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The Federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to provide guidelines to the healthcare industry for protecting patient information and preserving privacy. This is usually a nonissue for minors because parents, as legal guardians, generally have access to their children’s medical information, make most of their medical decisions, and pay the expenses. However, once an individual turns 18, they are no longer a minor but a legal adult. Hospitals and doctors’ offices must safeguard the young adult’s information from everyone, including their parents or legal guardians, to comply with HIPAA law. While it makes sense that a legal adult would be in charge of their own medical information, this can pose some problems for young adults. Many 18-year-olds are still in high school, live at home, and have their expenses paid for by their parents. Although they are considered legal adults, their day-to-day lives look more like those of a child. Young adults should consider executing the required documentation to ensure their parents or other trusted individuals can access their medical records and discuss their medical care with their healthcare providers. This is accomplished through a HIPAA authorization form . With this form, the young adult can designate any individual(s) as an authorized recipient of their medical information. Executing this document can be incredibly helpful if there is a question about the young adult’s care, especially while the parent is paying the corresponding medical bill. It is important to note that although someone may be listed as an authorized recipient of the medical information, this form does not give the named individual the authority to make medical decisions on the young adult’s behalf. A properly executed HIPAA authorization form can also be beneficial if the young adult ends up in the hospital. Because hospitals do not want to be fined for violating HIPAA, most will err on the side of caution and refrain from disclosing any information to family members without properly executed documentation. Without access to their child’s medical information and the ability to talk with medical personnel, parents can feel out of the loop, and doctors may miss important family medical information. Because the young adult is now in charge of their information, they get to choose whom they name as an authorized recipient. While it may make sense for them to include their parents, the young adult is not required to name them. As a companion to the HIPAA authorization form, it is also important for the young adult to consider having a medical power of attorney prepared so that someone will have the authority to make medical decisions on the young adult’s behalf if they are unable to make their own medical decisions or communicate their medical wishes. Without this tool, the family may need to go to court to have someone appointed to make crucial medical decisions. The appointee will be based on the state’s law, not the young adult’s wishes. Depending on family dynamics, this court appointment could create conflict between family members. Also, this process takes time, costs money, and could potentially divulge the young adult’s medical information to anyone who is in the courtroom or wants to look up the court records. If you or someone you know has recently turned 18 or needs a HIPAA authorization form, please give us a call . We are here to protect you and your family through all the major milestones in life.

Most people understand that having an estate plan benefits them and their loved ones. However, many individuals do not initiate the estate planning process because they do not fully understand the nuances of foundational estate planning tools such as a will and a trust and the full implications of dying without either in place. Here are three scenarios illustrating what will generally happen when you die, whether you pass away intestate (without a will or trust), with a will , or with a revocable living trust (sometimes referred to simply as a trust ). For this discussion, let’s assume you have two children, but no spouse: 1. Intestate. If you die intestate, your accounts and property will go through a court process known as probate . The entire probate process is reflected in court records, so anyone can access information about what you owned, what you owed, and who will receive your money and property. However, because you have not legally specified who will receive your money and property, the probate court makes that determination using your state’s laws. Intestacy laws vary by state, but generally speaking, money and property go first to a surviving spouse, then to descendants (children or grandchildren), and then to parents, siblings, and siblings’ children, in that order, depending on who survives you. Once the probate has been opened by an interested person (usually a family member, but maybe a creditor) and debts, taxes, and expenses have been taken care of, the court applies state law to determine where your remaining assets will go. ● If your only heirs are your two children, state law will typically mandate dividing your money and property equally between your children. ● If your children are adults (at least 18 or 21 years old, depending on state law), they will receive their inheritance immediately with no strings or protections attached. ● If your children are minors, the court will appoint a guardian or conservator (depending on the term used in your state for a person who manages money on behalf of a minor) to manage the money for your minor children until they become adults. When the children reach adulthood, they will receive their inheritance immediately with no strings or protections attached. The judge will also use state law to determine whom to appoint as guardian or conservator. This could be your ex-spouse or another closely related family member. ● The court-supervised guardianship or conservatorship process can be time-consuming and costly. Most expenditures for the benefit of the children require a formal process that includes court filings and, ultimately, authorization by the court prior to acting. In most states, guardians or conservators and the attorney representing these parties can charge for their time, which can be substantial. ● The court, not you, will decide who raises your minor children. The court will look to state law to see who has priority to be appointed as the guardian. This may be a person you would never have wanted raising your child. Because you do not have a will or other official document nominating a guardian, the judge will be able to assess the situation only according to the information they have at their disposal, which may be insufficient. However, if your children’s other legal parent is still living, they will most likely obtain sole custody of the children. The bottom line? Dying intestate results in state law and the court making many important decisions on your behalf—regardless of what your wishes might have been. In addition, public disclosure of the intimate details of your life (finances, debts, and who will receive your money and property) is guaranteed. 2. Will. If you die with a valid will, accounts and property in your sole name at your death will still go through the probate process. However, after creditors have been paid, the remaining accounts and property will go to whom you have named in your will, in whatever way you have directed, rather than in accordance with state law. ● If you want to leave your money and property to your children, you can name a trusted decision-maker to manage the funds and provide them to your children when needed or at stated ages. In many cases, this means creating a testamentary trust in your will and naming someone as trustee to manage the funds, allowing you to put restrictions in place to ensure that the money and property are used in a way that meets your wishes. Because these terms are in a legally enforceable will, the court will abide by your wishes. ● The same considerations hold true if you specify that you want to give money to a charity, your Aunt Betty, or your neighbor. ● Your will is also where you can nominate a guardian to raise your minor children. Note that the court will still need to approve the nomination, but this is your way to ensure that your wishes are considered when the court appoints a guardian. The bottom line? While a court oversees the process, having a will allows you to tell the court exactly how you want your affairs to be handled. However, a public probate process is still guara nteed. 3. Trust. For a trust to work properly, you need to change the title or beneficiary designation of all of your accounts and property to the trust’s name. Accounts and property owned by the trust are not subject to the probate process. One of the most important benefits of a trust is that the details and process of transferring accounts and property to the intended individuals are private . When the trust is initially created, you serve in a variety of roles. First, you are the trustmaker who creates the trust and transfers your accounts and property to it so that the trust becomes the new owner. You are also the trustee of the trust, which means that you are in charge of managing the trust’s accounts and property, making investment decisions, and distributing money to the beneficiaries. You are also a beneficiary. Although the trust is now the technical owner of the accounts and property, you are still able to benefit from them as you did when they were in your name.  