Monday, December 31, 2018

You may resolve to drop pounds or stash cash, but family is a priority every year



You may resolve to drop pounds or stash cash, but family is a priority every year

by Tom Alberts Dec 31, 2018

Summary: New year’s resolutions are easily broken and rarely become reality. Most resolutions are impractical and abandoned within a month or two. To be successful, resolutions require a strong desire and disciplined motivation. While we tend to focus on health and finances after the first of the year, dedication to family is the top overall priority for most Americans. A resolution to protect yourself and your loved ones through comprehensive estate planning is a realistic objective to consider.


By the time corks fly and calendars flip, less than half of Americans will have resolved to make changes for the better as they begin 2019.
About half of us will make a new year’s resolution, and the rest won’t bother, recent polls say. An estimated 90% of those who’ve made a resolution will have broken it by Jan. 15, and a Forbes report says 80% of those early-January aspirations will be abandoned entirely by February.
Those who vow to improve their lot in life tend to find that new year’s resolutions can be daunting when they set unrealistic goals and overly lofty expectations. It can be impossible to make a resolution become reality, especially if you choose the wrong objective.
Blown budgets make us resolve to spend less and save more. Those Thanksgiving and Christmas feasts inspire us to cut calories and exercise. As a result, health and fitness and finances have become leading contenders on the list of resolutions. Suddenly, we’re motivated to explore automatic savings account transfers and the latest smartwatches that count every step we take.

Do you have practical expectations?

Experts agree that if you want to turn your new year’s resolutions into reality, make them practical and achievable. Don’t try to accomplish too much, they say. Keep them simple. Be patient. Don’t expect perfection. And seek help and encouragement from family, friends, faith and other resources.

Keep in mind that to break a habit, it can take two months of daily diligence, according to a University College London study. Persistence and dedication are key ingredients to success, experts say.
Your resolution is more likely to succeed if you pick quality over quantity, suggests investor, philanthropist and Bridewater Associates founder Ray Dalio. He urges those who plan to make a new year’s resolution “to identify what your ‘one big thing’ is and deal with it.”
“Everyone has weaknesses and they are generally revealed in the patterns of mistakes they make,” Dalio writes in his 2017 autobiography, Principles:Life and Work. “The fastest path to success starts with knowing what your weaknesses are and staring hard at them. … The first step to tackling these impediments is getting them out into the open.”
For Dalio, it’s OK to focus on a single significant shortcoming. If so, you’re likely to knock down the obstacles you confront in life.
“Make it your mission to effectively deal with your ‘one big thing’ in the next year. By having identified it and by constantly keeping it in mind so that it annoys you like a pebble in your shoe, you will find that you will naturally reduce it as a barrier. And by reducing it as a barrier, you will radically improve your life. Then you can go on to the next big challenge or the one after that.”

Are you in the right mindset?

So by the time February rolls around, why do many of us find that getting in shape, kicking a habit, saving money or other resolutions seem out of reach?
“As the saying goes, it’s not the horse that draws the cart, it’s the oats. It’s not the gym, Pilates class or diet that will change you – it’s your mind,” says a U.S. News and World Report article that ponders the annual challenges we create for ourselves.
The way to succeed is found above the shoulders and between the ears, agrees renowned life coach and author Tony Robbins. Unless you are vested in your resolution, he says, you’ll likely shrug your shoulders and try again next year, maybe.
“It’s like the old adage, ‘If you want to take the island, you burn the boats,’” Robbins says. “Because, when you burn those boats, there’s no going back. You’re going to find a way to make things work.”
Robbins provides the following pointers to avoid a detour on the road to your resolutions.
  • Back your resolutions with a strong desire. Think of the obsessions you may have felt in the past – for a new car, a coveted job or a magical relationship. Pursue your resolution with the same passion, excitement and energy.
  • Focus the intensity of your emotion. If you keep at it daily, you’ll get to the point where the resolution or goal becomes hard-wired in one’s mind. “When you really get clear and it’s compelling and you are reviewing it every day and have strong reasons to review it every day and are feeling it, the brain becomes incredibly acute at noticing anything to get you to move forward,” he says.
  • Raise your standards. Make a resolution a “must” and not a “should.” Says Robbins: “If you identify yourself in a new way and you own that every day and that becomes the standard of how you live, you will find a way to make that standard real.”
  • Follow up with a ritual. “Rituals define us. All the results in your life are coming from your rituals. They start with a standard, and the rituals follow it up. For example, if you are where you want to be physically, you have very different rituals than if you are not where you want to be physically,” he says. If your standard is to be healthy and strong, your ritual should be to eat well and exercise. Persistence will pay off, and you’ll gain momentum every day. “Discipline weighs ounces; regret weighs tons.”

