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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.

Although you likely won’t need to have an entirely new estate plan prepared for you, upon relocating to another state, you should definitely have your existing plan reviewed by an estate planning lawyer who is familiar with your new home state’s laws. Each state has its own laws governing estate planning, and those laws can differ significantly from one location to another. Given this, you’ll want to make sure your planning documents all comply with the new state’s laws, and the terms of those documents still work as intended. Here, we’ll discuss how differing state laws can affect common planning documents and the steps you might want to take to ensure your documents are properly updated. LAST WILL AND TESTAMENT The good news is, most states will accept a will that was executed properly under another state's laws. However, there could be differences in the new state’s laws that make certain provisions in your will invalid. Here are a few of the things you should pay the most attention to in your will when moving: YOUR EXECUTOR Consider whether or not the executor or administrator you’ve chosen will be able to serve in that role in your new location. Every state will allow an out-of-state executor to serve, but some states have special requirements that those executors must meet, such as requiring them to post a bond before serving. Other states require non-resident executors to appoint an agent who lives within the state to accept legal documents on behalf of the estate. MARITAL PROPERTY If you are married, give special consideration to how your new state treats marital property. While a common-law state might treat the property you own in your name alone as yours, community-property states treat all of your property as owned jointly with your spouse. If your new state treats marital property differently, you might need to draft a new will to ensure your wishes are honored. INTERESTED WITNESSES Another important role under your will to consider when moving to a new state is an interested witness. An interested witness is someone who was a witness to your will who also receives a gift from your will. Some states allow interested witnesses to receive the gift, while other states do not allow such gifts. And still other states allow such gifts provided the witness is a family member. REVOCABLE LIVING TRUST A valid revocable living trust from one state should continue to be valid in your new state. However, you need to make certain that you transfer any new assets or property you acquire, such as your new home, to your trust, so that those assets can avoid the need to go through probate before being distributed to your heirs upon your death. POWER OF ATTORNEY A valid power of attorney document, such as a durable power of attorney, medical power of attorney, or financial power of attorney, created in one state may be valid in your new state. However, you shouldn’t just assume it will be accepted, and you should check with a lawyer like us to make certain your document will work 100% as intended. What’s more, in some cases, banks, financial institutions, and healthcare facilities in your new state may not accept a power of attorney document if it’s unfamiliar to them, which is another reason to have these documents reviewed by a professional. Finally, simply as a practical matter, it may be a good idea to have your power of attorney agent live in the same state you do, so keep that in mind as well. ADVANCE DIRECTIVE/ LIVING WILL When it comes to advance directives, such as a living will and medical power of attorney, you’ll find that most states will accept documents that were created in other states, but this isn’t guaranteed. Some states, for example, don’t even have any laws governing these matters, so healthcare professionals may be hesitant to accept out-of-state documents. Furthermore, the provisions, forms, and language used in advance directives can vary widely between states. For example, some states combine a medical power of attorney with a living will, so that you get to name the person in charge of making your medical decisions in the event of your incapacity and spell out your specific wishes for care all in one document. Yet, in other states the documents are separate. For these reasons, you should enlist the help of a lawyer to make sure your advance directives will be honored in your new locale. BENEFICIARY DESIGNATIONS If you have accounts with beneficiary designations, such as 401(k)s, life insurance policies, and payable-on-death bank accounts, these should be valid no matter which state you live in. That said, you should still review these documents when you move to ensure that your address and other personal information is updated. KEEP YOUR PLAN CURRENT As with other major life events, such as births, deaths, and divorce, moving to a new state is the ideal time to have your plan reviewed by a professional. With us, as your attorney, we’ll not only support you in creating the planning documents that are best suited for your situation and asset profile, but we also have systems and processes in place to ensure your documents stay totally updated throughout your lifetime. Additionally, for parents of minor children, we can also help you create the legal documents for naming both short and long-term guardians, who would care for your kids in the event of your death or incapacity. Schedule an Initial Consult with us to learn more about our services or to get your estate plan started or reviewed today.

