6 Changes to Watch For In Your 2020 Taxes - https://mailchi.mp/cedarrapidswills/6-changes-to-watch-for-in-your-2020-taxes Although you may have just filed your 2019 income taxes in July, now is the time to start thinking about your 2020 return due next April. While it’s always a good idea to be proactive when it comes to tax planning, it’s particularly important this year.
Once Your Kids Are 18, Make Sure They Sign These Documents - https://mailchi.mp/cedarrapidswills/once-your-kids-are-18-make-sure-they-sign-these-documents While estate planning is probably one of the last things your teenage kids are thinking about, given the dire threat coronavirus represents, when they turn 18, it should be their (and your) number-one priority.
Lost An Old 401(k)? Here Are 6 Tips For Finding It - https://mailchi.mp/cedarrapidswills/lost-an-old-401k-here-are-6-tips-for-finding-it If you’re looking to increase your retirement savings, one way to start is to make sure you haven’t lost or forgotten about any old accounts. Here are 6 tips for tracking down a missing 401(k).
The Need For a Go-Bag Is Even More Important During a Pandemic - https://mailchi.mp/cedarrapidswills/the-need-for-a-go-bag-is-even-more-important-during-a-pandemic Go-bags originated with the US military, which requires its personnel to always keep one on-hand packed with the essential items needed to survive for at least three days following a disaster. When you have just minutes to evacuate, you won’t have time to think about what you should pack to survive the days—or weeks—to come, so the time to prepare for your family’s safety is now.
What the Netflix Series Tiger King Can Teach You About Asset Protection Planning-Part 3 - https://mailchi.mp/cedarrapidswills/what-the-netflix-series-tiger-king-can-teach-you-about-asset-protection-planning-part-3 Tiger King provides several real-life examples of how estate planning and asset protection planning can go horribly wrong if it’s undertaken without trusted legal guidance. We’ve been discussing 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 and a trusted advisor on the team.
What the Netflix Series Tiger King Can Teach You About Estate Planning-Part 2 - https://mailchi.mp/cedarrapidswills/what-the-netflix-series-tiger-king-can-teach-you-about-estate-planning-part-2 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.
What You Should Know Before Agreeing to Serve as Trustee - https://mailchi.mp/cedarrapidswills/what-you-should-know-before-agreeing-to-serve-as-trustee Being asked by a loved one to serve as trustee for their trust upon their death can be quite an honor, but it’s also a major responsibility—and the role is definitely not for everyone. Indeed, serving as a trustee entails a broad array of duties, and you are both ethically and legally required to properly execute those duties or face potential liability.
An Offer So Good It's Scary! - https://mailchi.mp/cedarrapidswills/an-offer-so-good-its-scary Make an Appointment for a Family Wealth Planning Session and I’ll Buy Your Family a Hauntingly Good Dinner from DoorDash
Start Planning Now to Prepare Your Estate for a Possible Democratic Sweep—Part 1 - https://mailchi.mp/cedarrapidswills/start-planning-now-to-prepare-your-estate-for-a-possible-democratic-sweeppart-1 No matter who you are voting for on November 3rd, you may want to start considering the potential legal, financial, and tax impacts a change of leadership might have on your family’s planning. And as you’ll learn here, there are a number of reasons why you should start strategizing now, because if you wait until after the election, it will very likely be too late.
Start Planning Now to Prepare Your Estate for a Possible Democratic Sweep—Part 2 - https://mailchi.mp/cedarrapidswills/start-planning-now-to-prepare-your-estate-for-a-possible-democratic-sweeppart-2 While we don’t yet know the outcome of the election a Democratic sweep would have far-reaching consequences on a number of policy fronts. But in terms of financial, tax, and estate planning, it’s almost certain that we’ll see radical changes to the tax landscape that could seriously impact your planning priorities.
Black Panther Star Chadwick Boseman Dies Without A Will—Part 1 - https://mailchi.mp/cedarrapidswills/black-panther-star-chadwick-boseman-dies-without-a-willpart-1 Boseman died at age 43 on August 28th following a four-year battle with colon cancer, and based on the court documents, it seems the young actor died without a will. While Boseman’s failure to create a will is surprising, he’s far from the first celebrity to do so. In fact, numerous big-name stars—Aretha Franklin, Prince, and Jimi Hendrix—all made the same mistake.
Getting Divorced? Don’t Overlook These 4 Updates to Your Estate Plan—Part 1 - https://mailchi.mp/cedarrapidswills/getting-divorced-dont-overlook-these-4-updates-to-your-estate-planpart-1 Going through divorce can be an overwhelming experience that impacts nearly every facet of your life, including estate planning. Yet, with so much to deal with during the divorce process, many people forget to update their plan or put it off until it’s too late.
