Wednesday, December 27, 2017

Estate Plan Updates for the New Year

Since estate planning enables you to create a plan for the unimaginable, provides your family with financial security, and prevents potential warfare over assets, it’s an important task to check off your to-do list. However, estate planning isn’t a one-and-done deal. A solid estate plan is routinely updated. The start of the new year is a great time to take stock of last year’s changes and make updates to your plan as needed. Read on to discover which parts of your estate plan you should review for potential changes.

1. Beneficiaries

The start of the new year is a great time to review the beneficiaries listed on your accounts. If you recently became married or divorced, checking beneficiaries on your accounts is especially important. This is because the person listed as a beneficiary receives the assets in your account when you die. You’d want to remove an ex spouse or add a new spouse. Or, if you’d like the assets in your accounts to go to your children or a charity, it’s important to double check that they’re listed on the account. This is because the person listed as a beneficiary will receive the money in the account even if your will says otherwise.

2. Powers of Attorney

It’s also important to review your durable and healthcare power of attorney documents at the start of the new year. It’s important to review your powers of attorney because the individuals listed there have the power to make financial and medical decisions on your behalf if you become incapacitated. If you’d no longer like the individuals listed to make decisions on your behalf or if they are no longer able to, you need to update your documents.

3. Guardians for minor children

Similar to checking your powers of attorney at the start of the new year, you should also check the guardians you’ve listed for minor children. The start of the new year is a great time to check in with your selected guardians to make sure they’re still willing to step in and raise your children if something happens to you.

4. Executor(s)

You also need to check who you have listed as the executor of your will at the start of the new year. If your executor has become ill or has died, you need to update your estate plan to include a new executor.

5. Changes in assets

Any changes in assets over the course of the past year also require estate plan updates. You can change the amount your heirs will receive based on the changes in your assets. Or, if you’ve gained family heirlooms or items with sentimental value, you should update your last will and testament to reflect who you’d like to receive those items when you’re gone. This will help to prevent family warfare later on.

To contact Boyum Law Firm for help with updating your estate plan with the new year, click here

 

 

 

 

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Monday, December 18, 2017

How to Use Your Estate Plan to Make Charitable Donations

Whether it’s donating time, food, or gifts to those in need, many people give back to their communities during the holiday season. However, if you’re looking to make a lasting impact, you should consider making a charitable donation through your estate plan. Read on to discover the benefits of using your estate plan for charitable giving and to learn how to set up a plan.

Benefits of using your estate plan for charitable giving

Using your estate plan for charitable giving provides a variety of benefits for you and your community. For example, donating to charity through your estate plan enables you to support a cause that’s important to you, even when you’re gone. Additionally, making charitable donations through your estate plan comes with certain types of tax breaks and retirement benefits depending on how the donations are made. At the same time, the organization you support gets the resources it needs to operate. So, you’re able to help others as well as yourself by giving back through your estate plan.

How to set up your estate plan to make charitable donations

There’s a variety of ways to set up your estate plan to make charitable donations, including:

    • Using your last will and testament: The simplest way to make a donation, according to this CNBC article, is to use your last will and testament. In order to use your last will and testament, all you need to do is list what assets you’d like to go to a specific charity. Then, the charity will receive those assets during the probate process after your death.
    • Listing charities as beneficiaries: This strategy is also fairly simple. You would just need to list a charity as the beneficiary to an account. Then, after you’re gone, the money in the account goes to the charity listed.
    • Creating a split-interest trust: This strategy is more complicated because it enables you to make a donation while still keeping some of the benefits of owning the assets. As explained in this this Schwab article, two types of trusts are commonly used when making charitable donations. The first is a charitable remainder trust. Using this type of trust, you, the donor, receive a fixed payment or percentage from the trust. This payment is made annually for a fixed number of years or until your death.  The second type of split-interest trust is a charitable lead trust. With this type of trust, the charity receives an income for a certain number of years. Once the number of years is up, the remainder of the trust goes back to you or your heirs.

Since there are many ways to use estate planning to donate to charity, you should consult an attorney. This is because an attorney will be able to help you decide what your best option is based on the type of tax and retirement benefits you are looking for. To find out how Boyum Law Firm can help you donate to charity through your estate plan, click here.

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Monday, December 11, 2017

Give the Gift of a Completed Estate Plan This Holiday Season

It’s the holiday season. Snow, gift giving, and time spent with family abound. If you’re struggling to come up with a gift idea for your loved ones, consider completing your estate plan. Not only will this gift create peace of mind, it’ll take the guess work out of your final wishes and create a plan for the unimaginable. Read on to discover the benefits of giving the gift of a completed estate plan this holiday season.

Create Peace of Mind

Completing your estate plan is an excellent gift to give this holiday season because it shows your loved ones you care about their peace of mind and that you’re prepared for the future. This is because sitting down with a lawyer and constructing the legal documents needed to create an estate plan requires thinking through many important decisions. Some of these decisions are stressful because they require you to consider the unimaginable, such as if you become incapacitated. Other decisions are more cheerful, such as deciding how you’d like to pass your legacy down to loved ones. No matter what type of decisions you’re making, sitting down with a lawyer to get your affairs in order shows loved ones you care about their futures and want to give them peace of mind. For this reason, completing your estate plan is a great gift idea.

Take the guess work out of your final wishes

Creating a completed estate plan is a good gift to give your loved ones because it takes the guess work out of your final wishes. Estate planning takes the guess work out of your final wishes by enabling you to decide who gets what in advanced. This is an important step to take for your loved ones. As an estate planning law firm, Boyum Law knows nothing hurts a relationship between family members like fighting over a deceased loved one’s possessions. By having the proper legal documents in place, you can ensure your loved one’s relationships don’t suffer when you’re gone. This is because you will have already decided who gets what. Since a completed estate plan prevents potential family fights and relationship damage, it is a good gift idea.

Create a plan for the unimaginable

Another benefit to giving the gift of a completed estate plan is the ability to plan for the unimaginable. Estate planning enables you to create a plan for the unimaginable through the use of a living will, powers of attorney, and HIPPA release. This is because these documents layout in advanced what type of life sustaining care you’d like to receive, who can make medical and financial decisions on your behalf, and who has access to information about your health in the event you become incapacitated. With these decisions made in advanced, your family will not have to worry about making decisions for you. Instead, they can follow your pre-made plan and not worry if they’re making the right choices. For this reason, you should consider giving the gift of a completed estate plan this holiday season.

