How To Choose A Legal Guardian For Your Children

When you are taking care of your children, it is hard to fathom that you may not be there one day. Things happen every day that cannot be predicted. It is important to plan for every eventuality, especially when children are concerned. Read on to learn how to pick the right legal guardian for your children in case anything happens.

The Basic Qualifiers

Ask yourself these questions about a potential guardian to eliminate unsuited candidates and highlight your best options.

Values

Does the prospective guardian share the same basic values as you? Beliefs and values are an important part of a child’s upbringing, so you should make sure that your choice will continue the same moral, religious, personal, and/or political values for your child.

Relationship

The relationship a guardian already has in place with your child is important. It is much easier for a child to adjust to a new life with their guardian if they know them well.

Family Situation

If a potential guardian already has children, will they be able to take in yours? It is important to consider that a full house may not have room for any more kids, no matter how well they would care for them otherwise.

Age and Health

Guardianship can be a long commitment, depending on the age of the child. Make sure the guardian you choose will be fit and able to take care of your children at least until they hit the age of majority.

Location

If your children are old enough to have already established a social group, relocating them cross-country can be damaging to their emotional and mental well-being, especially during what will already be a difficult time in their lives.

Still, there are more factors to consider when choosing and supporting a legal guardian for your children.

Financial Stability

Ideally, your estate and life insurance will leave enough to provide for you children through college. No matter your financial situation, your children will likely have an inheritance that needs to be managed. If the best option for a child’s guardian is not the best option to manage the finances of their inheritance, you can appoint both a personal guardian and a guardian of the estate. This way, your children receive the best care possibly while their inheritance remains protected.

Ask The Guardian

When you feel you have made the best choice, it is important to get the consent of the guardian you have chosen. Make sure they understand why you chose them and what their responsibilities would be. Also make sure that they are willing to take your children in.

Update Your Will

Once you have made your choice, put it in writing. Putting a guardian in your will, however, does not mean that it cannot be changed. If your life changes, make sure to update your choice in your will to reflect the current situation.

 

The post How To Choose A Legal Guardian For Your Children appeared first on Boyum Law.

from WordPress http://ift.tt/2yIQkjM
via IFTTT

The Legal Document Name Game: Which does What?

A solid estate plan contains four legal documents: a living will, last will and testament, durable power of attorney, and healthcare power of attorney. While several of these documents have similar names, they serve different purposes. Read on to discover what each document does and how it works to protect your family.

1. Living Will

A living will is an estate planning document used to plan for medical emergencies or terminal illness. In this document, you state whether or not you would like life-sustaining measures to be taken on your behalf. Your living will expresses your wishes. However, it doesn’t give anyone the authority to speak for you, which is why you also need a health care power of attorney document, which is discussed later in this blog.

2. Last Will and Testament

Though it has a similar name, a last will and testament is different from a living will because it becomes effective after death. A last will and testament is a customized document. It lists instructions for how you’d like your assets distributed among your heirs. You also appoint a personal representative, otherwise known as an executor, in this document. The executor is responsible for distributing your assets. If you have children who are minors, a guardian is appointed here as well. Your personal representative must file your last will and testament in probate court for it to be effective.

3. Durable Power of Attorney

A durable power of attorney is a document that enables you to name another person to act on your behalf financially if you become incapacitated. It’s best to choose someone you trust as your durable power of attorney. This is because your appointed agent is usually able to sell, invest, and spend your assets. A durable power of attorney terminates upon your death.

4. Healthcare Power of Attorney

A durable power of attorney for healthcare document gives an appointed individual the ability to make medical decisions for you if you’re unable to make the decisions yourself. Along with a living will, this estate planning document is very important. This is because if you have not made your healthcare wishes well known, conflict can arise among family members who each think they know what you would’ve wanted in the event of becoming incapacitated.

How Boyum Law Can Help You

Contact Boyum Law using this link to learn how our team can help you create a solid estate plan of your own.

The post The Legal Document Name Game: Which does What? appeared first on Boyum Law.

from WordPress http://ift.tt/2AeGoyT
via IFTTT

Inside Hugh Hefner’s Rock Solid Estate Plan

Hugh Hefner was a controversial figure in pop culture. He built the Playboy empire into an American icon that has lasted decades. He passed away of natural causes at the age of 91 in his famous mansion. Read on to learn about the well-planned estate he left behind.

The Spouse

Hefner’s third wife Crystal Harris was not written into the will. This is because of their ironclad prenuptial agreement that leaves her with $5 million and a 5,900-square-foot home in the Hollywood Hills with four bedrooms, five bathrooms, and an infinity pool. The home and the money were part of a trust Hefner created that Harris controls.  While Hefner’s children, all from previous marriages, were initially skeptical of 31-year-old Harris, they were later grateful to her for taking care of Hefner in his final years.

The House

Although the Playboy Mansion was famous for being Hefner’s headquarters, the media mogul had not actually owned the sprawling Los Angeles mansion. At first, it was owned by Playboy Enterprises, who sold it to Hefner’s neighbor in August 2016. The terms of the sale allowed Hefner to live there until his death. In exchange, he payed $1 million in yearly rent.