Because there may come a time when you are unable to manage the trust and the property it owns, whether because you are mentally unable or have passed away, you will name a trusted individual to step in as trustee when you can no longer act. This person is sometimes referred to as the successor trustee. They will then be responsible for managing the trust’s accounts and property and will be required to use the money and property for your (if you are still alive) and the other named beneficiaries’ benefit according to the terms you have provided in the trust agreement. ● One word of caution—to bypass probate, a trust must be properly funded. If you die owning any accounts or property in your sole name without a beneficiary designation, those items may have to go through the probate process to get to their appropriate new owner. ● Funding a trust means that ownership of your accounts and property has been changed from your individual name to your trust’s name. It may also mean naming your trust as the beneficiary if you cannot change the ownership of the account or property, as with a retirement account. ● Think of your trust as a basket. Like putting apples into a basket, you must put your accounts and property into the trust for either to have real value or control. Even if you have a trust, you should still have a will to ensure that any accounts or property inadvertently or intentionally left out of your trust are retitled (funded) in the name of the trust after your death. This special type of will, referred to as a pour-over will, directs that anything going through probate is to be given to the successor trustee of your trust, who will then manage the account or property as part of the trust. The pour-over will also allows you to name guardians for your minor children. The bottom line? A trust allows you to maintain control of your accounts and property through your chosen trustee, avoid probate, and leave specific instructions so that your children are cared for—without receiving a lump sum of money at an age where they are more likely to squander it or have it seized from them by potential creditors or predators. Do not let the will-versus-trust controversy slow you down. Having any plan in place is often better than the one the state has created for you. Call our office today; we will put together an estate plan that works for you and your loved ones—whether it be a will, a trust, or both.

You know that uneasy feeling when you think about what everyone you love would do, if (and when) something happens to you? That nagging voice reminding you that you still haven't created a will or trust or updated the estate plan you do have? As we enter 2025, it's time to stop pushing those thoughts aside and take action to protect the people you love most. Many people avoid estate planning because they think it will be complicated, expensive, too time-consuming, or emotionally challenging. But the truth is, not having a plan, or having an out-of-date plan, is far more costly – financially, emotionally, and time-wise – for the people you love. Let's take a look at five things you can do right now to create lasting peace of mind. Step 1: Get Financially Organized One of the biggest challenges people face after losing a loved one is trying to piece together their financial life. Where are all the accounts? What insurance policies exist? What bills need to be paid? Without proper organization, your family could spend months or even years trying to track everything down. Worse yet, anything they don’t find will be turned over to the State Department of Unclaimed Property, where there are approximately $60 billion in lost assets nationwide. As important as it is, financial organization isn't just about making lists – it's about creating a clear roadmap for the people who will handle your affairs when you cannot. This includes documenting all your accounts, insurance policies, important passwords, and key contacts. When your loved ones need access to this information, it should be readily available, updated, and easy to handle. This is why our Life & Legacy Planning process begins with a financial organization, and then our ongoing Life & Legacy Planning service supports you to maintain your financial organization throughout your life, so it’s handled with as much ease as possible for the people you love when something happens to you. Step 2: Create a Lasting Message for Your Loved Ones When someone dies, their loved ones often wish they had one more conversation, one more chance to hear their loved one's voice or read their words. That's why recording a Life & Legacy Interview is part of our planning process. It’s truly one of the most meaningful gifts you can give the people you love, and who love you. This message isn't just about saying goodbye – it's about sharing your values, hopes, and life lessons. Think about what you want future generations to know about your life journey. What wisdom do you want to pass down? What family stories, or even recipes, should be preserved? While you may think “generational wealth” is just about money, the truth is that people who are able to learn from the recorded history of past generations have true generational wealth that’s far greater and irreplaceable than any dollar ever could be. Your words will become a treasured part of your legacy, offering comfort and guidance long after you're gone. Step 3: Learn About Tax Planning Many people don't realize that proper estate planning can help minimize or eliminate taxes their loved ones might otherwise have to pay. Without planning, they could lose a significant portion of their inheritance to estate taxes, income taxes, or capital gains taxes. Strategic tax planning isn't about avoiding your obligations – it's about ensuring more of your hard-earned assets go to the people you love rather than the government. Working with a trusted advisor who understands both estate and tax law can help you identify opportunities to protect your loved ones’ financial future. Step 4: Plan Your Final Farewell (and Your Last Days) While it might feel uncomfortable to think about your funeral, planning and paying for it in advance is one of the most loving things you can do for the people you love. When you're gone, they will be grieving. The last thing they need is to make difficult decisions about your funeral while trying to guess what you would have wanted. By planning ahead, you not only ensure your wishes are honored but you also protect the people you love from emotional overspending during a vulnerable time. You can choose and pay for exactly what you want, locking in today's prices and relieving your loved ones of this financial burden. Even more importantly, consider how you want to spend your last years, months, or even days and discuss that with the people who will be responsible for your care now. This could be a conversation we can help facilitate if bringing it up or even thinking about it alone feels too challenging or if you keep putting it off. This courageous conversation is one of the best gifts you can give to the people you love. Step 5: Create a Comprehensive Life & Legacy Plan All these elements come together in our comprehensive Life & Legacy Planning® process, which guides you to understand the law and how it will apply to your unique situation, considering your family dynamics and assets, so you can make educated and informed choices to ensure your loved ones stay out of court and out of conflict when something happens to you. This isn't just about creating legal documents – it's about creating a plan, maintaining it, and ensuring your loved ones know who to turn to when something happens to you. When you create a Life & Legacy Plan with me, it includes clear instructions about who gets what, who's in charge of what, and most importantly, how to find and access everything when needed. It also includes specific directives about what happens if you become incapacitated. In addition, you’ll have the opportunity to outline your memorial service, and we’ll support you to record a Life & Legacy Interview that your loved ones will cherish for the rest of their lives. The start of a new year is the perfect time to take these essential steps to protect the people you love. Don't wait until it's too late – the greatest gift you can give your loved ones is the gift of preparation and peace of mind. How We Help You Get Started We help you put these essential protections in place. Through our Life & Legacy Planning® process, we'll guide you in creating a lasting message for your loved ones, implementing smart tax strategies, planning your final arrangements, getting your finances organized, and creating a comprehensive plan that ensures the people you love stay out of court and conflict. Most importantly, we'll help you make informed decisions that align with your values and wishes. So don’t delay! Let us help you start the new year by doing the right thing for your loved ones. Click here to schedule a complimentary 15-minute consultation to learn more.