Have you resolved to protect your family?

It’s no surprise, but most Americans surveyed say the meaning in life is found in their obligation to family, followed by careers and money.
“The most popular answer is clear and consistent: Americans are most likely to mention family when asked what makes life meaningful … and they are most likely to report that they find ‘a great deal’ of meaning in spending time with family,” a Pew Research Center study found. Also, one-third of Americans surveyed mentioned children or grandchildren when describing what makes life feel meaningful. Children and grandchildren were the most commonly mentioned specific aspects of family.
Meanwhile when it comes to resolutions, Americans still prefer to take better care of their bodies and their bank accounts – especially in the wake of the holidays.
“The top resolutions among American adults all revolve around two main themes: health and money,” a  Harris Poll found. “Most commonly, adults are resolving to eat healthier (29%), save more money (25%), lose weight (24%), drink more water (21%), and/or pay down debt (17%).”
Despite concerns over health and money, only 42 percent of adults have some estate planning documents in place, such as a last will and testament or revocable living trust, to protect themselves and their families, according to a Caring.com survey. What’s worse, the percentage is lower (36%) for parents of children under the age of 18, leaving the kids without a predetermined guardian should the need arise. A still smaller percentage of the adult population has a comprehensive plan with a host of other critical documents, including powers of attorney for health and finances, an advance directive for health care, HIPAA waivers, instructions for digital assets and others.
Family is a top priority for most folks, and there’s a natural desire to be prepared for the life-changing events that may come our way – the addition of a new child, an unexpected serious illness, a marriage or divorce, the tragic loss of a loved one, or our own potential misfortunes. 
Nevertheless, many of us remain unprepared.
“I think many Americans avoid setting up a will because they simply don’t want to think about their death,” Texas-based financial coach Craig Dacy told Caring.com. “However, setting up a will not only takes care of your loved ones financially, it can save them a lot of emotional stress after you’re gone.”
A lack of resolve is the leading excuse given by those who’ve failed to address estate planning obligations. The survey found that 47% or respondents said they “hadn’t gotten around to it.”
That’s unfortunate, because without a comprehensive plan, you have a lack of control and a weak link connecting you to your family’s future. If you care about your family but lack a comprehensive plan, you’ll likely start the year with a so-called “pebble in your shoe.” 
“This is the ‘I’m going to live forever’ theory. No one literally thinks that, but we all want to believe we are going to live until our 80s or 90s, so we don’t think we need a will right now,” says Debbi King, author of The ABC’s of Personal Finance, told Caring.com. “This isn’t true, of course. We all have an expiration date, and no one knows exactly when it will be. The best thing you can do for your loved ones is have a will now.”
Over the recent Thanksgiving and Christmas holidays, you’ve likely spent a good deal of time with loved ones and have the latest information on the family’s long-term needs. If estate planning is that “one big thing” you wish to address this year, you’ve got a head start. 
A good place to begin your estate planning quest is with a checklist. Do you and your spouse have wills? Have you nominated guardians for minor children if needed? How about a living will that addresses end-of-life preferences for health care? Do you have a revocable living trust to protect your assets and beneficiaries from the lack of privacy, expense and delays of probate? Are powers of attorney in place to look out for your health and financial interests in the event of your incapacity? Membership with Legacy Assurance Plan enables consumers to accomplish their estate planning mission with the guidance of network attorneys and financial professionals.
As the years pass, family circumstances change, so it’s a good idea to resolve to review your documents annually and update them when necessary. In doing so, you’ll have peace of mind knowing the paperwork is in place to protect you, your loved ones and your eventual beneficiaries. 
“Remember that weaknesses don’t matter if you find solutions,” Dalio says.
And those solutions begin with commitment, Robbins says. “Setting goals is the first step in turning the invisible into the visible.”

Do you have a plan?

