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In late February, Luke Perry, who became famous starring in the 1990s TV series Beverly Hills 90210, suffered a massive stroke at age 52. He was hospitalized under heavy sedation, and five days later, when it became clear he wouldn’t recover, his family decided to remove life support.

Perry died on March 4th, 2019 surrounded by his two children—21-year-old Jack and 18-year-old Sophie—along with his fiancé, ex-wife, mother, siblings, and others.

Whether or not you were a Luke Perry fan, it’s hard not to be somewhat shocked when someone so young, successful, and seemingly healthy passes away so suddenly. In these moments, the fragile impermanence of life becomes glaringly obvious. It’s life’s way of reminding us that incapacity and death can strike at any time, no matter who you are.

Such reminders can make you feel extremely vulnerable. And they can also be a precious reminder to make the most of life now. Reminders of the fleeting nature of life can actually be a wonderful thing, if it motivates you to savor life now AND take the proper action to protect the ones you love through proper estate planning. And while we don’t yet know exactly what levels of planning Perry had in place, it appears he was thoughtful and responsible enough to have at least covered the basics.

Planning for incapacity and death

Perry was reportedly inspired to create his own estate plan following a fairly recent health scare. In 2015, after discovering he had precancerous growths during a colonoscopy, Perry created a will, leaving everything to his two children. Since Perry was worth an estimated $10 million, divorced with kids from the first marriage, and about to be married again, creating a will was the very least he could do.But wills are just a small part of the planning equation. Wills only apply to the distribution of your assets following death, and even then, your will must go through the court process known as probate for your assets to be distributed. Because a will only comes into play upon your death, if you’re ever incapacitated by accident or illness as Perry was, it offers neither you nor your family any protections.In Perry’s case, he was incapacitated by a stroke and on life support for nearly a week before he died. During this period, the fact Perry had a will was irrelevant because he was still alive. But given how events unfolded, it appears Perry had other planning vehicles in place to prepare for just this situation.

The power of life and death

During the time he was incapacitated, someone was called upon to make crucial medical decisions for Perry’s welfare, while his family was summoned to his side. To this end, it’s likely that Perry designated someone to serve as his medical decision-maker by granting them medical power of attorney. He may have also created a living will, which would provide specific instructions to this individual regarding how to make these medical decisions. Granting medical power of attorney gives the person you name the authority to make healthcare decisions on your behalf in the event of your incapacity. The document that does this is known as an advance healthcare directive, and it’s an absolute must-have for every adult over age 18. Perry was put on life support for nearly a week, and then he was removed from it and allowed to die without ever regaining consciousness—and without any apparent conflict between his loved ones. This indicates that someone in his family likely had the legal authority to make those heart-wrenching decisions over Perry’s life and death. Without medical power of attorney, if any of Perry’s family were in disagreement over how his medical care should be handled, the family may have needed a court order to terminate life support. This could have needlessly prolonged the family’s suffering and made his death even more public, costly, and traumatic for those he left behind.  

The power over your money

Along with medical power of attorney, every adult should also have financial durable power of attorney. In the event of your incapacity, financial durable power of attorney is an estate planning tool that gives the person you choose immediate authority to manage your finances, such as paying your bills, collecting government benefits, and overseeing your bank accounts.

We can’t be sure at this point whether or not Perry put in place durable power of attorney, but since this planning document goes hand-in hand with medical power of attorney, it’s almost certain he did. Yet seeing that Perry was only incapacitated for five days before his death, durable power of attorney may not seem totally necessary in his case. But what if Perry’s incapacity had lasted a lot longer?Given that Perry could have lingered on life support for months or years, it’s crucial that someone he trusted had the authority to manage his finances during his incapacity. Without durable power of attorney, the court will choose someone to manage your finances, and that someone might be a person you wouldn’t want anywhere near your life savings or checkbook. What’s more, that someone could even be a “professional” who gets paid hefty hourly fees to handle things, even if you have family members who want to serve.

