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During Divorce: Lessons from Shannen Doherty’s Legacy
February 28, 2025
Estimated reading time:
minutes
The July 2024 passing of beloved Gen X actress Shannen Doherty offers important lessons about estate planning during divorce. Known for her iconic roles in "Beverly Hills, 90210," "Heathers," and "Charmed," Doherty not only faced a courageous and public battle with breast cancer but also raced against time to finalize her divorce and protect her estate. Her story shows why proper timing and planning are crucial when navigating divorce—one of life's most challenging transitions.
The Power of Timing
According to reports, just one day before her death, Doherty filed for an uncontested divorce from her husband, Kurt Iswarienko, who signed the agreement the following day. This eleventh-hour timing proved crucial for her estate. By finalizing the divorce, Doherty ensured her assets—including a $6 million Malibu home and future residuals from her acting career—would be distributed according to her wishes rather than being subject to California’s community property laws.
Unlike California, Florida is not a community property state. Instead, Florida follows equitable distribution, which means marital assets are divided fairly but not necessarily equally in a divorce. Had Doherty resided in Florida, different estate planning concerns would apply.
Had the divorce not been finalized, the outcome could have been drastically different. In Florida, if a person dies during an active divorce, the proceeding is dismissed, and the surviving spouse retains their legal rights to the estate, including elective share claims, homestead rights, and family allowances. Without a finalized divorce, Iswarienko could have had a legitimate claim to significant portions of Doherty’s estate, potentially leading to years of costly legal battles and family conflict.
Common Estate Planning Mistakes During Divorce
While Doherty managed to finalize her divorce just in time, many people make critical estate planning mistakes during divorce that can have lasting consequences for their families.
Here are the most common pitfalls to avoid:
- Forgetting About Digital Assets.
In today's digital world, your online presence and digital assets need consideration during divorce. Streaming service accounts, airline miles, cryptocurrency, digital photos, and social media accounts must be addressed. Many people forget to update passwords and access information or fail to specify who should inherit these digital assets. This oversight can leave your loved ones unable to access important memories, valuable assets, or necessary account information. - Neglecting Incapacity Planning.
Divorce often focuses people's attention on what happens after death, but incapacity planning is equally important. In Florida, a power of attorney naming a spouse is automatically revoked upon divorce, but digital assets require explicit planning under Florida’s Fiduciary Access to Digital Assets Act. Failing to update access permission. During and after divorce, you need to designate new agents to make medical and financial decisions if you become incapacitated. Without updated incapacity planning documents, your ex-spouse might still have legal authority to make crucial decisions about your care, which you may not want. - Making Emotional Decisions.
Divorce is emotionally charged, and many people make hasty decisions based on anger or hurt. For example, you might make choices that could trigger expensive legal battles after your death. As a Personal Family Lawyer, I am your trusted advisor who can help you see the impact of your decisions and support you to create a Life & Legacy Plan that aligns with your long-term goals and values.
Protecting Your Assets During Divorce
To avoid these common mistakes and protect your assets during divorce, consider these three practical steps:
- Create an Asset Inventory
Document all your assets, including property, bank accounts, retirement accounts, investments, life insurance policies, and digital assets. Note which assets are yours alone and which ones are joint assets. This inventory will help ensure nothing is overlooked during the divorce process. When you meet with me for a Life & Legacy PlanningⓇ Session, I will support you with this step. - Review and Change Beneficiary Designations
Systematically review and update beneficiary designations on all financial accounts, retirement plans, and insurance policies. Remember that beneficiary designations typically override what's written in your will or trust. - Create a Life & Legacy Plan
When you work with me to create your comprehensive Life & Legacy Plan, you’ll know your assets will go to the people you want in the way you want and that you’ll be cared for by those you trust most if you become unable to care for yourself. You’ll also know that your beneficiary designations will be updated, your assets accounted for, and that you’re making the best decisions for the long term.
Your Next Step
As a Personal Family Lawyer® Firm, I help you navigate life's transitions while protecting your assets and loved ones. I don't just create estate planning documents—I provide ongoing support to ensure your plan evolves with your life changes and works when you and your loved ones need it most. Through the Life & Legacy Planning process, I will help you make informed decisions about your estate, especially during major life transitions.
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™.
