How Can a Will Be Changed?

A last will and testament is a legal document that distributes assets, including investments, real estate and personal property after death. Once a will has been signed and executed, it becomes the foundation for an estate plan. However, what happens if you want to make changes? This is the topic addressed in a recent article from smartasset.com, “What is a Codicil to a Will?”

A codicil is a legal document that changes an already completed and valid will. Some prefer to use a codicil rather than revise their entire will, usually for reasons of economy. The codicil allows the will’s creator to update specific provisions. A codicil can be used to change beneficiaries, assign a different person to be the estate executor, or even change the size of gifts made to heirs.

Codicils are like wills: they need to be signed and witnessed according to the laws of the state to be valid. People like the ability to make changes to their wills quickly and easily. However, sometimes, a codicil is not the right way to change a will.

The codicil performs best when changes being made to the will are minor in nature. They should be used to make small changes when the testator’s wish is to maintain the overall intent of the will. For instance, the birth of a new child and the addition of an heir could be reflected through a codicil.

An experienced estate planning attorney must create the codicil. Making a note on an original will with initials and a date is not a codicil. It’s a separate document, requiring a formal signature and the presence and signatures of witnesses. Most states don’t require a codicil to be notarized. However, you should check with your estate planning attorney to find out if this applies to your state.

Making a lot of changes to a will with multiple codicils may result in estate problems in the future. There are numerous instances where multiple changes, especially repetitive ones, like taking the same person off and then adding them back, are perceived as changing the intent of the testator (the person who made the will). This leaves the entire estate vulnerable to challenges.

Some typical reasons for using a codicil:

Changing beneficiaries
Replacing an executor
Revising asset distribution
Divorce, marriage, birth, death.
Making new bequests
Correcting prior errors or omissions

Before having your estate planning attorney create a codicil, there are a few steps to take. First, discuss the reason for the change and whether the entire will should be revised. A new will may be better if the change is not simple and straightforward. If the codicil is being done to disinherit a beneficiary, your estate planning attorney may have other suggestions. If you have created trusts, the changes to the will don’t carry over to your trusts. They may need to be modified as well.

Reference: smartasset.com (Oct. 23, 2024) “What is a Codicil to a Will?”

Millennials Need Estate Planning

One family jokes about their mother’s large blue binder, affectionately calling it “Mom’s Book of Life.” She has assembled physical copies of estate planning documents, including medical directives for next of kin, account information, passwords and a list of assets. Her adult children thought they were too young to deal with such matters, reports a recent article, “I’m Way Too Young For Estate Planning. Or Am I?” from The Wall Street Journal. On reflection, they realized they, too, needed an estate plan.

Someone as young as 18 could benefit from having an estate plan, and someone in their 30s definitely needs one. Once a young person becomes a legal adult, their parents no longer have any say in financial or health matters without properly prepared estate planning documents.

Everyone over 18 should have an advanced healthcare directive, sometimes called a healthcare proxy or healthcare power of attorney. This allows people of your choosing the ability to make decisions about your healthcare if you become incapacitated: too sick or severely injured and unable to communicate your wishes.

Adults of all ages also need a power of attorney. This document gives another person the legal authority to access and manage your finances in case of incapacity.

A will, also known as a last will and testament, is needed to direct how you want your assets to be distributed after death. Even if you don’t own a home or car, chances are you have some personal property and may want specific people to receive certain items. Creating a will and getting used to the concept of planning for the future is a good habit.

If you have an extensive online life, digital assets will also require some planning. An inventory of your digital assets, including email accounts, apps, social media, cryptocurrency, photos, videos, etc., should be created, so a digital executor can manage the accounts. Some platforms permit naming a legacy contact, while others require specific directions on what should be done with your content.

Student loans, 401(k)s from employers and other financial accounts should be inventoried. However, this information doesn’t go into the will. The will becomes a public document once submitted to the court for probate, so any specific account information should be kept in an inventory of assets and debts.

Creating an estate plan can open a conversation with older relatives and parents about their plans for end-of-life care, a difficult but important dialogue. Talking about their wishes before something happens will allow you or other relatives to know beforehand, rather than spending the rest of your life worrying about a decision made in an emergency situation.

Estate plans need to be changed as you go through your life. New partners or spouses may need to be added, or a deceased parent may need to be removed as an executor. Getting used to addressing these life matters is part of being a responsible and loving adult.