Learn from Perry’s example

While Perry’s death is certainly sad, if it inspires you to put the proper estate planning in place, it can ultimately prove immensely beneficial. Whether you already have a basic plan in place or nothing at all, meet with us to get educated about the specifics necessary to keep your family out of court and out conflict if and when something happens to you. We’ll help ensure that in the event of your incapacity, or when you die, your loved ones will have the same protections Perry’s had—and more. Contact us today to attend one of our live educational events or get started with a private Estate Plan Strategy Session.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Estate Plan Strategy Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

Even if you put a totally solid estate plan in place, it can end up proving worthless if it’s not properly updated. Estate planning is not a one-and-done type of deal: It should continuously evolve along with your life circumstances.No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any major life events, we recommend reviewing your plan annually to make sure its terms are up to date.Yet there are several common life events that require you to immediately update your plan—that is, if you want it to actually work and keep your loved ones out of court and out of conflict. To this end, if any of the following seven events occur, contact us right away.

1. You get married

Marriage not only changes your relationship status, it changes your legal status. Regardless of whether it’s your first marriage or fifth, you must take the proper steps to ensure your plan properly reflects your current wishes and needs. After getting hitched, some of your most pressing concerns include: naming your new spouse as a beneficiary on your insurance policies and retirement accounts, granting him or her medical power of attorney and/or durable power of attorney (if that’s your wish), and adding him or her to your will and/or trust.

2. You get divorced

Since divorce can be so overwhelming, estate planning often gets overshadowed by the other dramatic new changes happening. But failing to update your plan for divorce can have devastating consequences. Once divorce proceedings start, you’ll need to ensure your future ex is no longer eligible to receive any of your assets or make financial and medical decisions on your behalf—unless that’s your wish. Once the divorce is finalized and your property is divided, you’ll need to adjust your planning to match your new asset profile and living situation.

3. You give birth or adopt

Welcoming a new addition to your family can be a joyous occasion, but it also demands entirely new levels of planning and responsibility. At the top of your to-do list should be legally naming both long and short-term guardians for your child. Our Kids Protection Plan offers everything you need to complete this process for free right now. Once you’ve named guardians, consider putting planning vehicles, such as trusts, in place for your kids. These documents can make certain the assets you want your child to inherit will be passed on in the most effective and beneficial way possible for everyone involved. Consult with us to learn which planning strategies are best suited for your family.

4. A loved one dies

The death of a family member, partner, or close friend can have major consequences for both your life and estate plan. If the person was included in your plan, you need to update it accordingly to fill any gaps his or her absence creates. From naming new beneficiaries, executors, and guardians to identifying new heirs to receive assets allocated to the deceased, make sure you address all voids the death creates as soon as possible.

5. You get seriously ill or injured

As with death, illness and injury are an unavoidable part of being human. If you’ve been diagnosed with a serious illness or are involved in a life-changing accident, you may want to review the people you’ve chosen to handle your healthcare decisions as well as how those decisions should be made. The person you want as your healthcare proxy can change with time, so be sure your plan reflects your current wishes.

6. You relocate to a new state

Since estate planning laws can vary widely from state to state, if you move to a different state, you’ll need to review and/or revise your plan to comply with your new home’s legal requirements. Some of these laws can be super complex, so consult with us to make sure your plan will still work exactly as you desire in your new location.

7. Your assets or liabilities change significantly

Whenever your estate’s value dramatically increases or decreases, you should revisit your plan to ensure it still offers the maximum protection and benefits for yourself and your loved ones. Whether you inherit a fortune, take out a new loan, close your business, or change your investment portfolio, your plan should be adjusted accordingly.

Count on us for guidance and support

You can count on us to ensure your estate plan is regularly reviewed and updated at all times. In fact, we have built-in processes to make sure this happens—be sure to ask us about them. What’s more, rather than looking at the process as yet another task you have to accomplish, we view an annual review as a meaningful ritual that lets you see where your family has been and where you plan to go. But however you look at it, a regular review will put you at ease, knowing your family is protected and provided for no matter what happens.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Estate Plan Strategy Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

Most people tend to view estate planning as something only married couples need to worry about. However, estate planning can be even more critical for those in committed relationships who are unmarried.Because your relationship with one another is frequently not legally recognized, if one of you becomes incapacitated or when one of you dies, not having any planning can have disastrous consequences. Your age, income level, and marital status makes no difference—every adult needs to have some fundamental planning strategies in place if you want to keep the people you love out of court and out of conflict.Last week, we discussed wills, trusts, and durable power of attorney. Here, we’ll look at two more must-have estate planning tools, both of which are designed to protect your choices about the type of medical treatment you’d want if tragedy should strike.