There are numerous options and scenarios to consider when developing an estate plan that protects your legacy and achieves your objectives, and important decisions should be made with the advice of qualified lawyers and financial experts. Membership with Legacy Assurance Plan provides members with valuable resources and guidance to develop comprehensive estate plans that take life’s contingencies into consideration and leave a positive impact for generations to come. Legacy Assurance Plan members also receive peace of mind that a team of trusted, experienced professionals will assist them in developing legal, financial and tax strategies that will meet their needs today and for years to come through periodic reviews.
This article is published by the Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services-company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about this and other estate planning matters visit our website at www.legacyassuranceplan.com
This article written and published by:
Legacy Assurance Plan
8039 Cooper Creek Blvd
University Park, Florida 34201
844.306.5272 (Phone)
info@legacyassuranceplan.com (email)
#legacyassuranceplan
@assuranceplan

Wednesday, December 26, 2018

Deeds have duties, but they fall short as an estate planning tool

House sitting next to a signed deed document.


Deeds have duties, but they fall short as an estate planning tool

by Tom Alberts Dec 26, 2018


Summary: Numerous types of deeds exist with wide-ranging conditions regarding the ownership of real property and survivorship rights. As an estate planning tool, deeds address what happens to property upon an owner’s death – but they fail to address contingencies that occur during life and can introduce other challenges. It’s important to determine the best planning approach to meet objectives during your lifetime and beyond. A comprehensive estate plan that utilizes a revocable living trust can preserve your control, protect your interests and address issues that arise when using deeds to convey property ownership.
Ownership of real estate is an essential part of the traditional American dream and a foundation of a family’s life together. It’s also an investment in which a significant part of your financial legacy resides.
Many people acquire real property of all types – residential housing, rental and commercial properties, vacant lots and farmland, to name a few – over a lifetime as part of estates that benefit generations to come. Improper planning and misguided use of deeds to convey property can lead to costly mistakes that potentially leave real property exposed to probate, creditors and lawsuits. Use of the proper deeds to transfer ownership of real property in combination with other estate planning tools – such as a revocable living trust – can help prevent the American dream from becoming an estate planning nightmare. Consider, for example, the implications of adding someone’s name to the deed of your home. The home is now exposed to that person’s creditors, lawsuits and divorce settlement. That’s just one of the big mistakes you can make when relying on deeds alone in estate planning. A deed in itself is not a reliable estate plan – unless you have a crystal ball and can determine the script of life ahead of time.

What is the role of deeds in estate planning?

As a legal instrument filed with the county recorder’s office, a deed conveys ownership of an interest in real property from the buyer to the seller and provides documentation of who sold or transferred title of the property (the grantor) to the purchaser or recipient (the grantee). Deeds include information about the date of the transaction, a detailed legal description of the property’s location and any covenants, restrictions and obligations for the grantee to follow. More importantly, deeds provide evidence of ownership, or title, and the transfer of ownership. Deeds must be free of title defects – such as liens, legal judgments and other liabilities – for the seller to transfer the title and avoid court challenges over ownership rights. Deeds also provide formal assurances that titles are transferrable and without liens or other defects.

What types of deeds are available?

Tenancy in common

This is the default form of ownership when two or more people own property together. The owners can give away or sell their property interest as they wish. Ownership interests among the tenants can be unequal and the owners do not need to be related. When an owner dies, that person’s property interest as a tenant in common is conveyed via last will and testament to beneficiaries and is subject to probate. 
Another issue with this type of ownership is the exposure of all the tenants in common to certain risks. Let’s say three tenants in common share ownership of an apartment building. If one of the owners is successfully sued, it’s conceivable that a creditor could force a fire sale of the entire property to satisfy the judgment. The other two owners would recover their share monetarily in forced liquidation, but the asset of real property would cease to exist. It’s also possible that the successful litigant suddenly could become your new business partner as a new tenant in common. The financial and legal difficulties of one tenant can negatively impact the interests of the others.
Incapacity of an owner in a tenancy in common arrangement creates other problems. If a fellow tenant, for example, becomes incapacitated and can’t approve a change in the property’s ownership status, the matter must be litigated, and there’s no guarantee on how a judge may rule. Perhaps a jointly owned asset needs to be mortgaged or sold and the proceeds invested in long-term care in a nursing home for an incapacitated spouse. Without the approval of the incapacitated spouse or a time-consuming and uncertain court order, the property can’t be utilized as an asset to provide financial benefits during your lifetime.

Joint tenancy with rights of survivorship 

Multiple owners can also hold property as joint tenants with rights of survivorship. In order to create this type of tenancy, the deed must specifically state that joint owners have rights of survivorship. When one joint tenant dies, the property belongs to the remaining joint tenants without using the probate process. The property will be subject to probate when the last owner dies.