As an LGBTQIA+ non-biological parent, June's arrival sparks a flurry of Pride celebrations reminding you of the remarkable progress the community has made, while also shining a light on the ongoing fight for full equality. One area where you may still face unique legal hurdles is in ensuring your parental rights are properly protected, if you are a non-biological parent. Marriage may not be enough, but marriage in conjunction with estate planning gives you the maximum peace of mind. This Pride Month, take the time to safeguard your family's future by putting the proper legal protections in place for yourself and the people you love. You worked hard to build this life —don't let lack of planning put it all at risk. In this article, I’ll address some key actions to take so you’re empowered to advocate for your rights as an LGBTQIA+ non-biological parent. Establish Legal Parentage As a non-biological parent, your first priority is to ensure you are recognized as the legal parent of your child or children. This may seem like a given, but the laws around legal parentage can vary significantly between states and get tricky for LGBTQIA+ families. For example, imagine your partner gives birth to a child through donor insemination, and you are not the biological parent. In many states, you would not automatically be considered a legal parent to that child—even if you're married. The same applies to same-gender couples who have a child through surrogacy or adopt a child. Without taking additional steps like a second-parent adoption or other legal processes, you could face an uphill battle asserting your parental rights and decision-making authority about the child's care, education, and other crucial matters. This is the case even if you are co-parenting a child with your partner or spouse who is the biological parent of the child. It may sound extreme, but there are cases of non-legal LGBTQIA+ parents being denied the ability to make medical decisions for their own child or facing obstacles traveling across state lines together. Build your family’s foundation on a rock, not sand. No matter how your child came into your lives, be sure to take the proper legal steps to ensure you have equal legal standing and rights as a parent, from day one. Get Vital Legal Documents in Place Beyond solidifying legal parentage, you need other legal documents in place to protect your role as a non-biological parent: Medical Consent Forms. These forms explicitly authorize you to make medical decisions for your children in any situation. Without them, a hospital could potentially deny you the ability to consent to a life-saving procedure, if your legal status is called into question. Parenting Agreement. If you're not legally married to your co-parent, a formal parenting agreement is absolutely critical. This document outlines both party's intentions, roles, responsibilities, and legal rights/expectations for raising the child. It can dictate factors like living arrangements, decision-making powers, financial obligations and more. Without this agreement, a bitter break-up or disagreement could put your relationship with your child in legal jeopardy, especially if there isn’t an obvious framework for who has custodial rights. A thoroughly drafted parenting agreement acts as your concrete evidence of the intended family structure. Wills and Guardianship. If the unthinkable happens and you (or your parenting partner) were to pass away, your children's guardianship could potentially get caught up in legal battles with blood relatives who may not respect your family situation. The same goes for an unmarried co-parenting situation where your child's other parent may not have automatic guardianship rights. Anytime you go to court, the potential for conflict increases exponentially. So do expenses. It’s always best to avoid the court process if at all possible (and here, it’s possible!). This makes it absolutely imperative to explicitly document your choice of legal guardians for your children in case you are incapacitated or pass away. A Kid’s Protection Plan, where you nominate guardians for your children, exclude anyone you wouldn’t want, say what happens if they’re with a babysitter and you’re in an unforeseeable accident, prevents family you’d never want raising them from doing so, and ensures they’re never taken into the care of strangers, can not only help prevent ugly custody battles, but also make sure your kids are provided the love and stability they deserve. As an LGBTQIA+ parents, these provisions are the way to reinforce your intentions and values about who should care for your children in keeping with the family structure you created. Don't leave it up to a judge's interpretation, who knows nothing about you and your children. Think about it: a judge is a complete stranger. Do you really want a complete stranger deciding what happens to your kids if you were no longer here? Of course not! So take action while you can, and if you are the non-biological parent in relationship with the biological parent, and without clear legal parentage, it’s even more critical - make sure your child’s biological parent has a Kids Protection Plan in place. Leave a Legacy, Not a Mess As an LGBTQIA+ parent, you may have had to overcome many hurdles simply to become a parent to your child or children. Now it's time to ensure you can leave the lasting legacy you envision for them. With a comprehensive estate plan that works when you and your loved ones need it to, you can capture the immense love, sacrifice and life lessons that went into creating and nurturing your family unit. You can memorialize the values, heritage and core principles you hope to impart on your children and can outline cherished ceremonial traditions you want carried on at important milestones. As your attorney, we don’t just draft estate planning documents for you, but with our Life & Legacy Planning process, we ensure we create a plan that works for you when your family needs it, and that plan is maintained and updated over time. As a result, nothing that matters is lost, and you won’t leave a mess for the people you love. On top of that, we don’t just ensure you pass on your money, but the intangible assets that truly matter to the people you love. During our Life & Legacy Planning process, we’ll record you speaking about what matters most for the people you love, creating a family heirloom that will be passed on for generations. Get Support for the Journey Even in 2024, the road to equality and respect is an ongoing battle for LGBTQIA+ parents and families. But you don't have to figure it out alone. This Pride Month, connect with an attorney who can empower you to protect your family structure and parental rights through comprehensive estate planning. Estate planning is not just about legal formalities, but ensuring your lifetime of efforts to create your family leaves a proud, enduring legacy for generations to come. With the proper guidance, you can celebrate future Pride events confident your journey won't be derailed by preventable legal oversights. The peace of mind of knowing you've shored up your family's legal standing is one of the greatest acts of love you can provide. It’s not only a gift of love for your children, but a gift of love to yourself. How We Support You to Protect Your Family At Kaplan Estate Law, 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 unity 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. Schedule a complimentary 15-minute call with our office to learn more.