3. Medical power of attorney

In addition to naming someone to manage your finances in the event of your incapacity, you also need to name someone who can make health-care decisions for you. If you want your partner to have any say in how your health care is handled during your incapacity, you should grant your partner medical power of attorney. This gives your partner the ability to make health-care decisions for you if you’re incapacitated and unable to do so yourself. This is particularly important if you’re unmarried, seeing that your family could leave your partner totally out of the medical decision-making process, and even deny your him or her the right to visit you in the hospital. Don’t forget to provide your partner with HIPAA authorization within the medical power of attorney, so he or she will have access to your medical records to make educated decisions about your care.

4. Living will

While medical power of attorney names who can make health-care decisions in the event of  your incapacity, a living will explains how your care should be handled, particularly at the end of life. If you want your partner to have control over how your end-of-life care is managed, you should name them as your agent in a living will. A living will explains how you’d like important medical decisions made, including if and when you want life support removed, whether you would want hydration and nutrition, and even what kind of food you want and who can visit you.

Without a valid living will, doctors will most likely rely entirely on the decisions of your family or the named medical power of attorney holder when determining what course of treatment to pursue. Without a living will, those choices may not be the choices you—or your partner—would want.

We can help

If you’re involved in a committed relationship—married or not—or you just want to make sure that the people you choose are making your most important life-and-death decisions, consult with us to put these essential estate planning tools in place.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Estate Plan Strategy Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

With the holiday season here, you’re probably spending lots of time with your family and friends. During these moments, you’re likely reminded of just how important these relationships can be. And as we grow older, you begin to realize how precious little time we have to spend with one another.

Given life’s fleeting nature, using this time to talk about estate planning is vital for ensuring you and your loved ones will be provided and cared for no matter what happens. Though death and incapacity can be uncomfortable subjects to discuss, with a comprehensive plan in place, you’ll almost certainly experience a huge sense of relief and peace, knowing this critical task has been discussed and documented.

And though you might not realize it, estate planning also has the potential to enhance your relationship with loved ones in some major ways. Planning requires you to closely consider your relationships with family and friends—past, present, and future—like never before. Indeed, the process can be the ultimate forum for heartfelt communication and prioritizing what matters most in life.Indeed, communicating clearly about what you want to happen in the event of your incapacity or death (and asking your loved ones what they want to happen) can foster a deeper bond and sense of intimacy than just about anything else you can do.

Here are just a few of the valuable ways estate planning can improve the relationships you cherish most:

1. It shows you sincerely care

Taking the time and effort to carefully plan for what will happen to you in the event of your incapacity or when you die is a genuine demonstration of your love. It would be far easier to do nothing and simply let you family and friends figure it out for themselves. After all, you won’t be around to deal with any of the fallout. Planning in advance, though, shows that you truly care about the welfare of your loved ones, even when you’re no longer around to benefit from their love and companionship. Such selfless concern and forethought equates to nothing less than a final expression of your unconditional love.

2. It inspires honest communication about difficult issues

Sitting down and having an honest discussion about life’s most taboo subjects—incapacity and death—is almost certain to bring you and your loved ones closer. By forcing you to face immortality together, planning has a way of highlighting what’s really important in life—and what’s not.

In fact, our clients consistently share that after going through our estate planning process they feel more connected to the people they love the most. And they also feel more clear about the lives they want to live during the short time we have here on earth.  Planning offers the opportunity to talk openly about matters you may not have even considered. When it comes to choices about distributing assets and naming executors and trustees, you’ll have a chance to engage in frank discussions about why you made the choices you did. While this can be uncomfortable, clearly communicating your feelings and intentions is crucial for maintaining healthy relationships. In the end, it might just be the first step in actively addressing and healing any problems that may be lurking under the surface of your relationships.