The new owner of the mansion, Hostess heir Darren Metropoulos, plans to reconnect the mansion with the next door property he purchased in 2009. The two estate were originally built in the 1920’s for department store heir Arthur Letts, Jr.

The Cash

Hefner’s net worth is estimated to be around $110 million, with $45 million in liquid assets. The money was split in half. Part was divided up between his four children, and the other half was given to charities and the University of Southern California Film School. Cooper Hefner, Hefner’s youngest child, is Playboy’s Chief Creative Officer, and he plans to “remake” Playboy for his generation.

Hefner was buried next to Marilyn Monroe in Westwood Village Memorial Park Cemetery , Los Angeles, California.

The post Inside Hugh Hefner’s Rock Solid Estate Plan appeared first on Boyum Law.

from WordPress http://ift.tt/2lFARPk
via IFTTT

Legal Fees on Your Docket? Pay Them Off with Cryptocurrency

Cryptocurrency, otherwise known as digital currency, is becoming more popular. To keep up with the times and the popularity of this new form of “money,” The Nebraska Lawyers’ Advisory Committee recently published an advisory opinion giving Nebraska lawyers the OK to accept digital currency as a form of payment. Read on to discover what the Nebraska Lawyers’ Advisory Committee is and how you can pay off your legal fees using cryptocurrency.

What is the Nebraska Lawyers’ Advisory Committee?

The Nebraska Lawyers’ Advisory Committee is an eight member committee appointed by the Nebraska Supreme Court. Every Supreme Court Judicial District in Nebraska has a representative member on the committee. The committee’s job is to answer ethical questions asked by Nebraska lawyers. In order to answer the lawyers’ questions, the committee examines and weighs each question against the state’s Rules of Professional Conduct. The committee then provides an advisory opinion in response to each question.

How to use cryptocurrency to pay off legal fees

In September, the committee was asked if lawyers could accept cryptocurrency, such as Bitcoin, as payment for legal fees. The committee’s advisory opinion said yes, so long as they followed several rules. Lawyers can accept cryptocurrency as payment but must immediately convert the payment to U.S. currency. Since the value of cryptocurrency fluctuates similar to the way stock prices fluctuate, converting the money right away prevents clients from overpaying for services. So, if you have legal fees due in Nebraska, you can now pay them off using digital currency.

Other ways to use digital currency in the Nebraska legal system

Two other questions regarding digital currency appeared before the committee in September. The first question asked whether an attorney could receive digital currency from third parties as payment for or to benefit a client’s account. The second question asked if an attorney could hold digital currency in trust or escrow for a client. The committee answered yes to both these questions with several rules put into place as well.

In response to the first question, the committee said third-party payments can be accepted as long as the party is identified. Additionally, the payment cannot affect the lawyer’s independent relationship with the client.

For the second question, the committee advised that an attorney can hold cryptocurrencies in escrow for a client. However, the cryptocurrency must be property rather than currency and must be kept separate from the lawyer’s property.  Records also have to be kept for a five-year period.

Why is the committee’s opinion important?

The Nebraska Lawyers’ Advisory Committee’s opinion is important because it marks the first time a state ethics body has answered questions regarding digital currency payments. To learn more about cryptocurrencies’ involvement in estate planning check out our blog on Bitcoin here.

The post Legal Fees on Your Docket? Pay Them Off with Cryptocurrency appeared first on Boyum Law.

from WordPress http://ift.tt/2y76PVD
via IFTTT

Carrie Fisher’s Burial: A Tribute To Her Life

Legendary Star Wars actress Carrie Fisher passed away of cardiac arrest on December 27, 2016. She was 60 years old. Her mother Debbie Reynolds, also a legendary figure in Hollywood, died the very next day. Together they left an indelible legacy. Read on to find out about Fisher’s fitting burial.

Family Ties

Reynolds left behind her son Todd Fisher, and Fisher left her daughter Billie Lourd and service dog Gary Fisher. Gary, a french bulldog, now lives with Fisher’s former assistant Corby McCoin. The actresses’ combined estates went to Lourd in their entirety. Much of the physical property, including Fisher’s personalized director’s chair from Return of the Jedi, went up for auction, with the proceeds benefiting mental health charities the Jed Foundation and the Thalians.

 

A Lifelong Struggle

Fisher made her mark with her role as Princess Leia in the Star Wars franchise. But she also wrote several novels and memoirs, along with plays and screen plays. She made no secret of her struggles with drug addiction and mental illness. Fisher won several awards for her advocacy, including the 2012 Kim Peek Award for Disability in Media for her openness on her struggle with bipolar disorder. She became an icon for dismantling the stigma surrounding addiction and mental illnesses.

A Burial Fit For A Princess

Accourding to Lourd, one of her mother’s most prized possessions was a giant ceramic Prozac pill from the 1950’s. So when the question arose of how to best honor Fisher’s incredible legacy, Lourd and her uncle Todd decided to inter Fisher’s ashes in the Prozac pill. Fisher was known for her candor, humor, and passion. A recently revealed story detailed her response to a Hollywood producer’s sexual harassment of her friend. When she heard of the incident, she approached the unnamed Oscar winner at Sony Studios and gave him a blue Tiffany box with a white ribbon. Inside, she put a cow tongue. She also included a note that said, “If you ever touch my darling Heather or any other woman again, the next delivery will be something of yours in a much smaller box.”