Many people use this type of ownership as a probate avoidance strategy. This strategy, however, has drawbacks that include exposure to liability and tax implications. For example, after dad dies, mom, hoping to keep the house out of probate when she dies, adds their son’s name to the deed with rights of survivorship. In doing so, she has just given away half of her ownership share as a potentially taxable gift to the son. Another problem is mom’s exposure to the son’s financial liabilities. If he files for bankruptcy or divorce, the loss of his ownership stake could force her to sell and find new living quarters – such as a nursing home. Adding a joint tenant after the value of the property also has tax implications. The new tenant will pay capital gains taxes on the difference between the increase in value from the original purchase price to the present market value when the property is sold. If the property had been inherited, rather than gifted, the basis would step up to the date-of-death value, likely resulting in little if any taxable gain.
Once again, the incapacity of a joint owner, as in a tenancy in common arrangement, limits control over real property and creates a lack of certainty. If either tenant becomes incapacitated, the deed doesn’t allow the other tenant to take unilateral action on mortgaging or selling the property. If liquid assets from the property are needed for emergency contingencies, a court petition and hearing could be required. Remember, deeds in estate planning only work to avoid probate at death and fail to address unanticipated life events that are difficult to predict.

Tenancy by the entirety

This type of ownership is only available to married couples. It is created by noting on the deed that the owners are married.  The couple owns the property as one undivided entity with rights of survivorship. Upon the death of the first spouse, the property is conveyed outside of probate to the survivor. The property will be part of the survivor’s probate estate when he or she passes away. A key benefit of this type of ownership is creditor protection. The individual creditors of the spouses, except for the IRS, cannot place a lien on property held tenancy by the entirety. However, if the debtor spouse survives, the asset no longer
enjoys creditor protection. The asset also becomes part of the surviving spouse’s probate estate. Because of rights of survivorship, neither spouse cansell or give away their interests in the property.

The issue of incapacity, again, is not addressed by a deed. This can cause problems if, for example, a co-owning spouse becomes incapacitated and can’t approve a change in the property’s ownership status. Another consequence is who decides how the asset is eventually distributed. The first spouse to die loses control over deciding who receives the property after the death of the second spouse. In many cases, the wishes of the surviving spouseare the same as the deceased spouse. If their wishes are at odds, there’s nothing stopping the surviving spouse from disregarding any previous intentions. This is especially important, for example, when children from previous marriages are involved. For instance, the surviving spouse is under no obligation to name stepchildren as beneficiaries, leading to an estate planning failure for the first spouse.

What deeds may be used to avoid probate?

In addition to deeds using the right of survivorship, two other types of deeds exist to allow property to avoid probate at the owner’s death: transfer on death (ToD) deeds and deeds reserving a life estate.

Transfer-on-death

These deeds are available in the District of Columbia and these states: Alaska, Arizona, Arkansas, California, Colorado, Hawaii, Illinois, Indiana, Kansas, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
ToDs are an inexpensive and simple way to convey ownership of real estate at the owner’s death. A ToD deed, also known as a beneficiary deed, specifically names a beneficiary who will receive title to the real estate directly upon the death of the owner, bypassing probate. During the life of the owner, the named beneficiary has no ownership interest in the real estate, so the property is not subject to the beneficiary’s liabilities. Also, the beneficiary designation can be changed at any time during the owner’s lifetime. The control that the owner retains is a key difference from some other types of deeds, including life estates and joint tenancy with rights of survivorship.
One major disadvantage of ToD deeds is that the beneficiary cannot access the value of the asset if it’s needed to provide for your care in the event of incapacity. If you own property and become incapacitated, it would require a court order and costly time-consuming legal proceedings to provide access to the property’s equity. ToDs only convey property upon the owner’s death, and that’s too late for the property to be used as a beneficial asset during lifetime. Another drawback of a ToD deed is when the owner survives the beneficiary, the heirs of the beneficiary become the new owners if an updated deed is not recorded. They may not be the people you had in mind. People don’t necessarily die in the order the order they are presumed to pass away.

