Monday, January 29, 2018

Legacy Planning Is More Than Distributing Assets

Similar to estate planning, legacy planning involves preparing for the future. However, unlike estate planning, which involves creating documents for the distribution of wealth and protection against the unforeseen, legacy planning is often only used to distribute assets. While legacy planning is ultimately about passing assets down to family members, it can be used for much more. With a little extra work, you can use your legacy plan to share family history and morals. You can also make a lasting impact on your community by giving to charity.

Share family history

Your family is part of your legacy since those who survive you carry on the family name. You can help shape the legacy you pass down to your family through legacy planning. Sharing family history is one way to shape the legacy your family members carry on. Often times, family history is passed down orally. However, after a few generations, the stories of deceased family members are replaced, forgotten, or lost. One way to preserve your family’s history is by writing it down and including it in your legacy plan. Many people choose to include a letter to their family members in their estate planning documents. By including your family history in a letter, your family members will have a physical copy of their history to hold on to. The letter can be passed down from generation to generation, ensuring your legacy is well-protected.

Stick to your morals

Another way to pass your legacy down to family members is by creating a legacy plan that highlights your morals. Maybe you’re a big believer in volunteer work or believe family time is important. No matter what is important to you, there’s a way to include them in your legacy plan. Your first option is to include your morals in a letter to family members, just like you would your family history. Secondly, you could write an ethical will. An ethical will is not a legal document. However, it can be used to provide insight on why you have made certain legal decisions or why you’ve chosen to distribute assets a certain way. It can be especially useful if you choose to pass down your morals to family members by placing restrictions on their inheritances.

The third option of placing restrictions on inheritances is risky. It could cause you to seem controlling. This option usually involves creating an incentive trust. An incentive trust is a type of trust where the beneficiary has to complete a task to receive their inheritance or is restricted from spending trust money on certain things. However, your restrictions can be challenged in court and cannot break the law. So, this probably isn’t the best option to pass down your morals because it makes you look controlling and can be challenged in court.

Donate to Charity

Besides using legacy planning to share your morals and family history, you can use it to make a good impression in the community. Legacy planning is ultimately about the distribution of assets. By leaving some of your assets to a charity you care about, you can ensure your legacy is felt in the community, even after you’re gone. A charitable donation doesn’t have to big. It can be small and still have an impact. The impact will then help you create a legacy by making it possible for others to remember you positively thanks to your donation.

Legacy planning encompasses more than passing assets down to family members. By adding legacy planning to your estate plan, you can ensure all the bases are covered. To contact Boyum Law Firm for help with estate planning, click here.

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Wednesday, January 24, 2018

Where to Leave Instructions for When You Kick the Bucket

Kick the bucket, bite the big one, push up daisies. People use many idioms to soften the finality of death. Though death is inevitable and scary, you can alleviate some of the stress by estate planning since estate planning enables you to create a plan for your family to follow when you die. By predetermining what you’d like to happen to your possessions, assets, and remains, you can rest assured your loved ones have less to worry about and can grieve in peace. Read on to discover where to leave estate planning instructions for when you kick the bucket.

Distribute possessions in your last will and testament

Creating a last will and testament is an important part of estate planning because this document enables you to leave instructions on how you’d like your assets and possessions distributed. Leaving instructions on how you’d like to have your assets and possessions distributed is the key to avoiding family warfare when you die. Taking the guess work out of who gets what will prevent loved ones from arguing over who you’d have liked to receive your belongings. With this estate planning document in place, you can rest assured that your family will stick together, even after you die.

Use advanced planning to make funeral arrangements

Predetermining funeral arrangements requires a more advanced form of estate planning. Not many people choose to include this information in their estate plan because there’s not really a specific “spot” or space in an estate planning document where this information should go. At Boyum Law, we provide our clients with estate planning binders so they can keep all of their documents together. One of our binder tabs includes a place to file memorial instructions, but clients should also place this information elsewhere, such as with a close friend of family member. Your estate plan usually isn’t examined right away when you die, which means your instructions are likely to go unnoticed. By providing a trusted friend or family member with burial instructions, you can rest assured that your final wishes are known. Additionally, your family will not have to stress about planning a funeral if you have pre planned your own.

Leave a letter of final wishes

A letter of final wishes is technically not an estate planning document. However, it is a great way to leave instructions behind because it can be used to express your final thoughts and wishes to loved ones. You can include whatever you like in a letter of final wishes. Many people choose to share their hopes for the future. Others choose to leave behind instructions on how they’d like to pass down their legacy. No matter what you choose to include, writing a letter of final wishes is a great way to show your loved ones how much you cared.

To contact Boyum Law Firm to create estate planning documents and leave instructions of your own, click here.

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Monday, January 15, 2018

Estate Planning for Children with Special Needs

If you have a child with special needs that depends on you financially and physically for care, creating an estate plan is important. With an estate plan in place, you can ensure your child is always provided for financially and physically, even if you’re no longer around. Read on to discover the estate planning steps you should take if you have a child with special needs.

1. Name a guardian

Naming a guardian is an important estate planning step to take if you have a child with special needs because it ensures your child is left in the care of a trusted individual if something happens to you. There are many factors to consider when choosing a guardian, which you can read about here. A guardian is named in a last will and testament. However, since your last will and testament is not typically looked at right away, a guardian should be named in other documents as well. A power of attorney document is a great place to list your choice of guardian since it’s one of the first documents that will be examined in the event you become incapacitated or die. A trust, if you have one, is also a good place to list your choice of guardian.

