I was saddened to read about the status of Rosa Parks' Estate. Apparently, there has been litigation over her estate since her death in October,2005 at the age of 92.0 The cash value paled the "value" of her memorabilia. Often referred to as the Mother of the Civil Rights Moment" her medals, paper and even clothing carries such significant historical importance which can equate to an invaluable collection. However, this all can be clearly distorted in any protracted litigation or dispute.
What does this do to a legacy of strength, perserverance, faith in the face of adversity? It is not only for me and those who lived during her lifetime; but, for the younger generations and those not yet born that the physical representation of her legacy must be protected. It serves to educate and inspire those exposed to the memory of an historical ICON.
Contact our offices for your probate, estate planning and elder law needs at www.ythlaw.com
I received a birthday card today from a life long friend. It reminded of the importance of our "intangible" legacy. During our lifetime, we acquire assets that we want to pass on to our family, friends and/or charitable organizations. Those assets are not just MONEY, REAL ESTATE or other TANGIBLE property (cars, jewelry, furniture, artwork, collectibles, etc.). Our gifts are intangible as well.
Through estate planning we can document our INTANGIBLE assets. My friend reminded me that I make others happy, I know just the right thing to say, I appreciate time spent with family and friends and I enjoy giving to others. What are the intangible things of your life and how might it be documented in your estate plan?
Your Last Will and Testament can provide guidance and advice to others; it can give to a charity that makes a difference in ways that reflect your life; it can have an educational fund started for your family; and, it can even forgive. Let an estate plannning professional work to personalize your Will. Your legacy is our interest. Contact us at http://www.ythlaw.com/
Tis the Season of giving. To whom much is given much is expected. If we have received much in our lifetime whether tangible or intangible, we have a responsibility to share, to give, to help. It enhances our life and those around us.
If I have learned anything in the estate planning law practice, that would be that the legacy we create today can have a meaningful and worthwhile impact upon future generations. Our firm is honored to be among the many who give back each and every day.
I enjoy the stories of folks leaving a legacy worth millions to deserving people who did not expect it. Here is another story from the headlines that reminds us that it takes all types of people to make a difference in our lives and "be kind to your neighbors" should be everyones motto. Click on the picture to hear her story!
With each New Year, we open the door to new possibilities. Our dreams and hopes for the future are refreshed. I continue to advise everyone that the estate planning process requires that you assess your life now. At our firm, we work to help you identify your assets (traditional or nontraditional), determine your beneficiaries (family or otherwise), and control when and how your assets are distributed.
Estate planning provides you with a way of addressing your needs while you are living and developing a plan that expands beyond your lifetime. It challenges you to reflect on your life. You can engage the estate planning process as a process of self-discovery to help you understand the life that you are living. During this process, it may be the first time that you plant an idea of your purpose that can begin to germinate into your legacy. That is what is so exciting about estate planning. It is what you make it and we help make it a special and important journey for you and your family.
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/
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
It is a very windy day as I write this blog entry. Today my thougths are about the importance of planning. Whether estate planning, retirement planning, financial planning, long term care planning or personal and business planning, there are 3 important steps. You have to (1) access where you are, (2) determine where you would like to be and then (3)write down the strategies and action steps to get to where you want to go.
Along the way, have a great time because each and every moment is creating the life story that you want to leave as your legacy.
This blog post continues from October 24 when we started to look at the 5th benefit of estate planning, addresses special circumstances.
Remember the other 4 of the 7 essential benefits of estate planning are;
(1) protects assets
(2) saves money
(3) creates a legacy
(4) distributes wealth.
Today we continue to discuss how estate planning addresses special circumstances. In the case of Linwood and Jordan who are same sex partners, they have to address their property interests through advance planning. If either Linwood or Jordan died without a will, no property would go to the other unless there was joint ownership, a trust or beneficiary designation with the partner's name. There would have to be planning to minimize the inheritance tax since the 0 rate would not apply to unmarried individuals.