If you’d like to give your family the gift of a completed estate plan this holiday season, contact Boyum Law here.

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Wednesday, December 6, 2017

A Revocable Living Trust Vs. a Will: Which One is Right for You?

When it comes to estate planning, it’s important to make sure your documents are designed to fit your needs. Different legal documents have different purposes, as discussed in an earlier blog post. However, the purposes of some documents do overlap, such as a revocable living trust and a last will and testament. Both of these estate planning documents enable you to pass assets down to heirs. However, both accomplish this task in a different way. Read on to discover the benefits and drawbacks of using each document to pass along assets.

What is a revocable living trust?

A revocable living trust is a type of trust often used in estate planning. It’s made up of three components: a grantor, who creates and places assets into the trust; beneficiaries, who receive the assets; and a trustee, who manages the trust.

Benefits

    1. Flexibility: One of the key benefits of using a revocable living trust to pass down assets to heirs is flexibility. A revocable living trust is flexible because the trust’s provisions can be changed at any time. This means that the grantor’s assets are not locked in and remain accessible.
    2. Durability: Another benefit to a revocable living trust is durability. A revocable living trust is durable because assets placed within this type of trust will continue to be managed even if the grantor becomes incapacitated or dies. This means that the assets placed within this type of trust are protected against unforeseeable circumstances.
    3. Privacy: Privacy is perhaps the most well-known benefit of a revocable living trust. A revocable living trust provides the grantor and their heirs with privacy by avoiding probate. Once documents are filed in probate, they become public record. Anyone can access public records, so by avoiding probate, the public is not privy to who gets what in the family.

Drawbacks

Limited Ability: The main drawback of a revocable living trust is its limited ability. A revocable living trust is limited in its abilities because its only use is for passing assets down to heirs.

What is a last will and testament?

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.

Benefits

Multi-Functionality: The main benefit of a last will and testament solves the main drawback of a revocable living trust. This is because a last will and testament covers more ground when it comes to estate planning and is multi functional. A last will and testament is multi functional because besides including a place to list instructions for the distribution of your assets, it provides a space to appoint a legal guardian for minors. For this reason, families that include small children should create a last will and testament.

Drawbacks

1. A lack of privacy: One of the main drawbacks to using a last will and testament to pass down assets to heirs is that a last will and testament must be filed in probate court. As previously discussed, once the document is filed in probate court, it becomes public record. This means the inheritance of your heirs is public information, so anyone can access the information in your document.

2. The Unknown: The unknown is a drawback of using a last will and testament to pass down assets to heirs because a last will and testament doesn’t take effect until death. This means that if you become incapacitated, the assets listed in your last will and testament cannot continue to be managed.

Solution? Create both.

The easiest way to get around the drawbacks of both documents is to create both. That way, you have a guardian appointed, but your assets can avoid probate and have an added layer of protection in the event you become incapacitated. To learn how Boyum Law can help you create your own revocable living trust and last will and testament, click here.

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Wednesday, November 29, 2017

How To Stop Mail For A Deceased Loved One

Mail is a fact of life, and with it comes junk mail. When a loved one passes, one of the first steps the executor of the will must take is to have the deceased’s mail forwarded to the executor’s address. This will include not just the important mail, but also the inconsequential. Read on to learn how to stop receiving a deceased person’s mail.

After Probate

The personal representative of an officially closed estate that has been through probate can hand-deliver or mail a copy of the probate order closing the estate to the post office local to the deceased’s address. They must request all mail service be stopped. If this step is not taken, the post office will only honor a forwarding order for one year.

Commercial Mail

Commercial marketing lists specifically can be stopped before the important lists. To do so, go to the Deceased Do Not Contact Registration page on DMAchoice.org. The site was created by the Direct Marketing Association to help individuals manage their mail. Withing three months after registering the decedent on the website, the junk mail should start to taper off.

Subscriptions

Magazines and other subscriptions are different than other forms of commercial mail. This can also include solicitations from organizations to which the deceased previously donated. To cancel a subscription for a deceased person, contact the sender directly and inform them of the subscriber’s passing. Most magazines will even refund any unused subscription.

Shared Address

If you are received a deceased person’s mail because you are the current occupant of their mailing address, simply write “Deceased, Return to Sender” on all mail meant for the deceased person. Leave it in your mailbox just like any other letter. Do not open or read the mail, as opening mail for someone else is a federal offense.

 

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Monday, November 20, 2017

How a Revocable Living Trust Protects Your Privacy

When it comes to estate planning, it’s important to cover all the bases. Creating these four estate planning documents is a solid start. However, people with privacy concerns should take an extra step and create a revocable living trust. Read on to discover what a revocable living trust is and how it works to protect your privacy.

What is a revocable living trust?

A revocable living trust is a type of trust often used in estate planning. It’s made up of three components: a grantor, who creates and places assets into the trust; beneficiaries, who receive the assets; and a trustee, who manages the trust. The grantor is allowed to act as their own trustee, which enables them to continue to manage their own investments and finances after they’re placed in the trust. A family member or corporate trustee could be appointed instead, though, if preferred.

How are assets managed?

Assets are managed by the trustee, but the grantor still has a say because the trust’s provisions can be changed at anytime. This means the grantor’s assets are not locked into the trust, unable to be used.  One benefit of this type of trust is that assets will continue to be managed even if the grantor becomes incapacitated or dies.  So, this type of trust provides a certain amount of financial freedom for the grantor and holds up under unforeseeable circumstances. It can also continue to be used for generations.

How does a revocable living trust protect privacy?

A revocable living trust is able to protect a family’s privacy by letting trust assets avoid probate. Once a person’s legal documents go to probate, they are public records. Public records can be viewed by anyone. Since the assets listed in a revocable living trust don’t go to probate, they aren’t available to the public. This means that outside people do not have access to information about who in a family is a beneficiary of a trust. So, family finances and the squabbles that come along with who gets what are able to stay within the family with a revocable living trust. Prying eyes will have to look elsewhere to discover financial information.

Who should create a revocable living trust?

Estate planners often push for celebrities and the ultra wealthy to create a revocable living trust in order to protect their privacy. However, you don’t need to be a celebrity or Warren Buffett to want privacy regarding financial affairs. A revocable living trust can be created for anyone who wants to keep their family finances private.

Contact Boyum Law Firm here to create your own revocable living trust.

