What the Netflix Series Tiger King Can Teach You About Estate Planning—Part 2

Anyone who has seen the hit Netflix documentary Tiger King: Murder, Mayhem, and Madness can attest that it’s one of the most outlandish stories to come out in a year full of outlandish stories. And while Tiger King’s sordid tale of big cats, murder-for-hire, polygamy, and a missing millionaire may seem too outrageous to have any relevance to your own life, the series actually sheds light on a number of critical estate planning issues that are pertinent for practically everyone.

Since the airing of Tiger King, more facts have come to light since the documentary aired that make the story even more scandalous, while also offering us additional estate planning lessons. Given new facts, what actions should have been taken to prevent such an epic tragedy from occurring? This leads us to our second lesson.

What the Netflix Series Tiger King Can Teach You About Estate Planning-Part 1

Anyone who has seen the hit Netflix documentary Tiger King: Murder, Mayhem, and Madness can attest that it’s one of the most outlandish stories to come out in a year full of outlandish stories. And while Tiger King’s sordid tale of big cats, murder-for-hire, polygamy, and a missing millionaire may seem too outrageous to have any relevance to your own life, the series actually sheds light on a number of critical estate planning issues that are pertinent for practically everyone.

Over seven episodes, Tiger King provides several shocking, real-life examples of how estate planning can go horribly wrong if it’s undertaken without trusted legal guidance. In this series of articles, we’ll discuss some of the worst planning mistakes made by key people in the documentary, while offering lessons for how such disasters could have been avoided with proper planning.

Estate PlanningErica EndykeAugust 14, 2020estate planning, estate plan, estate planning attorney ma

3 Deadly Sins of Retirement Planning

Retirement planning is one of life’s most important financial goals. Indeed, funding retirement is one of the primary reasons many people put money aside in the first place. Yet many of us put more effort into planning for our vacations than we do to prepare for a time when we may no longer earn an income.

Whether you’ve put off planning for retirement altogether or failed to create a truly comprehensive plan, you’re putting yourself at risk for a future of poverty, penny pinching, and dependence. The stakes could hardly be higher.

Umbrella Policy: What Is It and Do You Need It?

It’s no secret that we live in a litigious society. And though our right to a fair trial is one of the hallmarks of American democracy, it has also led to a lawsuit-crazy culture.

In this atmosphere, you’re at near-constant risk for costly lawsuits, many times even when you’ve done nothing wrong. This is especially true if you have substantial wealth, but even those with relatively few assets can find themselves in court.

Once your underlying insurance maxes out, the umbrella policy will help pay for the resulting damages and legal expenses if you lose the case. If you win, it can help cover your lawyer’s fees.

Estate Planning, FinancesErica EndykeAugust 3, 2020estate planning attorney ma, Estate Planning, insuranceComment

Why Estate Planning is for Life, Not Death

We know that no one likes to think about death, especially their own. Which is why many people procrastinate when it comes to estate planning. Because it’s for when you die, right? Wrong! When done with a Personal Family Lawyer, creating an estate plan makes your life better.

COVID-19 Highlights Critical Need for Advance Healthcare Directives—Part 2

In the first part of this series, we discussed the vital importance of having updated advance directives in place in light of COVID-19. Here, we’ll look at several additional provisions you should consider adding to your directives to address potential contingencies related to the pandemic.

With new cases of COVID-19 currently surging in dozens of states, doctors across the country are joining lawyers in urging Americans to create the proper estate planning documents, so medical providers can better coordinate their treatment and care should they become hospitalized with the virus. The most crucial planning tools for this purpose are medical power of attorney and a living will, advance healthcare directives that work together to help describe your wishes for medical treatment and end-of-life care should you become unable to express your own wishes.

COVID-19 Highlights Critical Need for Advance Healthcare Directives—Part 1

As the COVID-19 pandemic continues to ravage the country, doctors across the nation are joining lawyers in urging Americans to create the proper estate planning documents, so medical providers can better coordinate their care should they become hospitalized with the virus. The most critical planning tools for this purpose are medical power of attorney and a living will, advance healthcare directives that work together to help describe your wishes for medical treatment and end-of-life care in the event you’re unable to express your own wishes. In light of COVID-19, even those who have already created these documents should revisit them to ensure they are up-to-date and address specific scenarios related to the coronavirus.

A Tragic Oversight: Kobe Bryant’s Youngest Daughter Mistakenly Left Out of Family Trust

In January, we reported how the deaths of NBA legend Kobe Bryant (Kobe) and his 13-year-old daughter, Gianna, in a helicopter crash demonstrated the vital need for estate planning for people of all ages. Since then, court filings made by Kobe’s widow have shed light on both the successes and failures of Kobe’s estate planning efforts.

While the trust lists Vanessa and his oldest daughters Natalia, Gianna (who died in the crash with her father), and Bianka as beneficiaries, his youngest daughter, Capri, who was born just six months before Kobe’s death, was not included in the document.