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 Unwavering Importance of Planning Raising a child with special needs is a journey marked by profound love and unique challenges, particularly when considering their long-term security. For parents in Central Florida, estate planning transcends simple wealth transfer; it’s a crucial act of safeguarding their child’s future. Without a robust estate plan, children with disabilities face vulnerabilities: financial instability, inadequate medical care, and potential loss of essential government benefits like SSI and Medicaid. At Sibley & Associates PLLC, we understand the gravity of these concerns. Attorney Dee Sibley, a trusted and experienced estate planning attorney, leads our firm with the guiding principle, “Planning For Life…Building For Legacy,” ensuring families find tailored solutions for their unique needs. Essential Elements of a Special Needs Estate Plan Special Needs Trusts (SNTs): A Foundation of Security SNTs are vital for preserving a child’s eligibility for government assistance while providing supplemental support. We distinguish between: First-Party SNTs: Utilizing the child’s own assets, such as inheritances, to meet supplemental needs. Third-Party SNTs: Established by family members to provide financial support without jeopardizing public benefits. How We Assist: Sibley & Associates PLLC meticulously structures SNTs to ensure legal compliance and optimal benefit for your child. Guardianship and Conservatorship: Ensuring Continued Care As children with special needs transition into adulthood, legal authority is often necessary for ongoing decision-making. Guardianship allows for personal and medical decisions, while conservatorship manages financial and legal matters. Our Approach: Attorney Dee Sibley guides parents in determining the appropriate level of legal authority, whether full guardianship or a less restrictive alternative. Letter of Intent: A Blueprint for Care This crucial, though non-legally binding, document outlines your child’s daily routines, medical needs, educational requirements, and personal preferences, providing a roadmap for future caregivers. Why It’s Essential: We help parents create detailed Letters of Intent, ensuring their child’s unique needs are understood and respected. Life Insurance Planning: Financial Security Amplified Life insurance can fund SNTs and provide additional financial security. Careful planning is vital to avoid jeopardizing government benefits. Our Role: We assist in selecting and structuring appropriate life insurance policies to align with your estate planning goals. ABLE Accounts: Empowering Financial Independence ABLE accounts enable tax-advantaged savings for qualified disability expenses without affecting public benefits eligibility, covering housing, education, healthcare, and more. How We Assist: We guide families in effectively utilizing ABLE accounts in conjunction with SNTs. The Perils of Inaction: Risks of Neglecting Estate Planning Without a comprehensive estate plan, families face significant risks: Loss of critical government benefits due to improperly structured inheritances. Court-appointed guardianships that may not align with your child’s specific needs. Family disputes arising from unclear care and financial management plans. Why Choose Sibley & Associates PLLC? We offer specialized expertise in special needs estate planning, combining legal knowledge with genuine compassion. Personalized Solutions: Tailoring estate plans to each family’s unique circumstances. Expertise in Special Needs Planning: Deep understanding of relevant laws and benefit programs. Peace of Mind: Comprehensive support, ensuring all legal and financial aspects are addressed. Comprehensive Support: Handling all estate planning aspects with care and professionalism. Take the First Step Today Securing your child’s future is paramount. If you're a parent of a special needs child in Central Florida, don’t delay. Contact Sibley & Associates PLLC today to schedule a consultation. Attorney Dee Sibley and our dedicated team are here to guide you through the estate planning process with confidence.
When you think about estate planning, you probably consider your home, investments, bank accounts, and personal belongings. But what about your reputation, intellectual property, and digital assets ? These intangible assets can be just as valuable—yet they are often overlooked. A recent legal battle involving rapper Drake highlights the importance of protecting your legacy. Drake is suing Universal Music Group (UMG) for allegedly allowing AI-generated diss tracks to use his music without permission. The lawsuit comes shortly after his rap battle with Kendrick Lamar , in which many declared Kendrick the winner. Some speculate that Drake is suing as a response to public perception, while others see it as a strategic move to protect his brand and career. Regardless of the motivation, the lawsuit raises a bigger question: Who controls your name, work, and reputation? If left unprotected, your legacy could be misused, challenged, or even diminished after you’re gone. The Connection Between Defamation, Reputation, and Estate Planning Defamation—whether it happens during your lifetime or after your passing—can have serious financial and legal consequences. If you’ve built a business, personal brand, or professional reputation, false accusations or misrepresentation can damage what you’ve worked hard to achieve. How Defamation Can Impact Your Estate: Loss of wealth – A tarnished reputation can decrease the value of businesses, intellectual property, and other assets. Family disputes – If defamation affects financial holdings, it could lead to inheritance battles among heirs. Exploitation of your name – Without legal protections, others could profit from your identity, brand, or work—without your heirs benefiting. A well-structured estate plan can help protect your legacy and provide legal recourse if your reputation is challenged after your death. What Is Intellectual Property & Why Does It Belong in Your Estate Plan? Intellectual property (IP) is often associated with celebrities, musicians, and authors. However, anyone who owns a business, creates content, or has a professional reputation has valuable intellectual property. Your IP includes: Trademarks – Your business name, logo, or brand identity. Copyrights – Original writings, music, artwork, or creative works. Patents – Inventions, product designs, or business concepts. Digital assets – Websites, social media accounts, domain names, and digital content. For someone like Drake , his music, image, and brand generate millions in revenue. But even if you’re not a celebrity, your intellectual property can still be a valuable asset for your heirs . Examples of Intellectual Property in Estate Planning: A business owner should ensure their brand and trademarks are passed down properly. An artist, writer, or musician should establish who receives their copyrights and royalties. A social media influencer should determine who inherits control of their digital presence. Without an estate plan, these assets can be mismanaged, disputed, or even lost. How to Protect Your Reputation and Intellectual Property in Your Estate Plan 1. Establish Ownership of Your Name & Work Drake’s lawsuit reinforces the importance of owning and controlling your intellectual property . Proper legal documentation, such as trademarks, copyrights, and contracts, ensures that your estate retains control over your brand and assets. 2. Set Up a Trust for Intellectual Property A trust can hold and manage royalties, trademarks, copyrights, and business interests . For example, Michael Jackson’s estate still generates millions each year from a trust that controls his music rights. A trust can also prevent unauthorized use or mismanagement of your assets after your passing. 3. Define Who Can Use Your Image & Reputation Some celebrities, like Prince, have estate plans that specify how their name, likeness, and brand can be used after death. By clearly outlining these terms in your estate plan, you can protect your identity from unauthorized commercial use . 4. Include Reputation Management in Your Will If false claims arise after your passing, your estate should have legal recourse to defend your legacy. A reputation management clause allows your family or estate executor to take legal action against defamatory statements or unauthorized use of your name. 5. Assign a Digital Executor Your social media accounts, websites, and online content should be handled according to your wishes. A digital executor is responsible for managing, transferring, or closing your digital presence after your death. Why Estate Planning is Your Personal Copyright Drake’s lawsuit isn’t just about AI-generated diss tracks—it’s about ownership, control, and protecting what he built. His case proves that your name, work, and reputation hold value even after you’re gone . At Sibley Law & Associates , we believe estate planning should do more than distribute financial assets—it should protect your legacy. Whether you’re an entrepreneur, artist, or professional, your name and work deserve legal protection. Need Help Securing Your Legacy? Contact Sibley Law & Associates today to create an estate plan that ensures your reputation, intellectual property, and digital assets are safeguarded for future generations. 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™. 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.