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Wednesday, November 15, 2017

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.

 

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Monday, November 6, 2017

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.

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Wednesday, November 1, 2017

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.

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Wednesday, October 25, 2017

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.

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Wednesday, October 18, 2017

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.

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Wednesday, October 11, 2017

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.

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Wednesday, October 4, 2017

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.

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Wednesday, September 27, 2017

Legendary Alexander The Great’s Lost Last Will and Testament

Alexander the Great is said to have displayed heterochromia iridium, which would have made one of his eyes dark and the other light.

It can be hard to imagine the worst case scenario of dying without a will, but for most people, the consequences are far from 50 years of war. For the legendary Alexander the Great, that is exactly what happened. But now, 2000 years after his death, his last will and testament may have been discovered.

Heroes Get Remembered, but Legends Never Die

Despite his legendary status, Alexander III of Macedonia, commonly known as Alexander the Great, died in Babylon on 10 or 11 of June in 323 BCE, at the age of 32. His death was so sudden that when reports reached Greece, they were thought to be a hoax. The cause of his death is unknown, but theories include malaria, typhoid fever, and poison. Both malaria and typhoid fever were common in Babylon at the time.

By Blood A King

After Alexander’s death, his successor was unclear. His generals alleged that his last words were “to the strongest,” meaning that his empire would go to the general who could defeat the others in battle. His potential successors, known as the Diadochi, split up the military and waged a war that lasted 50 years.

Published in the Alexander Romance, a legendary account of Alexander the Great’s life, was a political pamphlet containing a last will and testament in ancient Armenian. The will was believed to be a work of fiction, but British historian David Grant believes it is based on the king’s actual will.

Man is By Nature a Political Animal

A 10-year research project by Grant has revealed the possibility that the fabled will was based on the genuine document. The pamphlet offers a heavily politicized version of what may be Alexander the Great’s true final wishes.  Grant believes the original will was buried by Alexander’s generals because it named his half-asian unborn son, Alexander IV as his heir.

The Macedonians saw the child as a “half-breed,” and to follow him would be “unthinkable” at the time. Thus, instead of being content with the allotments that the elder Alexander left for each of the generals to rule for his son, they battled for years to control the empire. Alexander IV was murdered by one of the generals at the age of 14 before he could fully ascend to the throne.

Grant details his findings in his recently released book In Search of the Lost Testament of Alexander the Great.

Although most modern people do not have to worry about wars and murder if they do not have an estate plan in place, Alexander the Great’s successors provide a horrifying example of what can go wrong when one leaves behind a great legacy with no instruction manual.

 

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Wednesday, September 20, 2017

Save the DIY projects for crafting, not for creating an estate plan

In the age of the internet and smart phones, people have a plethora of information available at their fingertips. All it takes is a quick Google search to look up how to do just about anything. While easy access to how to make the perfect chocolate chip cookies or fix a broken cabinet is good, some things are best left to the experts. Creating an estate plan is one of those things. Read on to discover why.

1. Estate planning creates an assets name game

At first glance, estate planning seems as simple as creating a connect-the-dots version of who gets what when you die. In reality, making sure your assets go to the right person is much more complicated.

For example, most DIY wills have a person place the name of their beneficiary into a provided blank. So, if you wanted to give your daughter Jane Doe what’s left in your bank account, you’d write her name into the blank along with the asset. However, if Jane isn’t named as a beneficiary on your account and your son John is, Jane is unable to access the money when you die even though your DIY will says it should go to her. This is because who the account has listed as a beneficiary takes precedence.

A skilled attorney knows the ins and outs of estate planning and can ensure assets go to the correct person, which is why you should hire an attorney rather than trust an online DIY fill-in-the-blank form.

2. Estate planning requires specific language

A person’s assets and beneficiaries change over time, such as with a portfolio increase or birth in the family.  For this reason, many people create more than one will during their lifetime. It’s necessary to include language within a will that makes any previous wills void when a new one is created. An attorney knows how to word a will in order to make changes legally binding, which is why estate planning is best left to the experts.

3. Estate planning documents are easily mixed up

A variety of documents are used to create an estate plan, and many of them sound similar. Unlike a free form found on the internet, an attorney will sit down with you and explain the differences between a living will and last will and testament and durable vs. healthcare powers of attorney. A trained individual will be able to take the guess work out of creating an estate plan. This, in turn, will help ensure you are making a plan that fits your individual needs.

Ditch the DIY forms and hire an attorney to help you create an individualized estate plan. Learn how Boyum Law can help you create an estate plan by clicking here.

 

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Wednesday, September 13, 2017

How To Begin Your Estate Plan In 5 Steps

Estate planning can be a daunting task to begin. They force you to face your own mortality and examine the relationships you have with those closest to you. Here are five simplified steps to take when you set out to make an estate plan.

1. Make a will

This is the be all end all of estate planning. Designate where and to whom you want your assets to go. Whether or not you are wealthy, you are going to need a will, especially if you have children who are still minors.

2. Make a durable power of attorney

If you become incapacitated, you will need someone to handle all of your assets. With durable power of attorney, you can designate someone capable and trustworthy who you will act in your best interests.

3. Make a living will and medical power of attorney

A medical power of attorney will allow someone you trust to make medical decisions in your stead should you ever be unable to do so yourself. A living will specifies your wishes for end-of-life care. You will need both of these if you want to have the final say in these matters.

4. Title your assets accurately

No matter what your will says, assets such as life insurance and trusts will go to those named beneficiaries. Take the time now that the beneficiaries named are the ones you want to receive those benefits when you pass.

5. Check with family

Do your parents have an estate plan? If the answer is no, ask how you can help them get their affairs in order. Will someone feel snubbed with your plan as it stands? If yes, what plan will make everyone feel they were thought of equitably.

 

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Wednesday, September 6, 2017

Elder Financial Abuse: Protecting Your Loved Ones From Harm

People over 50 control over 70% of the nation’s wealth. This makes elders prime targets for financial abuse and fraud. Read on to learn the signs of elder financial abuse.

What is financial abuse?

Elder financial abuse includes many behaviors. Taking money or property and forging the victim’s signature are fairly obvious offenses. Also, using deception, coercion, or undue influence to get an elder to sign a will, a deed, or a power of attorney qualifies. Many abusers close to the victims use possessions without permission and promise lifelong care in exchange for money or property. Elders often receive fraudulent calls from persons claiming to be distressed family members.

Why are elders targeted?