When it comes to planning for your family's future, the options can feel overwhelming. Should you get a will? Create a trust? And what happens if you do nothing at all? These aren't just academic questions - your choices today will impact your loved ones tomorrow. In this second installment of a two-part Q & A series, I’ll break down the key differences between your primary estate planning options and explore practical ways to ensure your family is protected, no matter what the future holds. So, let’s dive in, beginning with a question about the basic estate planning documents. Q: What is the difference between a will, living trust, and dying intestate? And what does that mean, practically speaking? A: If you die without an estate plan, you do have a plan - it’s just the plan chosen for you by the state, and you may not like it. Almost certainly, your loved ones won’t like it because it means they’ll likely need to deal with a court process called “probate.” When you die without a will, it’s called dying “ intestate,” and it means that your assets are distributed according to state law after a process in which a judge decides who gets what. This could mean your assets would not go to the people you choose in the way you choose, and your family could face a lengthy, expensive, and public court process during an already difficult time. A will is your basic instruction manual for what happens to your assets after you die, but it still requires your family to go through the probate process. While a will allows you to name guardians for your minor children and specify who gets what, your “executor” or “personal representative” must file the will with the court and potentially wait months or even years before receiving your assets. Plus, everything becomes public record - so anyone can look up what you owned and who got what, leaving the inheritors open to predators. If you create a trust, your assets can be passed to the people you choose without a court process and completely privately. Think of a trust like a container that holds your assets during your lifetime and then, upon your incapacity or death, a successor trustee you’ve named can step in to handle your assets, manage your affairs, and pass your assets to your chosen beneficiaries. With a properly funded trust, your beneficiaries could receive their inheritance within weeks or months instead of months or years. Q: Is probate always required when someone dies? A: The necessity of probate depends largely on how your assets are titled when you die and the total value of assets that are in your personal name at the time of your death. Assets that are solely in your name with no beneficiary designation must go through probate, and the distribution must be ordered by a Judge. There are some exceptions: jointly owned property automatically passes to the surviving owner, assets with named beneficiaries (like life insurance policies and retirement accounts) go directly to those beneficiaries, and assets held in a properly funded living trust transfer according to the trust's instructions, without court involvement. These issues can be complicated and have a huge impact on your loved ones, so it’s important to work with a trusted advisor who can help you understand your goals, and then properly structure your assets to accomplish your goals, especially if you want to keep your family out of court and out of conflict. Keep reading to find out how I can help. Q: What if I’m uncomfortable talking about death and money? A: While it's completely natural to want to avoid thinking about death and avoid talking about money, not planning for the reality of death or a possible incapacity before death can leave your loved ones with an expensive, time-consuming mess to clean up during what will already be an emotionally difficult time. Here's what you absolutely must know: First, if you become incapacitated or die without a plan, the court will make all the decisions about your care and your assets according to state law, not according to what you would have chosen. Second, if you have minor children and no estate plan, the court will decide who raises your children and who takes care of the assets you leave behind, all without your input. Think about that for a moment. A judge is a complete stranger to you and your kids, yet that’s who will decide your children’s future - who makes decisions about their education, their health matters, and their financial affairs. And, then, whatever you leave behind and whatever is left after the court process goes to your children when they turn 18, without protection (i.e., they’ll be free to spend it all as quickly as they want). If that concerns you, you need a plan of your own. Third, your family will likely have to spend significantly more time and money dealing with your affairs if you don't have a plan in place than if you had taken the time to create one. The good news is that creating a plan doesn't have to be overwhelming or uncomfortable—working with a trusted advisor who can guide you through the process step by step can actually bring you peace of mind, knowing you've taken care of the people you love. Q: How can you minimize the stress to your family by handling these matters in the simplest way possible? A: The best way to minimize stress for your family is to create a clear, comprehensive Life & Legacy Plan before anything happens to you. Many people think creating an estate plan will be stressful, but it's actually the lack of planning that creates the most stress for families. When you work with me as your Personal Family Lawyer®, I make the process simple: First, I help you get clear about what you own and what would happen to everything you own and everyone you love (including yourself) when something happens to you. Then, I support you to make informed, empowered choices about who should receive your assets, who should be in charge of carrying out your wishes, and how you want it all handled. Finally, I help ensure your plan will actually work when your family needs it by supporting you to review your plan regularly as your life changes and ensuring we maintain an updated inventory of your assets to ensure none of your assets are lost to the state due to oversight, after your death. Beyond creating the right legal documents, I’ll support you in other ways to make things easier for your loved ones. I’ll help you document specific wishes you have for personal items with sentimental value and to have conversations with your loved ones about your choices so there are no surprises later. We’ll conduct a Life & Legacy Interview so you can pass on your values, insights, and stories - the intangible (and most important) assets that are often lost when someone dies. Most importantly, I will be there for your family when you can't be there, to guide them through the process and ensure your wishes are carried out properly. This is the power of our Life & Legacy Planning® process. How We Help You Create Peace of Mind As your Personal Family Lawyer® Firm, we understand that thinking about death and money can feel overwhelming. That's why we've created a simple, step-by-step process to help you get your affairs in order and ensure your family is protected. Our Life & Legacy Planning process goes beyond just creating legal documents - we help you make informed decisions about your family's future, keep your plan updated as your life changes, and ensure your wishes will be carried out properly when the time comes. Most importantly, we'll be there for your family when you can't be, providing the guidance and support they'll need during a difficult time. You'll gain peace of mind knowing you've done everything possible to make things easier for the people you love. Click here to schedule a complimentary 15-minute consultation to learn more about how we can help: Schedule Online. This article is a service of Bray Law Office, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a comprehensive Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.  