Ah, February – the month of love, where hearts flutter and chocolates abound (single people, stay with me here). But amidst the romantic whirlwind, there's a different kind of love that deserves our attention: the love we show ourselves and our family through thoughtful financial planning. 

This week, we explore seven tax planning tips that not only secure your financial future but also spread love and prosperity to those you cherish most. 

When you think of estate planning, a Will is usually the first thing that comes to mind. In fact, most people who contact me tell me they don’t need anything complicated for their estate. They say I just need a Will. Indeed, Wills have a reputation as the number one estate planning tool. Wills can be seen all over TV shows and movies, from the dramatic “reading of the Will” (which rarely happens in real life) to characters plotting how best to defraud their billionaire uncle’s Will in order to inherit his lavish estate.

Love is undoubtedly the most profound and cherished thread that weaves us all together, and there are many different ways to express our love to the people who mean the most to us. Often when we think of showing our love, we think of bouquets of flowers, surprise gifts, and meaningful notes. But an often overlooked – and incredibly meaningful – way of showing your love is to put that love into a plan for the future. 

As dementia progresses, estate planning must become more proactive and strategic than ever to avoid court and conflict over your loved one’s wishes in the future. If dementia becomes too advanced before planning is complete, the question of who will manage your loved one’s assets and care will be left to a judge who doesn’t know your loved one or their wishes.

Caring for a loved one with dementia is a challenge that millions of families undertake each year. As a caregiver, understanding how a dementia diagnosis affects your loved one’s legal decision-making

As we welcome the New Year, filled with hope and resolutions for a brighter future, one commitment should be at the top of your list– creating a Kids Protection Plan™. It can be hard to think about a future where you couldn’t be there for your children, but having a plan in place will ensure that your kids stay in the care of the people they know and love in the event you become incapacitated or die (instead of their care decisions being left up to chance or whichever judge is overseeing the family court at the time).

You want to find an attorney you like who will understand your family’s needs. But, there are other considerations at stake. You also have to consider the cost of the attorney you’re hiring. You want to know whether they can meet your immediate needs. And, whether the attorney will be there for you in the long term. 

As we approach the holiday season, it's essential to consider the true richness of the inheritance we leave behind for our loved ones. Beyond monetary assets, our values, stories, and experiences form a legacy that lasts for generations. To intentionally capture and pass down this Family Wealth Legacy, Personal Family Lawyers® advocate for a unique planning process that involves a recorded interview – a Family Wealth Legacy Interview.

Making important decisions for aging parents can be a challenging task, but power of attorney (POA) can provide peace of mind and clarity in times of need. POA enables individuals to make crucial decisions on behalf of their parents, such as managing their finances or making medical decisions, when they are unable to do so themselves due to age or illness.

The holidays are right around the corner, which means more time to gather with family and relatives than any other time of the year. If you’ve been meaning to talk to your family about money, inheritance, end-of-life decisions, estate planning, and creating a plan for your whole family’s wealth - now and in the future - having everyone in the same room is ideal.

Are you in the “sandwich generation” (someone who is caring for both your children as well as your parents simultaneously)? If this is you, then you need to know whether or not your parents have an estate plan. So, ask yourself, “do your parents have an estate plan?”

If you are like most people, you probably do not know. And, the thought of speaking with your parents about their finances and estate planning probably makes you want to run as fast as you can in the opposite direction. Nonetheless, having this conversation is the key to helping make sure your parents are able to live their golden years without financial worries and that their wishes are carried out after their death.

Creating a special needs trust (SNT), also sometimes referred to as a supplemental needs trust, can help you provide for a loved one who is disabled or has special needs while maintaining your loved one’s current benefits or leaving open the option for need-based governmental aid in the future, even if your loved one receives an inheritance. As long as the SNT meets certain legal criteria, the existence of the SNT and the amount of money and property inside it will not affect your loved one’s means test.

November is National Caregiver month.  This month is a time to honor those who are caring for their aging parents. You may already be acting as a caregiver for one or more of your parents who are no longer able to look after themselves.  Or, due to their age, you may have be more involved in caring for your aging parents. As part of your caregiving, you need to know the essential estate planning documents for caregivers. 

If you're anything like us, your furry friends mean the world to you. They bring endless joy, cuddles, and an abundance of love to our lives. But have you ever wondered what will happen to them if, heaven forbid, something were to happen to you? Well, fear not! That's where creating a trust fund for your furry friends comes in. In this ultimate guide, we're going to show you the ropes and help you navigate the sometimes overwhelming world of pet estate planning. So grab a cup of tea, snuggle up with your four-legged buddies, and let's embark on this pawsome journey together!

Pet trusts have undergone a drastic transformation in recent times. Once dismissed as peculiar actions of the wealthy, they have now gained widespread acceptance. But not every pet trust is enacted exactly according to the owner’s wishes. Let’s take a look at three famous celebrity pet trusts and consider the lessons we can take away from them so your furry family member can be protected through your plan.

A pet trust is an excellent way to make sure your beloved pet will receive proper care after you pass on. The problem, of course, is that you won’t actually be there to see that your wishes are carried out. It’s critical to set up a pet trust correctly to ensure there are no loopholes or unforeseen situations that could make your plans go awry. Here are the top five pet trust mistakes people often make when leaving their assets to their pets.

Frankly, it can be chaos for your pets if you are incapacitated or deceased without a plan. With the shuffle of so many other tasks, a pet can sometimes be overlooked, abandoned, or even euthanized. A pet trust provides a legal tool to ensure that your beloved dog, cat, or other pet is not left somewhere or euthanized merely because you are not here any longer. Proactively including a pet trust is especially important when you have family members that may be unable or unwilling to care for your beloved pets.

Did you just return from vacation? Are you now dreaming about owning a vacation property? Or, did you look at vacation homes while on vacation? Take a minute before you invest in a vacation property. You need to ask these five critical question before investing in vacation property.

Discover your Vacation Dream Team. Traveling the world can be an exciting adventure. By assembling a planning team, you can help make sure that you and your loved ones are fully protected while you are having the time of your life.