What about their son, Julian? We will discuss his special circumstances tomorrow. Leave your comments here or contact us at http://www.ythlaw.com/
We have been exploring the 7 essential benefits of estate planning; (1) protects assets (2) saves money (3) creates a legacy (4) distributes wealth. Today we discuss number (5) how estate planning addresses special circumstances. Let's take a look at Linwood's and Jordan's situation.
Linwood and Jordan are the same sex and have lived together for twenty-five years. They do not live in a state that recognizes gay marriages. They adopted their special needs son Julian, who was 10 years old at the time of the adoption. Julian has thrived and progressed significantly over the last sixteen years with the love, attention, and hard work of his parents. Linwood's skills as a nurse have been most helpful to Julian. Julian’s Seeing Eye dogs have helped, and his current dog is an integral part of his life. All of this has enabled Julian to live on his own with the support of state programs.
What issues will Linwood, Jordan and Julian face and how can those issues be addressed through estate planning? We will begin to look at the answer to these questions and any that you may leave here or when you contact us at http://www.ythlaw.com/
Over the last few days, we have discussed 3 benefits of estate planning; (1) protects assets; (2) saves money; and, (3) creates a legacy. The fourth benefit of estate planning is distributes wealth. The following is from my book Stop! What Are You Waiting For? Your Step-by-Step Guide to Estate Planning.
"Ria enjoys the international travel required of her successful technology consulting business. During her extensive traveling and demanding business, her closest and dearest sibling Michelle has taken on the full responsibility of the care of their parents, whose health has been rapidly failing. Her two older brothers have remained distant from the family and provide no support or interest in the care of their parents. Though Ria never married, she is considering adopting children.
In recent times, Ria has thought about her estate and how it;might be distributed when she dies. She is especially concerned about the ramification of any adoption."
Should the state control the distribution of Ria’s assets? What would happen to all her wealth if she has no husband and no children.
Let's learn more about Ria tomorrow. Leave your comments here or contact us at http://www.ythlaw.com/
Yesterday, I stated that creating a legacy is the most important benefit of estate planning. The reason I made that statement is because all of us have a legacy. Let the estate planning process help you find yours if for some reason you do not know your legacy.
In an earlier blog, I introduced Max from my book Stop! What Are You Waiting For? Your Step-by-Step Guide to Estate Planning. Max collected historical memorabilia on the American Revolution. How can he preserve this passion for the historical significance of a major event in American history? Through estate planning, he can build upon this legacy. Future generations could benefit from the knowledge these documents provide. Max can even make sure the next generation is guided by his wisdom by giving specific instructions on the use of assets. He does not want to lose the momentum of his collection through ineffective management by his spouse or children if their interests should differ from his. Professional advice and guidance now can make the difference between creating a legacy and losing an accumulated treasure of the past.
Max’s legacy can be addressed in many ways. If he wants to leave assets to his spouse or children but their interests or passions differ from his, then he can leave the collection in a trust. He can fund the trust and choose a trustee who will be responsible for preserving the assets he accumulated in a way that he may designate. If his interest is charitable, he can give in a number of ways to those who will cherish his generosity, including institutions of higher education, museums, or organizations of scholarly pursuit. Estate planning can even enable Max to create a legacy of philanthropy that can include the involvement of his spouse, children and grandchildren.
Today, we continue our discussion regarding the benefits of estate planning. The first two, 1. Protects Assets and 2. Saves Money, have already been discussed over the last few days. This third benefit, Creates A Legacy, is, in my opinion, the most important because we all have a legacy to leave. The problem is that most of us fail to document that legacy or even more problematic fail to see the legacy worth of our life.
There has not been a single client that I have counseled who did not have a legacy worth documenting in some way. Remember, estate planning is a process as well as the tangible development and execution of legal documents. And it is that process that gives my practice its competitive edge. I may guide someone into starting a business, a foundation or a charitable organization because of what I learn about them during the estate planning process. I may suggest writing a book, journaling, speaking or putting on a photo/art/sculpture exhibit. Whether it is a financial gain to me or an Aha moment for my client, in my practice the estate planning process is always mutually beneficial.
Tomorrow, let's revisit Max and Margaret to look at their legacy and how estate planning will help. Leave your comments here or contact us http://www.ythlaw.com/