Many elders are unaware of the true value of their assets, especially those that have appreciated over time. They tend to have consistent  patterns and are likely to get a monthly check, making it easy to predict when they will have money or need to go to a bank. They are likely to have disabilities and be dependent on others for help. Abusers assume elderly victims will not live long enough to follow through on legal interventions, and elders are less likely to report their abuse due to embarrassment or illness.

Who commits elder financial abuse?

Unfortunately, the most common perpetrators of financial abuse of an elder are friends and family members. Most often, abusers feel they are justified in their actions, and they do not see it as abuse. They may have substance abuse, gambling, or financial problems that lead them into debt. If the abuser will inherit assets from their victim, they may also believe they are only taking what is “almost” or “rightfully” theirs. Perpetrators may have a negative relationship with the victim, leading them to a sense of entitlement. Similarly, they may have a negative relationship with another relative, and they will try to prevent that relative from receiving any inheritance.

In contrast, many abusers are predators looking for vulnerable seniors in order to take advantage of them. They may claim to fall in love with their elder victim and push them into leaving them a large portion of the elder’s estate. They may also try to become employed as care takers to gain access to their victim. Career abusers often find their victims by driving through neighborhoods or finding widows through newspaper obituaries.

What are the signs?

No one sign should be taken as conclusive proof of elder financial abuse. However, in combination, these signs warn loved ones ahead of time when elders are abused. Unpaid bills, eviction notices, and notices to discontinue utilities can indicate caretakers not paying the elder’s bills. Unusual bank activity the elder cannot explain often means someone else has access to their accounts. Also, accounts may be compromised if bank statements and cancelled checks do not come to the elder’s home. New “best friends” may be predators looking for a payday. Relatives should watch to make sure the quality of care is consistent with the size of the elder’s estate. The elder and caregivers should be able to give consistent, believable answers to questions about finances.

Who is at risk of elder financial abuse?

There are certain factors that make an elder a better target for financial abuse. Isolation and loneliness create a pathway for abusers, as well as recent losses. Elders without a working knowledge of financial matters are also prime targets. Finally, unemployed relatives and those with substance abuse issues are more likely to abuse their elderly relatives. It is often up to children and grandchildren to prevent their elderly loved ones from being taken advantage of.

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Wednesday, August 30, 2017

Federal Estate Tax Reform: Will it impact your family?

Talks of tax reform are always ongoing in government. Currently, the federal estate tax, otherwise known as the death tax, has been placed on the chopping block. So, what will it mean for you and your family’s estate plan if the death tax is axed? Read on to discover how the federal estate tax is calculated and how likely it would be to impact your family if repealed.

What is the federal estate tax?

The federal estate tax is a tax on a person’s right to transfer property after death. This tax comes into play after a person dies and before his or her heirs inherit the assets left behind. Assets are everything the deceased owned or had an interest in at the time of their death, such as cash, real estate, insurance, business interests, trusts, and annuities. In order to calculate an individual’s federal estate tax, the fair market value of each asset is added together. The total value of the deceased’s assets is called the Gross Estate. Deductions are then made to the deceased’s Gross Estate total for things like mortgages, debts, estate administration costs, or property passed along to a spouse or charity. Lifetime taxable gifts are then added to the Gross Estate number. Finally, the IRS computes the tax and reduces it by the available unified credit.

What will the federal estate tax cost your heirs in inheritance?

In all likely-hood, the federal estate tax will not cost your heirs a penny of their potential inheritance. This is because the tax is applied based on the value of an individual’s assets. Individuals whose estate’s gross value assets and taxable gifts add up to less than $5,490,000 are not required to fill out an estate tax return so long as their estate is not overly complex. This means that unless your estate’s assets add up to more than $5,490,000 or involve jointly-held property or special deductions, your estate plan will not be effected by the potential repeal of the federal estate tax. Additionally, federal estate tax exemption increases with inflation, so the amount set for exemption typically increases from year to year.

Who will repealing the federal estate tax effect?

Since not all estates are required to pay the federal death tax toll, questions are raised as to who its repeal will effect. The obvious answer is only the wealthiest Americans and a few small businesses. It’s estimated that only 0.1 to 0.2 percent of estates are required to pay the federal estate tax. However, even though the percentage of estates paying the tax is small, the revenue generated isn’t. In fact, the Joint Committee of Taxation estimates repealing the tax would cost $269 billion over a decade. This, in turn, would cause more national debt, which would effect all U.S. citizens. However, before worrying too much about the effect repealing the estate tax could have, it’s important to remember that tax reforms are often talked about and rarely seen through. Despite being on the chopping block, the federal estate tax will probably stick around awhile longer.

More information about the federal estate tax can be found here on the IRS’ website.

 

 

 

 

 

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Wednesday, August 23, 2017

How a Marvel Comic Book Writer Became Part of His Work

A person’s life’s work tends to become a large part of who they are. In Marvel comic book writer Mark Gruenwald’s case, he became a part of his work. Gruenwald died of a heart attack in 1996 at age 42. He made his last wishes very clear to those around him. He wanted to be cremated and turned into comic book ink. Read on to discover who Mark Gruenwald was and how he impacted the world of Marvel comics.

Who was Mark Gruenwald?

Mark Gruenwald was a Wisconsin-born comic book writer and editor. After publishing his own comic, Omniverse, in 1977, Gruenwald began working for Marvel. During his time with Marvel, he successfully moved up within the company and was promoted to editor in 1982. At the time of his death, Gruenwald held the title of senior executive editor.

A history of Gruenwald’s work

Gruenwald performed a variety of tasks on different Marvel comics throughout his career, including working as a writer of the Spider-Woman comic and Contest of Champions series. His artistic side also came into play when he illustrated and wrote the limited edition Hawkeye series in 1983. Some of Gruenwald’s most famous work, though, was done as a writer of the Captain America comics. Gruenwald wrote the shield-throwing American hero’s story line for ten years. Around this time, Marvel also released Gruenwald’s first issue of Squadron Supreme, which tells the story of a parallel world where superhero-like beings try to use their powers to make the world safer but end up creating disaster instead. Squadron Supreme was a limited-edition series with 12 issues. Perhaps his most famous work, Gruenwald fully became apart of the comic upon death.

