and saves you and your family money, is by working with my office to create a Life & Legacy Plan. With my Life & Legacy Planning process, I’ll guide you to get clear on what matters, then together we’ll create a complete plan that honors your wishes and creates a loving legacy at a price that fits your budget. When it comes to something as important as your estate plan, it’s worth taking the time to do it right. Your legacy deserves more than a quick fix—it deserves the thoughtful attention of someone who understands your unique situation and can help you navigate the complexities of the law to achieve your goals. We understand that estate planning isn’t just about the documents you sign or the money you leave behind. It’s about ensuring that the people and things that matter most to you are protected and honored in the way you intend. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.  Click here to schedule a complimentary 15-minute consultation to learn more or e-mail lauren@kaplanestatelaw.com .

For the last few weeks, we’ve discussed celebrities and how they planned for their deaths. We started with the King of Pop, Michael Jackson, so ending our 4-part series with the King of Rock, Elvis Presley, seems fitting.  You may be wondering why I’ve chosen to talk about a man who’s been dead since 1977. The reason is that a recent case involving Graceland shows how bold scammers can be. This case is a wake-up call for anyone who owns property or stands to inherit it. So, let’s jump into this bizarre tale to uncover what you can learn about protecting your assets from the unscrupulous actors around you. How It Went Down You might think that a well-known property like Graceland would be untouchable, but that didn't stop a mysterious company from trying to steal it. A group calling itself Naussany Investments and Private Lending claimed that Graceland's owners owed them millions from an old loan. They even set a date to auction the property to the highest bidder. But there was just one problem – the whole thing was a scam. Riley Keough, Elvis's granddaughter and the current owner of Graceland, quickly fought back. She filed a lawsuit, saying her mother, Lisa Marie Presley, never borrowed money from this company or put Graceland up as collateral. The courts agreed, stopping the sale just in time. Keough’s swift action got the attention of the Tennessee Attorney General’s office, which then turned over the case to the FBI, and a federal investigation is pending. Unfortunately, there’s been a rise in these types of scams, and they aren’t just targeted at the rich and famous. Scammers are adept at taking advantage of those of us who have never had a top-10 hit. A Wall Street Journal article published on June 3, 2024, breaks down a typical scenario, which is on point: “Here’s how it works: A fraudster targets your house and assumes your identity, using tactics similar to identity thieves to acquire your personal information and create fake IDs. He or she then tries to sell it to an unsuspecting buyer by executing a forged deed in your name. An alternative scam is to submit a mortgage application in your name to get cash out of the house.” Often, people don’t find out this has happened until the sale is complete and by then, it may be too late to get the property back. Or at least it would be very time-consuming and costly. Some people cannot fight back because they don’t have the financial resources to do so. The results can be utterly heartbreaking. If it can happen to Graceland, it can happen to you. So, how can you spot these scams before they spin out of control? Red Flags You Can’t Ignore When you're dealing with property, loans, and estate planning, keep your eyes peeled for these warning signs: Paperwork problems: In the Graceland case, the documents had all sorts of issues. Dates didn't match up, signatures looked fishy, and the notary said she never met Lisa Marie Presley. Always read the fine print and question anything that looks off. You should also consult with a lawyer immediately if you suspect something fishy. A lawyer can confirm your suspicions and help you take action right away.  Ghost companies: According to the news articles, Naussany Investments was hard to pin down. They had no real address, just P.O. boxes, and weren't registered as a business anywhere. Before you deal with any company, especially for something as important as a loan, do your homework. Look them up online, check with the Better Business Bureau, and don't be afraid to ask probing questions. Timing:  The scammers waited until after Lisa Marie Presley passed away to make their move. Be extra cautious about any claims against a deceased person's estate – fraudsters often target families when they're most vulnerable.  Steps You Can Take to Protect Yourself Know that you can take proactive action to protect yourself and your loved ones, before you notice red flags. Here are some practical steps to ensure your property is protected: Keep good records:  Make sure all your important documents are organized and easy to find. This includes property deeds, mortgage papers, and any loans you've taken out. If someone makes a false claim, you'll have the proof to fight back as quickly as Riley did. Regular review and updates of these documents are crucial. Be skeptical: If something sounds too good to be true, it probably is. Be wary of unsolicited offers or demands, especially if they come with pressure to act quickly.  