The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® Firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

The end of the year is approaching, and as a business owner, you're likely reflecting on the past twelve months while looking ahead to the future. While many focus on revenue goals and growth targets, there's one fundamental aspect that can make or break your success in the coming year: productivity. By implementing the right productivity practices now, you can set yourself and your business up for unprecedented efficiency and success in the new year.  Create Systems That Scale One of the biggest productivity killers in any business is reinventing the wheel for recurring tasks. Think about how many times you or your team members perform the same activities. Each time you tackle a familiar task without a documented system, you're essentially starting from scratch, wasting valuable time and mental energy. Start by identifying your core business processes – everything from customer onboarding to invoice processing to social media management. Document each process step-by-step, noting who's responsible for what and any tools or resources needed. Consider recording video tutorials for complex procedures or creating detailed checklists for routine tasks. Remember that good systems do more than just document current practices. They should be designed to scale with your business. As you create each system, ask yourself: Will this work when we're handling twice the current volume? Five times? Ten times? Build flexibility into your systems now to avoid major overhauls later. Embrace Strategic Automation While systems provide the foundation for productivity, automation takes it to the next level. However, the key is being strategic about what you automate. Not every process needs or benefits from automation, and poorly implemented automation can create more problems than it solves. Start with repetitive, time-consuming tasks that don't require human judgment. Email responses, appointment scheduling, invoice generation, and social media posting are prime candidates for automation. Look for areas where manual data entry creates bottlenecks or where human error could be costly. Be sure to thoroughly test any automation before fully implementing it. Start small, perhaps with a single process or department, and gradually expand based on results. Remember that automation should serve your business goals, not dictate them. The best automation solutions are those that free up your team to focus on high-value activities that require human creativity, judgment, and relationship-building. Implement Time-Blocking and Focus Management Time is your most precious resource as a business owner, yet it's often the most poorly managed. Random interruptions, constant email checking, and reactive decision-making can fragment your day and destroy productivity. The solution? Strategic time-blocking and focus management. Start by auditing how you currently spend your time. Track your activities for at least a week (ideally two), noting what you're doing and any patterns in your energy levels and focus. Use this information to create designated blocks of time for different types of work. For instance, you might schedule deep work during your peak energy hours, batch similar tasks together, and set specific times for email and communication. Consider implementing "power hours" – focused work periods where you and your team minimize distractions and concentrate on high-priority tasks. This might mean turning off notifications, closing email, and even putting phones in airplane mode. The key is creating an environment that supports sustained focus and productivity. Establish Clear Communication Protocols Poor communication can derail even the best productivity systems. When information doesn't flow efficiently, decisions get delayed, mistakes multiply, and productivity suffers. As you prepare for the new year, establish clear communication protocols that support rather than hinder productivity. Define which communication channels should be used for what purposes. Maybe email is for external communication and documented decisions, while a chat platform is for quick internal questions. Set expectations for response times based on the urgency and importance of different types of communication. Create guidelines for meetings to ensure they remain productive. This includes having clear agendas, time limits, and action items. Consider implementing "no-meeting" days or blocks to allow for uninterrupted focus time. Remember, every minute spent in an unnecessary meeting is a minute lost to productive work. Your Next Step to Make 2025 the Best Year Ever for Your Business We understand that implementing new systems requires careful planning and execution. That's why I offer a comprehensive LIFT Business Breakthrough Session, where we'll analyze your current systems and identify opportunities for improvements. Together, we'll develop a customized plan to help your business operate at peak performance in the coming year. Schedule here to learn more and get started today:

Every successful journey starts with a map, and your business journey is no different. While many entrepreneurs feel overwhelmed by the idea of creating a business plan, seeing it as just another box to check or a document that will gather dust, a well-crafted business plan can be the difference between steering your business toward success and wandering aimlessly. Let's explore five practical strategies to create a business plan that will actually serve your business. Strategy No. 1: Start With Your "Why" Before diving into financial projections and market analysis, begin with your purpose. What problem are you solving? Why does your business need to exist? This isn't just about crafting a mission statement - it's about understanding your business's reason for being and communicating it clearly. Your "why" shapes everything that follows. It influences your target market, your marketing strategy, your pricing, and even your company culture. Think beyond making money - while profitability is crucial, businesses that survive and thrive long-term usually have a deeper purpose. Perhaps you're making healthcare more accessible through technology, or maybe you're helping small businesses compete with larger corporations. Whatever your purpose, make it clear and compelling. Strategy No. 2: Know Your Numbers Inside and Out Many entrepreneurs rush through the financial section of their business plan, seeing it as a necessary evil. However, understanding your numbers isn't just about satisfying potential investors - it's about ensuring your business model actually works. Start with your startup costs, including everything from office space and equipment to licenses and initial inventory. Then map out your operational costs: salaries, utilities, supplies, marketing expenses, and other regular expenditures. Be brutally honest here - optimistic projections might feel good, but realistic ones will serve you better. Next, project your revenue streams. How will you make money? What are your pricing strategies? What's your break-even point? Don't just pick numbers out of thin air - base them on market research, competitor analysis, and realistic customer acquisition costs. Remember, your financial projections tell a story about how your business will grow and succeed. Strategy No. 3: Get Specific About Your Market "Everyone" is not your market. Even if your product or service could be used by anyone, trying to market to everyone is a recipe for marketing to no one effectively. Your business plan should demonstrate a deep understanding of your specific target market. Who are your ideal customers? What are their pain points? How does your solution address their needs better than existing alternatives? Use demographic data, but don't stop there. Understand their behaviors, preferences, and decision-making processes. This understanding should inform everything from your marketing strategy to your product development. Include market size calculations, but be realistic. Focus on your serviceable obtainable market (SOM) rather than the total addressable market (TAM). It's better to show how you can capture a significant share of a smaller market than to claim an unrealistic slice of a massive one. Strategy No. 4: Detail Your Implementation Strategy A goal without a plan is just a wish. Your business plan needs to outline specific, actionable steps for bringing your vision to life. Break down your larger goals into smaller, manageable objectives with clear timelines and responsibilities. What systems will you need to put in place? How will you handle customer service? What about quality control? Think through the operational details that will make your business run smoothly. Include your staffing plan, technology needs, and any required partnerships or strategic alliances. Also, consider potential obstacles and how you'll overcome them. What happens if a key supplier falls through? How will you handle seasonal fluctuations? What's your Plan B if certain assumptions prove incorrect? Showing that you've thought through these scenarios demonstrates business maturity and preparedness. Strategy No. 5: Make It a Living Document Your business plan shouldn't be a static document that sits in a drawer. Create it with the intention of revisiting and revising it regularly. Set specific times to review and update your plan - quarterly is often a good cadence for most businesses. Use your plan as a benchmark to measure progress and make course corrections. Are you hitting your milestones? Do your financial projections need adjustment based on real-world data? Have market conditions changed significantly? Regular review and revision keep your plan relevant and useful as a strategic tool. Taking Action Now Creating a business plan is just the first step. Implementing it effectively requires ongoing attention to legal, insurance, financial, and tax (LIFT) considerations. These foundational systems need to be robust enough to support your business as it grows while remaining flexible enough to adapt to changing circumstances. We can help ensure your business plan aligns with sound legal and financial practices while setting you up for sustainable growth. When you meet with me for a LIFT Business Breakthrough™ Session, we'll review your business foundations and create an action plan to implement the systems and structures your business needs to thrive. Book a call here to learn more and get started today:

When it comes to estate planning, I get many questions about many topics. One of the most common questions I hear concerns account ownership and asset management. Understanding how accounts are titled and who has access to them isn't just about convenience—it's about ensuring your assets transfer smoothly to your loved ones while protecting them from potential risks. In this first installment of a two-part series, I’ll answer the most common questions about asset ownership and management. I’ll also outline ways in which you can make things as easy for your family after your death. So let’s dive in, beginning with a question about joint assets. Q: What's the difference between joint ownership and transfer-on-death designation? A: Joint ownership means both parties have full access to and ownership of a specific account or piece of real estate, while living. When one owner dies, the surviving owner automatically receives full ownership. This can be convenient but comes with risks - a joint owner can withdraw all the money at any time, and the account could be vulnerable to either joint owner’s creditors or legal judgments. On the other hand, transfer-on-death (TOD) or payable-on-death (POD) beneficiary designations give you sole control during your lifetime. Your designated beneficiary has no access or rights to the account while you're alive but receives the assets automatically upon your death. This arrangement prevents another person from accessing your assets while you’re alive and also avoids the court process (called probate) after you die. One important note: When you have a joint owner on your account, or a designated beneficiary, that person will receive all the funds after you die, no matter how old they are or what your family dynamics are. This can create conflict in your family or can cause someone who’s fiscally irresponsible to potentially inherit a windfall with no safeguards. Lawsuits are filed all the time by disgruntled siblings who find out that the caretaker sibling receives all the money in a parent’s account (or sole title to real estate) rather than being distributed equally among all siblings. If this is a concern to you, read on to find out how you can book a call with me to learn about your options. Q: If I hold my property jointly, or use a TOD or POD, do I need to have a Trust? A: If you use joint ownership or TOD/POD instead of a Trust, you need to consider some traps for the unwary. First, as indicated above, jointly owned