Gruenwald’s unique burial

Though Gruenwald’s death was a surprise, Marvel’s then editor-in-chief Mark Harras told the LA Times that becoming a part of his work was something Gruenwald “really wanted.”  Gruenwald’s widow, Catherine, echoed Harras’s sentiment. Following his death and cremation, Gruenwald’s ashes were mixed at a printing plant in Ohio. The ink containing Gruenwald’s ashes was then used to create a re print of Squadron Supreme. Following the printing process, the comics hit stores in August of 1997, fulfilling Gruenwald’s wish to become a part of his life’s work.

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Monday, August 21, 2017

How a Marvel Comic Book Writer Became Part of His Work

A person’s life’s work tends to become a large part of who they are. In Marvel comic book writer Mark Gruenwald’s case, he became a part of his work. Gruenwald died of a heart attack in 1996 at age 42. He made his last wishes very clear to those around him. He wanted to be cremated and turned into comic book ink. Read on to discover who Mark Gruenwald was and how he impacted the world of Marvel comics.

Who was Mark Gruenwald?

Mark Gruenwald was a Wisconsin-born comic book writer and editor. After publishing his own comic, Omniverse, in 1977, Gruenwald began working for Marvel. During his time with Marvel, he successfully moved up within the company and was promoted to editor in 1982. At the time of his death, Gruenwald held the title of senior executive editor.

A history of Gruenwald’s work

Gruenwald performed a variety of tasks on different Marvel comics throughout his career, including working as a writer of the Spider-Woman comic and Contest of Champions series. His artistic side also came into play when he illustrated and wrote the limited edition Hawkeye series in 1983. Some of Gruenwald’s most famous work, though, was done as a writer of the Captain America comics. Gruenwald wrote the shield-throwing American hero’s story line for ten years. Around this time, Marvel also released Gruenwald’s first issue of Squadron Supreme, which tells the story of a parallel world where superhero-like beings try to use their powers to make the world safer but end up creating disaster instead. Squadron Supreme was a limited-edition series with 12 issues. Perhaps his most famous work, Gruenwald fully became apart of the comic upon death.

Gruenwald’s unique burial

Though Gruenwald’s death was a surprise, Marvel’s then editor-in-chief Mark Harras told the LA Times that becoming a part of his work was something Gruenwald “really wanted.”  Gruenwald’s widow, Catherine, echoed Harras’s sentiment. Following his death and cremation, Gruenwald’s ashes were mixed at a printing plant in Ohio. The ink containing Gruenwald’s ashes was then used to create a re print of Squadron Supreme. Following the printing process, the comics hit stores in August of 1997, fulfilling Gruenwald’s wish to became a part of his life’s work.

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Monday, August 14, 2017

Willa Cather’s Estate Releases The Nebraska Author’s Letters

As far as famous Nebraskans go, Willa Cather’s name is not among the most easily recognizable. Her work, on the other hand, is. Cather, who grew up in Nebraska, authored multiple books about pioneer life on the plains. Many of her characters are based on real-life people and the events of their lives. But while Cather chose to share the stories of those around her through fiction, she kept her own life relatively private. In fact, Cather included a provision in her will to prevent letters she had written from being published or quoted. A recent policy change by the literary executor of the Willa Cather Trust has opened up access to 3,000 of her personal letters, which reveal details of the Nebraska author’s life.

Who was Willa Cather?

Cather’s Antonia is based on her childhood friend, Annie.

Willa Cather was a Virginian-born writer who grew up on the plains of Nebraska. Cather attended the University of Nebraska at Lincoln where she originally planned to become a doctor. However, her plans changed after a professor submitted one of her essays to a newspaper in Lincoln. Seeing her name in print made Cather want to continue to write, which she did successfully in many genres. Her work as an author extends across multiple literary fields, including print journalism, magazine writing/editing, and fiction.

Why are Cather’s letters important?

Cather’s letters are important to both scholars and everyday readers because they offer insight on the author’s life. By examining her letters, researchers are able to align the events of Cather’s life with her work. One of her letters, for example, was sent to her childhood friend Annie Pavelka. Scholars know that Pavelka is the real-life version of Cather’s Antonia character in her novel, My Antonia. The letter provides solid proof that Cather’s novel is based on real-life.

Additionally, Cather’s letters sent back and forth to other authors of the time provide insight as to who might’ve influenced her writing.

How has the Willa Cather Trust bypassed Cather’s will?

By reading and publishing Cather’s letters, scholars have broken the provision in her will meant to protect her privacy. However, they feel that they are able to read her letters with a clear conscience and without getting into legal trouble because Cather is part of literary history. This is because her novels are reflective of the time she lived in. Additionally, her letters tell the story of her life and the events of her life influenced her writing. So, having access to Cather’s letters gives readers the chance to better understand who the Nebraska author was and how she became a Pulitzer Prize winning author.

Where to find Cather’s letters

A portion of Cather’s letters are compiled into book format and titled “The Selected Letters of Willa Cather.” Scholars added annotations with biographical information to help readers find the missing background clues of Cather’s life. Readers will be able to access all of Cather’s letters in January of 2018 when “The Complete Letters of Willa Cather” begins to be published.

 

 

 

 

 

 

 

 

 

 

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Monday, August 7, 2017

Nebraska’s Digital Asset Laws Evolve Law with Technology

Rapidly advancing technology has given way to new forms of online communication and personal expression. Most people have at least one social media account: Twitter, Facebook, or Instagram, if not all three. Additionally, written communication has rapidly transitioned to a digital format. Emails have replaced letters. Bank statements are now available online instead of through the mail. Consequently, the law has to evolve to keep up with technology. Nebraska Revised Statute 30-501, known as the Uniform Fiduciary Access to Digital Assets Act, places Nebraska at the forefront of the legal evolution created by technology.

So, what exactly is the Digital Assets Act?

Nebraska Revised Statute 30-501 is a law. It was signed by the governor and came into effect January 1, 2017. More specifically, Nebraska Revised Statute 30-501 is a law governing the transfer and ownership of an individual’s digital assets when they die. Digital assets are online accounts, including email, Facebook, blogs, iTunes, and other digital property.

What makes the Digital Assets Act important?

You may be wondering what’s so special about a Nebraska state law. When it comes to 30-501, the answer is a lot. Not only is 30-501 a first-of-its-kind law in Nebraska, it’s among the first of its kind in the United States. As previously mentioned, advances in technology have led to an increase in online communication and digital accounts. This has led to an increase in the amount of digital assets a person owns.