Life estates


In this type of ownership, an individual property owner becomes a “life tenant,” retaining rights to utilize the property during his or her lifetime. A life estate deed, which is not reversible by the life tenant alone, is commonly used to enable a widowed spouse to pass on ownership of the family home, free of probate, to the adult children. The surviving spouse, in turn, maintains the right to reside in the home for life. In this type of ownership, a life estate deed can convey the asset upon the owner’s death to one or more beneficiary, known as a “remainderman” or remainder beneficiary. One key strategy of a life estate is to keep the asset out of the life tenant’s probate estate.
Another common use of a life estate is to shield the asset from Medicaid eligibility requirements and post-death Medicaid recovery efforts from the recipient’s probate estate. Because the property avoids probate, the asset also can avoid recovery of Medicaid expenses by the state. Also, to be eligible for Medicaid’s long-term care coverage, recipients are required to “spend down” their assets to just a few thousand dollars. Use of a life estate can disqualify the real estate from the spend down only after a five-year “lookback” period. Assets transferred during the lookback period cannot avoid the spend-down requirement. When a life estate is used, five years must pass before the asset can avoid the lookback period.
As with other types of ownership deeds, life estates can have unintended consequences when unexpected life events get in the way. As in other situations, the intentions of the remainderman can conflict with the wishes of the original owner. A life estate may be a shortcut to qualify for Medicaid, but its application as an estate planning tool can create unrelated difficulties. For example, if the life tenant becomes incapacitated and lacks a power of attorney, the remainderman cannot sell the real property to pay for the life tenant’s needs or upkeep of the property. Conversely, the life tenant can’t act if the remainderman becomes incapacitated. A life tenant, or a power of attorney who may act on behalf of an incapacitated life tenant, needs approval of the remainderman to sell or mortgage the property. In those situations, litigation would require that a decision be left to the unpredictable whims of a judge.
Only upon the death of the life tenant can the remainderman dispose of the property. By that time, it’s too late for the property to benefit the life tenant. Also, the remainderman then can leave the asset to anyone of his or her choosing without regard to the life tenant’s original wishes.
One type of life estate is a “ladybird” estate, also known as an enhanced life estate, which gives the original owner much more flexibility. In a ladybird deed, the original owner does not require the approval of the remainderman to sell or mortgage the property. A ladybird arrangement also avoids probate as the property transfers automatically to the remainderman upon death of the owner. However, ladybird deeds only are available in a handful of states. They include Florida, Michigan, Vermont, Texas and West Virginia.

What planning alternatives are available?

Deeds can present challenges for estate planning and weren’t created with many of life’s contingencies in mind. The use of a living revocable trust as part of a comprehensive estate plan avoids probate and can help deal with the shortcomings that deeds present. A trust and the appointment of a successor trustee can be utilized to address issues related to incapacity of property owners, the unexpected deaths of beneficiaries, ill-motivated family members, unanticipated changes in joint ownership, accessibility to equity and other matters.
A person’s ownership stake in real property can be conveyed into a trust quickly and efficiently with a quitclaim deed. The trust creator, also known as the grantor, transfers ownership of assets, such as real property interests, into the trust. The grantor maintains control over the assets in the living trust as trustee and appoints successor and alternate trustees with fiduciary responsibilities to act on his or her behalf in the event of incapacity or death. Upon the grantor’s death, the successor trustee then follows the grantor’s instructions and predetermined wishes on administration of the trust and distribution of its assets.
Having a successor trustee to act as your agent with power of attorney can help keep your affairs out of the courthouse. With a successor trustee, there’s no need to petition a court to appoint someone to act on your behalf or to forfeit your control over assets held in your trust. Your trustee will manage your real estate interests if you can’t, providing highly desired flexibility in estate planning. If you are incapacitated and need access to liquidity to pay for long-term care, a successor trustee can make the decision to mortgage or sell off assets for your benefit. Trust instructions also can authorize a successor trustee to remove unintended beneficiaries. Also, because a trust is not part of a probate estate, grantors can avoid petitions by ill-motivated family members or others seeking to exert undue influence over an estate.

Do you have a plan?

There are numerous options and scenarios to consider when developing an estate plan that protects your legacy and achieves your objectives, and important decisions should be made with the advice of qualified lawyers and financial experts. Membership with Legacy Assurance Plan provides members with valuable resources and guidance to develop comprehensive estate plans that take life’s contingencies into consideration and leave a positive impact for generations to come. Legacy Assurance Plan members also receive peace of mind that a team of trusted, experienced professionals will assist them in developing legal, financial and tax strategies that will meet their needs today and for years to come through periodic reviews.

This article is published by the Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services-company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about this and other estate planning matters visit our website at www.legacyassuranceplan.com
This article written and published by:
Legacy Assurance Plan
8039 Cooper Creek Blvd
University Park, Florida 34201
844.306.5272 (Phone)
info@legacyassuranceplan.com (email)
#legacyassuranceplan
@assuranceplan

Thursday, December 20, 2018

Christmas traditions, shared values are a family’s lifelong gift

Traditional christmas family diner table setting.