Losing a loved one is an emotionally challenging experience. Dealing with the legal and financial ramifications of their passing, including estate taxes, can add significant stress during an already difficult time. While no one enjoys thinking about taxes, proactive estate planning is crucial for minimizing estate tax burdens and preserving your hard-earned assets for future generations. This is especially important in Central Florida, where the cost of living and property values can significantly impact estate tax liabilities. This blog post will explore effective strategies for minimizing estate taxes in Central Florida. We'll discuss various techniques and tools, emphasizing the importance of working with an experienced estate planning attorney like Dee Sibley, Founding Attorney of Sibley Law & Associates, PLLC, one of Central Florida's most experienced and trusted estate planning attorneys. Remember, planning for life means building for a lasting legacy. Understanding Estate Taxes: Before diving into minimization strategies, it's essential to understand how estate taxes work. The federal estate tax is a tax on the transfer of your assets to your beneficiaries after your death. Currently, there's a significant federal estate tax exemption, meaning only estates exceeding this threshold are subject to the tax. However, this exemption can change, and it's crucial to stay informed about current regulations. While Florida does not have a state estate tax, understanding the federal implications is vital for Central Florida residents. Strategies for Minimizing Estate Taxes: Several strategies can be employed to minimize or eliminate estate tax liabilities. The best approach depends on your individual circumstances, asset values, and estate planning goals. Here are some key techniques: 1. Utilizing the Unified Credit: The unified credit, also known as the estate tax exemption, is a dollar-for-dollar reduction of your estate tax liability. As mentioned, this exemption is substantial, but it's essential to understand how it works and how to maximize its benefit. Properly structuring your estate plan ensures you fully utilize this valuable tool. 2. Gifting Strategically: Gifting assets during your lifetime can be a powerful estate tax minimization strategy. The annual gift tax exclusion allows you to gift a certain amount each year to each recipient without incurring gift tax. These gifts are also removed from your taxable estate, reducing your potential estate tax liability. Careful planning is crucial to ensure gifts are structured correctly and don't inadvertently trigger unexpected tax consequences. 3. Creating Trusts: Trusts are legal arrangements where you transfer assets to a trustee who manages them for the benefit of your beneficiaries. Several types of trusts can be used for estate tax planning: Revocable Living Trust: This type of trust allows you to maintain control over your assets during your lifetime while avoiding probate. While a revocable living trust doesn't directly reduce estate taxes, it simplifies the estate administration process and can be used in conjunction with other tax-saving strategies. Irrevocable Life Insurance Trust (ILIT): An ILIT is specifically designed to hold life insurance policies. By transferring ownership of your life insurance policy to an ILIT, 1 the death benefit is not included in your taxable estate, significantly reducing potential estate taxes. Qualified Personal Residence Trust (QPRT): A QPRT allows you to transfer ownership of your primary residence or vacation home to a trust while continuing to live in it for a specified term. At the end of the term, the property passes to your beneficiaries, and the appreciation in value is removed from your taxable estate. Charitable Remainder Trust (CRT): A CRT allows you to donate assets to a charity while receiving income for a specified period. At the end of the term, the remaining assets pass to the charity. This can provide income tax benefits and reduce your taxable estate. 4. Charitable Giving: Donating to qualified charities can be a tax-effective way to reduce your estate tax liability. Bequests to charities are deductible from your taxable estate, lowering the amount subject to estate tax. As mentioned above, Charitable Remainder Trusts are another way to make charitable gifts and gain additional estate tax and income tax benefits. 5. Business Succession Planning: For business owners in Central Florida, succession planning is crucial. Properly planning for the transfer of your business can minimize estate taxes and ensure a smooth transition for your successors. Strategies may include gifting shares of stock, using buy-sell agreements, or establishing family limited partnerships. 6. Working with a Financial Advisor: A qualified financial advisor can work in conjunction with your estate planning attorney to develop a comprehensive financial plan that aligns with your estate planning goals. They can provide guidance on investment strategies, retirement planning, and other financial matters that impact your estate. The Importance of Professional Guidance: Estate planning is a complex area of law, and the strategies mentioned above should be implemented with the guidance of an experienced estate planning attorney. Trying to navigate these complexities on your own can lead to costly mistakes and unintended consequences. How Sibley Law & Associates, PLLC Can Help: Attorney Dee Sibley, Founding Attorney of Sibley Law & Associates, PLLC, is one of Central Florida's most experienced and trusted estate planning attorneys. With a deep understanding of estate tax laws and extensive experience in helping Central Florida families, Attorney