Massachusetts Estate Planning & Asset Protection Blog

What ‘Legacy’ Means in 2020

Posted by Dennis Sullivan & Associates on Tue, Feb 25, 2020

passingtorch

What ‘Legacy’ Means in 2020

 

The concept of legacy can take on a lot of different meanings.

On one level, it can be seen as a purely financial concern. The assets and capital you have worked so hard to amass and save over a lifetime. For much of the 20th century, that’s how legacy was defined in this country. It was the funds you were able to pass down to your children and grandchildren.

But that definition is changing, in part as the American definition of retirement is changing as well.

Think about this: At the turn of the 20th century, the average life expectancy at birth was about 47 years. Today, it has nearly doubled. That means the average American retirement is now over 20 years. Great news for all of us, to be sure, but longer lives present us with more challenges and transitions in during our lifetimes than those who came before us. Because of this, we need to plan and prepare a life plan for a successful life and legacy. This is why we developed a Lifetime and Legacy Protection Program.

A modest retirement account was, not too long ago, enough to support a retiree who might need to live 5-10 years on that savings. But what happens when we need resources to live for 15, 20, even 30 years or more? That’s a new kind of life planning and saving challenge.

This becomes especially challenging when you understand financially or economically, depending on your perspective, that all this is happening at the same time that retirement funding is moving from employer pensions and other defined-benefit plans to a system based instead on Individual Retirement Accounts, 401(k)s and other forms of personal savings, as well as spiraling medical and long-term care costs. We also know that the state, federal and local laws continue to change, along with personal and family changes at an ever increasing pace.

Not to mentioning the increasing size of student loans due to the funding required for advanced educations as well as the national, state and local  debt service costs being passed on to our children and grandchildren. Perhaps it’s the RIGHT TIME NOW to take stock of your American Values to pass on to the future generations who very much will need to embrace the values that got you and your family and friends to where they are today. It has been said that life, nature, stock markets experience cycles. As we all look ahead, we should ask what can we do for our family our communities, country and world in which we and our children and generations to follow will live in the years, decades and centuries to come?

There are many challenges that affect your financial, legal and personal life and legacy. Your legacy responsibilities are expanding to include a number of new considerations that may well have been ignored as recently as a generation ago, as explained in our new collaborative   resource, “Your American Legacy.” This new resource will be available in March for members of our Legacy and Lifetime Protection Program. We will be also hosting a member only event ”Unpacking  your Core Values and Creating your Legacy What it can Mean for you, your life, estate and legacy plan and your Family for Generations” at 10 AM and 2 PM on March 19th at the Estate Planning and Asset  Protection  Center in Wellesley, located  next door to the new Boston Sports Institute.

The important chapters include – probate planning, saving on taxes and establish the base of the pyramid revealed, both legally and financially – combines everything that our clients and other soon-to-be retirees need to know, making it an invaluable resource for helping people protect their home, spouse, family, communities and life savings. The Estate Planning Asset Protection Law Center of Dennis Sullivan & Associates is proud to provide, “Your American Legacy”. In addition, you will discover the core values important to you and ensure they are reflected in your life, estate and legacy plan.  This is an important resource to help discover and prevent problems which result in 86% of all trust and estate plans being out of date!

You don’t need to be an entrepreneur or an attorney or CPA to have something important to pass on. The modern definition of legacy, as defined in, “Your American Legacy”, includes:

Personal Values:We help people to focus on and prioritize their core personal values, in their legacy plans. Your personal legacy includes how you’ve lived your life and the lessons that you would like to pass on to family, friends, and those you care about.  Whether it be on the financial side, an investment, education, thrift or getting along with family, we can help you accomplish your goals and highlight your values.  

Professional Legacy: We don’t spend 30-40 plus years in the “Professional” workforce just to let all of that experience and learning disappear when we die. For many, there is significant value in passing down your values and approach to work, life, education, and the dedication to hard work and sacrifice to those just coming up. For example, the real workforce starts for some at age 5 or 6 helping grandparents and others in the neighborhood. You may wish to obtain a copy of The Millionaire Next Door by Dr. Thomas Stanley for yourself and or people you care about.

Community Impact: Every one of us is part of something bigger than ourselves. It may just be our family, but it can also be our neighborhood, our town, our city, our country and more. The point is, we all have community. Our place in our communities is part of our legacy as well.

Truth is, there is far more opportunity and responsibility to legacy today than just dollars and cents. And that is why we do what we do. Our team provides a unique education and counseling approach including helpful resources to help people to protect and pass on their entire legacy as well for the future of their lifetime, their families, and generations to come, not just the financial and tax consideration of “legacy”.

We hope this is helpful. If you or others need help and guidance that what our team at the Estate Planning & Asset Protection Law Center of Dennis Sullivan & Associates is here for.

In order to discover more about protecting your home, spouse, family, lifesavings and legacy for your lifetime and beyond, please call 800-964-4295 to learn more how you can apply these lessons to your own lifetime and legacy plan. We look forward to helping you and your family and thank you for your trust and consideration.