Christmas traditions, shared values are a family’s lifelong gift

by Tom Alberts Dec 20, 2018

Year after year at Christmastime, families and loved ones look forward to spending time together and treasure their traditions and unique memories they create. Among the blessings of the annual family gathering are the shared customs, beliefs and values that are passed from generation to generation.Christmas is a time for families to get together, and as they gather to share gifts, food and good cheer, they also share traditions.Families cherish the activities and rituals they have in common, and their traditions, some serious and some not, are often the most anticipated pleasures of the holiday season.

Joe McBrayer, a Florida-based author and speaker, shares the story of a friend of Sicilian heritage who salivates at the mere mention of the tradition his family follows every Christmas Eve. The popular seafood-centered “Feast of the Seven Fishes,” known simply as “The Eve,” is a mouth-watering ritual that many Italian-Americans observe.
Generous platters of lobster, linguini, cod, cannoli and other culinary delights are washed down with ample servings of homemade red wine. The warm glow of candles and faces young and old, belly laughs and cross-table conversations fill the air.
“After feasting for hours, full of food and drink, they stagger to church for midnight Mass,” recalls McBrayer. The decadence of the feast, tempered by devotion to faith, has been part of the family’s tradition as far as anyone can remember.
The McBrayer family, however, takes a different approach, and their tradition is grounded less in cultural significance and more in originality. On the evening of Dec. 24, just as they’ve done for the past 20 years, the whole clan will head over to the local Waffle House for a simple spread of eggs, grits, hot coffee and a smorgasbord of family-style chitchat.
“Weird, I know, but it’s not Christmas Eve for the McBrayers without the smell of hash browns in the air, Elvis’ ‘Blue Christmas’ on the jukebox, and the wackiest of conversations with the restaurant staff.”
The low-budget breakfast fare is nice. But what McBrayer’s family loves most is an annual rite that “keeps us grounded in an otherwise unsure world.”
What about a pajama party and chili dogs?
“We’ve always done that,” says country music star Luke Bryan when asked about his family’s quirky Christmas Eve activity. “It’s special any time you can come up with fun traditions and hold true to them. Cooking chili dogs in a onesie is pretty special.” The Bryan family tradition may be unusual, but it’s a cherished ritual that his kids are likely to perpetuate for generations to come.
Americans agree that the meaning of Christmas is found in faith, family, traditions and giving to others, and the time spent with family and friends is what people look forward to the most, surveys show.
You could say Christmas is a kind of glue that strengthens the family’s bond.
“Traditions foster closeness between family members, provide family stability and create feelings of belonging,” says Utah State professor Shannon Cromwell, who has created a list of 20 holiday tradition ideas to bring families together. “Our values and beliefs are often reinforced through family traditions. Family traditions do not have to be elaborate, expensive activities. The significance of a tradition is for families to have time to relate and communicate with one another. Spending quality time together helps to affirm family values, faith and life experiences while celebrating the season.”
Whether your family’s treasured memories involve “Silent Night” and sugar cookies, eggnog and ugly sweaters or white elephants and Rudolph the Red-Nosed Reindeer, they are all worth having.
Just ask some of the folks at Legacy Plan, whose employees have an array of favored traditions. One colleague howls with laughter as she recalls the annual competition with her sister to see who could come up with the ugliest gift for each other. One year it was a lamp complete with velvet shade and ball fringe; another it was a gaudy mirror with hideous sconces jutting from a mustard-colored frame. To this day, another colleague says he can taste the Christmas Eve lasagna just by talking about it. “It started as a kid, and it’s all I remember having,” he says. He honors his mom’s memory every year as he savors his favorite, yet sentimental, holiday meal. For a third co-worker, it’s all about the bonbons. The white orbs of gooey crunchiness made from graham crackers, walnuts, chocolate, condensed milk and other goodies are now favorites of his youngsters, ages 6 and 4. “The kids love them, and they asked for them again this year,” he says.
The thrill that Idaho-based author and self-described family man Dan Harmon anticipates each Christmas is a certain sense of satisfaction. Harmon enjoys his family’s annual tradition of spending several hours volunteering at the Salvation Army. He’ll remember forever the reaction of a grateful little girl after receiving her gift.
“They headed for the exit when the little girl suddenly stopped dead in her tracks, handed the special doll she had chosen for herself to her mother and dashed back toward me with her pigtails flying. Frightened at her own audacity, she nevertheless threw herself at me and with a whispered ‘thank you very much’ gave me a big hug, planted a kiss on my cheek and dashed back to mom,” Harmon writes. “That 30-second episode more than made up for the long days in the store. It was the most wonderful experience of the joys of giving I've ever had. That was 30 years ago, and I've never forgotten that little blonde girl in her plaid dress.”
For Harmon, the best part about the holiday season is the annual opportunity to help those in need and earn a heartwarming reward of a child’s appreciation.
Even if you have a long journey and are debating hitting the road this year to the old homestead, family traditions are well worth the time and travel, Harmon says, offering some valuable advice.
“So, go home for Christmas, wherever home might be, and soak in the healing familiarity. … There is no reason to stop now.”
As life goes on, family traditions become as important to the future as they are to a celebration of the past. Christmas offers a unique annual opportunity for the older generations to share their traditions, values and unique history with the entire family – and it can be the most wonderful time of the year to remind us what is important in life.

