It’s a question that most people don’t think about. But social media accounts should be considered as part of your assets, and that means you need to have a plan for them when you die. Each social media platform has its own rules for dealing with the accounts of deceased users, ranging from permanent deletion to transforming accounts into places for mourning and memory.  Understanding these options is essential for managing digital assets responsibly so you’re your wishes will be respected. So, let’s take a look at the various policies of major social media sites and what you can do to make sure your accounts are handled the way you want. After all, our social media accounts reflect our personalities, interests, and memories, so we want them handled with care.

Digital innovation shapes every aspect of our lives, so it's no surprise that our teenagers are drawn to the allure of cryptocurrency. This digital form of money represents a shift away from traditional financial systems. If you are the parent of teens, understanding cryptocurrency is crucial in order to provide them with the guidance they need to navigate this new world safely and wisely. Luckily, I’m here to help you learn what you need to know. Let’s dive in.

BLENDED FAMILIES + DEATH = A POTENTIAL NIGHTMARE

We’re back, as promised, with Part 2 of our practical strategy for showing your finances and your family even more love this year. As a refresher, here’s what we covered in Part 1: Make a Qualified Charitable Distribution (QCD) Front-load Your 401(k) Contributions Set Up an IRA for a Child Make Donations During Spring Cleaning Give the Gift of Appreciated Stock Shares Establish a 529 College Plan Make a Roth Conversion If you missed Part 1, you can find it here . Now, let’s dive into Part 2. 8 | Spread The Love With The Annual Gift Exclusion Don't underestimate the power of spreading love through financial generosity. Did you know you can gift up to $18,000 per person to an unlimited number of people each year? This allows you to share your wealth with family and friends in a tax-efficient manner. These gifts not only escape taxation but also foster stronger connections and deepen relationships with your loved ones. Whether it's helping with educational expenses, supporting a dream vacation, or simply offering a helping hand, annual exclusion gifts embody the spirit of giving and strengthen the bonds that matter most. With the sunset of the estate tax exemption set to occur in 2025, now is the time to make gifts if you have a taxable estate. Contact us to discuss options as there are far better ways to gift than outright. 9 | Use Up Your Lifetime Gift Tax Exemption Use up your lifetime gift tax exemption: It's not just about securing your own financial future but also about ensuring your loved ones thrive. By leveraging your lifetime gift tax exemption, currently standing at $13.61 million per person, you can minimize estate taxes and provide a significant financial boost to your heirs during your lifetime. Whether it's funding education, helping with a down payment on a home, or simply offering financial support, using this exemption allows you to share your wealth and make a lasting impact on those you cherish most. The exemption is set to sunset in 2025, so if your estate is greater than $5M, now is the time to plan. Contact us asap as this planning does take time. 10 | Allocate More Funds To The Generation Skipping Tax Exemption As you plan for the future, it's essential to consider the next generation. By allocating additional funds towards your generation-skipping transfer tax exemption (of up to $13M), you provide a seamless transfer of assets to your grandchildren or future beneficiaries. This strategic move not only minimizes tax implications but also lays the groundwork for preserving your family's wealth for generations to come. 11 | Make an Extra Mortgage Payment Your home is more than just a place to live—it's also a valuable asset that can offer tax advantages. By making an extra mortgage payment on your primary home loan, you can increase your mortgage interest deductions on your tax return. Not only does this reduce your taxable income, but it also accelerates your path to homeownership, saving you money in the long run. 12 | Complete Repairs on Rental Property Investing in your rental property not only enhances its value but also offers tax benefits. By completing repairs on your rental property, you can offset rental income on your tax return while providing a better living environment for your tenants. It's a win-win situation that improves your property's profitability and strengthens your relationship with your renters. 13 | Create a Lifetime Asset Protection Trust Planning for the unexpected is an act of love towards your spouse and children, and when you know the right tools to use (like we do) you can make sure your family is provided for and protected for generations to come. One of my favorite ways to do this is using a Lifetime Asset Protection Trust. This tool allows you to protect the assets you leave for your children from any future financial trouble, like lawsuits, or divorces. 14 | Create Your Estate Plan Finally, don't overlook the importance of estate planning in showing love to your family. By finalizing your Will, Revocable Trust, Power of Attorney, and Advance Medical Directive, you ensure that your wishes are carried out and your loved ones are protected in the event of incapacity or death. It's a vital step towards providing peace of mind for you and your family, allowing you to focus on enjoying life's precious moments together. And remember, a plan is more than a set of documents. It’s a lifetime of wise decisions about your life and legacy. Show Your Love Where It Matters Most Here’s the thing: We believe that love matters every day, and that it’s never too late to make loving financial and estate planning decisions for your loved ones - and yourself! As your Personal Family Lawyer® firm, we know the value of planning for the future. But we also know the value of planning for the life you want today and the legacy that extends far beyond your assets. Schedule a complimentary call with my office to learn more. __________________________________________________________________________ Contact us today to get started. This article is a service of Sibley Law & Associates, 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 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.