Moms spend their days and nights thinking about how to make sure their children are happy, healthy, and safe. If you’re a mom, you know. If you aren’t a mom, you were born because of a mom. It’s one of the two things we all have in common. So, as  Mother’s Day approaches, let’s talk about the most meaningful gift you can give or receive: every mom deserves the peace of mind and power to create financial security for themselves and their children with thoughtful estate planning. Now you may be thinking, “Estate planning? Really? Isn’t that just for rich people?” Or, “How  does drafting a Will give me peace of mind and financial security?” Glad you asked! Most people have a general concept of what “estate planning” means, but in reality, don’t fully understand it. Believe it or not, estate planning is far more complex than just drafting a Will, and it’s not just for rich people. Once you appreciate the power of estate planning, you’ll know why it has the power to “gift” you peace of mind. So let’s start by parsing out what estate planning really is and why it matters for every mom you know, including yourself if you are a mom. Why Estate Planning Matters for Moms (and Dads too) Imagine having a roadmap that clearly shows how your financial assets, the guardianship of your children, and even your most cherished possessions are handled should anything happen to you. Now imagine that your roadmap is a legal document and the people receiving that roadmap are required to abide by your wishes and are able to easily do so because your wishes are so clear and you’ve left a guide for your family along with the roadmap. That’s what estate planning is: a legally enforceable plan for your future, and ideally a guide to help your loved ones navigate the plan. And contrary to what most people think, estate planning isn’t just for the wealthy or those who are nearing the end of life. It’s for everyone, including you! Thoughtful estate planning gives you the power to make decisions now that will impact your and your family's future, giving you peace of mind to know you aren’t leaving a mess for the people you love. You may be wondering, “Really? How does estate planning give me peace of mind?” Estate planning allows you to specify who will care for your children if you are unable to do so yourself. It’s undoubtedly a tough subject, but choosing a guardian you trust to raise your kids as you would brings immense comfort, and may even guide you to build deeper relationships with the people you’d call upon to care for your children, if you cannot. Knowing that your wishes are written down and legally protected can relieve a lot of stress, and relax any of those “stressful in the background” thoughts about that one person you would never want raising your kids. Without a plan, a judge would decide who takes care of your children if you cannot, and they might not choose the person you would have wanted. Or worst of all, they may even choose the one person you’d never want raising your kids because maybe they look great on paper. Think about it: a judge knows nothing about you or your kids. They only know what they see in court filings. That’s it. They’d have to make decisions with no input from you. Not the best thought, right? When done right, estate planning also lets you direct the distribution of your property and finances. Specifically, it ensures your assets are transferred to the people you choose without unnecessary delays, legal hurdles, or family conflict. This not only secures your children’s future but also simplifies the administrative process at a time when your family should have space and time to mourn and heal, not get tangled in legal complexities. And if they do get tangled up in conflict, it’s highly likely that those relationships will be forever destroyed. That also happens. Again, more often than you may think. Here’s the bottom line. When you get these things in order, you can die in peace, and that means you live life more fully. Estate Planning Equals Empowerment Estate planning puts the power in your hands. It's a declaration of your values and your voice, legally secured to guide your family when you can't be there. By setting out your wishes clearly, you prevent disputes and ensure your legacy lives on exactly as you intend. After all, someone will have to wrap up your affairs after you die, so it may as well be you, now, while you’re living. Financial Protection In Case of Loss Estate planning is especially vital if the unthinkable happens and your spouse or partner dies. An effective estate plan includes setting up mechanisms such as life insurance, trusts, and instructions for pension or retirement benefits, which can provide you with financial support when it’s most needed. There’s absolutely no reason you and your children need to compromise your lifestyle should something happen to your partner. For example, an estate plan ensures that you have access to joint assets and that any individual assets held by your spouse or partner are transferred to you or your children without delay. This can be critical in preventing financial hardship during an already challenging time, ensuring that you have the resources needed to maintain your home, cover living expenses, and continue to provide for your children’s needs. Let Us Give You the Gift of Peace and Power At Kaplan Estate Law, we don’t just give legal advice or draft documents. We take your power and peace of mind seriously. We also know that you’re busy. We have processes in place that make getting your estate plan in place as easy as possible, all while being thorough, thoughtful, and mindful of your time and budget. If you want to learn more about how we can help you create an estate plan that gives you the Mother’s Day gift of power and peace of mind - so you can live life to the fullest - schedule a complimentary 15-minute call with our office or e-mail lauren@kaplanestatelaw.com.

