Creating an estate plan is a significant step toward ensuring that your wishes are carried out and your loved ones are taken care of. However, there’s another crucial step many people overlook: discussing your estate plan with family. While it may seem uncomfortable, having this conversation can prevent misunderstandings, reduce potential conflicts, and give your loved ones peace of mind.

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.

While MOST people ASSUME only the uber wealthy NEED to WORRY about asset PROTECTION, those with LESS wealth and FEWER assets may be at even GREATER risk. For example, if you’re a multi-millionaire, a $50,000 judgment against you might not be that big of a burden. But for a family with a modest income, home, and savings, it could be catastrophic.

In many FAMILIES, MONEY still is not a typical dinner table DISCUSSION, but we think it should be. Surprisingly, this is especially true when it comes to affluent PARENTS. And, we HOPE to CHANGE it because one of the most IMPORTANT things you can do is TALK to your KIDS (and your parents) about MONEY.

A last will and testament can ensure your wishes are respected when you die. But, if your will isn’t legally valid, those wishes might not actually be carried out and instead the laws of “intestate succession” would apply meaning that the state decides who gets your stuff, and it’s very likely not to be who you would choose.

As you already know, on January 26, 2020, basketball legend Kobe Bryant was killed in a helicopter crash on a wooded hillside 30 miles north of Los Angeles. Also killed in the tragic accident was his 13-year-old daughter Gianna, and seven other passengers, who were friends and colleagues of Kobe and his family. The exact cause of the crash remains under investigation.

In the first part of this series, we discussed the potential ramifications the SECURE ACT has for your estate and retirement planning. Here, we’ll look more deeply into additional strategies you may want to consider in light of the new legislation. http://kruglerlaw.com/single-post/2020/01/21/The-SECURE-ActE28099s-Impact-On-Estate-and-Retirement-Planning-Part-1

Thanksgiving is upon us and, here at Krugler Law, we have so many things to be thankful for…starting with our clients!