Sibley and her team can provide personalized legal advice tailored to your specific needs. Sibley Law & Associates, PLLC can assist you with: Drafting wills and trusts. Developing estate tax minimization strategies. Business succession planning. Probate and estate administration. Charitable giving planning. Protect Your Legacy: Start Your Estate Planning Today! Minimizing estate taxes requires careful planning and a thorough understanding of the relevant laws and regulations. By working with an experienced estate planning attorney like Dee Sibley at Sibley Law & Associates, PLLC, you can develop a comprehensive estate plan that protects your assets, minimizes tax burdens, and ensures your legacy lives on according to your wishes. Don't wait until it's too late – start planning today. Contact Sibley Law & Associates, PLLC, and let their expertise guide you in planning for life and building for a lasting legacy. Remember, proactive planning is the key to preserving your hard-earned wealth for future generations in beautiful Central Florida.
At Sibley Law and Associates , we help families secure their futures through thoughtful estate planning. On Martin Luther King Jr. Day , we reflect on the powerful legacy Dr. King left behind. His vision of equality and justice challenges us to think about our own legacies—not just the material ones, but the values and principles we pass on to the next generation. Dr. King’s work was grounded in a belief that everyone deserves fairness, dignity, and security . At its heart, estate planning aligns with those values. It’s about protecting your loved ones, ensuring your wishes are honored, and creating a future built on stability and equality . What Dr. King’s Legacy Teaches Us About Planning Ahead Dr. Martin Luther King Jr. once said, “ The time is always right to do what is right .” These words remind us that preparation is an act of responsibility—not just for ourselves, but for those who come after us. While Dr. King’s fight for justice focused on the broader societal landscape, his message resonates with individuals on a personal level: we each have the power to make decisions that shape the future. At Sibley Law and Associates , we believe that estate planning is one of the most meaningful ways to: Care for your family Protect what you’ve worked hard for Leave behind a legacy rooted in thoughtfulness and fairness The Intersection of Estate Planning and Equality Dr. King fought tirelessly for equality , which extends to financial and legal equity . Estate planning is a tool that ensures: Everyone in your family is treated fairly Your resources are distributed in a way that aligns with your values Without a clear plan in place, families can face unnecessary: Disputes Confusion Financial burdens By taking steps to create a will , establish trusts , or designate powers of attorney , you create clarity for your loved ones. Estate planning isn’t just about wealth —it’s about protecting your family’s emotional and financial well-being . In doing so, you honor the principles of justice and equality that Dr. King stood for. How You Can Honor Martin Luther King Jr. Through Action This holiday is a time to reflect , but it’s also a time to act . Just as Dr. King fought for a brighter future, we too can take steps to protect and improve the lives of those we care about. Here are a few ways you can honor Dr. King’s legacy while securing your own: Create or Update Your Estate Plan If you haven’t created a will or trust , now is the perfect time to start. If you already have a plan, review it to ensure it reflects your current wishes and family situation. Ensure Your Loved Ones Are Cared For Think beyond material assets—consider how you can provide for your family’s long-term stability . For example: Naming guardians for minor children Planning for healthcare decisions Designating beneficiaries for life insurance policies Leave a Legacy of Values Estate planning isn’t just about money. It’s about preserving the values you hold dear and sharing them with future generations. Co nsider: Charitable giving Setting up a family trust Writing a letter to your loved ones Support Equality in Your Community Dr. King’s work reminds us to think beyond ourselves. Consider: Donating to causes that promote equality Volunteering with organizations that carry on his fight for justice and fairness Carrying the Dream Forward At Sibley Law and Associates , we believe that every family deserves peace of mind about the future. Just as Dr. King fought to create a world where everyone has the opportunity to thrive, we help our clients secure their legacies to ensure their loved ones have stability and security for years to come. This Martin Luther King Jr. Day , we honor his dream by continuing to serve our community with integrity, compassion , and a dedication to fairness . His legacy inspires us to think about how we can leave the world—and our families—in a better place. About Sibley Law and Associates Sibley Law and Associates is a trusted estate planning law firm dedicated to helping families secure their futures. From wills and trusts to healthcare directives and probate guidance, we provide personalized solutions to ensure your wishes are honored. Contact us today to learn how we can help you protect your family and legacy