When you die, what happens to your online life? Each social media platform has its own rules for dealing with the accounts of deceased users, ranging from permanent deletion to transforming accounts into places for mourning and memory. Understanding these options is essential for managing digital assets responsibly and respecting your wishes. So let’s take a look at the various policies of major social media sites and what you can do to make sure your accounts are handled the way you want. After all, our social media accounts reflect our personalities, interests, and memories, so we want them handled with care. What Each Platform Allows Let’s take a look at the practical aspects and discuss what each digital platform allows or requires. Note that these provisions are updated as of April 2024, as this article is being published. Facebook. Facebook offers two options for accounts of deceased users: either close the account permanently or convert it into a memorial account where loved ones can share memories. The platform allows you to designate a "Legacy Contact" while you’re alive; someone who can manage your memorialized account by updating your profile picture, accepting friend requests, and posting memories. Importantly, they cannot log into the account or view your private message history. Instagram. Instagram also allows accounts to be either memorialized or permanently deleted. A memorialized Instagram account will display a "Remembering" label and will not appear in public spaces like the “Explore” section. The process requires proof of death, such as a death certificate, so someone will need to provide that after you’re gone. TikTok. TikTok permits family members or legal representatives to request the deactivation of a deceased user’s account by providing appropriate proof of death. Unlike Facebook and Instagram, and at the time of this writing, TikTok does not currently offer a memorialization option, so your account is permanently removed once the request is processed. X. X (formerly known as Twitter) allows the family to close the account of a deceased user. This involves submitting proof of death, after which your account and its contents are permanently deleted. X does not provide a memorialization option. YouTube. YouTube is covered by Google’s overall policies, which offer a proactive feature called the Inactive Account Manager. This allows you to set instructions for your account if you become inactive for a specified period. You can also choose to have your data shared with trusted contacts or have the account deleted. LinkedIn. On LinkedIn, immediate family members or colleagues can request to remove a deceased member's profile by providing proof of death. LinkedIn focuses on maintaining a professional network and so does not offer account memorialization. How to close or memorialize an account It’s important to know that social media platforms generally discourage logging into a deceased person's account as it poses privacy and security risks. To close or memorialize your account, family members must directly contact the service and provide the necessary documentation. They won’t be able to make a phone call, either - they’ll have to find out how to close or memorialize your account on each site separately, which can be time-consuming and frustrating. But there’s a better way! You can create a plan that helps your loved ones navigate the process. To do that, you need a trusted estate planning lawyer. What an Estate Planning Attorney Can Do A trusted estate planning attorney plays a crucial role in helping manage your digital legacy, ensuring that your wishes for your online accounts are carried out after your passing. Here’s what a skilled attorney can do to help ensure that your loved ones have the necessary information and authority to manage your accounts: 1. Create a Digital Asset Plan An estate planning attorney can help you draft a digital asset plan that details your wishes for each of your online accounts. This plan can specify which accounts should be closed and which should be memorialized. It includes all kinds of digital assets, from social media accounts and emails to digital wallets and personal blogs. Your attorney can also guide you in appointing an executor, a person who will be responsible for managing your online assets according to your wishes. A knowledgeable attorney will explain the responsibilities involved and help ensure that the executor has the legal authority they need to act on your behalf with various digital platforms. 2. Provide Necessary Legal Documentation A skilled attorney can prepare necessary legal documents that authorize your executor to access your accounts. This might include special powers of attorney and directives that are included in your will, trust, or in a separate document. 3. Secure Your Account Information A trusted attorney can suggest secure ways to store your account usernames, passwords, and any other necessary information. This information can be kept in a way that respects privacy and security but becomes accessible to the digital executor or designated individuals after your death. 4. Update the Plan Over Time As laws and platform policies change, a trusted estate planning attorney can help update your digital estate plan. This ensures that it remains compliant with new regulations and continues to reflect your wishes accurately. How We Can Help At Kaplan Estate Law LLC, we don't merely dispense legal counsel; we safeguard all your assets and guide you to make the right decisions for your unique situation. We take the time to fully understand what’s important to you, and then together, we’ll craft a thoughtful and holistic plan so you and your family can avoid the stress, conflict, and chaos that comes with incomplete planning - including incomplete digital planning. To learn more about how we approach estate planning from a place of heart and understanding, schedule a complimentary 15-minute call with our office.