3. It builds a deep sense of trust and respect

Whether it’s the individuals you name as your children’s legal guardians or those you nominate to handle your own end-of-life care, estate planning shows your loved ones just how much you trust and admire them. What greater honor can you bestow upon another than putting your own life and those of your children in their hands? Though it’s often challenging to verbally express how much you love your family and friends, estate planning demonstrates your affection in a truly tangible way. And once these people see exactly how much you value them, it can foster a deepening of your relationship with one another.

4. It creates a lasting legacy

While estate planning is primarily viewed as a way to pass on your financial wealth and property, it can offer your loved ones much more than just financial security. When done right, it lets you hand down the most precious assets of all—your life stories, lessons, and values.

In fact, the wisdom and experience you’ve gained during your lifetime are among the most treasured gifts you can give. Left to chance, these gifts are likely to be lost forever. In light of this, we’ve built in a process, known as Family Wealth Legacy Passages, for preserving and passing on these intangible assets.

With this service, which is included in every estate plan we create, we guide you to create a customized recording in which you share your most insightful memories and experiences with those you’re leaving behind. Family Wealth Legacy Passages can not only ensure you’re able to say everything that needs to be said, but that your legacy carries on long after you—and your money—are gone.

The heart of the matter

We can help guide and support you in having these intimate discussions with your loved ones. And as our Family Wealth Legacy Passages service shows, we offer a wide-array of customized planning options designed to enrich your family and friends with far more than just material wealth. With our help, estate planning planning doesn’t have to be a dreary affair. When done right, it can put your life and relationships into a much clearer focus and ultimately be a tremendously uplifting experience for everyone involved.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Estate Plan Strategy Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

It’s common for families of those with Alzheimer’s and other forms of dementia to realize that at some point, their loved one shouldn’t be allowed to drive. But fewer people are aware they should exercise the same level of caution when it comes to restricting their loved one’s access to firearms.

This was one of the findings of a May 2018 study published in the Annals of Internal Medicine covering firearm ownership among Alzheimer’s patients. The study noted that even though 89% of Americans support restricting access to firearms for those with mental illness, there’s been little attention focused on limiting firearm access among elderly dementia patients.

​Indeed, there are currently no federal gun laws prohibiting the purchase or possession of firearms by persons with dementia. And only two states—Hawaii and Texas—have laws restricting gun access for dementia patients.

A ticking time bomb

This lack of attention comes despite an increasing number of incidents involving elderly dementia patients shooting and killing family members and caregivers after confusing them for intruders. And with so many Baby Boomers now entering retirement age, this dangerous situation could get much worse.

In fact, the number of people with dementia is expected to double to around 14 million in the next 20 years, with the vast majority of those over age 65. Since nearly half of people over 65 either own a gun or live with someone who does, it’s clear that firearm safety should be a top priority for those with elderly family members—even if they don’t currently have any signs of dementia.

That said, just talking about restricting someone’s access to guns can be highly controversial and polarizing. Many people, especially veterans and those in law enforcement, consider guns—and their right to own them—an important part of their identity. Given this, the study’s authors recommended that families should talk with their elderly loved ones early on about the fact that one day they might have to give up their guns. Physicians suggest bringing up the topic of firearms relatively soon after individual’s initial dementia diagnosis.

This discussion should be similar to those related to driving, acknowledging the emotions involved and allowing the person to maintain independence and decision control for as long as it’s safe. Even though this can be a very touchy subject, putting off this discussion can literally be life threatening.

All part of the plan

Since it relates to so many other end-of-life matters, this discussion should take place as part of the overall estate planning process. One way to handle the risk is to create a legally binding agreement laying out a “firearm retirement date” that’s similar to advance directives addressing the elderly relinquishing their driving privileges.

Such an agreement allows the gun owner to name a trusted family member or friend to take ownership of their firearms once they’re reached a certain age or stage of dementia. In this way, the process may seem more like passing on a beloved family heirloom and less like giving up their guns.  Moreover, the transfer of certain types of firearms must adhere to strict state and federal regulations. Unless the new owner is in full compliance with these requirements, they could inadvertently violate the law simply by taking possession of the guns.

In light of this risk, you should consider creating a “gun trust,”an estate planning tool specially designed to deal with the ownership of firearms. With a gun trust, the firearm is legally owned by the trust, so most of the transfer requirements are avoided, making it a lot easier for family members to manage access after the original owner’s death.