Stay in the loop: If you're inheriting property or managing it for someone else, know what's going on. Are the taxes paid? Is there a mortgage? The more you know, the harder it is for scammers to pull a fast one. The reason Riley Keough was able to take action quickly enough to stop the sale was because she was paying attention.  You also want to make sure someone else is paying attention to your affairs in case you become incapacitated. In last week’s article , we discussed what can happen if you become incapacitated and you haven’t planned for it. If you missed it, here’s a sneak peek: it took months  for Jay Leno to be able to manage his wife’s financial affairs once she was unable to herself. And as we’ve seen with the Graceland case, months could mean the difference between keeping your property and losing it. If you haven’t planned for your incapacity, book a call with me using the scheduling link below, and let’s talk about how we can get that taken care of for you. And this brings us to the most important thing you can do to protect yourself. Incapacity planning isn’t enough. You need a solid and thorough Life & Legacy Plan. A Solid Estate Plan is the Key Having a solid estate plan creates a legal framework that's much harder for fraudsters to penetrate. The type of planning I do, called Life & Legacy Planning, is solid and thorough. It covers all possible scenarios so you and your family are prepared for anything that can happen after your death or during your incapacity. It includes an inventory of all your properties and other assets, so you know exactly what you have, and your loved ones will also know if they need to step in and help. A Life & Legacy Plan also includes regular reviews and updates so your plan stays current with changing laws and circumstances, closing potential loopholes that scammers might exploit.  Finally, we can help you ensure your loved ones know about these risks and are familiar with your estate plan. As we’ve learned from Elvis’s estate, the more eyes watching out for fraud, the better. How We Help You Not Fall Victim to a Scam Scams are on the rise and the best time to protect yourself is now. We help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and have a plan that works when you (and they) need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected.  Click here to schedule a complimentary 15-minute consultation to learn more or e-mail lauren@kaplanestatelaw.com .

For the last two weeks, we’ve discussed celebrities and how they planned (or didn’t!) for their deaths. In this third installment of our four-part celebrity series, we discuss a topic that no one wants to think about: incapacity. Unlike death, not everyone will become incapacitated. Yet, it’s an essential part of your future planning because if you do become incapacitated, you want to have made your choices well before that occurs. To illustrate the importance of planning for incapacity, we’ll examine the real-life court case involving Jay Leno and his wife, Mavis. The Leno case highlights what happens when you or a loved one becomes incapacitated and what can happen if you have not planned in advance. From the Leno case, we can learn several lessons, including 1) What incapacity is and what it is not, 2) What a spouse can and can’t do with the other spouse’s financial affairs, and 3) How you can end up in court with all your affairs becoming public knowledge. We’ll address all three topics here, emphasizing why these matter. Let’s start with the basics: what do we mean when we’re talking about “incapacity”? What Incapacity Is and What It’s Not If you become incapacitated, you’ve lost the ability to make sound financial, medical, or legal decisions for yourself. You may even make harmful decisions or be unable to communicate at all. Incapacity can result from several circumstances, including a tragic accident, a serious, end-of-life illness, or aging-related challenges, such as dementia or Alzheimer's. Like death, incapacity can strike at any time and at any age. Once it does, it’s too late to get your affairs in order, and your loved ones will be stuck with a mess.  This may seem obvious, but stay with me: It’s important to note that incapacity occurs while you’re alive. I say this because estate planning, to some degree, has much to do with timing. You can have a plan and create documents that deal with your incapacity. However, that plan and documents become null and void once you die, and another plan and set of documents are needed. Here’s why this matters to you: If you’re like many people, you’ve heard of a document called a Power of Attorney. You may even have authority for an aging relative under a Power of Attorney. In my practice, however, I've found that most people don’t realize that the authority granted under that Power of Attorney ends as soon as the person granting the power dies. So, while you may be able to access your loved one’s checking account to pay bills while they’re alive, that ends immediately at death if your access was under a Power of Attorney. You must then get separate authority - from a court if assets are not held in a trust - to handle the remaining assets after death. This means your incapacity planning and post-death planning must work together so the transition is handled smoothly and with as much ease for your loved ones as possible. And that brings us to the Leno case. So, What Happened In the Leno Family? (And What It Means for You) Mavis Leno, Jay's wife of more than 40 years, is battling dementia and has reached the point where she can no longer handle her financial affairs. So, Jay had to go to court (essentially filing a lawsuit against his own wife) to be able to manage her finances. After a few months, the court ruled and gave Jay the authority he requested. That’s essentially the entire story. But we can’t stop there! Even from just three simple sentences above, several key takeaways exist.  