Showing posts with label Legacy. Show all posts
Showing posts with label Legacy. Show all posts

Monday, July 25, 2011

Legacy - Take Time to Reflect and Create

Until you die, you are creating your legacy that will last well after you die. How long depends on you and the legacy you create and preserve.

You can make a monetary bequest/gift to your family or you can give to charities that reflect your values and beliefs. What you leave can be tangible (cash, house, car) or intangible (wisdom, ideals, philosophies, principles). However, you can only be impactful in the way that you desire if you plan ahead. Otherwise, your legacy will be left to the whims and fantasies of others.

What we do is work with you to make sure your wishes and desires are documented. Contact us at www.ythlaw.com for all your estate planning needs.

Tuesday, February 22, 2011

Black History Month - Legacy of Freedom for All


What is the history behind "Jocko"?

The story begins the icy night in December 1776 when General George Washington decided to cross the Delaware River to launch a surprise attack on the British forces at Trenton. Jocko Graves, a twelve-year-old African-American, sought to fight the Redcoats. However, Washington deemed him too young and ordered him to look after the horses. He asked Jocko to keep a lantern blazing along the Delaware so the company would know where to return after battle.
Many hours later, Washington and his men returned to their horses. The horses were tied up to Graves who had frozen to death with the lantern still clenched in his fist. Washington was so moved by the young boy's devotion to the revolutionary cause he commissioned a statue of the "Faithful Groomsman" to stand in Graves's honor at the general's estate in Mount Vernon.
By the time of the Civil War, these "Jocko" statues could be found on plantations throughout the South. They were like the North Star that pointed fleeing slaves to their freedom. The Jocko statues pointed to the safe houses of the Underground Railroad. Along the Mississippi River, a green ribbon tied to a statue's arm — whether clandestinely or with the owner's knowledge — indicated safety; a red ribbon meant danger. Thus these original lawn jockey statues serve as true artifacts of the Underground Railroad that conducted so many African-American slaves to freedom.
Share a black history fact here or contact us at www.ythlaw.com

Monday, February 14, 2011

The Hammersteins' Legacy


What's Your Legacy? I attended a booksigning this weekend. Oscar Hammerstein II's grandson has written a book, THE HAMMERSTEINS, about his family's awesome musical legacy. The book draws heavily upon the family archives, presenting a rich collection of photographs, theatre blueprints, programs and patents. The grandson, Oscar Andrew Hammerstein, has become the family historian, by studying and preserving his family's heritage and their contribution to Ameican culture.

Estate planning helps create and preserve your legacy which could be lost without having a plan. Who will maintain the memorabilia on your family's work? How will it be passed on for the prosperity of your family and maybe of the larger society as in the Hammersteins' situation.

I do believe that more people need to address their own legacy by taking the time to document the journey of their life. It is an exercise of significant worth. Contact us at http://www.ythlaw.com/ for expert estate planning guidance.

Thursday, July 8, 2010

Philadelphia Marathon


Stay tuned!! I will be blogging about the Philadelphia Marathon. WHY, you might ask would an estate planning blogger want to spend time blogging about the Philadelphia Marathon or any marathon for that matter?? BECAUSE, I just signed up to run the Philadelphia Marathon.

Yes, this "non-runner" who has never even done a 5k, which is how it all started, will be training to run a marathon. WHY?? BECAUSE I always tell my readers the importance of their life and legacy. To have a legacy, you have to be living your life and challenging yourself each and every day. It does not have to be a marathon or anything close to it but it has to be something outside of your comfort zone, your self-created box. Something that will make you say, if I can do this, I can do anything.

Well, gotta run, literally. Leave your comments here or contact us at http://www.ythlaw.com/

Wednesday, July 7, 2010

Your Children's Legacy


What is the legacy that you leave your children? The answer to that question goes a long way in determining your children's legacy. Each generation builds or not on the other generation. What makes the difference between generational prosperity and generational deterioration? The answer is planning, estate planning.

Prosperity is not always about money or financial wealth. Prosperity is also inclusive of happiness, well-being and fulfillment. For some, this is all that really matters. BUT, for any prosperity, one has to have a plan. Money, happiness, well-being and fulfillment, none of these happen by chance. Estate planning is the process of evaluating your "assets" - the tangible things you have (like money, a home, car, jewelry, etc.) and the intangible things that matter to you (happiness, well-being, productivity, fulfillment). After this evaluation or reflection, the estate planning process continues by looking at those who matter most to you - loved ones, other people, places or things.