Reference: The Wall Street Journal (Oct. 18, 2024) “I’m Way Too Young For Estate Planning. Or Am I?”

Can an Invalid Will Be Challenged?

If you are looking for a reason to get your estate plan in order, the experience of a daughter faced with a long and expensive legal battle when an invalid will was filed should motivate you to contact an estate planning attorney today. This unsettling story, reported by KATU2, “Woman says invalid will drained her mom’s estate and exposed holes in OR probate process,” shows why wills need to be updated and shared with family members.

A woman’s mother died suddenly in her daughter’s apartment. A few months later, a will was filed and accepted by the probate court but not by the daughter. It took nearly five months for a judge to throw out the invalid will after it went into effect.

The will expressly disinherited the daughter, who was very close with her mother and knew her mother would never have disinherited her. Her attorney filed to contest the will in June 2023.

The witness and the notary on the will were identified and interviewed. Both said they never signed the documents. The witness and notary filed their statements with the court in July. A handwriting expert who testified that the two signatures had been forged was brought in.

The handwriting expert also determined the mother’s signature on the will was forged, finding it had been taken from a legitimate will created in 2018. Kristy was left a quarter of her mother’s estate in this will.

The judge set a court date for September. In the interim, thousands of dollars were charged fraudulently on the mother’s credit cards. Someone advertised and held an estate sale in August when generations of heirlooms were sold at a garage sale.

The court froze the entire estate in late August. The 2022 will was found invalid in early September, and the executor was removed. By this time, however, a lot of irreparable damage had been done.

The court validates a will during probate. However, something went wrong in this case. Having a will prepared with an estate planning attorney and discussing the process with the appropriate family members should take place. However, not every family takes these steps.

The court is not responsible for contacting the beneficiaries to ensure that they receive their inheritance, unless they file a will contest with the court. It is then up to the heirs to prove a will’s validity.

In this case, both the beneficiary of the invalid will and the attorney representing the executor of the invalid will have refused to speak with a KATU2 reporter. So far, no charges have been filed. The only sure thing is that the case is under investigation by the county sheriff.

Keeping a will current and maintaining open lines of communication between the family, the executor and the estate planning attorney helps to avoid this kind of situation.

Reference: KATU2 (Oct. 14, 2024) “Woman says invalid will drained her mom’s estate and exposed holes in OR probate process”

Why Is a Special Needs Trust Important for Your Child’s Future?

When you have a child with special needs, ensuring their future care and financial security is a top priority. One way to achieve this is by setting up a special needs trust (SNT), which allows you to provide for your child without jeopardizing their eligibility for government benefits, such as Medicaid and Supplemental Security Income (SSI).

What Is a Special Needs Trust?

A special needs trust is a legal document that holds assets for a beneficiary with special needs. The purpose of this trust is to supplement, not replace, the benefits your child receives from government programs. With an SNT in place, you can ensure that your child has access to additional resources to improve their quality of life, while preserving their eligibility for vital services, as Special Needs Alliance reports.

Who Should Be Involved in a Special Needs Trust?

Setting up a special needs trust involves three key parties:

Donor: The person who establishes and funds the trust, typically the parent or guardian.
Trustee: The individual or entity responsible for managing the trust and using the funds appropriately.
Beneficiary: The person with special needs who benefits from the trust.

You may also name a remainder beneficiary, who will receive any leftover assets if your child passes away.

Why Is It Necessary to Set Up a Special Needs Trust?

You might wonder if leaving money directly to your child or a trusted family member is enough. Unfortunately, doing so could disqualify your child from receiving essential benefits. A special needs trust helps you avoid this risk by allowing you to direct your estate to your child without affecting their eligibility for government programs.

The trust can cover a variety of expenses that improve your child’s quality of life, such as:

Personal care attendants
Special therapies or treatments
Adaptive equipment
Education and recreational activities

What Types of Special Needs Trusts are There?

There are three main types of special needs trusts:

Third-Party Special Needs Trust: Parents or other relatives establish a third-party special needs trust to benefit a child with special needs. These trusts do not require Medicaid payback provisions.
First-Party Special Needs Trust: The beneficiary can establish a first-party SNT using funds from an inheritance, legal settlement, or other source. Medicaid may receive the remaining assets upon the beneficiary’s death.
Pooled Trusts: Nonprofits manage pooled trusts that combine assets from multiple sources, such as third and first-party funding. A pooled trust is a good fallback option when the two previous options aren’t available.