Tags: legacy, 2020

Does My Living Trust and Estate Plan Need to be Fixed?

Posted by Dennis Sullivan & Associates on Thu, Feb 06, 2020

Final Sullivan Newsletter Prospects 1-20202

From the Files of the Estate Planning & Asset Protection Law Center of Dennis Sullivan & Associates
A couple from the  Metro West, concerned about all the tax and health care changes taking place in 2020, put together the following list for us to review: Safeguards for incapacity; Protection for children’s inheritance from creditors and/or divorce; New tax provisions for married couples resulting in completely avoidable taxes; and Unprotected IRA’s & retirement accounts.
Our clients do not have to question if their Estate & Asset Protection Plan is viable, they know it is! Our clients have peace of mind knowing we continually monitor their plans throughout the years to identify when updates are needed. Our unique “19 Point Trust Estate and Asset Protection Review” allows us to identify and monitor these updates. Everyone with a home, life savings, a cause they care about, and/or people they want to protect, love our exclusive “Lifetime Protection Program”. Our Law Center has over 42 years of experience both as Estate and Asset Protection Attorneys and also as Certified Public Accountants. We have been providing the “Lifetime Protection Program” for many clients for more than a decade since inception. This program gives continual guidance and protection for families, spouses, children and grandchildren for generations.
 
The Estate Planning and Asset Protection Law Center of Dennis Sullivan & Associates is a proud member of The Wealth Counsel, Elder Counsel, the National Academy of Elder Law Attorneys, Massachusetts Society of CPAs, and we have an A+ rating with the Better Business Bureau. We possess the knowledge, tools, contacts, and expertise to grant you peace of mind for a lifetime.
 
Retirement Benefit Income tax acceleration with recent law changes. Our federal estate tax applicable exclusion is at $11.58 million up from $11.4 million in 2019. In Massachusetts we have plenty of couples paying estate tax on every dollar over $1 million resulting in excess avoidable taxes on children, grandchildren and those you care about. It comes down to this question. Would you rather leave a legacy of excess avoidable taxes, OR contribute to the well-being of your spouse, children and causes you hold dearest?
 
ATTENTION: If Your Living Trust is 3+ Years old it May be Outdated!
 
Contact us about a personalized complimentary discovery review session (normally $750)
To schedule your family’s Trust, Estate and Asset Protection Review Call 800-964-4295 or visit DSullivan.com to register online.
Question: How do you take control of the situation and protect a lifetime of hard work and savings for you and your family?
Answer(s):
 
-Register online or call to attend a live workshop and discover how your plan stacks up. You will even obtain guidance to get you and your family on track now and remain protected in the years ahead!
-Request a copy of our proprietary “19 Point Trust Estate and Asset Protection Guide” along with a companion DVD. We have developed a unique education and counseling process that helps families now and for generations to follow.
Call 800-964- 4295 (24/7) or visit DSullivan.com now to protect your home, spouse, family and life savings.

Tags: 2020, living trusts

Leap Year Facts 2020

Posted by Dennis Sullivan & Associates on Thu, Feb 06, 2020

Final Sullivan Newsletter Prospects 1-2020

The Julian calendar was devised by Julius Caesar and Greek astronomer Sosigenes of Alexandria. At this point in history, the traditional Roman calendar had fallen out of sync with the seasons. At Caesar’s request, Sosigenes reformed it. One major change was the implementation of leap years: Every fourth year, February would receive an extra day. This was meant to keep the new calendar in alignment with the Earth’s position relative to the Sun. Unfortunately, the whole system fell prey to a miscalculation and ended up including too many leap years.

By 1577, the Julian calendar had fallen 10 days out of alignment, meaning important Christian holidays weren’t being celebrated on the proper dates. This prompted Pope Gregory XIII to take action. A commission was established to modify the old calendar and upgrade the leap year system. Thus, the new and improved Gregorian calendar was born. It was first implemented in 1582, and we’re still using it today.

People born on the 29th of February are called leaplings or leapers. 

Anthony, Texas is the self-proclaimed "Leap Year Capital of the World". It holds a festival which includes a guided trip to Aztec Cave, "fun at the horse farm" and square dancing.

 

Tags: 2020

Critical Estate Planning Considerations In The New Year

Posted by Dennis Sullivan & Associates on Thu, Feb 06, 2020

The New Year is an exciting time when we can come together with our loved ones and set our goals for the upcoming year. From healthy lifestyle changes and setting new financial goals to spending more time with family or planning for retirement, the New Year holds special meaning to each of us. As you already know, this year is special as this New Year marks not just the start of a new year, but the start of a new decade.
 