When this process is donw with a professional estate planner, you make a difference in your children's legacy. Leave your comments here or contact us at http://www.ythlaw.com/

Thursday, July 1, 2010

Longest Serving Member of Congress dies at 92



Senator Robert Byrd dies at 92.

The Congress and the Nation will take time to recognize one of its longest serving members who will lie in State today in the Senate chamber. After over 50 years in Congress, Senator's Byrd's legacy will live on for generations. As the days go by, we will determine whether there are any estate planning issues that we can examine.

I might surmise, since it has not yet become headline news that the estate planning was done so that issues were addressed prior to Senator's Byrd's death. Time will tell.

To the family of Senator Byrd, we send our heartfelt condolences on the loss of your loved one whom you shared with the Nation. Thank you.

Monday, February 8, 2010

Madam C.J.Walker - Entrepreneur Legacy


We continue with the estate planning lessons of the rich and/or famous, the contemporary and/or historical figures. What did they do right or wrong in their planning? Hindsight of course is 20/20 so let it work for our estate planning.

How many of us know Madam C.J. Walker? She was born in 1867 and became an American businesswoman, hair care entrepreneur, tycoon and philanthropist who made a way out of no way to accomplish what many only dreamed about during her time. She made a fortune by developing and selling beauty and hair products. She founded the Madam C.J. Walker Manufacturing Company to sell hair care products and cosmetics. She used her company to build wealth and to promote economic opportunities for others. She provided jobs to many during her lifetime and gave to charitable institutions. Upon her death in 1919, she left two-thirds of her estate to many educational institutions and charities all of which still exist today because of this type of philanthropy.


Because Madam C.J. Walker did plan for the transfer of her wealth upon her death, her legacy lives on today in her great-great-granddaugher's ability to share her ancestor's story through her books, writings and speakes. Leave your comments here or contact us at

Monday, February 1, 2010

Black History Month

As we end the month of January, we have been able to wish everyone Happy New Year!! As we begin the month of February, many of us are still contemplating those resolutions. Well, a few of you did follow one of my recommendations. That is to make your will. I received a number of calls in January to begin the process. Everyone wanted to do something that had been on their list for awhile and the new year was a good time to move forward. I am glad they did and still encourage others to join them.

As we also usher in Black History Month, I encourage everyone to learn something new this month about the contributions made by African Americans to this country. Everyone benefits from the contributions of others. All ethic groups help to make this country great. Each month serves as a time of reflection, whether it is Black History Month, Women's History Month, Irish American Heritage Month or American Indian Heritage Month. How do you celebrate your heritage?



Plan now, your legacy depends upon it. Leave your comments here or contact us http://www.ythlaw.com/

Friday, January 22, 2010

Selection of Trustee - Final Note


The last couple of days I have discussed the importance of making the correct selection of your trustee. A trustee serves in a legal capacity as your fiduciary. There are laws specific to the role and responsibility of fiduciaries and laws applicable to trust management. Today, we will address the Pros and Cons of selecting a bank or financial institution as your trustee.
PROS:
(1) A financial institution has longivity. Unlike individuals, you do not have the issue of incapacity or death.
(2) A lot of time does go into training and education in the specific area of trust and financial management.
(3) Generally, you have more focus attention to one area. There are departments for each area of expertise with individuals trained in that area of focus.
(4) Financial institutions have the resources to deal with complex matters and serve to be the deep pocket if anything should go wrong with trust management.
CONS:
(1) Financial institutions are subject to merger and closure as we have seen over the last 18 months.
(2) The fees charged by financial institutions are of significant concern to many.
(3) You have to have resources at a certain level in the trust for a financial institution to become your trustee.
(4) Beneficiaries can find working with a financial institution to be a little impersonal with specific individuals handling the trust subject to change at any time.

So, for choosing a trustee make sure you do your homework thoroughly. Seek professional guidance in the selection process. Leave your comments here or contact us at http://www.ythlaw.com/

Tuesday, January 19, 2010

ESTATE - What Does it Mean?


Yesterday I received a call from an adult child of one of my 80 year old clients. My client is in great physical and mental health. She understands the importance of getting her affairs in order and further understands that with 4 children she needs to provide direction on the handling of her affairs.

Well, her son's concerns were expressed as follows:

"My mother does not have an "estate". There is nothing "complex" about what she has. Therefore, she does not need any "estate planning". Her children can take care of her affairs for her."

My answer to him was to help him understand just what an "estate" is. So, I said:

"Your mother's "estate" is not just about tangible things but the intangible as well. On the tangible side, she has (1) her home which is very valuable - great location, well maintained and no mortgage; (2) her original art work and (3) some antiques. On the intangible side, she has (1) one child in transition after a divorce and needs to have a place to stay with her children; (2) her other children whom she would like to leave an inheritance; (3) her passion as an artist that is also a part of her legacy. More importantly, your mother would like for her wishes to be known and not have her children in disagreement over the handling of her affairs."

