Downs Law Firm, P.C.
You’ve done all you could to draw up the perfect trust to protect your child and help them on the path to recovery. Now you need the right person (or team) to help make it happen.
Home equity has ballooned in recent years. However, people who use a new way to pass it on can run into trouble.
To protect your family, you should have a set of estate planning documents that address who is in charge if you are disabled or when you die. There are some important documents that should always be in your estate plan to protect your family. However, some people still leave them out, according to Consumer Reports in “8 Essential Steps for Estate Planning.” A survey from Caring.com showed that as many as 60% of adults don’t have estate planning documents. When they asked families with young children, fewer than one in ten have even designated a guardian to take care of their children, if both parents should die. Worse yet, we have worked with numerous cases where people thought they had documents in place, but due to their own misunderstanding of the law or requirements, their plans were agonizing disappointments of what should, and could have been… What happens when there’s no planning in place? Even the simplest things become more complicated, and complicated things become financial and legal nightmares. When there’s an emergency and decisions need to be made, the entire family is subjected to more stress and costs than would otherwise be necessary. Here are the eight steps you need to take, right now, to protect your family: Get the professional help you need. The change to the tax law may or may not impact your family and your estate plan, but you won’t know until you sit down with an estate planning attorney. Trying to do this online may seem like a simpler way, but you will not have the same peace of mind as when you sit down with an experienced attorney, one who knows your state’s laws. Create a will. This is a legal document that outlines how you wish to distribute your assets upon your passing. It names an executor to carry out your instructions. If you have minor children, this is an especially important document, since it is used to name their guardian. If you have no will when you die (called dying “intestate”), then the laws of your state determine how your assets are distributed and who rears your children. Depending on where you live, your spouse might not automatically inherit everything. Discuss whether you need a Revocable Living Trust. In most states, when you pass away, your estate goes through a process called “probate.” The courts basically review your estate plan and determine whether everything looks right. The problem is that your will becomes a public document—and so does information about your assets. Some people prefer to keep their lives private by transferring assets to a revocable living trust, which distributes assets according to your instructions at your death. Titles to the assets must be changed so they are “owned” by the trust. This is known as “funding” the trust. You still retain complete control of your assets, since you are the trustee. However, if you fail to retitle assets, the estate goes through probate. You will also still need a will
Regular summer days blur together. They’re just one long hot stretch of cereal, TV reruns, and whatever’s in the fridge. But vacations? That’s where the memories live.
A power of attorney gives someone the authority to act on your behalf. However, understanding the scope and limits of that power is essential to protect your interests.
With more Americans pursuing early testing and care planning, Alzheimer’s disease is no longer viewed only as a crisis, but as a condition to prepare for thoughtfully and strategically.
D-Day, June 6, 1944, was 81 years ago today. It was the pivotal invasion of Normandy, with heavy sacrifices of allied forces that lead to the defeat of Hilter and Nazi Germany. General Dwight D. Eisenhower, then supreme commander of Allied Expeditionary Forces in World War II gave the go-ahead for a massive invasion of Europe called Operation Overlord, encouraging his troops with the following Memo: Soldiers, Sailors, and Airmen of the Allied Expeditionary Force: You are about to embark upon the Great Crusade, toward which we have striven these many months. The eyes of the world are upon you. The hopes and prayers of liberty-loving people everywhere march with you. In company with our brave Allies and brothers-in-arms on other Fronts you will bring about the destruction of the German war machine, the elimination of Nazi tyranny over oppressed peoples of Europe, and security for ourselves in a free world. Your task will not be an easy one. Your enemy is well trained, well equipped, and battle-hardened. He will fight savagely. But this is the year 1944. Much has happened since the Nazi triumphs of 1940-41. The United Nations1 have inflicted upon the Germans great defeats, in open battle, man-to-man. Our air offensive has seriously reduced their strength in the air and their capacity to wage war on the ground. Our Home Fronts have given us an overwhelming superiority in weapons and munitions of war, and placed at our disposal great reserves of trained fighting men. The tide has turned. The free men of the world are marching together to victory. I have full confidence in your courage, devotion to duty, and skill in battle. We will accept nothing less than full victory. Good Luck! And let us all beseech the blessing of Almighty God upon this great and noble undertaking. See https://www.americanrhetoric.com/speeches/dwighteisenhowerorderofdday.htm We cannot forget that day, and the sacrifices of our servicemen who stormed the beaches. 36 years later, D-Day took on its own personal meaning for me. On June 6, 1980, I hit the beach in Delaware on the last day of my first year of law school. I then met my future wife, Margie Lazzati. Our summer fling continues. My privilege to have that later rendezvous with destiny is due somewhat to the supreme sacrifices made by many so that I could grow up free. Thank you. That personal legacy also brings D-Day so much closer for me. As a young man, I was fascinated by WWII history. However, D-Day seemed like ancient history. Looking back now, with the span of 39 years since I met my bride-to-be, it wasn’t so long ago. Each year, I am blessed at least twice on this day. Am I the only one who senses historical events like D-Day are drawing closer to me as I age? History becomes personal when you have some of it yourself.
As the baby boomer generation ages, they will pass savings and assets on to their children, grandchildren and charitable organizations.
In the wake of Pope Francis’s passing, many around the world are reflecting on the legacy he leaves behind—not only as the spiritual leader of the Catholic Church, but as a shepherd of humility, justice, and compassion. Among his many poignant messages, one insight stands out for those of us engaged in the work of estate planning. In 2022, Pope Francis offered this reflection on aging and legacy: “When we think of an inheritance, at times we think of goods, and not of the goodness that is done in old age, and that has been sown. That goodness is the best legacy we can leave.” — Pope Francis, via Catholic News Agency These words remind us that true legacy is not only about the distribution of wealth, but about the impact of a life well-lived. As attorneys who help clients prepare their wills and trusts, we understand the importance of passing on financial security. But we also believe in helping clients articulate and preserve the values, stories, and acts of love that define who they are. Whether it’s through charitable giving, or thoughtful conversations with family, estate planning can be a powerful way to leave behind more than assets. It can be a way to sow goodness. At the Downs Law Firm, we honor Pope Francis’s call to generosity of spirit. As you consider your own plans, we invite you to think not only about what you will give—but how you will be remembered. https://www.catholicnewsagency.com/news/251200/pope-francis-advice-on-retirement-leave-a-legacy-of-good-rather-than-just-goods
Grief doesn’t stop at the office door—losing a loved one affects concentration, energy and emotional health, making it hard to perform at work while mourning.