How Should You Fund a Special Needs Trust?

A trust needs adequate funding to serve its intended purpose. Most parents fund the SNT upon death through life insurance, retirement accounts, or savings. However, you can contribute to the trust during your lifetime if you have sufficient resources. Knowing that the trust is funded and ready to support your child’s future needs, this strategy can offer peace of mind.

What are the Responsibilities of a Trustee?

The trustee plays a crucial role in managing the special needs trust. Their responsibilities include:

Managing trust assets
Making payments on behalf of your child (but not directly to the child)
Keeping detailed financial records
Ensuring that the trust does not affect your child’s government benefits

Some families choose a trusted family member, while others opt for a professional or corporate trustee. Either path can be successful. However, you must carefully weigh your options. The right trustee must understand the requirements of a special needs trust and prioritize the child’s long-term well-being.

Can a Special Needs Planning Attorney Help?

Creating a special needs trust involves complex decisions that require careful consideration. A special needs planning attorney can guide you through setting up the trust, planning to fund it adequately and helping you select a trustee. They will also ensure that the trust complies with current legal standards, critical for preserving your child’s government benefits.

Start Building a Secure Future for Your Child with a Special Needs Trust Today

Securing your child’s future starts with creating a plan tailored to their needs. Contact our office today to schedule a consultation with a special needs planning attorney. We’ll help you navigate the process and ensure that your child has the resources for a fulfilling life.

Key Takeaways

Protect Government Benefits: A special needs trust allows your child to receive an inheritance without losing eligibility for vital programs, like Medicaid or SSI.
Enhance Quality of Life: The trust provides supplemental needs like therapies, personal care and recreation, improving your child’s daily experience.
Ensure Long-Term Financial Security: Proper funding ensures that resources will be available throughout your child’s life.
Maintain Control Over Assets: Decide how to manage and distribute assets to protect your child’s future financial stability.
Appoint a Reliable Trustee: Select someone who will manage the trust responsibly and in your child’s best interest.

Reference: Special Needs Alliance “A Special Needs Trust and Your Plan for the Future“

How Does Property Pass to Heirs in Estate Planning?

Not everyone understands how different kinds of property pass to heirs. This becomes problematic when heirs learn they aren’t receiving assets they thought would automatically pass to them — or when taxes or court costs take a big bite out of their inheritance. A recent article from The News-Enterprise, “Understanding how property passes on is crucial to planning,” explains how assets are distributed.

There are four general categories for how property can pass to beneficiaries upon death: joint ownership, POD (Payable on Death) accounts, trusts and wills. Most estates include a combination of these methods. However, every estate plan is different and should be crafted to meet the individual’s unique needs.

A primary residence typically passes to a joint owner, usually a spouse or domestic partner. This is why homes are owned by “Joint Tenants with A Right of Survivorship.” Property owned with a JTWRS title passes to the surviving owner when one of the owners dies. This is often how married couples own homes and joint bank accounts. These rules vary by state, so check with your estate planning attorney to be sure you own your home correctly.

Jointly held assets can also be owned without a right of survivorship. Each person owns a separate interest in the property, and ownership continues after death. When one owner dies, several steps must take place to distribute the decedent’s share to their heirs. A case will need to be opened in probate court, and a will needs to be submitted if there is one. Without a will, the decedent’s shares pass to their nearest heirs by kinship.

If you don’t like your relatives, having a will is necessary to prevent your assets from going to the wrong people.

How assets are owned should be clarified during estate planning. Many cases involve surviving spouses going to court against their own children because the ownership of joint property wasn’t established with a right of survivorship.

When accounts are set up as Payable on Death (POD) or Transfer on Death (TOD), the assets go directly to the person named on the account. It sounds simple and speedy. However, there are some risks. The assets may return to the taxable estate if the intended beneficiary dies before the primary owner. If the beneficiary receives means-tested benefits because of a disability, they might become ineligible for benefits like SSI or Medicaid. Even a small distribution could disrupt years of careful planning, if it is directly into their own name.