As we step through the month of March, with its promise of happy days and brilliant blooms, our thoughts wander to spring cleaning and, with income tax filing due next month, our personal finances. Both are laudable ideas . . . until you actually have to make a plan and get it done. Am I right? But hey, no worries. We discovered a 14-step strategy that will make you love your finances now and into the future, with a dash of spring cleaning on the side. To make this strategy even more digestible, we’ve divided it into two parts. Let’s dive into part 1 now. 1 | Make a Qualified Charitable Distribution (QCD) Want to spread love to a charity you're passionate about? Is your retirement account looking good? Consider making a Qualified Charitable Distribution from your account directly to charity. Not only does this fulfill your required minimum distributions, but it also exempts the amount from your taxable income. By giving back to causes close to your heart, you can make a meaningful impact while reducing your tax burden. 2 | Front-load your 401(k) contributions Show love to your future self by maximizing your 401(k) contributions early in the year as opposed to spreading them out evenly over 12 months. By reaching the 2024 limits of $23,000 sooner, your investments will have more time to grow, potentially enhancing your retirement nest egg even more. It's a proactive step toward securing financial stability for yourself and your family down the road. 3 | Set Up an IRA for a Child Want to inspire financial skills and literacy in your kids while getting a tax advantage? Teach the next generation the value of financial planning and responsibility by setting up and contributing to an IRA for a child with earned income. Whether it's from babysitting or odd jobs, every dollar invested grows tax-free, providing a solid foundation for their future financial well-being. 4 | Make Donations During Spring Cleaning Ah, the annual ritual of spring cleaning. This year, let's infuse this mundane task with a dose of love and generosity. As you sift through your belongings, consider the items that no longer serve you but could bring joy to others. From gently used household furnishings to clothing and books, each item holds the potential to make a difference in someone's life. Here's the cherry on top: for items in good condition, you may claim a charitable deduction on your 2024 income tax return, making your act of kindness even sweeter. So, as you purge the old and welcome the new, keep receipts of your donations – it may add up to some real tax savings. 5 | Give the Gift of Appreciated Stock Shares Strengthen familial bonds while supporting charitable causes by giving appreciated securities and stock shares directly to your sibling's favorite charity. By donating your appreciated stock instead of selling it, you can potentially avoid recognizing the gain as your income, maximizing the impact of your charitable giving while minimizing your tax liability. Sweet deal, right? 6 | Establish a 529 College Plan Invest in the educational future of your loved ones by setting up a 529 plan. While the contributions you make to a 529 account aren’t tax deductible, contributions to these plans grow tax-free and can be withdrawn tax-free when used by your loved one for qualified education expenses like housing, books, tuition, and more. Whether it's for your child, grandchild, niece, nephew, or another family member, a 529 plan is a gift that keeps on giving. 7 | Roth Conversion Show love to your retirement savings by considering a Roth conversion on a traditional IRA. If your traditional IRA has declined in value, now is the ideal time to convert it to a tax-saving Roth. Doing so can reduce your income tax liability later on and let you potentially enjoy tax-free withdrawals in retirement. It's a strategic move that can optimize your retirement income while minimizing tax obligations. There’s a whole lot more, and we’ll be back soon with Part 2 of this Blog. Stay tuned! In the meantime, schedule a complimentary call with my office to learn more. Contact us today to get started. This article is a service of Sibley Law & Associates, 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 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 Student Loan Tightrope: Balancing Act of Finance Feeling like you're trying to balance a coffee cup on a stack of books while riding a unicycle? Welcome to the world of managing student loan debt and saving for retirement! It's a wild ride but fear not—cue the hero music—here comes the SECURE 2.0 Act, ready to swoop in and save the day! The SECURE 2.0 Act: Your Financial Fairy Godmother Picture this: you're diligently paying off those student loans, but every time you look at your retirement savings, it's like seeing a mirage in the desert—so close yet so far. Well, dust off your cape because the SECURE 2.0 Act is here to make that mirage a reality. This groundbreaking legislation is here to offer a helping hand, allowing your student loan payments to qualify for employer retirement matching contributions. It's a win-win, enabling you to tackle your debt while also building your nest egg! Turning Student Loan Payments into Golden Tickets So, what's the deal with this superhero legislation? It's basically the fairy godmother of finance, waving its wand and turning your student loan payments into golden tickets for your retirement savings. Your employer can now sprinkle some magic dust (or maybe just some matching funds) onto your student loan payments, making them count towards your retirement plan. It's like getting double the value for your money—talk about a financial two-for-one deal! Debt Tackling & Nest Egg Building: The Ultimate Combo But wait, there's more! This isn't just any old loophole; it's a loophole of epic proportions. You get to tackle your debt and beef up your retirement savings, all without having to dig deeper into your pockets. It's like winning the lottery without even buying a ticket (well, almost). Navigating the Path Forward: Championing Financial Superpowers Now, before you start doing cartwheels in the office, there's a tiny catch. Not every employer has jumped on the SECURE 2.0 bandwagon just yet. It's like waiting for your favorite band to drop their latest album—some companies are ahead of the curve, while others are still stuck on repeat. But fear not, brave warrior of finance, you can be the catalyst for change! Start the conversation with your employer and let them know you're ready to take full advantage of this financial superpower. Embrace Your Financial Destiny: A Marvelous Conclusion In the end, the SECURE 2.0 Act isn't just about managing your money; it's about reclaiming control of your financial destiny. So, grab your cape, dust off your superhero mask, and get ready to conquer your student loan debt and build a retirement nest egg worthy of a Marvel movie montage. Excelsior! Want to take control of your financial future and that of the ones you love most? Then I invite you to meet with us for a Life & Legacy Planning Session.™ During the Session, we look at everything you own and everyone you love to determine whether your assets and your loved ones will be cared for exactly as you want if you die or become incapacitated. And if the way things are currently set up doesn’t serve you, your assets, or your family exactly as you want, we can help you develop a Life & Legacy Plan that will protect everything you love for generations to come. Schedule a complimentary 15-minute call below to get started. Click to schedule here. This article is a service of Sibley Law & Associates, PLLC. , 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 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™.