You know that uneasy feeling when you think about what your loved ones would do if something happened to you? Those lingering concerns about whether your estate planning documents are up-to-date or if your family knows your wishes? As we begin 2025, it’s the perfect time to take control of your future and create a plan to protect your loved ones . Many people delay estate planning because it seems overwhelming or emotionally challenging. However, the reality is that not having a comprehensive estate plan can create significant emotional, financial, and legal stress for your family. These five essential steps will guide you toward peace of mind and a lasting legacy . 1. Get Financially Organized When a loved one passes away, one of the biggest challenges their family faces is sorting through disorganized financial information. Without proper financial organization , your family could spend months—or even years—tracking down accounts, insurance policies, and unpaid bills. Worse yet, unclaimed assets may be turned over to the State Department of Unclaimed Property , where billions of dollars sit waiting. Creating a clear roadmap of your financial life—account details, passwords, insurance policies, and key contacts—is critical. Proper financial organization not only saves your family time and stress but ensures they can access everything they need when it matters most. 2. Leave a Lasting Message for Your Loved Ones After someone passes away, their family often longs for one more conversation. This is why creating a Life & Legacy Message is one of the most meaningful things you can do. This personal record can include your values, life lessons, cherished memories, and even family recipes. A Life & Legacy Message isn’t just about saying goodbye; it’s about giving your family the gift of your voice and wisdom. By doing so, you contribute to their generational wealth , which is more than financial—it’s the emotional and cultural richness passed down through stories and values. 3. Understand the Tax Implications of Estate Planning Did you know that your estate could be subject to significant taxes without proper planning? Estate taxes, income taxes, and capital gains taxes can dramatically reduce the inheritance your family receives. By integrating tax planning into your estate plan , you can ensure more of your assets go directly to your loved ones , not the government. Strategic tax planning doesn’t mean avoiding obligations; it’s about using the tools available to minimize unnecessary tax burdens and maximize your family’s financial future. 4. Plan Your Final Wishes Planning your final wishes might feel uncomfortable, but it’s one of the most loving things you can do for your family. Without clear instructions, your loved ones may struggle to make decisions about your funeral or end-of-life care during an already emotional time. By addressing these details now, you provide clarity and prevent unnecessary overspending or stress. Additionally, consider how you want to spend your final years or days. Have conversations about your preferences for medical care and document them clearly in your estate plan . This foresight ensures your wishes are respected and relieves your family of making difficult choices on your behalf. 5. Create a Comprehensive Estate Plan All the steps above are part of a comprehensive estate plan . This isn’t just about having a will—it’s about addressing every aspect of your life, from financial accounts to healthcare directives. A solid estate plan outlines who will manage your affairs, how your assets will be distributed, and ensures your loved ones avoid unnecessary court involvement. When properly executed, a comprehensive estate plan keeps your family out of court and conflict. It also provides detailed instructions about your care if you become incapacitated and ensures your legacy is preserved in a way that reflects your wishes. Start 2025 with Confidence The start of a new year is the perfect opportunity to prioritize estate planning . These five essential steps will help you take control of your future and provide your family with the greatest gift: peace of mind . Take the first step in securing your legacy today. Click here to schedule a discovery call and ensure your loved ones are protected with a comprehensive estate plan. 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.
If you or your family members hold cryptocurrency, significant changes are on the horizon that may impact your tax strategy. It’s crucial to act before December 31, 2024 , to qualify for IRS "safe harbor" protections related to the basis of your crypto assets. Here’s what’s changing and how you can prepare. What’s Changing? Starting in 2025, the IRS will require you to track the cost basis of crypto assets separately for each wallet or exchange. Previously, you could aggregate this information across all wallets and exchanges, using methods like FIFO (First-In/First-Out) or HCFO (Highest Cost First Out) globally. This flexibility allowed you to minimize capital gains taxes strategically. Under the new rules, you must track and allocate cost basis per wallet or exchange . Failing to act now could complicate your tax filings and increase your liability in the future. Example of the Impact Let’s say you purchased: 2 Bitcoin on Kraken at $50,000 each 2 Bitcoin on Coinbase at $5,000 each If you sell Bitcoin on Coinbase today, current rules allow you to apply the higher Kraken cost basis to minimize capital gains. Starting in 2025, this strategy won’t be allowed. Each wallet’s cost basis must remain isolated. One-Time Safe Harbor Opportunity The IRS offers a one-time “safe harbor” until December 31, 2024 , to allow you to allocate cost basis across accounts as you see fit. Missing this deadline could significantly limit your tax strategy options. To review Rev. Proc. 2024-28 and the IRS guidance, click here . How to Prepare Here are four options to consider before year-end: Consolidate Accounts Move all digital assets into one wallet or exchange to simplify compliance. Use the safe harbor to allocate your