When that extra bit of money from your tax refund lands in your bank account, it's easy to start dreaming about all the ways you can use it. Financial experts may tell you that it's a chance to pay off debts, tuck away savings for an emergency, or add to your retirement savings. You, on the other hand, may want to splurge on something special. However, there's an often-overlooked option that not only provides immediate satisfaction but ensures long-term benefits for both you and your loved ones: estate planning. Estate planning might sound like a complex and daunting chore reserved for the wealthy, but it's actually a straightforward and crucial process for everyone. In its most basic terms, estate planning involves making a plan for what happens to your belongings and finances after you're gone, or if you become incapacitated. Think of it as creating a roadmap for your loved ones to follow, ensuring they're taken care of and know exactly how to handle your estate according to your wishes. After all, someone will have to do something with your stuff after you’re gone, and if you’re the one who takes care of it while you can, you can save your loved ones a lot of pain. And, make sure you are cared for in the way you want, by the people you want, if you become incapacitated. And by the way, proper estate planning covers much more than just money and personal belongings, but we’ll delve into that in just a bit. Why You Need an Estate Plan Not only do you need a plan for what happens with your finances and personal items after you’re gone or become incapacitated, but you also need an estate plan if any of the following are true: You care about the people in your life who will handle things for you, if you cannot. First and foremost, estate planning isn’t something you just do for yourself, it’s truly an investment you make for the people you love. If it feels daunting to you, imagine how they will feel left with a big confusing mess when something happens to you. And, it’s one of those things that you must get handled before you need it because by the time you need it, it’s too late, and you’ve just left the people you love the most with a big mess. That’s why we say that estate planning is about protecting your family. It's about protecting their time, energy and attention, and leaving them with a gift of love. It’s a way of saying "I love you" that goes beyond words, providing them with security and guidance during a difficult time. By making your wishes clear, you can keep them out of court, prevent potential conflicts and ensure your loved ones are supported exactly as you intend. You want your wishes to be honored. With an estate plan, you have the power to dictate exactly how you want to be cared for if you are incapacitated, or who makes decisions for you if you cannot. If you would not want to linger in a hospital bed for years like Terry Schiavo did before her death, you must create a plan. Otherwise, the people you love could get stuck in a court process fighting over your care. You also get to say who inherits your assets, from your home and savings to sentimental items. Planning ensures there isn’t any confusion and guarantees that your possessions end up in the right hands. Planning also makes it clear who should handle things after you are gone, and it makes it as easy as possible for the people you choose. You want to save money and time (for yourself and your family). Dealing with the court if you become incapacitated or when you die is time-consuming, can be expensive and is totally public. Without a clear plan in place, you or your family may face costly legal battles and time-consuming administrative hurdles. Your careful planning now can save them from this stress and financial strain, making the process as smooth as possible. In addition, careful planning ensures that you save yourself money by avoiding unnecessary costs if you are unable to care for yourself. You have minor children. If you have minor children, consider who is home with them when you aren’t. Would that person know what to do if you didn’t make it home? Or would the authorities show up at your house and have to take your children into the care of protective custody/strangers while they figured it out? If the idea of this terrifies you like it does most parents, you need an estate plan. Most parents of minor kids are overwhelmed with the demands of everyday life and don’t stop to think that estate planning applies to them. A common misconception is that planning is only for older folks who know their mortality is staring them in the face, and young parents think that’s too far off to warrant any consideration. That’s a mistake. Death happens to everyone and incapacity can happen before it, no matter how old you are right now. Don’t leave your kids at risk. So now you know you need an estate plan but aren’t sure what to do next. If you feel