Here are the highlights: Even though they were married, Jay did not have automatic authority to manage Mavis’s finances. And neither will you if you’re married and your spouse has separate assets. Any assets or accounts you own are your property and your property alone. Marital status is irrelevant. And, if you don’t have advance planning in place, your spouse could need to go to court and sue your “estate” to get appointed and be able to take control of your assets.  Leno had to file a lawsuit (against his wife) to gain control of his wife’s finances. That’s the process, no matter what State you’re in. If you don’t have advance planning and you become incapacitated, someone will need to go to court to get authority, even if you have powers of attorney in place. And it will cost time (a few months in most cases) and money. While waiting for the court to rule, you won’t be able to pay your spouse’s bills using their money (or they may spend away, unaware of what they’re doing). That leaves you with two options:  You can pay the bills with your money and then get reimbursed later. This may be fine, especially if you have the financial means. But if you don’t have immediate access to cash, say your spouse paid all the bills from their account, this could mean trouble and potential loss of the asset. Or, bills simply go unpaid. Maybe you can explain the situation to the financial institution, and they will be patient while the court process plays out, but this doesn’t always happen.  The court process is set up for conflict, and the more conflict there is, the longer the process will take. In Leno’s case, he and Mavis have been married for over 40 years, and it’s their first and only marriage (relationship goals, right?). Given this fact, it’s reasonable to assume that no one challenged Jay’s request. But what if one of them had been married before and had children from the prior marriage? And what if one of those children wanted to ensure they got their inheritance and didn’t want the step-parent to have any control over the money? Sadly, this happens all the time. When it does, the case can go on and on, meaning court costs go up, and the assets in question could be at risk due to the time delay.  Leno’s personal and family information became public knowledge, but not because he’s famous. In most States, you must disclose your address, your family members and their addresses, and information about the financial assets. The Leno family's story is available for all of us to read, not because he’s famous, but because they had to go to court.  This can be problematic because scammers are paying attention. They tend to pay particular attention if you (or someone you love) are vulnerable, especially if you’re older. So, what have you gleaned from these insights so far? If anything concerns you, know there is a much better way this could have been handled. And this better way lies within your reach.  A Life & Legacy Plan Keeps Your Affairs Private and Your Family Out of Court and Conflict A Life & Legacy Plan solves the problems that left Jay Leno having to sue his wife’s estate to get access to her accounts. With a Life & Legacy Plan in place, you would have a seamless, easeful transition from capacity to incapacity and then to death. There’s no time delay; assets can be immediately available when you need them. A Life & Legacy Plan can also keep you and your loved ones out of court and conflict, saving time and money and keeping all your affairs private. When you work with me to create your Life & Legacy Plan, we’ll ensure your plan stays updated throughout your lifetime. This is critically important because if your estate plan doesn’t reflect your current life circumstances at the time you need it, then it simply won’t work. That means you end up in court, just like the Leno family. Now, for context, most attorneys do not make sure your plan stays up to date. But I’ve seen too many plans fail because of it, so together, we’ll review your plan at least every three years and make updates as necessary.  We’re Here for You Throughout All Of Life’s Changes Incapacity planning is more crucial than ever, especially with cases of dementia on the rise. According to Alzheimer’s Disease International, over 55 million people worldwide currently have dementia, and that number is expected to increase to 78 million by 2030. Whether you’re diagnosed with dementia, another severe illness, or a terrible accident that results in your incapacity, a Life & Legacy Plan will help ensure you’re prepared, no matter what happens. If you're ready to get started, or have questions about our Life & Legacy Plan, click here to schedule a complimentary initial consult.