basis globally or by unit. After the safe harbor period, you can redistribute assets to reduce concentration risks. Use Crypto Tax Software Invest in software that tracks wallet-by-wallet basis allocation to streamline compliance. Be sure to document your basis data thoroughly before integrating it into the software. Sell Assets Before 2025 Liquidate assets and apply unused basis before January 1, 2025. This approach resets your holdings and simplifies compliance but requires careful planning to manage tax implications. Retain Holdings and Allocate Basis Use Rev. Proc. 2024-28 to allocate unused basis by signing a digital asset allocation plan before the safe harbor deadline. Work with your CPA to determine the best allocation method for your portfolio. Steps to Take Now Inventory Your Holdings List all crypto assets by wallet or exchange, including purchase dates and costs. Consolidate Where Possible Combine assets to simplify compliance without compromising diversification. Review Your Estate Plan Ensure your plan accounts for your crypto assets under the new rules. Coordinate with Advisors Schedule a meeting with our team and your tax advisor to align your strategy. Why This Matters for Your Legacy Planning Cryptocurrency presents unique challenges in estate planning. Without proper documentation and access to your private keys, your crypto assets may become inaccessible to your heirs. Fortunately, current laws provide a "step-up in basis" upon your death, meaning your heirs can sell crypto without paying capital gains on growth before your passing. Proper planning ensures they can access and benefit from your holdings. We Can Help Protect Your Digital Legacy At Sibley Law & Associates , your trusted Personal Family Lawyer® Firm , we understand the intersection of estate planning and digital assets. We’ll help ensure your crypto holdings are properly documented and integrated into your estate plan, working alongside your tax advisors to meet IRS requirements. Click here to schedule a discovery call and start protecting your digital legacy for your loved ones. This article is a service of Dedra Sibley, 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 parents, we want the best for our children. We strive to provide them with love, support, and a safe environment to grow and thrive. But life can be unpredictable, and it's essential to plan for the unexpected. That's where Kids Protection Planning comes in. Kids Protection Planning is a crucial step for every parent in Central Florida. It involves creating a comprehensive plan to ensure your children are cared for and protected, both now and in the future. This includes designating guardians, establishing financial security, and addressing healthcare decisions. Why is Kids Protection Planning Important? Imagine if something unexpected happened to you. Who would take care of your children? Would they be financially secure? Who would make critical decisions about their education and well-being? Without a Kids Protection Plan, these questions could lead to uncertainty, stress, and even legal battles. Kids Protection Planning helps you: Designate Guardians: Choose trusted individuals to raise your children if you cannot. Secure their Financial Future: Establish trusts and other financial tools to provide for their needs. Ensure Healthcare Decisions are Honored: Designate individuals to make medical choices on their behalf. Provide Peace of Mind: Know that your children will be cared for no matter what. Key Elements of a Kids Protection Plan Guardianship: Select guardians who share your values and parenting style. Consider their age, health, location, and financial stability. Discuss your expectations and wishes with them. Name both short-term and long-term guardians. Financial Security: Create a will to distribute your assets and appoint a guardian. Establish a trust to manage assets for your children's benefit. Consider life insurance to provide financial support. Plan for their education expenses. Healthcare Decisions: Appoint a healthcare surrogate to make medical decisions if your child cannot. Create a living will or advance directive to outline your wishes. Keep their medical records organized and accessible. Other Important Considerations: Digital Estate Planning: Outline how you want your online accounts and social media handled. Pet Care: Designate a caregiver for your pets. Special Needs Planning: Address the unique needs of children with disabilities. How Sibley Law & Associates, PLLC Can Help Kids Protection Planning can be complex and emotionally challenging. That's where the experienced attorneys at Sibley Law & Associates, PLLC come in. We understand the importance of protecting your children's future, and we can guide you through the process with compassion and expertise. Our services include: Comprehensive Kids Protection Planning: We'll work with you to create a customized plan that addresses all your needs and concerns. Guardianship Designation: We'll help you select the right guardians and ensure the legal documents are properly executed. Trust and Estate Planning: We'll assist you in setting up trusts, drafting wills, and planning for your children's financial future. Healthcare Planning: We'll guide you through healthcare surrogate designation and advance directives. Special Needs Planning: We have extensive experience in creating plans for children with disabilities. Don't Wait, Start Planning Today Protecting your children is one of the most important things you can do as a parent. Don't wait for a crisis to occur. Contact Sibley Law & Associates, PLLC today to schedule a consultation and start building a secure future for your loved ones.