I encourage families to sit down and discuss these matters because he represented what could happen if there are no plans, children second guessing the wishes of their parents. With an estate plan there is no second guessing.

Leave your comments here or contact us at http://www.ythlaw.com/

Monday, January 18, 2010

Martin Luther King Holiday


The Martin Luther King Holiday is a day of remembrance and service. We remember the man who dedicated his life to equality, to basic human rights. The nation recognizes his contribution and sacrifice by not just taking a day off but taking a day on for volunteerism. It is one of many opportunities to be charitable to those less fortunate. We salute those who regularly give to others in need and we use this day to teach our children the importance of giving.

When I think of legacy in its broadest sense, it is about those intangible things we leave behind. The legacy of Martin Luther King is one of Peace, Social Change, Justice, Non-Violence and Equality. Each of us has a legacy big or small that makes a difference for the next generation, whether it is your nation, your community or your family. Think about it!! Plan for it!! YOU MATTER!!

Celebrate this day in your own way to honor one man's legacy!!!

Thursday, January 14, 2010

An Earthquake's Unimaginable Devastation


"Walking the streets, all I was seeing was dead bodies" was the report of a survivor. It is devastation in the poorest country at the worst time in the history of the world. The earthquake has destroyed what infastructure may have existed in the Haitian city of Port-Au- Prince. Thousands, maybe hundreds of thousands, have died from the earthquake that shook Haiti on Tuesday, January 12th.

The pictures, the stories, the men, the women, the children, the lost of human life moves me to do whatever I can to help. Even with this blog to express my thoughts to others who also might want to help. If you want to make the world a better place... This act of nature requires us to respond with our humanity. Those who still live (the injured, the hungry, the thirsty) are stretching out their arms to us, to the world for help.

Let us all be moved to action at this time of unimaginable need.

Monday, January 11, 2010

A Friend's Death


I pause for a moment to reflect on a friend's recent death. She was not a colleague, client, co-worker or childhood friend but among those wonderful individuals you meet during your lifetime for no apparent reason other than your paths cross and a lifetime connection is made. She was a 2 time cancer survivor and had learned to really cherish each and every day, though she was one to live her life fully before experiencing any illnesses. She was ahead of herself in many ways, advocating advancement in technology among organizations, cities and countries long before some technological changes became standard operating procedure. She was a leader among leaders with her own genuine style. She could be a mover and shaker while attending who's who events or while being a "lazy lima bean" at elite retreats where others crossed deserts, climbed mountains, rode rapids or jumped out of planes.

Carole I. Smiths' legacy will live on in her daughter who has her own unique way of addressing those issues her mother found important. I have watched the relationship among mother and daughter and realize that their relationship and what Carole leaves to her daughter is what I seek to accomplish in an estate planning law practice.

I pause and give my condolences to the family.

Wednesday, January 6, 2010

"Baby-Oil Heiress" Dies

I often speak of our legacy, creating one and passing it on. Today’s clients want to know that the wealth they leave their children is wisely used to benefit their heirs and not something that ruins their incentive to work or achieve. Wealth should be an opportunity. It should not serve to cripple and stifle initiative, creativity, and productivity. The tabloids often follow those of inherited wealth leading meaningless and sometime destructive lifestyles. Ensuring that their heirs have more meaningful values is of critical importance to clients who realize that giving their children substantial wealth may not truly benefit them in the long run.
One can only wonder whether the inherited legacy of wealth had unanticipated consequences for Casey Johnson, age 30, whose death was reported yesterday.

Leave your comments here or contact us at http://www.ythlaw.com/

Friday, December 25, 2009

Merry Christmas and Happy Holidays


We are up very, very early this morning with our 8 year old daughter who is now cooking the morning breakfast, with just a little help from Dad. She is quite the independent one and has started her own traditions for Christmas morning, as we also get ready to visit Mommom and Poppop, 3 hours away. Fortunately, we do not have to dash through the snow, just a little rain washing away the remaining snow from last weekend.

Creating memorable moments during the holidays and throughout the year is what life and living is all about. Passing on those traditions from generation to generation is what your legacy is all about. So, as we move into 2010 think about what the moments and traditions you are creating for your family and loved ones. Are they full of meaning; making a difference by helping others you do not know who are in need, sharing your wealth and good cheer with those who might not have anyone during the holidays, remembering to take the time to say I love you today and always to those close to you, and being the human being you were placed here to be now and forever.