Do you have a plan?


There are numerous options and scenarios to consider when developing an estate plan that protects your legacy and achieves your objectives, and important decisions should be made with the advice of qualified lawyers and financial experts. Membership with Legacy Assurance Plan provides members with valuable resources and guidance to develop comprehensive estate plans that take life’s contingencies into consideration and leave a positive impact for generations to come. Legacy Assurance Plan members also receive peace of mind that a team of trusted, experienced professionals will assist them in developing legal, financial and tax strategies that will meet their needs today and for years to come through periodic reviews.
This article is published by the Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services-company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about this and other estate planning matters visit our website at www.legacyassuranceplan.com
This article written and published by:
Legacy Assurance Plan
8039 Cooper Creek Blvd
University Park, Florida 34201
844.306.5272 (Phone)
info@legacyassuranceplan.com (email)
#legacyassuranceplan
@assuranceplan

Tuesday, December 18, 2018

Your best friend is good medicine. Are you prepared for his time of need?




Your best friend is good medicine. Are you prepared for his time of need?

by Tom Alberts Dec 18, 2018

Summary: After George H.W. Bush became a widower, his service dog Sully helped fill a void in the life of the former president and assisted him with daily activities. Service dogs and family pets provide beneficial physical and emotional support. Pet owners can return the favor by making plans for the care and welfare of their special friends if they’ll have to spend the future without them.
Few will forget the iconic image of Sully the service dog lying at the casket of his best friend, former President George H.W. Bush.
The 2-year-old yellow Labrador was a loyal companion and trusty assistant during the last several months of President Bush’s life, and the beloved pooch helped fill a void after first lady Barbara Bush died in April 2018.
Following in his friend’s footsteps, Sully will continue in his own lifelong mission of service as an active member of America’s VetDogs, spending time with and assisting patients at Walter Reed National Military Medical Center near Washington, D.C.
Service and therapy pets are well-known for the emotional support, physical assistance and potential health benefits they provide. In the case of the 41st president, who had a form of Parkinson’s disease that required his use of a wheelchair, Sully was able to open doors, fetch things and summon help if needed.
Social interactions among people, especially for older folks, are good medicine for loneliness and provide mental stimulation, says a Psychology Today report on the pet-human bond.
But animals may have a leg up on the average Joe in the good vibes they give to others.
“Humans are judgmental, and when you’re sick, stressed or just trying to process life, pets won’t judge you, and they will be there for you unconditionally,” the report says. “Often times, the presence of a fellow human, even if it’s a friend, would contribute to our stress, even if that is not our friend’s intention. … We can say that pets provide a safe place for people, and during illness or emotional struggle, this can be very helpful in the process of recovery.”
If you need some quick video evidence, watch what happens when YouTube sensations Ross Smith and 92-year-old “Granny” show up for a Thanksgiving visit at an assisted living center with a small herd of puppies. The residents, mostly elderly Alzheimer’s patients, were awash in love and serenity as they cuddled with their furry, therapeutic companions.
Experts say that wagging tails even work physical wonders.
“Researchers have long suggested that pets are good for us, even offering health benefits such as lowering blood pressure and heart rate, reducing the stress hormone cortisol, and boosting levels of the feel-good hormone serotonin,” says the online community Alzheimers.net. “It stands to reason, then, that finding four-legged friends in Alzheimer’s and dementia communities is becoming commonplace. In fact, some facilities are hiring pet coordinators to aid in the care of residents’ pets.”
Any animal lover understands the special bonds that are formed, and that warm feeling inside means something, according to the Alliance of Therapy Dogs(ATD).
“Physically, the presence of and interaction with therapy animals can help lower blood pressure, reduce the number of medications that people need, diminish overall physical discomfort or pain, motivate people to exercise, and help children with autism in the departments of language and social interaction,” the ATD reports.

