Whether it’s called “The Great Wealth Transfer,” “The Silver Tsunami,” or some other catchy-sounding name, it’s a fact that a tremendous amount of wealth will pass from Baby Boomers to younger generations in the next few decades. In fact, it’s said to be the largest transfer of intergenerational wealth in history.

Because no one knows how long aging Boomers will live or how much money they’ll spend before they pass on, it’s impossible to accurately predict how much wealth will be transferred. However, studies suggest it’s somewhere between $30 and $90 trillion. Yes, that’s “trillion” with a “t.”

Although the end of the year can be a hectic time, it’s also the deadline for your family to implement a number of key tax-savings strategies. By taking action now, you can significantly reduce your tax bill due in April, but with just a few weeks left in 2022, you better act fast.

While there are dozens of potential tax breaks you may qualify for, here are 4 of the leading moves you can make to save big on your 2022 tax return. However, there may be other opportunities for saving, so meet with us, your Personal Family Lawyer® to make certain you haven’t missed a single one.

As you’ve surely heard by now, we’re in the midst of great economic shifts. The collapse of the crypto market, the stock market's roller-coaster, rising interest rates, dropping home values, and inflation through the roof are enough to make you sick. And it can make you sick unless you take the actions we are sharing here.

During every economic shift, whether it’s the Great Depression, the last Great Recession, or even during the pandemic, some people get rich while others lose everything. Whether your family got rich, lost it all, or just hung on by their toes, you can learn from what happened and create the exact future reality you want for yourself and the people you love.

What are you thankful for this year?

I love Thanksgiving. It’s generally low-key, full of good food, and amazing company. It is also an opportunity to pause and consider what you are really thankful for.

Included in most folks’ “top 5 things I am thankful for” list is. . . . family. As it should be, right? Family brings us all the feels - like laughs, joys, tears, frustration, and a sense of belonging. Family is the one thing that we all protect, good or bad. This is why now is the time to create a plan for those that you love in the event that the unexpected occurs.

Following your death, unless you’ve planned ahead, some of your online accounts will survive indefinitely, while others automatically expire after a period of inactivity. Still, others have specific processes that let you give family and friends the ability to access and posthumously manage your accounts.

In parts one and two of this series, we covered the processes that Facebook, Google, Instagram, Twitter, and Apple offer to manage your digital accounts following your death. In part three, we’ll conclude this series by covering the most effective methods for including digital assets in your estate plan.

Last week, in part one of this series, we covered the processes that Facebook and Google have in place to manage your digital accounts following your death. Here in part two, we’ll continue our discussion, covering how Instagram, Twitter, and Apple’s collection of online platforms handle your accounts once you log off for the final time.

If you have preferences about what happens to your digital footprint after your death, you need to take action. Otherwise, your online legacy will be determined for you—and not by you. If you have any online accounts, such as Gmail, Facebook, Instagram, LinkedIn, Apple, or Amazon, you have a digital legacy, and that legacy is yours to preserve or lose.

Following your death, unless you’ve planned ahead, some of your online accounts will survive indefinitely, while others automatically expire after a period of inactivity. Still, others have specific processes that let you give family and friends the ability to access and posthumously manage your accounts.

People often come to us curious — or confused — about the role trusts play in saving on taxes. Given how frequently this issue comes up, here we’re going to explain the tax implications associated with different types of trusts in order to clarify this issue. Of course, if you need further clarification about trusts, taxes, or any other issue related to estate planning, meet with us, your Personal Family Lawyer® for additional guidance.

This year, Estate Planning Awareness Week runs from October 17th to 23rd, and one of our primary goals is to educate you on the vital importance of not only preparing an estate plan but also keeping your plan up-to-date. While you almost surely understand the importance of creating an estate plan, you may not know that keeping your plan current is every bit as important as creating a plan, to begin with.

With the cost of a funeral averaging between $7,000 and $12,000 and steadily increasing each year, at the very least, your estate plan should include enough money to cover this final expense. And if you are thinking of simply setting aside money in your will to cover your funeral expenses, you should seriously reconsider, as paying for your funeral through your will can create unnecessary burdens for your loved ones.

Actress Anne Heche died this August following a tragic car accident, leaving behind two young sons: Homer Heche Laffoon, age 20, and Atlas Heche Tupper, age 13.

Last week, in part one, we covered the way uncertainty around Heche’s estate plan is creating conflict among her loved ones and resulting in her estate going through the lengthy, expensive, and public court process called probate. In part two, we’ll discuss two additional issues related to Heche’s death and the results of her failure to work with a lawyer on her planning.

Actress Anne Heche died this August following a tragic car accident in which she plowed her vehicle into a West Los Angeles home, where it burst into flames. After being pulled from the wreckage, the Emmy Award-winning actress was hospitalized in critical condition, suffering from severe burns and smoke inhalation.