However, federal legislation saying what to do with someone’s digital assets when they die doesn’t exist yet. So, most states use the privacy policy or terms of service of social media and communication platforms to decide what to do with a deceased individual’s digital assets. Nebraska is one of twenty-five states that have created their own laws to govern the digital assets of the deceased.

How does the Digital Assets Act impact you and your family?

Nebraska Revised Statute 30-501 impacts you and your family by allowing a deceased individual’s personal representative or trustee to access and manage their digital assets. This means that you do not have to rely on an online platform’s terms of service or privacy policy to gain control of a deceased loved one’s digital assets. So, overall, Nebraska Revised Statute 30-501 makes the probate process less stressful by granting you easier access to your loved one’s online accounts.

To learn how to remove a deceased loved one’s Facebook page, read our how to blog post here.

 

 

 

 

 

 

 

 

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Monday, July 31, 2017

Think Outside the Box: No Casket Required Funerals

A funeral is a celebration of a life, which is why careful consideration and planning go into deciding what songs should be played and which bible verses read. Everything from the flower arrangements to pallbearers reflect who and what the deceased loved and valued during life. So, when it comes to deciding what to do with your remains after you die, shouldn’t you think outside the box? Read on to discover four non-casket funeral ideas to plan a memorial service tailored to you.

1. Be buried naturally

If you’re environmentally conscience, a natural burial may appeal to you. During a natural burial, the deceased is wrapped within a shroud or put to rest in a biodegradable casket. The whole idea of a natural burial is that the body will decompose naturally. So, chemicals used in the embalming process of most burials today are not used in a natural burial. Since embalming chemicals are interned with the deceased, they impact the environment. Being buried naturally is a more sustainable, eco-friendly option.

2. Exit the Earth, figuratively and literally

Many religions believe your soul or spirit leaves Earth after death. Thanks to modern technology, your body can exit the Earth after death, too. Several companies, such as Elysium Space and Celestis, provide options for a space burial. Prices range from just under a thousand dollars all the way up to ten grand depending on what type of burial you book. A variety of options are available, including having some of your ashes launched to the moon, becoming a shooting star, or briefly orbiting the Earth. All options require cremation first.

3. Light up the night sky

On a similar note to that of a space burial, you can have your ashes turned into fireworks and launched into the night sky. Cremation is also a requirement for this type of memorial service. A variety of fireworks display options are available, including self-launching rockets and professional displays. Many of the options allow you to select what color your fireworks will be. Pricing and availability vary by state, so a little research will be needed to determine if going out with a bang is the right choice for you.

4. Donate your body to science

If you’d like to give the gift of knowledge to the next generation, donating your body to science is an excellent choice to consider. Several programs are available to make the donation, including Biogift and Science Care. Medical schools also accept donations. A little prep is required for this option because a medical exam is needed to determine if you are a qualifying candidate. Forms will need to be filled out and family members notified so they know who to contact when you die. On a side note, donating your body is also an excellent way to save money on funeral expenses. This is because most of the programs accepting whole body donations will pay for cremation. Your ashes will then be returned to your family.

 

 

 

 

 

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Tuesday, July 25, 2017

3 Legal Documents All College Students Need

Preparing to send a student off to college is equally as exiting as it is challenging. From a toaster to toiletries, you want to make sure your student has everything they need to leave the nest and head out on their own. However, the independence that comes with coming of age and heading off to college could have unforeseeable consequences if you and your student don’t have proper legal documents in place.

When someone turns 19 in the state of Nebraska, they are a legal adult. This means their parents are no longer able to make legal or medical decisions for them. So, if a college student were to have a medical emergency or become incapacitated, their parents can’t make legal or medical decisions on their behalf. This potential chaos is avoidable, however, if families have the following legal documents in place.

1. Healthcare Power of Attorney

As previously explained, once a student is a legal adult, they are responsible for making their own medical decisions. Being in charge of medical decisions has its advantages. Parents will no longer have to be called to approve a flu shot at the campus doctor’s office, for example. However, if a student were to become incapacitated, someone will have to make medical decisions for them. For this reason, students need to designate a healthcare power of attorney. A designated healthcare power of attorney is able to make medical decisions for someone who is incapacitated. By having your student designate you as their healthcare power of attorney, you can avoid having a stranger in charge of their medical decisions.

2. HIPPA Form

Students should also sign a HIPPA form before heading off to college. HIPPA is the acronym for the Health Insurance Portability and Accountability Act. This form allows doctor’s to share medical information about a patient with designated people. Without this form, you would receive limited knowledge about your student’s condition if a medical emergency occurred, even though you are family.

3. Durable Power of Attorney

A durable power of attorney document is also important for college students to have. Designating a durable power of attorney is important because it gives parents the ability to sign documents on the student’s behalf. So, if  a student were to become incapacitated, you could sign documents, such as their apartment lease, on their behalf. A durable power of attorney also has access to financial accounts.

By creating these 3 legal documents, you will not only gain peace of mind, but can rest assured that your student is prepared for anything that comes their way.

 

 

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Monday, July 17, 2017

5 Real, Unique Last Will and Testaments

A will is a legal document with instructions for divvying your assets between your heirs and beneficiaries. While a standard will includes provisions for things like who should get the family china and plans for your funeral, some people think outside the box when it comes to making bequests and expressing final wishes. Read on to discover five real, unique wills.

1. Flowers from beyond the grave

Radio and television comedian Jack Benny included a provision in his will to have flowers delivered to his widow, Mary Livingston, daily. Livingston wrote about the sweet gesture in a biography about her husband of nearly 50 years. The title of the biography is ‘One Long-Stemmed Rose’ because according to Livingston’s obituary printed in the New York Times, ”Every day since Jack has gone the florist has delivered one long-stemmed red rose to my home.” The daily flower deliveries were said to contradict her husband’s t.v. persona as a penny pincher.

2. Leaving a bitter legacy

The will created by German poet Heinrich Heine falls on the opposite end of the love spectrum. After battling with spinal tuberculosis, Heine died and left his estate to his wife, Mathilde. However, his bequest came with one condition: she must re marry so that “at least one man would regret my death.” Mathilde fulfilled the condition and inherited the estate. No one knows if her second marriage proved to be as rocky as her first.