Rupert Murdoch's sprawling media empire is again at the center of a legal firestorm. Recently, a Nevada probate commissioner ruled against Murdoch’s attempt to amend his family trust to grant Lachlan Murdoch, his chosen successor, consolidated power over their vast assets. For those who missed our original coverage of this saga, check out our September blog post , which dives into the origins of the Murdoch family's dispute and the estate planning challenges they faced. This update builds on those details, exploring the latest developments and the critical lessons they reveal for Florida families. What Happened in Court? Probate Commissioner Edmund J. Gorman Jr. issued a 96-page ruling that was scathing in its critique of Rupert and Lachlan Murdoch’s actions. The ruling suggested their efforts to amend the irrevocable family trust were a "carefully crafted charade" designed to entrench Lachlan's control post-Rupert's passing. The attempt to shift power would have altered the trust's original design, which gives Rupert’s four eldest children equal voting shares. The court's decision reflects an escalating power struggle, with Elisabeth, James, and Prudence Murdoch vehemently opposing the amendment. In response, Rupert argued that Lachlan’s alignment with his conservative views was essential for the financial stability of their companies, including Fox News. However, the court saw the maneuver as undermining the trust's integrity, setting the stage for an appeal. Key Lessons for Florida Families The Murdoch family's dispute underscores the importance of robust and flexible estate planning. For families in Florida, these takeaways are particularly relevant: 1. Irrevocable Trusts: Strengths and Limits While irrevocable trusts can protect assets and provide clear directives, they are not immune to challenges. The Murdoch case serves as a reminder that even these trusts can face legal scrutiny if beneficiaries perceive unfairness or bad faith. 2. Open Communication is Crucial Family disputes often stem from poor communication. In the Murdoch saga, mistrust between siblings exacerbated the legal battle. Transparent conversations about expectations and goals can help prevent similar conflicts. 3. Succession Planning Requires Nuance Transferring control of significant assets or businesses demands careful planning. The Murdochs’ clash illustrates the need for plans that account for emotional and relational dynamics, not just legal and financial structures. 4. Florida-Specific Considerations Florida’s estate planning laws are distinct and require precise understanding. For instance, amendments to irrevocable trusts often face heightened scrutiny. Partnering with a local attorney ensures compliance and protection for your estate. Avoiding Your Own Family Feud The Murdoch case may seem distant from the everyday challenges of Florida families, but the principles apply universally. To safeguard your legacy, consider these proactive steps: Regular Reviews: Estate plans must evolve with life changes and legal updates. Review your trust and succession plans periodically with a qualified Florida attorney. Facilitate Dialogue: Hold family meetings to discuss your intentions and address potential conflicts before they arise. Seek Expert Guidance: Work with an experienced estate planning attorney who understands Florida's unique legal landscape. Moving Forward After Disputes As the Murdoch family navigates their tumultuous dispute, their hope for reconciliation serves as a poignant reminder: even the most contentious battles can lead to healing. For families across Florida, the lesson is clear—proactive planning and open communication can help preserve both relationships and legacies. At Sibley Law & Associates , we specialize in crafting estate plans tailored to your unique needs. Whether you're managing a family business or establishing a trust, we’ll guide you every step of the way to ensure your wishes are honored. Click here to schedule your free 15-minute Discovery Call . 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™. 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.
Estate planning is often associated with preparing for death. But did you know that it is just one part of a well-developed estate plan? Planning for situations that can occur while you're still alive offers critical benefits! At Sibley Law & Associates , we believe in Life & Legacy Planning – a proactive approach to securing your and your family's future. This starts with open and honest conversations about assets and death with your loved ones. Why These Conversations Matter Talking with your parents, siblings, and children about your family's financial picture and end-of-life wishes is crucial. These discussions help ensure your assets are managed according to your wishes and that your loved ones are cared for in the event of incapacity or death. Conversation #1: Unveiling the Family Finances Start by asking your parents and older family members these key questions: "What assets do we have?" "Where are these assets located?" "What provisions have you made for our family and your assets if something happens to you?" Unclaimed assets are a significant problem, with billions lost each year because families lack information. Tracking and documenting assets, including bank accounts, real estate, investments, and even crypto assets, is essential. Overcoming Obstacles to Gathering Information We recognize that talking about money and death can be sensitive. It is common for families to encounter obstacles when trying to gather necessary information. Some parents may feel that this information is private and not something that their children need to know. However, when all family members are informed of assets, end-of-life wishes, and financial matters, it is much easier for loved ones to handle these affairs in an emergency. Without this information, your family may struggle to locate important documents, access accounts, and manage assets according to your wishes. This can lead to unnecessary stress, financial hardship, and even legal battles during a time of grief. A good estate planning attorney will not only help you create a plan for multiple contingencies, they will also help guide you on how to have the conversation with your family. Building Trust: The Foundation of Open Communication Building trust between generations is key to navigating these conversations successfully. This involves open communication, empathy, and understanding. How to Build Trust Here are some tips for building trust: Practice active listening. Show compassion for concerns. Acknowledge the importance of these conversations. Be patient! Conversation #2: Planning for Long-Term Care Discuss long-term care wishes with your parents. This includes: Who will provide care if they become incapacitated? What type of care do they prefer? How will care be funded? Addressing these questions ensures your parents' wishes are honored and prevents potential burdens on loved ones. How Sibley Law & Associates Can Help Initiating these conversations can be challenging. As your Personal Family Lawyer® firm, we can guide you through these discussions with compassion and expertise. Our Life & Legacy Planning Session™ helps you identify gaps in your family's security and create a plan that protects your loved ones. Take the first step toward preserving your family's legacy. Click here to schedule a complimentary 15-minute Discovery Call and learn how we can help. This article is a service of Dedra Sibley, 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™. 