Black Panther Star Chadwick Boseman Dies Without A Will—Part 2 - https://mailchi.mp/cedarrapidswills/black-panther-star-chadwick-boseman-dies-without-a-willpart-2 What makes Boseman’s story somewhat unique from the others is that it seems likely the young actor put some estate planning tools in place, but it’s possible he didn’t quite finish the job.
I’m So Grateful For What I Get To Do For A Living -I’m Sharing My Gratitude With You And Our Community! - https://mailchi.mp/cedarrapidswills/an-offer-so-good-its-scary-617858 Make an Appointment in November for a Family Wealth Planning Session and You’ll Get it FREE! Plus, I’ll Donate $100 to Linn Community Food Bank in Your Name.
Getting Divorced? Don’t Overlook These 4 Updates to Your Estate Plan—Part 2 - https://mailchi.mp/cedarrapidswills/getting-divorced-dont-overlook-these-4-updates-to-your-estate-planpart-2 Failing to update your plan before, during, and after your divorce can have a number of potentially tragic consequences, some of which you’ve likely not considered—and in most cases, you can’t rely on your divorce lawyer to bring them up. If you are in the midst of a divorce, and your divorce lawyer has not brought up estate planning, there are several things you need to know.
6 Things You Should NOT Include In Your Will - https://mailchi.mp/cedarrapidswills/6-things-you-should-not-include-in-your-will A will is one of the most basic estate planning tools. While relying solely on a will is rarely a suitable option for most people, just about every estate plan includes this key document in one form or another. That said, not all assets can (or should) be included in your will. It’s important for you to understand which assets you should put in your will and which assets you should include in other planning documents like trusts.
Scott Shoemaker and Associates, PLC will be closed Thursday, November 26th and Friday, November 27th in honor of the Thanksgiving holiday.
We wish your family a safe and happy Thanksgiving.
Give the Ultimate Giftof Love To Your Family - https://mailchi.mp/cedarrapidswills/give-the-ultimate-gift-of-love-to-your-family Come see me this month for a candid, frank discussion about your
family’s wealth and well-being and start 2021 off right, with the peace of mind of knowing you’ve done everything to plan for, and make life as good and as easy as possible for those you love.
Remarrying In Midlife? Avoid Accidently Disinheriting Your Loved Ones - https://mailchi.mp/cedarrapidswills/remarrying-in-midlife-avoid-accidently-disinheriting-your-loved-ones Those who do get remarried frequently bring one or more children from previous marriages into the new union, which gives rise to an increasing number of blended families. Regardless of age or marital status, all adults over age 18 should have some basic estate planning in place, but for those with blended families, estate planning is particularly vital.
5 Questions To Ask Before Hiring An Estate Planning Lawyer—Part 1 - https://mailchi.mp/cedarrapidswills/5-questions-to-ask-before-hiring-an-estate-planning-lawyerpart-1 Since you’ll be discussing topics like death, incapacity, and other frightening life events, hiring an estate planning lawyer may feel intimidating or morbid. But it definitely doesn’t have to be that way. Instead, it can be the most empowering decision you ever make for yourself and your loved ones.
5 Questions To Ask Before Hiring An Estate Planning Lawyer—Part 2 - https://mailchi.mp/cedarrapidswills/5-questions-to-ask-before-hiring-an-estate-planning-lawyerpart-2 The key to transforming the experience of hiring a lawyer from one that you dread into one that empowers you is to educate yourself first. This is the person who is going to be there for your family when you can’t be, so you want to really understand who the lawyer is as a human, not just an attorney. Of course, you’ll also want to find out the kind of services the lawyer offers and how they run their business.
Former Zappos CEO Tony Hsieh Dies Without A Will—Part 1 - https://mailchi.mp/cedarrapidswills/former-zappos-ceo-tony-hsieh-dies-without-a-willpart-1 Hsieh was renowned for his kindness, generosity, and always putting others first, yet by dying without a will, he left his loved ones a colossal mess to clean up. Indeed, it will likely take his family many months just to account for all of his assets, and it’s likely they will overlook—and may even never find—some of those assets.
Former Zappos CEO Tony Hsieh Dies Without A Will—Part 2 - https://mailchi.mp/cedarrapidswills/former-zappos-ceo-tony-hsieh-dies-without-a-willpart-2 Last week in part one of this series, we discussed how Tony Hsieh became an Internet pioneer, starting two wildly successful companies, LinkExchange and Zappos, the latter of which he sold to Amazon for $1.2 billion. It was as CEO of the online shoe brand Zappos where Hsieh developed his vision for life and business: delivering happiness.