Trusts are commonly used to pass assets privately and smoothly. The distribution directions follow the trust’s language and can be tailored as needed. Assets can be distributed based on meeting certain conditions, like getting married or attaining a college degree. A trust can also distribute specific percentages of the trust at certain ages.

Assets not distributed through the three methods described above pass through a will and the probate process. If there is no will, the laws of the state determine who inherits the property.

An experienced estate planning attorney uses well-formed strategies to help clients consider how assets are best passed to their heirs. Keep in mind that every situation is different, so what your neighbor or best friend may have done may not be suitable for you and your family. A consultation with an estate planning attorney is the best way to be sure that your wishes are followed.

Reference: The News-Enterprise (Oct. 12, 2024) “Understanding how property passes on is crucial to planning”

Estate Planning 101: What You Need to Know

Have you done any estate planning? If you have a will, kudos to you! You’re ahead of so many people and celebrities who die without a will, creating unnecessary expenses and stress and risking family fights over assets large and small. However, a recent article from Kiplinger, “The Basics of Estate Planning,” reminds us of the importance of regularly updating estate planning documents and beneficiary designations.

Failing to do so could put heirs in a financial and legal tangle after you die or create unexpected tax consequences. You might also leave your assets to a wrongful heir, and your family might be unable to do anything about it.

What makes up the foundation of an estate plan?

The will directs your wishes to distribute assets to heirs upon your death. It’s not as straightforward as expected, so talk with an estate planning attorney to create a valid will. For instance, you don’t want to include anything you don’t want the public to know, like account numbers or passwords. The will becomes a public document when it is submitted to probate court.

A living trust, sometimes called a revocable trust, is used to own assets in a more private manner. You can put cash, securities and other assets into a trust, and the trustee, who you name to manage the trust, will be in charge of distributing assets after you die.

A living will, sometimes called an advance healthcare directive, outlines your wishes for care if you become incapacitated or for end-of-life care. This includes medical decisions like keeping you alive via artificial means, from respirators to feeding tubes. Letting your family know your wishes will spare them a lifetime of guessing what you want.

Powers of Attorney for finances and healthcare (also known as a healthcare proxy) names others to act on your behalf to manage financial and healthcare matters. Without these documents, your family may have to go to court to manage your bills and be part of your healthcare decisions.

Today’s estate plan also includes digital assets. You can designate a person as your Digital POA so they can access digital assets like emails, websites and social media accounts. They’ll need to be someone you trust and who can navigate the digital world.

All these documents need to be reviewed regularly to ensure that they align with your wishes and are current concerning any changes in the law. Most estate planning attorneys will advise you to update your documents whenever there is a big change in your life like birth, death, divorce, or a move to a new state. They should also be reviewed every three to five years as laws change.

Assets also pass through beneficiary designations. These are commonly retirement accounts and insurance policies, which ask you to name a person to receive the assets upon your death. These assets don’t go through probate. People often forget to update these documents, and old friends and ex-spouses find themselves with a surprise windfall.

It’s essential to update estate planning documents and beneficiary designations on the death of a spouse. This is not likely the first thing on your mind when grieving the loss of a loved one, but it is necessary.

The rules for inherited IRAs have changed. Therefore, your heirs need to be prepared for the impact, especially if your estate includes a large IRA. As a result of the SECURE Act of 2019, adult children or non-spouse heirs of a traditional IRA must empty the IRA within ten years of the original owner’s death. During the ten years, heirs must take annual withdrawals and pay taxes on those withdrawals as income. The alternative is to take the entire IRA at once and pay taxes on the whole account. This rule doesn’t apply to surviving spouses, who have more options.

Think of your estate plan as a gift to loved ones after you’ve passed. Without one, they may need to go to court, wait months or years to receive their inheritance or devote endless hours working on gaining control and distributing assets. Talk with an experienced estate planning attorney to protect your family and legacy.

Reference: Kiplinger (Oct. 1, 2024) “The Basics of Estate Planning”

Estate Planning Lessons from Mickey Mouse and Cinderella

At the center of every fairy tale is a human story centered around basic life experiences, as any English major will tell you. Therefore, it’s no surprise that the stories and characters from Disney hold life lessons for estate planning, as described in a recent article, “9 Estate Planning Lessons From Disney Movies,” from Forbes.