property could be at risk from creditors of either party. I think of my client, granddaughter, who was titled on grandma’s bank account. When granddaughter’s husband didn’t pay the bill on the copier contract for his business, the copier company sued and got a judgment against him. Next thing you know, grandma’s account gets garnished because it was held jointly with granddaughter, and granddaughter was liable on the copier judgment. Suppose you use a TOD or POD to avoid a scenario like that. In that case, the problem is that the TOD/POD only operates in the event of death, not incapacity, and TOD/POD could result in the wrong person ending up getting the assets or the assets ending up in probate if there is an unexpected “order of death” issue. Imagine, grandma leaves house to grandson using TOD, but grandma and grandson are in the car together when there’s an accident, and grandson dies first, with grandma dying shortly thereafter, and before she could change the TOD/POD. Who gets the property, and how? In this case, the property would have to go through probate and pass to grandma’s “next of kin” according to the state intestacy statutes. Given that grandma was leaving her property to grandson, it’s likely she didn’t want the “state’s plan” for her assets. But, that’s what she’ll end up with. The solution is not to use joint ownership or a TOD/POD to pass title to assets at your death. Instead, set up a trust and retitle the property, and everything can be handled with ease, privately, and in our office, for the people you love. Q: What happens to retirement accounts and life insurance policies after death? A: These accounts pass directly to your named beneficiaries, bypassing probate and any instructions in your will, as long as you have named beneficiaries, and if you haven’t named a minor as a beneficiary This is why keeping your beneficiary designations up to date is crucial. If your beneficiary designations are outdated – listing an ex-spouse or deceased person, for example – your assets might not go where you want them to. Even worse, if you have no beneficiary listed, these accounts would go through probate, costing your loved ones unnecessary time and money. If you’ve named a minor as a beneficiary, the assets will be subject to a court process to hold the assets under court order until your minor beneficiary is “of age” - usually 18 or 21, depending on state law. Q: Do I need an inventory of my assets? A: Yes, and it’s critically important that you create an inventory and keep it up to date. We include this in all of our planning options because it’s one of the most important parts of the planning process, even though, surprisingly, it’s not part of most estate planning with traditional lawyers or legal insurance plans. Our unique Life & Legacy Planning Ⓡ process includes an asset inventory because if you don’t inventory your assets, your family will not know what you have, how to find it, and how to get access to it as easily and affordably as possible. Lost assets end up in your state’s treasury as unclaimed property. According to the National Association of Unclaimed Property Administrators, approximately 1 in 7 people in the U.S. - or about 33 million people - have unclaimed property, totaling approximately $77 billion dollars. If you want to ensure that your assets go to the people or charities you want rather than to your state government’s unclaimed property fund, you need an asset inventory. And it must stay up to date. Q: How often should I review my asset inventory and account designations? A: Your inventory and beneficiary designations need to be kept up to date over time so they reflect your current circumstances when you die. Your Life & Legacy Plan includes regular, ongoing reviews of your asset inventory so no asset ever gets lost. It’s also important to update your asset inventory and account designations whenever you experience a major life event such as: ● Marriage or divorce ● Birth or adoption of a child ● Death of a beneficiary ● Purchase or sale of significant assets ● Moving to a new state ● Starting a business ● Retirement When you work with me, you won’t have to remember this on your own. I’ll proactively remind you to update your inventory and beneficiary designations and help make it as easy as possible for you to take action. Q: What's the best way to organize and store my asset information? A: Create a clear, organized system that your loved ones can easily access if something happens to you. However, be careful about including sensitive information like passwords in your will, as it becomes public record after death. Instead, consider keeping this information in a secure location and telling your trusted family members, executor, or trust administrator how to access it. I will help you explore options for the best way to do this when we work together. How We Help You Get Organized and Protected We help you create a comprehensive Life & Legacy Plan that includes a complete asset inventory, proper account titling, and coordinated beneficiary designations. We'll help you understand the implications of different ownership structures and guide you in making the best choices for your family's unique situation. Plus, we'll help you keep everything updated through regular reviews, ensuring your plan continues to work as intended. You’ll gain peace of mind knowing that your assets will go to the people you want in the way you want. Click here to schedule a complimentary 15-minute consultation to learn more.

You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a life insurance policy, or started putting money into a health savings account. At the time, you named someone—most likely your spouse, if you were married, or another loved one if you were single—who will inherit the money when you pass away. However, you might have since married, divorced, or remarried without updating your beneficiaries. Or maybe another event, such as a birth or death in the family, has altered your estate planning strategy. Beneficiary designations are a crucial part of an estate plan and a way to avoid probate. But they supersede instructions in a will or trust and should be regularly reviewed to ensure that they align with your legacy goals. Accounts That Have Beneficiary Designations Beneficiary designations allow individuals to specify who will receive the funds or accounts upon their death, bypassing probate and allowing these items to pass more quickly to the people or entities named as beneficiaries. Many types of accounts and financial instruments such as the following allow for beneficiary designations (including payable-on-death or transfer-on-death account designations): ● retirement plans, such as a 401(k), 403(b), individual retirement account (IRA), Roth IRA, or pension plans ● life insurance policies ● annuities ● checking and savings accounts ● certificates of deposit (CDs) ● health savings accounts (HSAs) ● 529 college savings plans ● employer-sponsored benefits (e.g., group life insurance and