What You Should Know About Long-Term Care Insurance - https://mailchi.mp/cedarrapidswills/what-you-should-know-about-long-term-care-insurance With people living longer than ever before, more and more seniors require long-term healthcare services in nursing homes and assisted living facilities. However, such care is extremely expensive, especially when it’s needed for extended periods of time. Traditional healthcare insurance doesn’t cover such services, and though To address this gap in coverage, long-term care insurance was created.
5 Tips For Keeping Kids Connected With Grandparents During the Pandemic - https://mailchi.mp/cedarrapidswills/5-tips-for-keeping-kids-connected-with-grandparents-during-the-pandemic The loss of in-person connection for such an extended period of time resulting from lockdowns and quarantines can cause people to feel isolated and lonely, which can eventually lead to mental health issues like depression. At the same time, children who are unable to spend time with their grandparents may experience confusion and anxiety over their lost relationship.
Moving To A New State? Remember to Update Your Estate Plan https://mailchi.mp/cedarrapidswills/moving-to-a-new-state-remember-to-update-your-estate-plan Although you likely won’t need to have an entirely new estate plan prepared for you, upon relocating to another state, you should definitely have your existing plan reviewed by an estate planning lawyer who is familiar with your new home state’s laws. Each state has its own laws governing estate planning, and those laws can differ significantly from one location to another.
VIVE AMORE! - https://mailchi.mp/cedarrapidswills/vive-amore Come See Me This Month for a Candid, Frank Discussion About Your Family’s Wealth and Well-Being and I'll Treat You to a Romantic Valentine's Dinner
Does Your Estate Plan Protect Your Intellectual Property? - https://mailchi.mp/cedarrapidswills/does-your-estate-plan-protect-your-intellectual-property If you own a business, you almost certainly have intellectual property. However, because your intellectual property is intangible, it can be invisible to you and those who aren’t familiar with the nature of intellectual property and its value, so it often gets overlooked, especially when it comes to estate planning.
New Developments Transform the Role Life Insurance Plays in Your Estate and Financial Planning - https://mailchi.mp/cedarrapidswills/new-developments-transform-the-role-life-insurance-plays-in-your-estate-and-financial-planning Within the past year, a combination of new legislation and the recent change of leadership in the White House and Congress stands to dramatically increase the income taxes your loved ones will have to pay on inherited retirement accounts. However, purchasing life insurance may offer you the opportunity to minimize the effect of these developments.
Managing Your Digital Afterlife: A Guide To Facebook’s Legacy Contact - https://mailchi.mp/cedarrapidswills/managing-your-digital-afterlife-a-guide-to-facebooks-legacy-contact If you use Facebook to share, track, and report on important life events, it can provide an intimate snapshot of your life, and it can also serve as a key part of your legacy—and one you’ll likely want to protect following your death. With this in mind, as with any other digital asset you own, you should include your Facebook profile as part of your estate plan.
Larry King’s Death Highlights the Importance of Updating Your Estate Plan for Divorce and Death—Part 1 - https://mailchi.mp/cedarrapidswills/larry-kings-death-highlights-the-importance-of-updating-your-estate-planpart-1 Starting at age 19, King got married a total of eight times to seven different women . With so many marriages, Larry also had five children. With so much money, so many spouses, and so many children, it was practically guaranteed there would be some conflict over Larry’s estate following his death. Three factors are sure to make settling his estate especially troublesome.
[Special Offer] The Luck of the Irish is with ya... - https://mailchi.mp/cedarrapidswills/the-luck-of-the-irish-is-with-ya-2021 A Free Car with Every Estate Plan?...Keep Reading
Larry King’s Death Highlights the Importance of Updating Your Estate Plan for Divorce and Death—Part 2 - https://mailchi.mp/cedarrapidswills/larry-kings-death-highlights-the-importance-of-updating-your-estate-planpart-2 Last week, we discussed how Larry’s decision to create a handwritten will, rather than take the time to consult with a lawyer, is likely to result in a lengthy battle between Larry’s seventh wife, and his surviving children. We also noted that Larry would have been far better off using a Lifetime Asset Protection Trust to distribute his assets to his children upon his death.
Managing Child Care While Dealing With COVID-19: Tips For Single Parents - Part 1 - https://mailchi.mp/cedarrapidswills/managing-child-care-while-dealing-with-covid-19-tips-for-single-parents-part-1 Even though there are now vaccines for COVID-19 and the number of new cases is on the decline, becoming infected with the virus is still a very real possibility. And for parents who become infected, it can be a colossal challenge to navigate your typical parenting responsibilities, while trying to recover from the illness.