Are you ready to return the favor?


Many people consider pets as members of their family. Your pets take care of you, and you take care of them. That’s a deal a responsible pet owner gladly makes. If you value your pet as much as it unconditionally treasures you, you should be prepared to return the favor to your adorable dependents.
Part of having a comprehensive life and estate plan is being prepared for the unexpected events – illness, incapacity or worse – regardless of one’s age or status in life. That requires working with qualified professionals to utilize the appropriate documents that protect your interests, and those typically include powers of attorney for health and financeswills and trusts,  beneficiary designationsliving wills and others. Your plans are made to protect your loved ones – and those plans should include pets.
The full range of pet owners, whether they are in robust health or their final years of life, should make provisions for the care and future welfare of their pets as they create their estate plans. Pets are like people in that they can be provided for with the proper planning documents. One popular option is the creation of a pet or animal trust, which is a type of revocable living trust now available in all 50 states.

How do pet trusts work?

As part of a comprehensive estate plan, a pet trust can be structured to ensure the needs of your pets, just like your loved ones, are addressed in the event of your incapacity or death.


A major benefit of a pet trust is that it gives the animal owners peace of mind knowing they can return the favor of a lifetime of loyalty with uninterrupted care for as long as it’s needed. In a typical case, a pet owner (the grantor of the trust) designates one or more trustees, successor trustees, caregivers and successor caregivers, according to a planning guide provided by the American Society for the Prevention of Cruelty to Animals (ASPCA). In a typical situation, a trustee manages the trust’s finances and ensures its provisions are honored, and the caretaker provides the animal with food, shelter and TLC. The roles of trustee and caretaker can be filled either by organizations or individuals.
The ASCPA suggests the following “homework” for those who intend to establish a pet trust.
  • Develop a detailed description of the desired nature of the pet’s daily care, its standard of living and information about its health needs, veterinary care as well as its final disposition.
  • Determine the amount of funding required to cover the pet’s care based on its life expectancy and appropriate standard of living.
  • Specify how and when the trustee is to distribute funds to the caregiver.
  • Determine the amount of funding required to pay the trustee to administer the trust and compensation for the caregiver and successors.
  • Include a requirement that the trustee conduct regular inspections of the pet to ensure the trust’s instructions are being followed.
  • Decide on a remainder beneficiary of the pet trust in case its funds are not exhausted.
Pet owners can opt to include provisions in their last will and testament with instructions for a pet’s care, designate a caretaker and allocate funds. The instructions of a will, however, do not carry the same weight as the continuing obligations assigned to a pet trust’s successor trustee. Also, keep in mind that use of a will for ongoing pet care can keep an estate in probate and prolong its final settlement. It also may cause a gap in the pet’s care while the court considers a petition to open an estate. 
“The integrity and moral commitment of the caregiver will be your only assurance that the pet’s care will continue,” the ASCPA advises. “Therefore, choose your primary caregiver and alternate caregiver, wisely.”
For many, a less favorable option may be for your pet to wind up in a pet shelter or with an animal rescue group. But the least favorable option for a doting pet owner and a deserving friend is to have no plan at all.

Do you have a plan in place?

Get your QUOTE now!

There are numerous options and scenarios to consider when developing an estate plan that protects your legacy and achieves your objectives, and important decisions should be made with the advice of qualified lawyers and financial experts. Membership with Legacy Assurance Plan provides members with valuable resources and guidance to develop comprehensive estate plans that take life’s contingencies into consideration and leave a positive impact for generations to come. Legacy Assurance Plan members also receive peace of mind that a team of trusted, experienced professionals will assist them in developing legal, financial and tax strategies that will meet their needs today and for years to come through periodic reviews. 


This article is published by the Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services-company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about this and other estate planning matters visit our website at www.legacyassuranceplan.com
This article written and published by:
Legacy Assurance Plan
8039 Cooper Creek Blvd
University Park, Florida 34201
844.306.5272 (Phone)
info@legacyassuranceplan.com (email)
#legacyassuranceplan
@assuranceplan