To her survivors, this burial was the perfect way to honor such a unique and spirited life in a way Fisher would have wanted.

The post Carrie Fisher’s Burial: A Tribute To Her Life appeared first on Boyum Law.

from WordPress http://ift.tt/2gkDm3Y
via IFTTT

Bitcoin: A New Kind of Digital Inheritance

Real estate, family heirlooms, and savings accounts are some of the first things that come to mind when picturing an inheritance. Thanks to advances in technology, new types of inheritances are springing up in the form of digital assets. Digital assets are online accounts, such as Facebook profiles, email addresses, and iTunes accounts. Nebraska has a state law that makes it legal to transfer digital assets to a personal representative upon an individual’s death. This law is especially important since virtual currency, such as Bitcoin, is becoming more popular. Read on to discover what Bitcoin is, where to buy it, and how to pass it on to your heirs.

What is Bitcoin?

Bitcoin is a digital payment network where Bitcoin currency is stored and transferred. The Bitcoin network is run by a system of computers around the world and is not owned by a single company or individual. Since there’s no specific company keeping track of Bitcoin transactions, the virtual currency has been linked to illegal activity in the past. However, many Bitcoin transactions occur because of the currency’s value. The computers that run the Bitcoin system track Bitcoin transactions. Tracking Bitcoin transactions is an important part of determining the value of Bitcoin currency.

How does Bitcoin currency work?

Bitcoin currency is called a Bitcoin. A Bitcoin is a type of digital token that you can send to someone electronically. However, Bitcoins do not come in set amounts like physical currency does. A Bitcoin can be divided into eight decimal places. So, the smallest amount you can send someone is 0.00000001 Bitcoins, according to the New York Times.  Additionally, the value of a Bitcoin changes similarly to the way the value of stocks change based on bidding. The value of one Bitcoin as of October 9, 2017 is $4,802.95 in U.S. currency.

How do you buy Bitcoins?

Several companies are set up to sell you Bitcoins in exchange for regular currency. Many people in the U.S. choose to use a company called Coinbase. Coinbase links to your bank account and has a multi-step verification process for safety. Once purchased, Bitcoins are stored in a virtual wallet. Virtual wallets are set up to send and receive Bitcoins with a public key, which is a random string of numbers and letters. However, you need a private key to access the Bitcoins in your wallet. Additionally, most virtual wallets are also password protected to ensure the safety of their contents.

How do your heirs inherit your Bitcoins?

The value of Bitcoins has been steadily rising. It makes sense to pass on your Bitcoins to your heirs the same way you would pass on your stocks. In order to pass your Bitcoins on as inheritance, your heirs need the password and private and public keys to your virtual wallet. The private key to your Bitcoins is especially important because without it, your heirs will only be able to see the value of your wallet but will be unable to access its contents. You can pass on your private key by writing it down, storing it in a flash drive, or entrusting a company to give the information to your family after your death.

The post Bitcoin: A New Kind of Digital Inheritance appeared first on Boyum Law.

from WordPress http://ift.tt/2yFpXP7
via IFTTT

The Unique Burial of the Pringles Can Inventor

In 1966, Fredric Baur revolutionized potato chip storage. Baur invented the iconic Pringles can and the chip itself. When Baur brought up the idea of his burial including is invention, his family first thought he was joking, but they buried him in a Pringles can in 2008.

Once you pop, you can’t stop

Baur received the patent for his design in 1970, after applying for it in 1966.  The design changed the world of snack food forever. Baur was an organic chemist and food storage technician for Procter & Gamble. His other notable creations include frying oils and freeze-dried ice cream. Procter & Gamble introduced Pringles to the American market in 1967 and the British market in 1991.

Power to the Pringles can

When it first came out, not everyone liked the new Pringles can. The uniformity of the chips clashed with the individualism of the 1960’s. Baur said of his invention, “The Pringles can was a revolution within the realm of snack food.” Despite its rocky start, the can has now become ubiquitously tied to potato chips in the eyes of consumers, and it helped inspire other packaging revolutions. Baur retired from Procter & Gamble in the early 1980’s.

A burial fit for an icon

Fredric Baur died on May 4, 2008, in Cincinnati, Ohio, at the age of 89. To honor his wishes, his children got an original flavor can of Pringles from a nearby Walgreens. They placed a portion of his cremated remains in the can after emptying it and buried it alongside an urn with the remainder of his remains. Some of the remains, however, went to one of his grandsons in another urn. Although many jokes circulated the family about Baur’s wishes, no one questioned whether or not to carry out his wishes. Baur’s legacy lives on in the shape of the tall, cylindrical icon of potato chips.

The post The Unique Burial of the Pringles Can Inventor appeared first on Boyum Law.

from WordPress http://ift.tt/2wyi2i9
via IFTTT