employee stock plans) ● brokerage accounts ● mutual funds ● US savings bonds Some states also allow real estate to pass to a beneficiary using a transfer-on-death deed, a beneficiary deed, or a Ladybird deed, also known as an enhanced life estate deed. How a Beneficiary Designation Works Beneficiary designations take precedence for distribution over other documents in an estate plan. The individual or entity you name as an account beneficiary will automatically receive the money or account, usually without it passing through the court-supervised probate process. [1] A beneficiary can be any of the following: ● a person, such as a spouse, child, partner, family member, or friend ● a trust ● a charity ● your estate It is also possible to name multiple parties as beneficiaries of the same account, allowing you to divide the money or account among them. For example, you could have half the money in your investment account pass to your spouse and split the other half between your two children. Federal law, your state, or the account administrator may require that your spouse be listed as a primary beneficiary and receive a minimum amount before you can list other beneficiaries, unless the spouse waives their rights. If you name your estate as a beneficiary, the money or account could be subject to probate. Naming Primary and Contingent Beneficiaries In addition to naming a primary beneficiary (the person first in line to inherit the money or account), most policies let you name at least one contingent (backup or secondary) beneficiary. A secondary beneficiary receives the money or account if the primary beneficiary is unable or unwilling to accept it (e.g., they predecease the account holder or die at the same time). While primary and contingent beneficiaries provide some probate avoidance security, if there is no primary beneficiary to receive the money or account and no listed contingent beneficiary, the money or account could be subject to probate and distributed according to applicable state law. With your estate planning attorney’s guidance, consider naming your trust, if your estate plan includes one, as primary or contingent beneficiary to help avoid the scenario where both your primary and contingent beneficiaries predecease you or are otherwise unable to take the funds. Why You Need to Review Beneficiary Designations Regularly A beneficiary designation supersedes any instructions in a will or trust about how to distribute money in an account or policy. If your will states that your money and property should go to one person but your retirement account designates someone else as the beneficiary, the beneficiary designation on the account takes precedence. Many people make the mistake of assuming the opposite: that their will or trust overrides beneficiary designation forms. It is also problematic when an account owner submits a beneficiary form to a plan custodian or administrator but never confirms that the designation was processed. There could even be instances where the beneficiary form was left blank, either accidentally or with the intent to fill it out later. A beneficiary form that is not up to date can result in assets getting tied up in probate or not passing to the correct beneficiaries. Not updating a beneficiary form could have unintended consequences, such as leaving money or the account to a loved one who is now incapable of handling them or to someone you no longer want receiving the funds. An estate plan should be regularly updated to account for life changes. This includes examining beneficiary forms when the following types of major life events occur: ● divorce ● marriage ● birth or adoption of a child or grandchild ● loss of a spouse, child, or other beneficiary ● the end of a relationship ● closure of an account and moving the assets to a new account ● a plan administrator being bought by or merging with another financial institution ● an employer changing plan administrators for the benefits it provides ● changes in the law that affect how money and accounts can be transferred at death While the events listed above can warrant an immediate change in beneficiary designations, it is prudent to check designations every three to five years even when you think nothing has changed. Changing your mind about your overall estate plan is another time to consider switching beneficiaries. For example, your original intent may have been to divide your money and property evenly among your children, but you have since decided that one child needs more money than their siblings. You may need to update your retirement account to make that child the sole account beneficiary. How to Change a Beneficiary Designation Updating beneficiaries is straightforward, but the actual process can depend on the type of account: ● Many accounts can be checked and changed online. ● Some accounts require filling out paperwork. ● In certain states, a spouse’s written consent may be required to name someone else as primary beneficiary. ● A beneficiary change could require a sign-off from a plan administrator. When naming a beneficiary, be as detailed as possible. Most designation forms ask for a person’s full legal name and their relationship to you. You may also need to provide details such as the beneficiary’s contact information, date of birth, and Social Security number. Part of the change process should also include requesting and saving beneficiary change confirmations from the account administrator. This is the only way to ensure that the change was successfully made. What Can Happen When You Do Not Update Beneficiary Designations If you fail to name a beneficiary or do not name a contingent beneficiary in case something happens to the primary beneficiary, the money or account could be subject to probate upon your death. The probate process can add costs and delays to settling an estate. Probated accounts and property must be reviewed by the court and distributed in accordance with a will instead of a beneficiary designation. If you do not have an existing will, the money or account would be subject to state intestacy laws, which determine who has the right to receive your money and property at your death. These laws typically give preference to a person’s spouse and children, but you may want somebody else to receive your money or accounts. Simple Form, Complex Estate Planning Considerations Beneficiary designations show how even small estate planning details can have a big impact. While the form to name a beneficiary on an account is typically easy to fill out, naming—or failing to change—a beneficiary can have a major effect on your estate plan and loved ones. A beneficiary designation cannot be changed after you are gone. To ensure that your account money and property go where you want and how you want, talk to an estate planning attorney to put a plan in place. [1] However, the money or account may still require court supervision in some instances (e.g., if you name a minor or incapacitated individual as your beneficiary).