This week, we’re continuing to look at the lives of 4 celebrities and how they’re preparing for the inevitable (or didn’t!). Last week , we examined Michael Jackson’s planning and the holes in his plan that resulted in his family being embroiled in court and conflict for 15 years and counting (if you missed it, go back and check it out!). In this second article of our 4-part celebrity series, Vanilla Ice chimes in with his estate planning experience, advice, and lessons learned on a video he posted to his YouTube channel. He has a lot to say! I’ll share some comments users posted with their takeaways, and I’ll pull out a few lessons that we can learn, too. Let’s start with a topic everyone no one likes to talk about: taxes.  Vanilla Ice (Really) Hates Estate Taxes Vanilla Ice shares the story of his buddy Mark, whose parents owned a sprawling property in Palm Beach, Florida. When they passed, Mark and his siblings sold the estate, expecting to be set for life. But estate taxes ended up taking over 80% of their profit. Ouch. Vanilla Ice calls this tax a "generational wealth killer," and he’s not wrong. Estate taxes can sneak up and bite a huge chunk out of your wealth. And the thing is, with a proper estate plan, this doesn’t have to happen! The key is to educate yourself. Knowing what you’re up against helps you plan smarter so that more of your hard-earned assets reach your heirs.  In the comments section of the video, one user wrote that he agrees. He says,  “as a Certified Public Accountant (CPA), I love Rob's recommendation to gain an understanding of taxes. We spend more on taxes than everything else in life.” I agree too! I believe that education is the most important part of estate planning. That’s why my planning process begins with a Life & Legacy Planning Session, where you’ll get the plain and simple education you need to make wise decisions about your planning, including how to keep your family out of court and out of conflict, minimize taxes, and ultimately create a plan that works for you and the people you love, when they need it.  So, first lesson: If you suspect your family could pay estate taxes at the time of your death, don’t wait to plan. There’s way too much at stake. Give us a call, and let’s get you in the know about the kind of planning you want and need for yourself, and the people you love. Let’s talk life insurance next.  Vanilla Ice Thinks Life Insurance is Cool Life insurance isn’t just for covering funeral costs – it’s a secret weapon in estate planning. Vanilla Ice suggests “maxing out your life insurance” to pass on as much money to your kids as you can. What makes life insurance “cool” is that death benefits aren’t subject to income  tax, meaning your heirs can get more bang for your buck than if you were investing the money you’d put into life insurance premiums into just about any other asset class.  It’s worth considering what Vanilla Ice suggests here. When you take out a life insurance policy, the payout can cover any necessary taxes, probate fees, and debts, ensuring your heirs receive the lion's share of your assets. Life insurance can help with short-term needs, like paying off a mortgage, or it can serve your family’s long-term needs, like maintaining the lifestyle to which they’re accustomed. When you get educated via our Life & Legacy Planning process, we’ll look at your life insurance, whether you have the right amount and the right type, and connect you with expert in the field. We’ll consider whether you need more insurance, less insurance, or a different kind of insurance altogether based on your family dynamics, assets, and what you want for the people you love after you are gone. Second lesson: If you want to be cool, make the right type and kind of life insurance part of your planning.  Ice Says Trusts Are Not Just for the Rich and Famous (and He’s Right!) Trusts might sound like something only the super-wealthy need, but they’re a smart tool for anyone looking to protect their assets. One commenter agreed, saying he’s learned this from experience, “It isn’t just millionaires that need planning. I’ve seen families torn apart fighting over $100,000 or less. Siblings not speaking to each other again over $50,000.” Ice mentions irrevocable trusts specifically. These types of trusts let you transfer assets to a beneficiary while removing the assets from your taxable estate, ensuring your assets aren’t subject to estate taxes. Any assets placed in an irrevocable trust are also protected from legal judgments and creditors IF you do it the right way and in the right jurisdiction. Don’t go at this one alone. But if it’s something you are interested in, contact us and let’s talk. In the video, Ice jokes about putting his classic car collection into a trust and setting rules, such as his kids can lease but not sell the cars. This kind of protection ensures your heirs benefit from, but don’t squander, the assets. In other words, even after death, you get to determine how your assets will be used. And if you want to protect them for future generations, you can. This is one way to create generational wealth.  