Indeed, gun trusts can be a valuable planning strategy even for gun owners without dementia. Speak with us to see if a gun trust would be a suitable option for your family.

A matter of life and death

If you have an elderly family member with access to guns, you should consult with us as soon as possible. We can not only offer guidance on the the most tactful ways to discuss the matter, but also help you set up the appropriate estate planning strategies to ensure the firearms are properly secured and transferred. Given the grave risks involved, managing the elderly’s access to firearms should be taken every bit as seriously—if not more so—as managing their ability to operate motor vehicles. The safety of both your loved one and everyone who cares for them depends on it.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Estate Plan Strategy Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

From wildfires in California and hurricanes in Texas to floods in West Virginia, hardly any area of the U.S. is immune from the threat of natural disasters. And according to a report released by the government regarding climate change and its impact on Black Friday, it’s only going to get worse. Despite this threat, many homeowners still lack the insurance needed to protect their property and possessions from such catastrophes. In fact, roughly two-thirds of all homeowners are underinsured for natural disasters, according to United Policyholders (UP), a nonprofit organization for insurance consumers. One contributing factor to this lack of coverage is the mistaken belief that homeowners insurance offers protection from such calamities. In reality, natural disasters are typically not covered by standard homeowners policies.

In order to obtain protection, you often need to purchase separate policies that cover specific types of natural disasters. Here, we’ve highlighted the types of insurance coverage available and how the policies work.

Wildfires

While homeowners insurance typically doesn’t pay for damage caused by natural disasters, most policies do protect against fire damage, including wildfires like the recent ones in California. The only instances of fire damage homeowners policies won’t cover are fires caused by arson or when fire destroys a home that’s been vacant for at least 30 days when the fire occurred.

That said, not all homeowners policies are created equal, so you should check your policy to make certain that it includes enough coverage to do three things: replace your home’s structure, replace your belongings, and cover your living expenses while your home is being repaired, known as “loss of use” coverage.In certain areas that are extremely high-risk for wildfires, it  can be be difficult to find a company to insure your home. In such cases, you should look into state-sponsored fire insurance like California’s FAIR Plan.

Earthquakes

Unlike fires, earthquakes are typically not covered by homeowners policies. To protect your home against quakes, you’ll need a freestanding earthquake insurance policy. And contrary to popular belief, Californians aren’t the only ones who should be worried.Most parts of the U.S. are at some risk for earthquakes. Indeed, the U.S. Geological Survey found that between the 20 years from 1975 to 1995 earthquakes occured in every state except Florida, Iowa, North Dakota, and Wisconsin. To gauge the risk in your area, consult with the Federal Emergency Management Agency’s (FEMA) earthquake hazard map.

While earthquake insurance is available practically everywhere, policies in high-risk areas typically come with high deductibles, ranging from 10% to 15% of the home’s value. What’s more, though earthquake insurance covers damage directly caused by the quake, some related damages such as flooding are likely not covered. Carefully review your policy to see what’s included—and what’s not.

Floods

Though homeowners insurance generally covers flood damage caused by faulty infrastructure like leaky pipes, nearly all policies exclude flood damage caused by natural events like heavy rain, overflowing rivers, and hurricanes. You’ll need stand-alone flood insurance to protect your property and possessions from these events.The threat from flooding is so widespread, Congress created the National Flood Insurance Program (NFIP) in 1968, which allows homeowners in flood-prone areas to purchase flood insurance backed by the U.S. government. In some coastal regions, especially where hurricanes are prevalent, you might even be required to buy flood insurance. To determine the risk for your property, consult FEMA’s Flood Map service center.

Even if you live in a location where flood insurance isn’t required, you may want to consider buying it anyway. Indeed, 90% of all natural disasters include some form of flooding, and more than 20% of flood-damage claims come from properties outside high-risk flood zones.