 

3. Heirs plucked from a phone book 

The heirs of someone’s estate are usually related to them. So, who do you leave your estate to if you have no heirs? A childless Portuguese aristocrat, Luis Carlos de Noronha Cabral de Camara answered this question by selecting 70 random people from a Lisbon phone book. His strange decision was questioned. According to the Guardian, the notary who notarized his will asked Luis Carlos several questions to ensure he was of sound mind. The motivation behind his act was clear to those close to him, though. A close friend said Luis Carlos strange bequests were more than likely motivated by his desire to keep the state from getting any money because he thought the state had been robbing him. The 70 lucky strangers selected from the phone book should’ve received several thousand euros each.

4. The gift of a birthday

Usually, people receive gifts on their birthday. In a strange twist, author Robert Louis Stevenson gave the gift of his birth date when he died. In his will, Stevenson left his birthday to his friend, Annie H. Ide. Ide, whose birthday fell on Christmas day, had told Stevenson she felt cheated out of a real birthday. So, Stevenson left her his birthday, which was November 13th. All he asked in return for his bequest was that Ide take care of his birthday with “moderation and humanity” because “the said birthday not being so young as it once was.”

5. A multimillionaire Maltese 

According to the New York Times, hotelier Leona Helmsley left her eight-year-old dog, Trouble, $12 million, which was more than her four grandchildren received. Unfortunately for Trouble, New York law says a judge has the power to reduce pet bequests. A reduction to a pet bequest can occur when the money left to the pet is more than what the pet needs to live comfortably. Trouble’s bequest was reduced to $2 million.

 

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Monday, July 10, 2017

Probate Research in Nebraska: A Guide

At home DNA testing kit commercials are everywhere, but before you send away for one, consider an alternative, more personal option for tracing your family history: probate research. Probate research involves looking through probate records. Probate records are created when someone dies. They keep track of court decisions involving estates, adoptions, bonds, wills, and guardianship. Since the records keep track of many components of a person’s life, they are perfect for genealogical research. So, before you spit into the little plastic tube to have your DNA analyzed, try tracing your family history by conducting your own probate research.

 Step 1: Prepare for Probate Research

Probate research requires a little prep. First, it’s important to determine which family member you’re going to research. You want the person you’re researching to be someone you know a little about. This is because you need to know their legal name in order to look up their documents. Knowing a little about the person will also make it easier to determine which county holds their probate records. The county clerk’s office in every county holds the probate records of its residents.

Step 2: Obtain the Documents

Once you’ve determined which county holds the probate records, you’ll want to get in touch with the county clerk’s office to plan a visit. When you get there, make sure you don’t ask just to see your family member’s will. Probate records include a wide array of documents, such as an individual’s will and associated records, petitions, guardianship, appointment of administrators and executors, division of property, accounts, and receipts. By asking to see the will, you’re potentially excluding other documents in your family member’s file that also include valuable information.

Step 3: Sift through the Information

Once you have access to your family member’s probate records, you can start sifting through them to find valuable information. Probate records usually show ties between close family members. Wills typically contain the most genealogically information. This is because the relationship between the deceased and their heirs is defined in the will. For example, a will would read “to my nephew, John Doe, I leave my pocket watch.” So, the language used to describe the relationship between an heir and the deceased helps to trace your genealogy or family tree. Other information, such as maiden names and married names of women can  be identified in probate records. For this reason, probate records are an effective way for you to conduct your own genealogical research.

 

 

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Monday, July 3, 2017

7 Tips for Choosing a Legal Guardian for Your Child

Part of parenting is making plans. From scheduling play dates to setting up a college savings fund, you meticulously make plans to ensure your child is well cared for on their journey to adulthood.  Of course, you plan to be there for every milestone, but what if the unthinkable happens and you and your spouse become incapacitated or die? Have you made plans for who will step in and raise your child if you’re gone? The best way to prepare for this type of situation is to designate a legal guardian. A legal guardian is a person who makes legal, medical, and financial decisions for a ward. Read on to discover seven tips for choosing a legal guardian for your child.

1. Expect to feel disappointed.

You probably have high expectations and standards when it comes to whom you want in charge of your child’s future and physical and emotional well-being. Of course no one is going to be able to meet all of your expectations, which is disappointing. However, you need to accept your disappointment in order to move on and choose the person who is going to be the best fit.

2. Consider all of your options.

Choosing someone to entrust your child with is a big job. It’s best to consider all of your options. Make a list then narrow it down to your top candidates before weighing the pros and cons of each person.

3. Decide what values matter most to you.

Is it important to you that your child is raised within a certain religion? Do you want your child to grow up and appreciate the value of hard work? You and your spouse have probably planned how to raise your child in an environment reflective of your own values. For this reason, it’s important that you choose a guardian whose values and parenting style are similar to your own.

4. Age is a factor.

When considering possible legal guardian candidates for your child, it is important to remember that age does, in fact, count as a factor. A legal guardian should be someone who is young enough to see their job as guardian all the way through. Health plays a role as well since it’s important that the person you choose is able to take care of themselves as well as your child.

5. Financial stability matters.

Raising a child costs money. Would suddenly becoming responsible for your child place a financial burden on the legal guardian? If the answer is yes, it’s probably best to go back to your list and consider another candidate.

6. Location, location, location

The location of the legal guardian you choose is important to consider as well. If the legal guardian you choose lives out of state, your child may have to move and experience a rougher transition because on top of losing you, they could lose contact with friends and family members within the community they grew up in.

7. Is your legal guardian willing to accept the responsibility?

Finally, one of the most important steps to choosing a legal guardian is communicating with the guardian. It is important to ask your choice of guardian if they are willing to take on the responsibility. Hopefully they will say yes, but if they do not, you will have time to find a new guardian who is willing.

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Wednesday, June 28, 2017

How a British Scientist’s Estate Created the Smithsonian

With nineteen museums and the National Zoo, the Smithsonian Institution is the largest museum, education, and research complex in the world. However, all of the resources, research, and educational opportunities available at the Smithsonian would not exist without the Institution’s namesake, James Smithson, and his estate.

Who was James Smithson?

James Smithson was a British scientist and the illegitimate child of a wealthy Englishman. He traveled extensively throughout his life. However, he never set foot in America. Despite never visiting the U.S., Smithson left his estate, which was worth half a million dollars, to the U.S. More specifically, according to his last will and testament, Smithson left his estate to the U.S. to create “at Washington, under the name of the Smithsonian Institution, an establishment for the increase and distribution of knowledge.”