As you reflect on the resolutions you have set for yourself for 2020, we ask you how many of them, if any, focus on your estate planning? Unfortunately, we see year in and year out that many of our clients do not make their estate plans a priority. Instead, they treat their planning as a “one time” issue and do not revisit it each year to ensure that it reflects their goals.
There are significant issues with this type of thinking. While the goal is for your estate plan to help you through any and all circumstances, things change. These could be changes in your personal life or your financial planning, but they could also originate with both the federal and state laws that govern your planning. The key is to be proactive and frequently check in with your estate planning attorney to ensure that your goals for yourself, your loved ones, your business, and your legacy, may still be achieved.
In fact, you may not realize that over 86% of trust agreements do not work. You may find this to be a staggering statistic, and we would agree with you. What could, perhaps, be the bigger question is: Why do they fail? This New Year, we want you to make it a priority to learn the issues behind many trust agreements that we see. In fact, you may discover where problems typically exist and the opportunities you have to improve your planning with our free guide. Just click this link to access it right now, at no charge! www.estateplanandassetprotection.com/10-biggest-estate-and-asset-protection-make
 
We know this can be concerning to read. After all, when you worked with your estate planning attorney provides you with the ability to identify and fix hidden mistakes in existing planning. It may surprise you to learn that during this review, either on your own or with us in our office, we often find more than 9 mistakes!
If you do not have a plan, we will help you develop a plan based on your personal goals and objectives. The key is to not put off this critical planning this New Year. We do not just create trust documents. Instead, most importantly, we help people discover, review, and analyze estate plans to make sure that their existing plan can provide them with peace of mind and the level of protection that they would like for themselves and their family.
We even go one step further because we are committed to ensuring that you are protected in all circumstances. We provide Discovery Workshops that you may register for to learn more about our unique process and what you truly need. These are free workshops on trust, estate, and asset protection. You are welcome to register by calling 800-964-4295 or registering on www.DSullivan.com.
 
Do not let these opportunities pass you by. Start the New Year by taking control of your estate planning and your legacy and lifetime protections.

Tags: Estate Planning Tip, 2020

Critical Estate Planning Considerations In The New Year

Posted by Dennis Sullivan & Associates on Fri, Jan 24, 2020

P42.Sullivan.JanBlog1January is an exciting time when we can come together with our loved ones and set our goals for the upcoming year. From healthy lifestyle changes and setting new financial goals to spending more time with family or planning for retirement, the New Year holds special meaning to each of us. As you already know, this year is special as this New Year marks not just the start of a new year, but the start of a new decade. 

As you reflect on the resolutions you have set for yourself for 2020, we ask you how many of them, if any, focus on your estate planning? Unfortunately, we see year in and year out that many of our clients do not make their estate plans a priority. Instead, they treat their planning as a “one time” issue and do not revisit it each year to ensure that it reflects their goals.

There are significant issues with this type of thinking. While the goal is for your estate plan to help you through any and all circumstances, things change. These could be changes in your personal life or your financial planning, but they could also originate with both the federal and state laws that govern your planning. The key is to be proactive and frequently check in with your estate planning attorney to ensure that your goals for yourself, your loved ones, your business, and your legacy, may still be achieved.

In fact, you may not realize that over 86% of trust agreements do not work. You may find this to be a staggering statistic, and we would agree with you. What could, perhaps, be the bigger question is: Why do they fail? This New Year, we want you to make it a priority to learn the issues behind many trust agreements that we see. In fact, you may discover where problems typically exist and the opportunities you have to improve your planning with our free guide. Just click this link to access it right now, at no charge!

We know this can be concerning to read. After all, when you worked with your estate planning attorney you invested a significant amount of time and money to your plan. You want it to work, and to learn it may not is devastating. This is just one of the reasons why we have developed our own unique estate planning process that combines both education and counseling so that we may understand your planning goals and ensure your estate plan will not fail. You may contact us to schedule a meeting to speak with us personally about your goals and your estate plan.

You do not have to wait, however, for your first meeting with us. You can get started right now. We can provide you with our unique, proven, 19-point analysis of your existing estate plan. Our unique 19-Point Trust, Estate and Asset Protection analysis provides you with the ability to identify and fix hidden mistakes in existing planning. It may surprise you to learn that during this review, either on your own or with us in our office, we often find more than 9 mistakes! 

If you do not have a plan, we will help you develop a plan based on your personal goals and objectives. The key is to not put off this critical planning this New Year. We do not just create trust documents. Instead, most importantly, we help people discover, review, and analyze estate plans to make sure that their existing plan can provide them with peace of mind and the level of protection that they would like for themselves and their family.

We even go one step further because we are committed to ensuring that you are protected in all circumstances. We provide Discovery Workshops that you may register for to learn more about our unique process and what you truly need. These are free workshops on trust, estate, and asset protection. You are welcome to register by calling 800-964-4295 or registering on www.DSullivan.com. 

Do not let these opportunities pass you by. Start the New Year by taking control of your estate planning and your legacy and lifetime protections.

Tags: Estate Planning, Elder Law, estate tax, New Year's Resolutions, Metro West Estate Plan, 2020

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