"Love, the magical force that binds us all, making us do crazy things like sending flowers, giving surprise gifts, and leaving heartfelt notes. But wait, there's an underappreciated, yet wildly romantic gesture – planning for the future. Yes, folks, we're talking about the thrilling world of estate planning! Because nothing says 'I love you' like a well-crafted Will and a dash of legal pizzazz. Estate planning, or as I like to call it, Life & Legacy Planning, might sound like a snoozefest of financial jargon and legal hoops, but at its heart, it's a tangible display of your love and care. Forget messy surprises; it's about ensuring your loved ones can binge-watch your legacy without any drama. Now, let's dive into the romance of why including your partner in your estate plan is not just a romantic gesture – it's the ultimate act of love. Providing Care and Protection Estate planning isn't just about cold hard cash; it's a warm hug to your dearest ones. It's like saying, 'I love you so much that I've planned our finances even beyond the grave.' It's the kind of commitment that outlasts Netflix subscriptions. But beware, not all estate planning is created equal. We're talking about Life & Legacy Planning – the VIP version that keeps your family out of court and out of conflict™. Because who needs drama from the afterlife? And let's not forget about the little ones. If you have kiddos, you'd better have a Kids Protection Plan® in your arsenal. It's like the superhero cape of estate planning, ensuring your partner can swoop in and save the day if anything happens to you. Avoiding Legal Complications Love might conquer many things, but legal matters? Those need a little more than a heartfelt card. Without a well-prepared Life & Legacy Plan, your partner could be in for a legal rollercoaster. In fact, without a plan, they might inherit as much as a bag of potato chips – nothing! The law favors the married folks, leaving your non-married partner with zilch. Don't let your loved one navigate the legal maze alone; include them in your Will and Life & Legacy Plan. It's like giving them a golden ticket to inherit your prized collection of rare stamps. Protecting The Life You Built Together Maybe marriage isn't your thing, or you're waiting for the stars to align. Regardless, having a plan is like insurance for the life you've built together – from that charming home to the vintage car that's seen more miles than your favorite pair of sneakers. And if you've got mini-me's running around, Life & Legacy Planning takes on a whole new level. If your partner isn't biologically related to the kiddos, a Kids Protection Plan® is like ensuring they get a front-row seat in the parenting show, complete with legal authority. Helping You Show The One You Love Just How Much You Care In matters of the heart, estate planning isn't just about assets and legalities; it's a grand gesture of commitment. It's like saying, 'I love you so much that I'm setting up our future, even when I'm not around to share a pizza or binge-watch the latest series.' So, if you want to prove your undying love, forget the clichéd roses and chocolates. Go for the real deal – Life & Legacy Planning®. Because nothing screams 'forever' like a well-thought-out plan for the afterlife. Contact us today to embark on the most romantic journey of your financial future!" If you want to show your partner just how much you love them, contact us today to learn more about our Life & Legacy Planning® process to get started. Schedule a complimentary 15-minute call using the link below. Click to schedule here. This article is a service of Sibley Law & Associates, PLLC., 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 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™.