For a blended family story, look no further than Cinderella. When her father died and left his estate to an evil stepmother with two equally wicked daughters, he may not have thought of the impact it would have on poor Cinderella. By structuring the estate plan to provide for his daughter from the first marriage, he could have prevented Cinderella from being economically dependent on her stepmother. Leaving a portion to Cinderella and the remainder to the stepmother could have ended the story long before the prince entered the picture. Putting assets into a trust for Cinderella and naming a neutral party as trustee is another option her father could have explored.

Snow White’s seven dwarfs is a tale of planning for dependents. Each dwarf has their own behavior traits and needs, just as children do. For minors or children with special needs, unique circumstances need to be addressed by estate planning. Parents need to put a clear guardianship plan in place to protect dependents and be sure they are cared for by people who understand their needs. Without a plan, which includes a will naming guardians and a Special Needs Trust if appropriate, the court may appoint a guardian who might not be a good fit for the child. Establishing trusts can ensure that funds are available for education and living expenses, adding another person looking out for the child.

Who better represents incapacity than Sleeping Beauty? Facing a health crisis in which people can’t make their own decisions requires planning. A financial power of attorney and healthcare proxy ensure that someone you know and trust will be able to act on your behalf if you should eat a poisoned apple and fall into a deep sleep. By planning for incapacity, you can prevent court intervention and ensure that your healthcare choices are followed.

The Princess and the Frog exemplifies the need for good business succession planning to ensure that the business has a future. Does a business owner want to pass the business on to the next generation or sell it? This requires planning for taxes and estate planning. How should assets be gifted to minimize tax liabilities?

Failing to have an estate plan often leads to a sad ending for family members. Without it, there’s no guarantee of a kind-hearted prince or magical enchantress stepping in to make things right. Consult with an experienced estate planning attorney to protect your children and yourself from the twists and turns of life.

Reference: Forbes (Sept. 27, 2024) “9 Estate Planning Lessons From Disney Movies”

Can I Get Paid as a Caregiver for Mom?

Caring for an aging parent is one of the most rewarding yet challenging responsibilities a person can take on. However, it may require reducing your commitment to other work. Learning how to get paid as your mother’s caregiver is often essential to making the arrangement work.

What are Your Mother’s Needs?

The first step is understanding the level of care that your mother requires. Does she need help with daily activities like cooking, bathing and dressing, or are her needs more medical in nature? Creating a plan based on her specific needs will help you understand what you can do yourself and what might require outside help.

Some helpful questions to ask yourself:

How much time can I realistically commit to her care?
Are there tasks I may need help with, such as managing medications or mobility assistance?

Answering these questions will give you a clear idea of what kind of care is necessary and where to seek help.

Can You Get Paid to Be a Senior Caregiver?

While caring for a parent can be emotionally fulfilling, it can also become financially challenging, especially if you are sacrificing work hours to take on caregiving responsibilities.

In some cases, yes, you can be paid as a family caregiver. Certain state and federal programs offer financial support to people caring for an aging parent, according to Elder Law Answers.

Do Medicaid Benefits Pay Family Caregivers?

Medicaid offers programs in all 50 states that allow families to direct their own care services. This means your mother may be able to choose you as her caregiver instead of hiring an outside agency. The details of these programs vary from state to state, so it’s essential to contact your state Medicaid office to find out what’s available where you live.

For example, in some states, Medicaid offers waivers that allow family caregivers to be compensated. These programs may also have income and asset limits, so ensuring that your mother meets the qualifications is important.

How Can Veterans Benefits Help?

If your mother or father is a veteran, you might be eligible for additional support through the Department of Veterans Affairs (VA). Programs like the Aid and Attendance (A&A) benefit provide financial assistance for caregiving. Veterans or their surviving spouses who meet certain qualifications can receive payments to cover caregiving costs.

Can You Get Paid as a Caregiver for Your Mom?

Being a caregiver for your mom can be both rewarding and overwhelming. Luckily, some options may provide financial relief. According to AARP, family caregivers often incur out-of-pocket costs that add up to thousands of dollars per year, leading many to seek compensation for their efforts. Programs such as Medicaid’s self-directed services allow qualified individuals to hire family members as caregivers.

How Do You Apply for Caregiver Support?