Hurricanes and tornadoes

Most homeowners policies do offer coverage for wind-related damage. However, it depends on the type of storm that caused the damage. For example, wind damage from tornadoes and even some tropical storms is typically covered, but wind damage from hurricanes generally requires a separate windstorm policy, or in some cases, a hurricane rider.Because damage from hurricanes is often measured in the billions, these windstorm policies usually have higher deductibles that are often based on a percentage of your home’s value, instead of a fixed dollar amount. Some policies also come with a cap on coverage, so be sure to review exactly what type and amount of coverage your policy offers.Of course, high winds aren’t the only threat posed by hurricanes. Such tropical systems can also cause severe flooding, which is frequently the storm’s most damaging element. But as mentioned before, whether it’s caused by a hurricane or a tornado, flooding is not generally covered by homeowners insurance. For flood protection, you’ll need to purchase a separate flood insurance policy through the NFIP.

Get the disaster coverage you need today

To make certain you have the necessary insurance coverage to protect your home and belongings from natural disasters, consult with us. We’ll help evaluate the specific risks for your area, assess the value of your assets, and support you to determine the optimal levels of insurance you should have in place.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Estate Plan Strategy Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

Today, estate planning encompasses not just tangible property like finances and real estate, but also digital assets like cryptocurrency, blogs, and social media. With so much of our lives now lived online, it’s vital you put the proper estate planning provisions in place to ensure your digital assets are effectively protected and passed on in the event of your incapacity or death.However, because many types of online assets have only been in existence for a handful of years, there are very few laws governing how they should be dealt with through estate planning. And due to their virtual and often anonymous nature, just locating and accessing some of these assets can be extremely difficult for those you leave behind.

Given these unique challenges, last week we discussed some of the most common types of digital assets and the legal landscape surrounding them. Here, we offer some practical tips to ensure all of your digital property is effectively incorporated into your estate plan.  

Best practices for including digital assets in your estate plan

If you’re like most people, you probably own numerous digital assets, some of which likely have significant monetary and/or sentimental value. Other types of online property may have no value for anyone other than yourself or be something you’d prefer your family and friends not access or inherit.To ensure all of your digital assets are accounted for, managed, and passed on in exactly the way you want, you should take the following steps:

1. Create an inventory

Start by creating a list of all your digital assets, including the related login information and passwords. Password management apps such as LastPass can help simplify this effort. From there, store the list in a secure location, and provide detailed instructions to your fiduciary about how to access it and get into the accounts. Just like money you’ve hidden in a safe, if no one knows where it is or how to unlock it, these assets will likely be lost forever.

2. Back up assets stored in the cloud

If any of your digital assets are stored in the cloud, back them up to a computer and/or other physical storage device on a regular basis, so fiduciaries and family members can access them with fewer obstacles. That said, don’t forget to also include the location and login info of these cloud-based assets in case you don’t have a chance—or forget—to back them all up.

3. Add your digital assets to your estate plan

Include specific instructions in your will, trust, and/or other estate planning documents about the heir(s) you want to inherit each asset, along with how you’d like the accounts managed in the future, if that’s an option. Some assets might be of no value to your family or be something you don’t want them to access, so you should specify that those accounts and files be closed and/or deleted by your fiduciary.Do NOT provide the specific account info, logins, or passwords in your estate planning documents, which can be easily read by others. This is especially true for wills, which become public record upon your death. Keep this information stored in a secure place, and let your fiduciary know how to find and use it. Consider a service such as Directive Communication Systems to support you here. It’s also a good idea to include terms in your estate plan allowing your fiduciary to hire an IT consultant if necessary. This will help him or her manage and troubleshoot any technical challenges that come up, particularly with highly complex and/or encrypted assets.

4. Limit access

In your plan, you should also include instructions for your fiduciary about what level of access you want him or her to have. For example, do you want your executor to be able to read all of your emails and social media posts before deleting them or passing them on to your heirs? If there are any assets you want to limit access to, we can help you include the necessary terms in your plan to ensure your privacy is honored.

5. Include relevant hardware

Don’t forget that your estate plan should also include provisions for any physical devices—smartphones, computers, tablets, flash drives—on which the digital assets are stored. Having quick access to this equipment will make it much easier for your fiduciary to access, manage, and transfer the online assets. Since the data can be wiped clean, you can even leave these devices to someone other than the person who inherits the digital property stored on it.