A special needs trust (SNT) allows an individual to provide for a disabled beneficiary without jeopardizing the beneficiary’s eligibility for needs-based government benefits. SNT funds can generally be used to pay for almost anything that falls outside the basic support that programs such as Supplemental Security Income (SSI) and Medicaid provide. This includes many goods, services, and experiences that these programs do not cover. Rules around SNTs are complicated, and a trustee’s unauthorized use of SNT funds may result in a penalty or reduction of government benefits for the trust beneficiary. How SNTs Work: First-Party versus Third-Party There are two main types of SNTs: first-party and third-party. The main difference between them is that the former holds funds that the beneficiary owns or receives in a lump sum (often from a settlement or inheritance) and puts into the trust, and the latter holds funds given to the beneficiary by a parent, grandparent, or other family member or individual. Both types of SNT can hold assets such as cash, investments, life insurance policies, retirement accounts, and even real estate. One key difference between first-party and third-party SNTs is that when the beneficiary dies, funds in a third-party SNT are not subject to reimbursement to the state for up to the amount of the government benefits the beneficiary received during their lifetime. Although the disabled person benefits from the funds, the funds in a third-party SNT never technically belong to them. So, when a beneficiary of a third-party SNT dies, any remaining trust assets can pass to other individuals or to charities. What a Third-Party SNT Can and Cannot Pay For Regardless of whether an SNT is first-party or third-party, there are certain expenses that it can and cannot pay for on behalf of the beneficiary without jeopardizing government benefits. The basic spending rule for SNTs is that the funds are intended to supplement—not replace or duplicate—needs-based government assistance benefits. They can be used for “special needs” but not for “basic support” (e.g., shelter and basic medical costs). ● In general, an SNT can cover typical ongoing expenses of everyday life that government programs such as SSI and Medicaid do not cover. ● The funds must be used for the sole and direct benefit of the disabled beneficiary. Payments can benefit others only indirectly, such as when a beneficiary travels and needs an aide. ● Whenever possible, SNTs should directly purchase an item or service in the trust’s name and not the beneficiary’s. ● The trustee of an SNT should not make direct payments to the beneficiary even if the distributions are being made for allowable expenditures. SSI, Medicaid, and SNTs SSI includes shelter costs as part of its calculation when determining eligibility and benefit amounts. SSI refers to payments for shelter as “in-kind support and maintenance” (ISM). ISM is any shelter expense that somebody else (including a trust) provides for an SSI recipient. SSI considers ISM a type of unearned income. The following items fall into this category and generally should not be paid for by an SNT: ● rent or mortgage payments ● condo and HOA fees ● property taxes ● utilities such as water, gas, and electricity Medicaid rules and coverage vary by state, but typically, SNTs can pay for the following types of medical and dental expenses that Medicaid does not cover: ● inpatient psychiatric services for age-excluded individuals ● over-the-counter medications ● elective surgeries and procedures ● dental and vision care ● hearing aids ● a private room instead of a shared room at a care facility ● certain specialist providers SNT funds disbursed in a way that violates SSI or Medicaid rules can impact a disabled person’s continued eligibility for those benefits. The Social Security Administration may reduce SSI benefits by up to one-third of the federal benefit rate if SNT funds are used for ineligible purchases. Benefits may also be reduced if money is paid directly from the trust to the disabled beneficiary. Money paid directly to an SSI recipient to provide them with shelter could potentially reduce their SSI benefit dollar for dollar because this type of distribution is treated as unearned income regardless of what the funds are being used for. If an SSI beneficiary receives cash (or a cash equivalent such as a refundable gift card) from an SNT, their benefit may be reduced by one dollar for each dollar received, up to the point where they lose SSI completely. A beneficiary could also lose their SSI altogether if noneligible trust payments increase what the Social Security Administration calls “countable income.” Losing SSI eligibility could lead to losing Medicaid since, in many states, SSI recipients automatically qualify for Medicaid. Allowable SNT Purchases Despite these restrictions on SNTs, they can be used to pay for many special expenses on the beneficiary’s behalf, such as the following items and activities: ● clothing ● phone, cable, and internet services ● a vehicle, insurance, maintenance, and fuel ● tuition, books, and tutoring ● travel and entertainment ● household furnishings and furniture ● fitness equipment ● computers, television, and other electronics ● alternative medical treatments ● parties or celebrations In addition, the money required to administer a third-party SNT, including attorney’s fees and trust accounting fees, can be paid from the trust. Creative Ways to Use Third-Party SNT Funds Bearing in mind the restrictions on SNTs, trustees have wide latitude with how they can spend trust funds. As long as expenditures do not break the rules and put benefits at risk, a trustee is free to put money toward special purchases that go above and beyond the simple necessities and enrich the beneficiary’s life. Here are a few ideas for inspiration: ● Vacations. Airfare, hotel accommodations, cruises, and other travel-related costs should be coverable by the trust. ● Entertainment and hobbies. Support a beneficiary’s passion by using the trust to pay for movies, concerts, theater tickets, arts and crafts supplies, photography equipment, musical instruments, and physical and digital media subscriptions. ● Recreational activities. SNTs can pay for membership fees, camps, or lessons for activities such as sports, exercise, and outdoor excursions. ● Adaptive recreational equipment. To stay active outdoors, an SNT beneficiary might need specialized equipment, such as adaptive bikes, all-terrain wheelchairs, or modified vehicles—all of which can be paid for by an SNT. ● Technology and electronics. Buy the beneficiary a new computer, tablet, or smartphone to stay connected and curate their interests. Funds can also go toward internet fees or a mobile phone plan. ● Therapeutic services and programs. Nontraditional medicine such as aromatherapy, reiki, yoga, and massage therapy, as well as spa treatments and grooming services, offer a wellness boost and are usually not covered by Medicaid. ● Pets and pet care. Research shows that pet ownership is associated with lower stress, depression, and anxiety. The trust can cover the costs of pet adoption, veterinary care, food, grooming, pet toys and supplies, and training. ● Education and skill-building. Educational programs, classes, or workshops that can help a beneficiary build a skill set and increase their self-confidence may be paid for by the trust. ● Home entertainment and furnishings. Although most housing-related expenses are not allowed from an SNT, many of the items that make a house a home—such as comfortable furniture, stylish décor, and an engaging sound system—are allowed. ● Cultural and religious activities. Use money from the trust to foster participation in cultural or religious events, such as festivals, ceremonies, or annual celebrations that the beneficiary finds meaningful. Get Help Managing an SNT SNTs are highly technical and complicated, and administering one for a disabled beneficiary comes with significant responsibility. Not following trust rules can result in the reduction or loss of crucial public benefits. There may be instances in which a beneficiary’s quality of life is worth more than a reduction in their government benefits. But a trustee must always balance short-term gain with long-term goals whenever they make a distribution, especially if a beneficiary requires Medicaid to pay for their long-term care costs—a central concern for many persons with disabilities. Trustees also have legal duties under general trust law requirements and can face legal action if laws are not carefully followed. Our estate planning attorneys can help you set up an SNT for a disabled loved one and assist with trust administration, as either trustee or co-trustee or in an advisory capacity. Schedule a consultation to learn more.