like the process seems daunting, don’t worry. Taking that first step is easier than you might think. Put Your Tax Refund To Work You might consider using your tax refund to do your estate plan on your own or opt for a cheap online service. While these options can seem cost-effective at first glance, they don’t offer the comprehensive coverage and personalized advice that your unique situation requires. Instead, investing your refund in working with a heart centered, holistic attorney with a process in place for ensuring that your plan works throughout your lifetime is a much wiser choice. We will get to know you, your family dynamics, and your assets, and then help you choose the right plan for you both now, and into the future. Creating a will or a trust isn’t a one and done thing you do, and then put it on a shelf or in a drawer and never look at it again. When you do that, your plan is almost guaranteed to fail when the people you love need it. In that case, it’s almost better to do nothing because then at least you have it on your to-do list. False security is one of the greatest risks of estate planning. We will help you navigate the law, and also help you tailor your estate plan to fit your specific needs, as well as provide peace of mind knowing that your estate plan is thorough and legally sound. Remember, when it comes to safeguarding your family's future and ensuring your wishes are accurately reflected, the value of expert guidance is well worth the investment. At the very least, your attorney should help you create the relevant documents, including: Creating a Will: A will is a document in which you detail the distribution of your assets and designate guardians for any minor children. It serves as your voice, ensuring your assets are allocated as you desire. Setting Up a Trust: For greater control over the distribution of your assets, a trust is invaluable. It not only allows for precise management of how and when your assets are distributed but can also offer tax advantages and circumvent the lengthy and public probate process. In addition, and maybe more importantly, a trust will help your loved ones avoid a lengthy, expensive,  and totally public court process, which can cost your family significant amounts of time, energy and attention. Selecting Guardians and Executors: A key component of estate planning is choosing individuals who will execute your wishes and look after your children if you are unable to do so. These crucial choices help safeguard your family's future. And if you want to go beyond merely choosing people to raise your kids, you need a thorough Kids Protection Plan, which takes into account anything that could happen (i.e., you’re in a car accident and they’re with a babysitter at home). A Kids Protection Plan also ensures your kids are raised by the people you want in the way you want, that someone you’d never want to raise your kids is able to, and that the right people are able to get emergency care for them if you’re traveling without them. Managing Taxes and Expenses: Effective estate planning can significantly lessen the tax load on your beneficiaries, allowing a larger portion of your assets to benefit them directly instead of going towards tax settlements. These are all undoubtedly important, and what most estate planning attorneys will do for you. However, we will go a few steps further, ensuring that investing your tax refund in an estate plan is the very best investment you’ll make all year. We do this by: Empowering you to choose the right plan that fits your unique family situation, values, and budget; Ensuring your assets are inventoried and don’t end up lost (most lawyers won’t tell you that this happens - a lot - to the tune of billions of dollars every year); Creating a Kids Protection Plan , a comprehensive plan outside of your will for what happens to your kids if something happened to you; Being a trusted advisor for your family, so they have someone to turn to for help when something happens to you; Capturing your memories, stories, values and family traditions so they are passed down to the next generations; and A system for updating your plan at least every three years to make sure your plan stays up to date so as your life changes and the law changes, your plan works when you need it to. Estate Planning: The Ultimate Expression of Love Among all the ways to use your tax refund, estate planning ensures that your love and care for your family endure long after you're gone. It's an act of foresight that not only secures your family's financial future but also leaves a legacy. We will work with you to create a complete plan that is worth more to your loved ones than your tax refund will cover. To learn more about our Life & Legacy Planning process, and how we approach estate planning from a place of heart, schedule a complimentary 15-minute call with our office today.