6. Check service providers’ access-authrorization tools

Carefully review the terms and conditions for your online accounts. Some service providers like Google, Facebook, and Instagram have tools in place that allow you to easily designate access to others in the event of your death. If such a function is offered, use it to document who you want to have access to these accounts. Just make certain the people you named to inherit your digital assets using the providers’ access-authorization tools match those you’ve named in your estate plan. If not, the provider will probably give priority access to the person named with its tool, not your estate plan.

Truly comprehensive estate planning

With technology rapidly evolving, it’s critical that your estate planning strategies evolve at the same time to adapt to this changing environment. We can help you update your plan to include not only your physical wealth and property, but all of your digital assets, too.We know how valuable online property can be, and unlike many lawyers, we have the experience and skills to ensure these assets are preserved and passed on seamlessly. Moreover, we can do this while respecting and protecting your privacy rights. Contact us today to get started.  

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Estate Plan Strategy Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

While some of those TV commercials for free credit-score report companies are pretty funny, having errors on your credit report is no laughing matter. Indeed, your credit score is one of the main factors determining your access to loans, credit cards, housing, and sometimes even jobs.From late payments that were actually made on time and paid debts that are still listed in collections to fake accounts opened in your name by identity thieves, there are all kinds of errors that can end up in your report. What’s more, even if the mistakes were made by the banks, lenders, and/or credit bureaus, they have no obligation to fix them—unless you report them.Given this, it’s vital to monitor your credit score regularly and take immediate action to have any errors corrected. Here, we’ll discuss a few of the most common mistakes found in credit reports and how to fix them.

Finding and fixing errors

The first step to ensure your credit report stays error-free is to obtain a copy of your report from each of the three major credit-reporting agencies: Experian, TransUnion and Equifax. You can get free access to your reports and even helpful credit monitoring services from companies like CreditKarma.com.Check each of the reports closely for errors. Some of the most common mistakes include:

• Misspellings and other errors in your name, address, and/or Social Security number
• Accounts that are mistakenly reported more than once
• Loan inquiries you didn’t authorize
• Payments inadvertently applied to the wrong account or noted as unpaid, when they were in fact paid
• Old debts that have been paid off or should’ve been removed from your report after seven years  
• Fake accounts and debts created by identity thieves

Filing a dispute

If anything is inaccurate on your report, file a dispute with the credit bureaus as soon as possible. In fact, notifying these agencies is a prerequisite if you eventually decide to take legal action. Note that if a mistake appears on more than one report, you’ll need to file a dispute with each credit bureau involved. To ensure your dispute has the best chances of success, follow these steps:

• Use the appropriate forms: Each credit bureau has different processes for filing a dispute—whether via regular mail or online—so check the particular bureau’s website for instructions and forms. You can find sample letters showing how to dispute credit reports on the FTC and Consumer Financial Protection Bureau (CFPB) websites.
• Be absolutely clear: Clearly identify each disputed item in your report, state the facts explaining why the information is incorrect, and request a deletion or correction. If you’ve found multiple errors, include an itemized list of each one.
• Provide evidence: It’s not enough to just say there’s a mistake; you should substantiate your claim with proof. Collect all documents related to the account, including account statements, letters, emails, and legal correspondence. Include copies (never originals) of this paperwork, and highlight or circle the relevant information.
• Contact credit providers: In addition to the credit bureaus, the CFPB recommends you also contact the credit providers that supplied the incorrect information to the bureaus. Check with the particular company to learn how to file a dispute, and then send it the same documentation to them that you sent to the bureaus.
• Review the results of the investigation: Credit bureaus typically get back to you within a month, but their response can take up to 45 days. The response will tell you if the disputed item was deleted, fixed, or remains the same. Disputes basically boil down to whether or not the creditor agrees with your claim or not, and what they say typically goes.

If you’re not happy with the result of the dispute or how the dispute was handled, you can file a complaint with the CFPB, which regulates the credit bureaus. They’ll forward your complaint to the credit provider and update you on the response they receive.

If the credit provider insists the information is accurate, you can provide the bureaus with a statement summarizing your dispute and request they include it in your file, in future reports, and to anyone who received a copy of the old report in the recent past.

Legal action

Finally, if the investigation isn’t resolved to your satisfaction and the inaccurate information in your credit report is causing you harm, contact us to determine if taking legal action would be worthwhile. We can review the information, and if necessary, help you develop and litigate your case.