Happy Holidays to all and to all a wonderous New Year!!!!

Friday, December 18, 2009

Benefitting Others Through Estate Planning


We all understand the importance of charitable giving. We benefit others through our philanthropy, giving and humanity. In return it encourages others to do the same.

When we first moved to Washington Crossing, Pennsylvania, we purchased a home next to land under preservation for open space. We have been able to enjoy the trees and wildlife. We soon found out that this land had been donated to the community along with land where the elementary school is built that my daughter attends. It was part of the legacy of man who started his life in America as a poor immigrant. His legacy has touched the life of numerous children and many, like myself, in the community that he grew to love.

Just like this one man we, you and I, can benefit those we will never know through our giving. And how best to do that then through our estate planning. I have looked at my charitable giving during my lifetime and selected those organizations that will continue to benefit when I die.

Think about your life and how you might continue to help others or even start to help others by leaving a bequests in your Will. Leave your comments here or contact us at http://www.ythlaw.com/

Monday, December 14, 2009

"Today, It's Your Legacy"


I can hardly believe it is December 14th already. December is going way too fast. But, isn't that life sometimes, especially as we get older. I can remember when I was a child that time seemed to stand still and how I wished it would go faster. Be careful what you wish for!

Well, yesterday I did the taping for an internet TV start-up. My program "Today, It's Your Legacy" is all about people because estate planning is all about people and the life they are living. Everyday, ordinary people are doing ordinary things with extrordinary results. They, however, fail to realize how uniquely awesome the legacy they are creating is. My show will explore the legacy people, just like you, are creating everyday. It will help all of us realize how estate planning can work for us, our families and our communities.

I am excited about this new beginning and will keep you posted regarding the launch. First it was writing the script, then it was taping the pilot, what is next? Stay tuned. Leave your comments here or contact us at http://www.ythlaw.com/

Monday, December 7, 2009

The Legacy of Internet TV


Today was an interesting day. I wondered what I would write about since I had decided to let December be on how estate planning is about life and living. What experience did I have in my day that demonstrates this aspect of estate planning?

I spent most of my day reviewing 2 documents and writing a script for a new program that I hope to bring to TV, internet TV. I will keep you posted on that venture and invite you to the celebratory launch. In any event, I had my sister critique the script. She holds back nothing and that is why I rely on her. She is just not going to sugar coat something or say what she thinks you want to hear. Basically, after spending the good part of 2 days immersed in writing this script, I had to go back to the drawing board as a result of her comments. I just sent her a revised script before writing this post. Let see how I do.

If this program should ever go anywhere and it will, then it will be these moments - developing the script; receiving feedback; revising the script - that will form a part of the legacy of the program, the back story, you might say. I want to take the time to document that and not just breeze through it. It is not always the end result that is important. The getting there has just as much value.

Leave your comments here or contact us at http://www.ythlaw.com/

Friday, December 4, 2009

Create Your Legacy - Live the Life You Were Meant to Live



This morning I decided I would do Yoga and Meditation. The best time of the morning to do Yoga and Meditation is just before sunrise. If you are like me, once my day begins there is no time for any type of exercise or even relaxation. So if you are so inclined to forego a bit of sleep and get up early, you will find it to be invaluable.


So what does Yoga and Meditation have to do with estate planning or even your legacy. In a nutshell, everything. Life is all about change. Yoga teaches flexibility and if one is flexible in mind and body, your ability to deal with change is enhanced. Meditation, like Yoga, focuses on the breath, your life source. Thoughts will come and go and not take control of you as long as your focus remains on the breath. You clear your mind of the chatter (thoughts) in your head and you can begin to feel a real sense of peace. All of this is important to living a life that creates a legacy that one might wish to pass on in estate planning. But the most important part is that you are living a life that is worthwhile to you.


Yoga and Meditation are not the only way to obtain this state of clarity about our life, our purpose and our legacy. Share ways that have helped you or contact us at www.ythlaw.com

Sunday, November 29, 2009

Your Legacy is Your Story


Your legacy is the story of your life. You can document as much of it as you care to share at any time. What is important is that you are here for a reason, your life has purpose and you can share your purpose to those who need it most.

What I have found is that most of us fail to realize that we can and do create our own reality in many ways. We can be proactive, reactive or just plain inactive in the unfolding of our life's story. You can engage the estate planning process as a process of self-discovery to help you understand the life that you are living. It may be the first time that you plant an idea of your purpose that can begin to germinate into your legacy.

Leave your comments here or contact us at http://www.ythlaw.com/ to begin your self-discovery through our estate planning process.