2. Write a letter of intent

Though a letter of intent, otherwise known as a letter of instruction, is technically not an estate planning document, it is an important document to create if you have a child with special needs. Writing a letter of intent enables you to share information about your child with their chosen guardian in order to help the guardian get to know your child. A letter of intent should include information about your child’s like and dislikes, capabilities and in-capabilities, daily routine, and medical history. Contact information for doctors, schools, and family members should also be left. You can also include a section dedicated to your final thoughts and wishes.

3. Create a special needs trust

A special needs trust is a unique estate planning tool. Unlike other methods of inheritance, a special needs trust enables you to leave your child financial resources without interfering with his or her ability to receive government aide. A variety of factors should be considered when creating a special needs trust, including:

  • What kind of life would you like for your child?
  • Does your child need financial resources to access educational or vocational training opportunities?
  • What type of medical care will your child need?
  • Is there an individual you trust enough to name as the trustee responsible for handling the trust?
  • Would you prefer to have someone who is not a family member or friend named as the trustee?

By creating these estate planning documents, you can ensure your child is left in the care of a trusted guardian in the event something happens to you. You can also ensure your child has access to the financial resources he or she will need throughout his or her life. To contact Boyum Law Firm to create these documents, click here.

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Monday, January 8, 2018

Tying Up Loose Ends: An Overview of a Personal Representatives Responsibilities

Cars, bank accounts, and family heirlooms. Bills, mail, and debts. These are all things people leave behind when they die. So, who is responsible for handling the deceased’s loose ends? In Nebraska, it’s the deceased’s personal representative. Read on to discover what a personal representative is and what the responsibilities of being a personal representative are.

What is a personal representative?

A personal representative, otherwise known as an executor, is the person responsible for handling an estate when someone dies. Typically, an individual names their personal representative in their last will and testament. If someone dies without a will, however, the court will name a personal representative for them. No special skills or knowledge is required to be a personal representative. The person named just has to be able to complete the tasks required of them as the individual responsible for handling the estate.

What are the responsibilities of a personal representative?

Personal representatives are responsible for a variety of tasks. This includes:

    • Carrying out written burial instructions
    • Submitting the deceased’s will to probate
    • Taking possession of the deceased’s assets and preserving them
    • Distributing assets to beneficiaries and heirs as listed
    • Paying bills and debts owed by the deceased
    •  Taking an inventory of the estate’s fair market value within the first three months
    •  Defending the estate against legal action if necessary

Ultimately, a personal representative is responsible for acting in the estate’s best interest. The individual is filing in to wrap up the deceased’s loose ends and to make sure the estate is handled and distributed smoothly. A personal representative should consider contacting a lawyer to minimize potential errors in handling the estate since they would be liable for errors that occur. To contact Boyum Law, click,  here.

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Tuesday, January 2, 2018

Five Unusual Inheritances

When picturing an inheritance, money or family heirlooms are typically the first items to come to mind. However, some people choose to think outside the box when gifting heirs their possessions. Read on to discover five heirs who received unique inheritances.

1. A family of deceased turtles

Lois Collins, a staff writer for Deseret News, wrote an article on the inheritance she and her husband received from her mother-in-law, which included a unique set of items. Most notably, Collins and her husband received a family of dead turtles. The turtle family, which had passed away years before and been preserved, consisted of a mother turtle and three babies. The set came with specific instructions stating that Collins was to take care of the turtles and pass them down to her own children one day. Collins is unsure why her mother-in-law kept the deceased turtles and gave them as an inheritance. However, she came to the conclusion that the turtles can be used as a threat if her children misbehave, saying that if they stay out past curfew, they’ll receive the turtles one day.

2. Bracelets made of hair

Preserved hair equals preserved memories? Perhaps that was Napoleon’s line of thinking. The Frenchman left instructions in his last will and testament for his hair to be turned into bracelets and given to family members. The bracelets featured a gold clasp. His mother, brothers, sisters, nieces, nephews, Empress Maria Louisa, the Cardinal, and his son all received the gift of this unique inheritance.

3. A new birthday 

Birthdays are unique to every individual, but certain days of the year don’t make great birthdays, such as Christmas. For this reason, author Robert Louis Stevenson left his birthday to his friend Annie Ide when he died in 1894. Ide had told Stevenson she felt cheated out of a birthday since hers fell on Christmas day. Thanks to Ide, her new birthday was his own, November 13th.

4. 100,000 baby pictures

When Constance Bannister, “the world’s most famous baby photographer,” died in 2005, she left her daughter Lynda more than 100,000 baby photos. The “Bannister Baby” archive Lynda received could be worth a fortune, according to this Fox Business an article During her lifetime, Constance Bannister produced calendars, a comic strip, and wrote books on photography. She got her start by taking photos of babies in Central Park then selling the prints to the mothers.

5. A home for feline friends

When Jonathon Jackson of Ohio died in 1880, he made sure to bequeath his fortune to a cause close to his heart: taking care of animals. Jackson left instructions and funds in his will to create a home for cats. He wanted the home to feature sloped roofs for climbing, a cat gym, and bedrooms for the cats, according to this legalzoom article

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