We can help get your credit in top shape by guiding you to put  the proper legal, insurance, financial, and tax systems in place to secure your family’s financial future.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Estate Plan Strategy Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

Retirement planning is one of life’s most important financial goals. Indeed, funding retirement is one of the primary reasons many people put money aside in the first place. Yet many of us put more effort into planning for our vacations than we do to prepare for a time when we may no longer earn an income.Whether you’ve put off planning for retirement altogether or failed to create a truly comprehensive plan, you’re putting yourself at risk for a future of poverty, penny pinching, and dependence. The stakes could hardly be higher.When preparing for your final years, it’s not enough to simply hope for the best. You should treat retirement planning as if your life depended on it—because it does. To this end, even well thought-out plans can contain fatal flaws you might not be aware of until it’s too late.Have you committed any of the following three deadly sins of retirement planning?

1. Not having an actual plan

Even if you’ve been diligent about saving for retirement, without a detailed, goal-oriented plan, you’ll have no clear idea whether your savings strategies are working adequately or not. And such plans aren’t just about calculating a retirement savings number, funding your 401(k), and then setting things on auto-pilot. Once you know how much you’ll need for retirement, you have to plan for exactly how you’ll accumulate that money and monitor your success. The plan should include clear-cut methods for increasing income, reducing spending, maximizing tax savings, and managing investments when and where needed.What’s more, you should regularly review and update your asset allocation, investment performance, and savings goals to ensure you’re still on track to hit your target figure. With each new decade of your life (at least), you should adjust your savings strategies to match the specific needs of your new income level and age.The plan should also take into consideration unforeseen contingencies, such as downturns in the economy, health emergencies, layoffs, and inflation. Failing to plan, as they say, is planning to fail.

2. Not maximizing the use of tax saving retirement accounts

One way or another, the money you put aside for retirement is going to be taxed. However, by investing in tax-saving retirement accounts, you can significantly reduce the amount of taxes you’ll pay.Depending on your employment and financial situation, there are numerous different plans available. From traditional IRAs and 401(k)s to Roth IRAs and SEP Plans, you should consider using one or more of these investment vehicles to ensure you achieve the most tax savings possible. What’s more, many employers will match your contributions to these accounts, which is basically free money. If your employer offers matching funds, you should not only use these accounts, but contribute the maximum amount allowed—and do so as early as possible.Since figuring out which of these plans will offer the most tax savings can be tricky—and because tax laws are constantly changing—you should consult with us and a professional financial advisor to find the one(s) best suited for your particular situation. Paying taxes is unavoidable, but there’s no reason you should pay any more than you absolutely have to.

3. Underestimating health care costs

One of the most frequent mistakes people make when planning for retirement is assuming that things will always stay the same. Whether it’s tax laws, inflation, market conditions, or marital status, if you don’t carefully consider how your circumstances might change with time, you’re putting yourself and your savings at serious risk.While many such contingencies are mere possibilities, the one thing that’s certain to change with time is your body and mind. It’s an inescapable fact that our health naturally declines with age, so one of the most risky things you can do is not plan for increased health-care expenses. With many employers eliminating retiree health-care coverage, Medicare premiums rising, and the extremely volatile nature of health insurance law, planning for your future health-care expenses is absolutely critical. And it’s even more important seeing that we’re now living longer than ever before. Plus, these considerations are assuming that you don’t fall victim to a catastrophic illness or accident. The natural aging process is expensive enough to manage, but a serious health-care emergency can wipe out even the most financially well off. But with so many unknowns, how can you possibly prepare for every possible scenario? The truth is, you can’t. That said, you should take advantage of every available precaution within your means. This might mean delaying retirement, purchasing supplemental insurance, investing in long-term care insurance, opening a Health Savings Account, or some combination of these options. We can advise you on precautions that are right for you and your family.

Start preparing for retirement now

The best way to maximize your retirement funding is to start planning (and saving) as soon as possible. In fact, your retirement savings can be exponentially increased simply by starting to plan at an early age.

We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer an Estate Plan Strategy Session during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule an Estate Plan Strategy Session and mention this article to find out how to get this $750 session at no charge. Schedule online today.