Once you’ve identified potential programs that may pay you as a caregiver, the next step is applying. Each program will have specific requirements and application procedures. Here’s what you need to do:

Assess your mother’s needs: This may include an official assessment from a healthcare provider to determine the level of care required.
Gather documentation: Depending on the program, you might need medical records, proof of income and other documents.
Contact your local Area Agency on Aging: These organizations provide valuable resources, including information on available support programs in your area.
Apply to the appropriate program: Once you’ve gathered all necessary paperwork, submit your application and follow up on its status.

Should You Hire an Elder Law Attorney?

Medicaid, veterans’ benefits and other state programs are individually complex; together, they seem impenetrable. However, you don’t need to figure it out on your own. An elder law attorney can help you understand your rights and guide you through the application process.

Request a Consultation to Get Started

If you are ready to explore becoming a caregiver for your mom, understanding all your options, including financial support, is essential. Contact us today to schedule a consultation with an elder law attorney. We can help you create a plan that protects your mom’s health and your family’s financial well-being.

Key Takeaways:

Understand caregiving needs: Assess your mom’s situation to determine the level of care she requires.
Explore financial options: Medicaid and veterans’ programs may offer compensation for family caregivers.
Apply for assistance: Follow the steps to qualify for state and federal support programs.
Seek legal guidance: Consulting an elder law attorney ensures that your caregiving plan is sound and compliant with regulations.
Plan: Regularly review and adjust your caregiving approach as your mom’s needs evolve.

References: Elder Law Answers (Sept. 5, 2024) “Where Do I Start to Become a Caregiver for My Widowed Mom?” and AARP (Oct. 15, 2021) “Can I Get Paid to Be a Caregiver for a Family Member?“

Should I Hire a Lawyer When Starting a Business?

Starting a business is an exciting journey but comes with many decisions and responsibilities. One question that often comes up is whether you need to hire a business lawyer. It might seem like an extra expense. However, having legal guidance can save you a lot of trouble down the road. Find Law explores when hiring a lawyer makes sense and when you can handle things independently.

What Business Matters can I Handle on My Own?

When starting a business, there are a few tasks you can likely tackle without the need for a lawyer. While every situation is different, some aspects of business planning don’t require professional legal assistance.

Writing Your Business Plan

A well-organized business plan is essential for securing funding from banks or investors. It outlines your mission, target market, business opportunities and financial projections. Although this step is critical, many entrepreneurs can create a business plan without legal help. However, if you want peace of mind, a business lawyer can review your plan to ensure that it meets legal standards.

Choosing and Registering Your Business Name

Picking the perfect business name is a big deal. It is your brand’s identity. Before committing to a name, you’ll want to ensure that it isn’t already in use. A business lawyer can help you conduct a thorough trademark search to avoid potential legal issues in the future.

Once you’ve chosen your name, registering it under a “Doing Business As” (DBA) can usually be done without legal help. However, having a lawyer check everything can be reassuring.

Applying for an Employer Identification Number (EIN)

An EIN is required to file taxes, open business bank accounts and pay employees. Fortunately, applying for an EIN is something you can easily do on your own through the IRS website. In most cases, this is a straightforward process that doesn’t require legal assistance.

When Should I Hire a Lawyer?

While there are tasks you can manage independently, some legal matters are best handled by a business lawyer. These issues can be complex and costly to fix if not done correctly from the start.

Choosing the Right Business Structure

Choosing the right structure for your business is one of the most critical decisions you’ll make. Whether you go with a sole proprietorship, LLC, corporation, or partnership will have lasting impacts on taxes and liabilities. A business lawyer can help you understand the pros and cons of each option and recommend the best fit for your situation.

Drafting Contracts and Agreements

Having clear and legally sound agreements, from partnership agreements to employee contracts, is essential. A lawyer can draft these documents to protect your interests and avoid conflicts later. These can include employment agreements, sales contracts and even confidentiality agreements to safeguard your business’s sensitive information.

Protecting Intellectual Property

If your business creates unique products, branding, or inventions, protecting your intellectual property (IP) is crucial. A business lawyer can help you to secure trademarks, copyrights, or patents to ensure no one else can profit from your hard work. While this process can be complex and time-consuming, it’s an area where legal help is often necessary.

Should I Hire a Lawyer for Lease Agreements?