So now we’re up to our third lesson: If you want to protect and preserve your assets for generations, take Vanilla Ice’s advice and utilize trusts in your planning.  Put Vanilla Ice’s Advice Into Action Today Vanilla Ice’s video brings forward lessons everyone can benefit from. By understanding your options, including how taxes and life insurance impact your family and assets specifically, and considering the use of well-counseled trusts, you can safeguard your assets and ensure they benefit your loved ones the way you want. To quote his classic hit, “Ice Ice Baby,” ‘Anything less than the best is a felony.’ Take these lessons from Vanilla Ice to heart, and start building a solid estate plan today. Your future generations will thank you for it.  Click here to schedule a complimentary 15-minute consultation to learn more.

What is it about celebrities that always draws us in? For whatever reason, we just can’t resist a good, juicy celebrity story. Maybe it’s because we can relate in some way, or maybe we feel like we can’t relate and that’s what makes celebrities interesting. So for the next few weeks, we’re going to look at the lives of 4 celebrities and see what we can learn from their stories. I think you’ll be surprised to learn that you have more in common with these folks than you thought (even if you don’t also have your own private jet). This week, we’re going to turn the spotlight on Michael Jackson. Even if you aren’t old enough to “Remember the Time” when Michael Jackson was dominating the charts, by the end of this article, you’ll see that he left holes in his estate plan that we can learn from. It’s As Easy as “ABC” (and 1, 2, 3) Before we take a look at the specifics of Michael Jackson’s story, let’s dispel a myth about estate planning: That it’s only for the rich or philanthropic. You do not need to be rich, philanthropic, or famous to need estate planning. You need estate planning if you own anything - even a bank account - and have people in your life you love. It’s as simple as that (dare I say it’s as simple as “ABC” and 1,2,3?). So as you think about your own estate planning, it's time to "Beat It" past the misconceptions so you’re empowered to do the right thing by your loved ones.  So what happened in Michael Jackson’s case? He had an estate plan that included a Will, and the Will established trusts for his mother, Katherine, and his three children, Paris, Prince, and Bigi.  Let’s stop right there because there’s already an increased potential for conflict with this setup. When your assets pass via “Will” (instead of via Trust), your assets must go through a court process called probate, which can be referred to as a “lawsuit you file against yourself with your money for the benefit of your creditors.” Subjecting your assets and your family to probate can result in a long, time-consuming, and messy court process that can be unnecessarily expensive to resolve. Plus, the court process is entirely public, meaning anyone can access the records and see information about your assets and family that you would rather keep private.  A trust, on the other hand, bypasses the court process altogether, as long as your assets are owned in the name of the trust when you become incapacitated, or when you die. If your assets are properly transferred and retitled into the trust (this is called “funding” the trust), your estate can be administered privately and often takes less time than the court process does. A trust can be set up and funded while you’re alive, thereby avoiding probate, or it can be a part of your Will. When it’s part of your Will, like in MJ’s case, it isn’t established or funded until after the court process has played out. So if you’re trying to keep your family from going through the court process, putting a trust in your Will completely defeats the purpose. Here’s what we’ve learned so far: if your intent is to keep your loved ones out of court and conflict, creating a Will alone is a “Bad” choice.  Peace of Mind For the “Man in the Mirror”  Since Michael Jackson’s assets were not owned in a trust, and instead his assets needed to pass via Will, there have been ongoing legal matters in court, which still aren’t resolved 15 years (yes, you read that right) after his death. Currently, MJ’s family is embroiled in a dispute with the IRS, and so the trusts he intended to be created for his mother and children remain unfunded, and therefore, some of his assets cannot be transferred to them, in the way it seems he intended. It’s also highly probable that the legal disputes continue to cost the estate a lot of money. That’s money that would have gone to his mother and children otherwise.  