Life insurance is an important part of protecting your family, but if you don’t set it up the right way, there’s a good chance it won’t help your loved ones the way you want it to. Here’s what to do instead…  A comprehensive Life & Legacy Plan is about creating a strategy that lets you enjoy your life to the fullest while protecting your loved ones' future when you can no longer be there. It might seem like life insurance is an easy way to help secure your loved ones’ future – and it is – but your policy must be set up in the right way to have the best possible impact on your family. The way you set up your beneficiary designations on your insurance policy can significantly impact its effectiveness, how it’s used, and who controls it after you die. In this blog, we'll explore how not to name beneficiaries on your life insurance and how to name beneficiaries to ensure your loved ones have the funds they need to thrive when something happens to you.

Trying to find the right lawyer to help with legal matters, especially if you are under the gun in a crisis situation, but even if you aren’t, can often feel like navigating uncharted waters. You want to find an attorney you like who will understand your family’s needs, but you also have to consider the cost of the attorney you’re hiring, and whether they can meet your immediate needs and be there for you in the long term. Depending on the type of legal work you need handled, whether it’s a high-conflict litigation matter, a one-off transactional matter, or ongoing strategic support, the options can be confusing to say the least. Maybe you’ve even considered a legal insurance plan or a pre-paid legal program. While the idea of legal insurance is fantastic, the execution is often lacking. In this blog, we’ll explore your options for hiring a lawyer just by looking at the legal billing models. In future articles, we’ll consider other factors, such as the benefits of consistent relationships, strategic guidance, and proactive risk prevention. In addition, for the purposes of this article, we’ll focus on proactive estate planning, and touch on some of the other more reactive situations, such as crisis planning to support an elder who needs immediate nursing care or a high-conflict divorce or business break-up.