Got a Blended Family?

If you have a blended family and do not plan for what happens to your assets in the event of your incapacity or eventual death, you are almost certainly guaranteeing hurt feelings, conflict, and maybe even a long, drawn out court battle.

So let’s start with clarity around what a blended family is and whether you have one. If you have stepchildren, or children from a prior marriage, or other people you consider “kin” who are not considered legal relatives in the eyes of the law, you’ve got a blended family.

How Do Trusts Help You Save on Taxes?

Many people come to us curious (or confused) about trusts and taxes. So today’s article is going to sort it out and clarify things for you.

There are two types of trusts, and each have different tax consequences.

Revocable trusts, which are the far more commonly used trusts, have no tax consequences whatsoever. A revocable trust has your social security number as its tax identifier, and is not a separate entity from you for tax purposes.

When you have an irrevocable trust, either created during life, at death through a revocable living trust, or through a will that creates a trust, that trust has its own EIN, or employer identification number (also called a TIN or taxpayer identification number).

TrustErica EndykeJune 22, 2020trust, Trust, Tax, tax savings, revocable trust, irrevocable trust

Is It Time to Go Solo(preneur)?

There’s nothing like a major change in the economic climate to make you rethink your day job. “Business as usual” currently means a large element of uncertainty about what the future holds for your working life.

In last week’s blog, I talked about how now is the perfect time for you to look at all the resources available to you, and to consider what you can do to serve the world with under-utilized gifts, skills, and talents. By doing this, you have the potential to take full control over your income, and your family’s long-term security.

You also may have noticed a growing trend that existed even before the coronavirus pandemic hit—more and more people are opting out of the traditional 9 to 5 and becoming “solopreneurs,” either by becoming a freelancer or starting a business.

Learning to Flourish, Even in a Financial Crisis

Maybe you, like many of us, have been raised to think that the safest way to live in the working world is to have a good career and a steady paycheck. This financial crisis is challenging that framework for many people. Even if you had a steady job, and even if you still have one, by now you’ve learned how easy it is for that security to disappear overnight.

A recession can reveal all of our negative thoughts and internal monologues about money. A sad, yet common, attitude is for us to see money as a scarce resource, and income as something that’s outside of our control. Thinking or talking about money can trigger feelings of guilt and shame in many people.

investments, FinancesErica EndykeJune 8, 2020financial crisis, finances, estate planning

Three Unique Ways to Handle the Guilt Inherent to Being a Parent

If you’re a parent, you may feel even more guilty than usual. If so, you are definitely not alone. Currently, the burden is on you to both carry on with your work and manage your child’s full-time care and education. Two full-time jobs that you’re trying to do by yourself, likely without teachers or care providers to help you.

Take a deep breath, and let me let you off the hook here for a minute. I have no doubt you are doing the best you can, and your kids see it, and know it too, even when they are being ungrateful pains in the rear.

Five Reasons To Never Give An Outright Inheritance To Your Children — and What to Do Instead!

If you’re like me, you want to leave an inheritance for your children. It’s likely part of what you are working so hard to do. But, far too often, the way we leave those inheritances actually does more harm than good. Something no parent wants. Giving outright ownership of our assets to the kids could put everything you’ve worked so hard to leave behind at risk. Why, how, and what can you do about it? Let me share with you the five reasons leaving an outright inheritance to your kids is a mistake and then show you the way to protect your kids’ inheritance for many, many generations.

Are You Clear About How Your Parents’ Estate Plan Will Impact You?

Do your parents have an estate plan? Is it up to date? No matter how rich or poor you or your parents are, especially in the wake of the COVID-19 pandemic, you need to be asking these and several other questions. When your parents become incapacitated or die, their affairs will become your responsibility, and it will be impossible to ask them to clarify anything. So, if you do not know whether or not they have estate planning in place that will help you best support them, read on.

Online Wills? When You Should, When You Shouldn't and Where to Do It

With all of the media about “digital wills” and “online estate planning” it could be tempting to think you can do your estate planning yourself, online. And, maybe you can. But, if you do, you need to know the potential pitfalls. Online estate planning could be a big trap for the unwary and actually leave your family worse off than if you had done nothing at all.

Should You (or Your Parents) Be in the Stock Market Now?

If you or your parents have a retirement account, (or any investment accounts for that matter) now is the time to get connected to how those accounts are invested. While you may have outsourced all of this to a broker in the past, you can no longer afford to allow your investments to be made without your clear understanding of exactly what you are investing in, how and whether your investments align with your plans for the future.

A Map to Doing the Right Thing for the People You Love During the COVID-19 Pandemic

Right now, huge numbers of people are coming face to face with their own mortality, and realizing they need to plan for the worst. This goes not just for those of us in the “senior” category, but for all of us, no matter our age. We are facing the reality of our mortality, and many of us are doing it courageously by taking this as an opportunity to learn what we need to do for the people we love.