Creation of the Smithsonian Institution

Smithson died in 1829. Congress did not accept his bequest until 1836. Then, after ten years of debate, the Smithsonian was founded in 1846. Over time, the Institution has grown to include 154 million museum objects and specimens, 2.1 million library volumes, and numerous research and education programs. 12.5 million people have visited the Smithsonian in 2017 alone. So, what made Smithson decide to create the Smithsonian Institution?

Speculation Surrounding Smithson

Since Smithson never spoke with family or friends about the decisions made in his last will and testament, no one knows why he chose to leave his estate to the United States. Some speculate that being denied his father’s legacy played a role in his decision. Others suggest democracy inspired him. Another theory suggests he wanted to emulate the Royal Institution and its goal to use scientific knowledge to improve lives. Regardless of his motivation, Smithson and his estate have successfully impacted the arts, humanities, and sciences. Visitors can thank Smithson by stopping by his crypt located on the second floor of the Smithsonian Castle.

 

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Tuesday, June 20, 2017

Leaving a Noble Legacy: How a Will Created the Nobel Prizes

Receiving a Nobel Prize is an annual honor bestowed upon the men and women who make valuable contributions to the world in five categories: physics, chemistry, physiology or medicine, literature, and for work in peace. Over one hundred years of prize winners – otherwise known as Laureates – have received recognition for their work. However, Alfred Nobel, the man behind the prize, was not warmly regarded for his own life’s work. Read on to discover how a journalist’s mistake led “the tradesman of death” to write a will creating a more noble legacy.

Alfred Nobel, His Work, and Bad Reporting

Alfred Nobel was a Swedish chemist, inventor, engineer, and author. He held 355 patents and invented dynamite. When his brother, Ludwig, died in 1888, a mix up occurred and the French press printed an unflattering epitaph of Alfred. Since inventing dynamite was how Alfred amassed his fortune, he was nicknamed “the tradesman of death” in the epitaph. Witnessing his unflattering legacy while still alive made Alfred want to change how he was viewed.

Creation of the Nobel Prizes

In order to change his legacy, Alfred went to the Swedish Norwegian Club and wrote his own will. Some of his estate was left to his family and staff, but the rest was to be invested into a fund. The interest of the fund was meant to be divided equally between the five Noble Prize categories created within his will. Alfred had four men at the club sign his will as witnesses.

Execution of the Will

Alfred died a year after writing his will. His assistant, Ragnar Sohlman, was the estate’s executor. Working to make the Nobel Prizes a reality was difficult for Sohlman. He faced resistance from the Nobel family because they were shocked by Alfred’s will. The Swedish royal family was angry as well. They called the prizes unpatriotic because people of all nationalities could receive the awards. Five years after Alfred’s death, the first Nobel Peace Prizes were awarded in 1901. His will was the document that made it all possible.

 

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Friday, June 9, 2017

Who Will Feed Fido When You’re Gone? Estate Planning for Pets

You love Lassie like a family member. Of course you want to ensure she is well cared for when you’re no longer around.  With a little estate planning, you can rest assured your four-legged companion has access to the resources and care he or she needs – even if you’re not there to provide it. Read on to discover estate planning options for you and your pets.

Including Pets in Your Will

When considering an estate plan that protects your pets, one option you have is to include them in your will. However, when drafting your will to include pets, it is important to understand you cannot leave property to them. In the eyes of the law, pets are property. Property cannot be left to property. Therefore, money intended to go towards a pet’s care must be left to a trusted individual. Since pets are considered property, it’s also necessary to name a caretaker in your will. Naming a caretaker ensures your pet legally becomes a trusted individual’s property after your death. Having a back-up caretaker is a good provision to include in your will as well in case the original caretaker becomes ill or dies before you.

Drawbacks of Including Pets in Your Will

Including pets in your will does have drawbacks. One of the largest drawbacks of using a will to ensure your pets are cared for is the lack of legal obligation attached to the money intended to be spent on your pet. The caretaker who receives the money is not legally required to spend it on your pet. Therefore, legal action can’t be taken against them for misusing the money.

Creating a Pet Trust

Another option to consider when planning for the care of your pets is a pet trust. A trust is a legal document that distributes property after a person’s death. Unlike a will, a trust contains a set of rules, which determine how, when, and where property is distributed. Since a trust contains a set of rules for how property is distributed, creating a pet trust ensures the money you leave for your pets is spent exactly how you intended. If the caretaker named in your trust doesn’t follow the rules, legal action may be taken against him or her. Having a set of built in rules also enables you to provide more specific instructions on how a pet should be cared for.

Drawbacks of Creating a Pet Trust

A pet trust does have its own drawbacks, however. Since a trust is created with a set of rules, it is less flexible. A lack of flexibility becomes a problem if circumstances change following your death. Also, if a care taker is trustworthy, a trust with a rigid set of rules is also unnecessary.

 

 

 

 

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Wednesday, May 31, 2017

Ethical Wills: What You Need to Know

A last will and testament passes your possessions, assets, and material wealth on to your heirs, but how do you pass on non material wealth, such as memories, values, and life lessons? If passing non material wealth on to your heirs interests you, then an ethical will is the perfect document to create.  Read on to discover what ethical wills are and why you should create one.

1. What is an ethical will?

An ethical will is a separate document from your last will and testament and living will. In fact, all three documents perform different functions. An ethical will functions as a document created to pass non material wealth, such as your values, history, and wisdom on to your heirs.

2. Is an ethical will a legal document?

No, an ethical will is not a legal document. It is, however, a document designed to work alongside your living will and last will and testament in order to provide insight on your legal decisions. Ethical wills provide insight on the legal decisions you have made by illustrating the values that factored into your decision making process.

3. How do you create an ethical will?

People create ethical wills in a variety of ways. Some write a legacy letter to their loved ones for a more personal touch. Others create a video or audio recording in order to preserve their voice or image. Your ethical will is a reflection of you. Create it using the platform best suited to you and your needs.

4. What information should you include in your ethical will?

The information you choose to include in your ethical will is entirely up to you. Some people include short stories about their life in order to preserve their family history. Others choose to highlight their values with the hope that their values will provide heirs with a moral compass. Letters detailing the dreams one has for their heirs is popular content to include in an ethical will as well.

5. Why are ethical wills important documents to create?

While an ethical will is not a legal document, many still view it as an important document because of its ability to pass on non material wealth, such as values, memories, and important life lessons. An ethical will also enables you to preserve who you are by explaining your history and what you value in life so others may understand what made you who you are as a person.

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