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 Thanksgiving approaches, families across Central Florida are busy planning menus, coordinating travel, and preparing for the big feast. While the turkey, stuffing, and pumpkin pie are important (and delicious) traditions, this cherished holiday offers something even more valuable—a perfect opportunity to think about, discuss, and preserve your family's legacy. In this article, you'll discover practical ways to capture family stories during your holiday gathering, learn how to start meaningful legacy conversations without awkwardness, and understand how to transform these precious moments into a comprehensive Life & Legacy Plan® that protects your family's values and assets for generations to come. This year, consider using your Thanksgiving gathering as a springboard for the meaningful conversations that can shape your family's future. The Heart of Legacy Planning: More Than Just Money When most people think about legacy planning, they often focus solely on financial assets. But true legacy planning encompasses much more. It's about preserving your family's stories, values, traditions, and the wisdom gained through generations. At Sibley Law & Associates, we understand that these intangible aspects of your legacy are just as important as your financial assets. Those moments around the Thanksgiving table, sharing old family recipes, telling stories about ancestors, or discussing what matters most to your family, are the building blocks of a meaningful legacy . The Thanksgiving holiday, with its focus on gratitude and family togetherness, provides an ideal setting to explore these deeper aspects of your legacy. Using Holiday Gatherings to Plan for the Future With a little planning, Thanksgiving can be a great time to start conversations about the future. These conversations don't have to be formal or heavy—they can emerge naturally from your holiday interactions: Talk About Family Values: When expressing gratitude (a Thanksgiving tradition), encourage family members to share what they value most about being part of the family. These discussions can help inform how you structure your estate plan to reflect and perpetuate these values. Discuss Family Philanthropy: If giving back is important to your family, use this time to talk about causes that matter to everyone. This can lead to meaningful discussions about charitable giving and how to incorporate it into your legacy plan. Address Family Dynamics: Holiday gatherings often reveal family dynamics that should be considered in your estate planning. Who are the peacemakers? Who might need additional support? Understanding these dynamics can help you create a plan that promotes family harmony rather than conflict. Bring Up Your Own Planning: If you've recently completed your own estate planning process, or plan to do it before the end of the year or early next year, this is a great time to bring up your plans. Consider saying: "Because I want to make sure that everything is as easy as it can be for you all, if something happens to me, I'm doing/did a kind of estate planning called Life & Legacy Planning®, and I'd love to share about it with you because you'll all be impacted. Are you open to having a conversation about that, and what we all want to happen for ourselves if we become incapacitated or when we die?" Understanding your family's values, philanthropic interests, and dynamics isn't just about having nice conversations—it's about gathering crucial information that will help you create a Life & Legacy Plan® that truly serves your family and preserves harmony for generations to come. Capturing Your Family's Story Thanksgiving provides a natural opportunity for storytelling. As families gather and reminisce, precious memories and important family history often emerge. But without intentional effort to preserve these stories, they can be lost to time. Here are some ways to capture these valuable moments: Record Your Family's Food Heritage: That special stuffing recipe from your grandmother isn't just about ingredients—it's about family history . Document not just the recipe but the story behind it. Why is it important? How has it been adapted over generations? Who taught it to whom? If your relative is still alive, consider asking them to write out the recipe with important notes. Having something in their handwriting can be very special for the younger generations. Create a Family Interview Tradition: Designate time after dinner for family interviews. Have younger family members ask older ones about their childhood, important life lessons, or family history. Record these conversations (with permission) using your phone or video camera. It doesn't have to be complicated. Share Family Artifacts: Bring out old family photos, letters, or heirlooms. These physical items often spark stories and discussions about family history and values. Use these moments to explain why certain items are meaningful and what they represent in your family's journey. Making Legacy Planning Part of Your Holiday Tradition The key to successful legacy planning is making it an ongoing process, not a one-time event. Consider establishing new Thanksgiving traditions that support this goal. Here are a few ideas: Create a Family Time Capsule: Each year, have family members contribute something meaningful to a time capsule—letters, photos, or small items that represent the year's important moments. Start a Family Mission Statement: Work together to create and update a family mission statement that reflects your shared values and goals. This can guide both current decisions and future legacy planning. Document Family Medical History: While families are together, take time to update your family medical history. This information is crucial for future generations and can inform healthcare decisions. Remember that legacy planning isn't a one-time task but an ongoing journey that can be woven into your family's holiday traditions each year. By incorporating these intentional practices into every Thanksgiving gathering, you create a natural way to capture and preserve what matters most while building a stronger foundation for your family's future. How We Help You Create a Lasting Legacy While Thanksgiving conversations are valuable for legacy planning, they're just the beginning. To truly protect your family's legacy and ensure your wishes are carried out, you need professional guidance and support to create a comprehensive Life & Legacy Plan® . Our Life & Legacy Planning® process goes beyond traditional estate planning to capture not just your assets, but your values, wisdom, and family story. As your Personal Family LawyerⓇ firm , we help ensure that the conversations you have around the Thanksgiving table become part of a lasting legacy that benefits generations to come. Take the first step toward preserving your family's legacy. Click here to schedule a complimentary 15-minute consultation and learn how we can help: https://bit.ly/FamilyLegacy24. This article is a service of Dedra Sibley, 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.
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