2025.01.03
Five Essential Steps to
Protect Your Loved Ones in 2025
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truth is, not having a plan, or having an out-of-date plan, is far more costly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
As your Personal Family Lawyer®
Firm, 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:
https://calendly.com/myachorlaw/15min
This article is a service of Attorney John F. Koenig, Anchor
Law, Life and Legacy Planning, LLC, 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 provide 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.
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