For the Love of Your Family

Articles to LIFT Your Family

Q&A: What is a pet trust, and how does it work?

Q: What is a pet trust, and how does it work? -Doggy Daddy ANSWER ______________________________________________________________________________ A: Dear Doggy, While it’s possible to name a caregiver and leave them funding for your pet in a will, a will cannot guarantee the new caregiver will use the funds properly. In fact, a person who’s left a pet […]

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Q&A: How should I include my cryptocurrency in my estate plan?

Q: How should I include my cryptocurrency in my estate plan? -Digital Planner ANSWER ______________________________________________________________________________ A: Dear Digital, Just like any other property you want to pass on, detail in your estate plan who you want to inherit your cryptocurrency, and then include specific instructions in your will or trust how you’d like the accounts […]

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Q&A: Can I leave my 401(k) to my minor children when I die?

Q: Can I leave my 401(k) to my minor children when I die? -Pondering Parent ANSWER ______________________________________________________________________________ A: Dear Pondering, Though you are technically allowed to name a minor child as a beneficiary of your 401(k), IRA, or other employment-sponsored retirement accounts, it’s never a good idea. Minor children cannot inherit the account until they reach […]

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Q&A: Should I leave money for my child with special needs in my will?

Q: Should I leave money for my child with special needs in my will? – Prudent Parent ANSWER ______________________________________________________________________________ A: Dear Prudent: No, and let me explain why—when planning for a loved one with special needs, you must be extremely careful and always work with an experienced lawyer like a Personal Family Lawyer® because if […]

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How can I avoid being placed under a professional guardian?

Q: How can I avoid being placed under the care of a professional guardian? —Senior Planner A: Dear Planner, Should you become incapacitated without any planning in place, your family would have to petition the court in order to be granted guardianship. In most cases, the court would appoint a family member as guardian, but […]

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What estate planning documents should my son, who just turned 18, have in place?

Q: What estate planning documents should my son, who just turned 18 and is planning to attend college in the fall, have in place? -Prudent Papa A: Dear Prudent: At age 18, your son is now an adult in the eyes of the law. This means you no longer have the authority to make decisions […]

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Do I need to create a new will if I move to another state?

Q: Do I need to create a new will if I move to another state? -Curious Mover A: Dear Curious: Most states will accept a will that was executed properly under another state’s laws. However, there could be differences in the new state’s laws that make certain provisions in your will invalid. Here are a […]

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How can I obtain consent for my incapacitated mother to get a vaccination?

Q: How can I obtain consent for my incapacitated mother to get a COVID-19 vaccination? -Concerned Daughter A: Dear Concerned: Your first step in obtaining consent is to determine whether or not you have the authority to do so under the law. Whether you can provide consent will depend upon what legal capacity you have […]

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Can I serve as a trustee if I don’t have any legal experience?

Q: Can I serve as a trustee if I don’t have any legal experience? -Curious Cousin A: Dear Curious: Being a trustee does NOT require you to be an expert in law, finance, taxes, or any other field related to trust administration. In fact, trustees are not only allowed to seek outside support from professionals […]

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What is the best way to bring up estate planning with my family over the holidays?

Q: What is the best way to bring up estate planning with my family over the holidays? -Festive Father A: Dear Festive: First off, assure everyone that the conversation is about providing for the family’s future security and wellbeing, not prying into anyone’s finances, health, or personal relationships. Talking about planning isn’t about finding out […]

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If Democrats sweep the election, what’s likely to happen to the increased gift and estate tax exemption passed under Trump’s tax cuts?

Q: If Democrats sweep the election, what’s likely to happen to the increased gift and estate tax exemption passed under Trump’s tax cuts? -Anxious planner A: Dear Anxious: The Tax Cuts & Jobs Act increased the exemption to $11.58 million for single taxpayers and $23.16 million for couples. This generous exemption will sunset at the […]

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