Whether it’s called “The Great Wealth Transfer,” “The Silver Tsunami,” or some other catchy sounding name, it’s a fact that a tremendous amount of wealth will pass from Baby Boomers to younger generations in the next few decades. In fact, it’s said to be the largest transfer of intergenerational wealth in history. Because no one knows exactly how long aging Boomers will live or how much money they’ll spend before they pass on, it’s impossible to accurately predict just how much wealth will be transferred. However, studies suggest it’s somewhere between $30 and $90 trillion. Yes, that’s “trillion” with a “t.” A blessing or a curse? While most are talking about the many benefits the wealth transfer might have for younger generations and the economy, fewer are talking about the potential negative ramifications. Yet there’s plenty of evidence suggesting that many people, especially younger generations, are woefully unprepared to handle such an inheritance. In fact, an Ohio State University study found that one third of people who received an inheritance had a negative savings within two years of getting the money. Another study by The Williams Group found that intergenerational wealth transfers often become a source of tension and conflict among family members, and 70% of such transfers fail by the time they reach the second generation. Regardless of whether you’ll be the one passing on wealth or inheriting it, you must have a well-prepared estate plan in place to prevent the potentially disastrous losses and other negative outcomes such transfers can lead to. Without proper planning, the money and other assets that get passed on can easily become more of a curse than a blessing for you and your loved ones. Proactive planning is the key There are a number of proactive measures you can take to help reduce the risks posed by the coming wealth transfer. Beyond putting in place a comprehensive estate plan that’s regularly updated, openly discussing your values and legacy with your loved ones can be a key way to ensure your estate planning strategies work exactly as you intend. Here’s what we suggest: 01 - Create your own estate plan If you haven’t created your own estate plan yet—and far too many people haven’t—it’s essential that you put a plan in place as soon as possible. It doesn’t matter how young you are, how much wealth you have, or if you have any children yet—all adults over age 18 should have some basic estate planning vehicles in place. If you have yet to get your estate plan started, meet with us right away to get this crucial first step handled. From there, be sure to regularly update your plan on an annual basis and immediately after major life events like marriage, births, deaths, inheritances, and divorce. Unlike traditional estate planning professionals, when you work with us, we maintain a relationship with you long after your initial estate planning documents are signed. Indeed, our Life & Legacy Planning Process features proprietary systems designed to ensure your estate plan is regularly reviewed and updated over your lifetime, so you don’t need to worry about overlooking anything, as your family, the law, and your assets change over time. Be sure to ask about these systems during our meeting. 02 - Talk about wealth with your family early and often Don’t put off talking about wealth with your family until you are in retirement or nearing death. As soon as possible, clearly communicate with your children, grandchildren, and other heirs what wealth means to you and how you’d like them to use the assets they inherit. Make such discussions a regular event, so you can address different aspects of wealth with your family as the younger generations grow and mature. If you feel anxious or uncomfortable talking about wealth with your family, reach out to us and ask for our help. We have processes and systems specifically designed to support you in having these delicate conversations, with far more ease than you trying to do everything on your own. We can even facilitate these discussions with your loved ones, if that’s something you are interested in. And when you do have the conversation with your loved ones, focus the discussion on the values you want to instill, rather than what and how much they can expect to inherit. Let them know what values are most important to you, and try to mirror those values in your family life as much as possible. Whether it’s saving money, charitable giving, or community service, having your loved ones see you live your most important values is often the best way to ensure they carry those values on once you are no longer around. 03 - Discuss your wealth’s purpose Outside of clearly communicating your values, you should also discuss the specific purpose you want your wealth to serve in your loved ones’ lives. You worked hard to build your family wealth, so you’ve more than earned the right to stipulate how it gets used and managed when you’re gone. While you can add specific terms and conditions for your wealth’s future use in estate planning vehicles like Trusts, don’t make your loved ones wait until you’re dead to learn how you want their inheritance used. If you want your wealth to be used to fund your children’s college education, provide the down payment on their first home, or invest for their retirement, tell them so. By discussing how you would like to see their inheritance used while you are still around, you can make certain your loved ones know why you made the estate planning decisions you did. And having these conversations now can greatly reduce future conflict and confusion among your family about what your true wishes really are when you are no longer able to explain your wishes. A Trusted, Lifelong Guide For You And Your Family No matter how much, or how little, wealth you plan to pass on—or stand to inherit—it’s critical that you take action now to make sure that wealth is secure and offers the maximum benefit to your family. Our Life & Legacy Planning Process is designed to ensure the wealth that’s transferred is not only protected, but that it’s used by your loved ones in the very best way possible. Moreover, every estate plan we create features a built-in legacy planning process, which ensures you can communicate your most treasured values, lessons, and life stories to those you leave behind. That’s why we call our services Life & Legacy Planning, not just estate planning. These intangible assets form the foundation of your family legacy, and they are often what we value most of all when it comes to our inheritance. Ready to get started with your plan? Schedule a complimentary Initial Consult or send us an e-mail. We look forward to working with you!