You must sign a lease agreement if your business requires office or retail space. Lease terms can be tricky. Therefore, signing without fully understanding the fine print could cause problems. A business lawyer can review the agreement to ensure you get a fair deal and that the lease protects your interests.

How Should I Protect My Personal Assets?

One of the main reasons entrepreneurs hire a lawyer when starting a business is to protect personal assets. Without the right structure, your personal bank accounts, home and other assets could be at risk if the business faces lawsuits or financial trouble. A business lawyer can guide you in setting up your company in a way that shields your personal property from business liabilities.

Avoiding Legal Trouble

No one starts a business thinking they’ll get sued. However, it’s always a possibility. A lawyer can help you take preventive measures, such as drafting clear contracts, setting up proper company policies and ensuring that you follow all regulations. Having legal counsel can help you avoid the headache and expense of lawsuits.

How Can a Lawyer Help Me with Taxes?

While you might not think of taxes when you first launch your business, they play a significant role in your overall success. A lawyer can explain tax benefits, deductions and liabilities for your specific business structure. They can also help if you expand your business into other states or countries, ensuring that you stay compliant with local tax laws.

Take the First Step Today

Starting a business involves many moving parts. Having a solid legal foundation can make all the difference. If you’re ready to take the next step in creating or growing your business, schedule a consultation with our law firm today. We can help you navigate the complexities of business planning and ensure that you’re protected every step of the way.

Key Takeaways:

Save time and avoid mistakes: A lawyer can handle complex legal tasks, such as choosing the right business structure and drafting contracts.
Protect your assets: Ensure that your personal property is shielded from business liabilities.
Prevent future legal troubles: A business lawyer can help you to avoid costly lawsuits and ensure regulatory compliance.
Protect your intellectual property: Secure trademarks, patents and copyrights with professional legal guidance.
Gain peace of mind: With a lawyer’s help, you’ll have confidence that your business is legally sound from the start.

Reference: Find Law (May 23, 2024) “Do I Need a Lawyer To Start a Business?“

Why Gen Z Needs to Pay Attention to Estate Planning

Gen Zers may still be young, ages 17–27. However, this doesn’t mean some don’t have ownership and assets to protect with estate planning. Medical emergencies and car accidents happen to people of all ages. An estate plan protects the person as much as their property. The sooner you have a plan in place, says a recent article from yahoo! finance, “Why Gen Z Should Be Thinking About Estate Planning,” the better.

For many young adults, estate planning is like buying rental insurance. You don’t expect to deal with a fire or have your home broken into. However, having insurance means if such events happen, your possessions will be insured, and you’ll be made whole.

Gen Zers who are signed up for employee benefits like 401(k)s or retirement plans already have assets to be passed to another person if they should die young. These accounts typically feature beneficiary designations, so they should be sure to have those completed properly. Many Gen Zers name their parents or siblings as their beneficiaries at this point in their lives. The future may bring new relationships, marriage and children, so they must update these beneficiaries throughout life.

While practically everyone using a cell phone or computer has digital assets, Gen Zers are likely to have more digital currency and crypto in digital wallets. They may have intellectual property on platforms, including TikTok or YouTube. These assets need to be protected in a digital estate plan. The information required to access these accounts should not be in a last will and testament. However, they should be documented so the assets are not lost.

Other digital assets don’t have any value. Users don’t have the right to transfer the assets, like social media accounts or music files. Having a conversation with a digitally savvy person about these assets and providing them with login and account information is an integral part of an estate plan.

Gen Zers do need a will. Without a will, the estate will get tangled up in probate, a court process where the laws of your state determine who inherits any possessions. This takes time and court fees can add up quickly.

Having a will created with an experienced estate planning attorney encourages a review of assets, providing a perspective of finances that one might not otherwise have early in their career.

Estate planning also includes planning who will make medical and financial decisions in case of incapacity. These documents, including a Power of Attorney, Healthcare Proxy, Living Will and other documents, are state-specific. Once someone becomes a legal adult, neither parents nor siblings can be involved with medical care or handle finances, unless these documents are created and executed. Trusted friends can also take on these roles.

A young adult should make an appointment with a local estate planning attorney. They’ll provide guidance through the process. Regardless of age and stage, having a plan creates peace of mind for young adults and their family members.

Reference: yahoo! finance (Sept. 17, 2024) “Why Gen Z Should Be Thinking About Estate Planning”

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