To make sure the people you love receive your assets in the way you want, I cannot underscore the importance of education and intent. This is exactly why my Life & Legacy Planning process begins with educating you first. The first time we meet, I will show you exactly what will happen to your family and your assets after your death, based on your current plan (or the state’s plan for you, if you don’t have a plan). From there, I help you make intentional decisions about what’s right for you and your loved ones, based on your desires, your assets, your family dynamics, and your budget.  Taxes - A Potentially “Dangerous” Situation!  The Jackson estate's ongoing battle with the IRS also serves as a stark reminder of the tax implications that can affect your plan and your loved ones. When it comes to taxes, you can’t think in terms of "Black or White" – there are many shades of gray to consider. If you intend to avoid as many taxes as possible, you don’t want to cut corners by either doing your estate planning cheaply or on your own. That could be “Dangerous!” I can help you create a comprehensive plan that minimizes taxes as much as possible, potentially saving you and your family (lots of) money.  So our next lesson from Michael Jackson’s story is: when it comes to saving money on taxes, the stakes are too high to go at it alone. Work with a professional who can advise you properly. We aren’t clear why Michael Jackson didn’t get the kind of support necessary to minimize taxes and protect his estate from a long drawn-out court process, but what we do know for sure is that we can help you and your loved ones. Avoiding the “Thriller” of Legal Disputes The Jackson case also highlights the importance of choosing the right representatives for your estate. These are the people who handle your affairs after you’re gone (they’re called “executors” if there’s a Will or “trustees” if there’s a Trust). MJ’s family members have criticized the representatives for the way they’ve managed the estate. In particular, Katherine Jackson has alleged that the executors have been too frugal and are holding onto assets to maintain control.  There’s always a possibility of conflict between your representatives and your loved ones, even if you aren’t famous and don’t have millions of dollars to fight over. So to help minimize the potential, we recommend you communicate your intentions to your representatives and to your loved ones during your lifetime. Consider holding a meeting so everyone knows what your wishes are and understands the intent behind your decisions. You may not be able to “Heal the World” on your own, but you can promote healing within your own family and prevent future conflict by opening the lines of communication now. We often facilitate these meetings for our clients. Also, know that you don’t have to choose family members to be your representatives - even if you feel pressured to do so. If you aren’t sure who the “right people” are, think about people you know who are not only trustworthy but also capable of handling complex financial and legal matters. There’s also the option of choosing a professional representative, as Michael Jackson did, who might be more appropriate for your situation. When you work with us, we’ll be there to “Rock With You” through all the different scenarios that could arise, so you can then choose the right people for your unique circumstances.  Our two final lessons from Michael Jackson’s story are these: 1) Communicate your wishes openly to your representatives and your family, and 2) Choose the right people to act for you when you no longer can.  By learning from the challenges faced by Michael Jackson’s family, you can ward off the possibility of a similar outcome for your loved ones. Your careful planning today can pave the way for a smoother transition of your assets in the future, ensuring that you are able to support your family after you’re gone, rather than creating a mess for them to handle without you. I’m here to serve you and help you ensure your estate doesn't become a "Thriller" of legal battles, but instead a harmonious transition that would make even the King of Pop proud. “You Are Not Alone” - We’re Here for You It’s “Human Nature '' to want to avoid thinking about your death, much less plan for it. We get it. But when we face our mortality, we’re able to live a more fulfilling life. The good news is that you don’t have to deal with it alone. We’re here to support you every step of the way.  At Kaplan Estate Law LLC, we help you create a Life & Legacy Plan from a place of education and intention, so that your loved ones stay out of court and conflict. And once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.  Click here to schedule a complimentary 15-minute consultation to learn more.