The fiery accident left Heche brain dead and comatose, but she was kept on life support for seven days in order to identify a suitable recipient for her organs, which was in line with the actress’ wishes, according to a statement from her publicist. After a successful match with organ donors, Heche was removed from life support on August 14th, and she died shortly thereafter. She was 53 years old.

This August, President Biden, Vice President Harris, and the U.S. Department of Education (DOE) announced a three-part plan to help low and middle-income families deal with the increasingly burdensome cost of paying for college while also making the student loan system more efficient and easier for borrowers to manage. The most dramatic part of the plan includes the cancellation of up to $20,000 in student loan debt, which would benefit an estimated 43 million borrowers, and completely cancel the debt of 20 million.

If you have a sale of real estate or assets coming up that will result in you owing capital gains tax, you may want to give us a call to discuss whether to set up a Charitable Remainder Trust (CRT) first. Think of it this way: would you rather pay taxes and send your hard-earned money to the government, or use that money to provide yourself with a lifetime of income and support your favorite charity simultaneously?

CRTs offer a number of benefits to everyone involved. These trusts allow you to contribute to your most beloved charities while also generating valuable extra income for the beneficiaries, which can assist with retirement, paying off taxes, or being used for additional estate planning purposes. Such trusts aren’t for everyone, so call us to see if a CRT fits your planning goals.

Following the death of a loved one, close family members are sometimes surprised to learn that they didn’t receive the inheritance they were expecting and that the deceased left most of their estate to an individual they only recently met, who wasn’t even a relative. While it’s not always the case, in some situations, this can mean your loved one was taken advantage of by a bad actor, who manipulated him or her into cutting out close family members from their plan and leaving assets to the bad actor instead.

This is called "undue influence," and it’s not only unethical, it’s illegal and considered a form of elder abuse. Given the growing number of seniors, the prevalence of diminished capacity associated with aging, and the concentration of wealth among elderly Baby Boomers, we’re likely to see a serious surge in cases involving undue influence in the coming years.

Last week, in part one, we looked at the different things having a will in place allows you to do. Here, in part two, we detail all of the things that your will does not do, along with identifying the specific estate planning tools and strategies that you should have in place to make up for the potential blind spots that exist in an estate plan that consists of only a will.

If you have yet to create your will or haven’t reviewed your existing will recently, contact us, your Personal Family Lawyer® to get this vital first step in your estate planning handled right away.

August is “National Make-A-Will Month,” and if you have already prepared your will, congratulations—too few Americans have taken this key first step in the estate planning process. Only 33% of Americans have created their will, according to Caring.com’s 2022 Wills and Estate Planning Study.

Yet, while having a will is important—and all adults over age 18 should have this document in place—for all but a few people, creating a will is just one small part of an effective estate plan that works to keep your loved ones out of court and out of conflict. With this in mind, here we look at exactly what having a will in place will—and will not—do for you and your loved ones in terms of estate planning. If you have yet to create your will, or you haven’t reviewed your existing will recently, contact us, your Personal Family Lawyer® to get this vital first step in your estate planning handled right away.

Last week, in part one of this series, we discussed 529 plans and education savings accounts, which are both popular options for saving for a college education. One of the main reasons for their popularity is their tax-saving advantages. The money you contribute to a 529 account grows on a tax-deferred basis, and withdrawals are tax-free, provided they are used for qualified education expenses, such as tuition, room and board, and other education-related fees.

That said, one of the downsides of 529 plans is that they come with strict limits on how you can use the funds (for education-related expenses only), and they also have a limited range of options for how you can invest your funds, primarily in various mutual funds. For these reasons, 529 plans and ESAs aren’t always the best fit for some families looking to save for their loved one's education.

If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an Irrevocable Trust.

Here’s what we think you should consider as you decide:

First, consider whether you want your offspring to have broader options than just the traditional college experience.

Since the pandemic's start, college enrollments have declined by over one million students over the past two years. With college tuition getting more and more expensive, many students are considering alternatives to the traditional higher education path.

You might think that only the super wealthy need to worry about asset protection planning. But the truth is that you may be at even greater risk if you don't have millions. For instance, a $50,000 judgment against you might not be that big of a deal if you are a multi-millionaire. But for a family with a modest income, savings, and home, it could be devastating.

Furthermore, asset protection planning isn’t something you can put off until something happens. Once you are under threat of a lawsuit, it’s likely too late to protect your assets. Like all types of planning, to be effective, you must have your asset protection strategies in place well before something happens. And your asset protection plan isn’t a one-and-done deal: it must be regularly updated to accommodate changes to your assets, family dynamics, and the law.