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“Gifting with Warm Hands”

Money at workWhat is the best way to put your wealth to work?

Estate planning should be view as very serious planning that when coupled with financial planning can ensue your financial security for life. Both are ongoing events, no matter your age or status.

However there is a growing school of thought, a philosophy that claims that the best life plan is: the "Don't Die Rich" plan is based on the premise that money is best used while you are around to enjoy it and appreciate the benefits. Due to lengthening life spans, in many cases, parental assets aren't going to be around to be inherited by children until those children are near retirement age. So by adhering to the "Don't Die Rich" theory, how do you put your wealth to work? Consider the following:

  • You come first, so enjoy yourself. The first beneficiaries of your estate should be you. There's nothing wrong with enjoying your wealth in ways that you can share with your family. Think about spreading the wealth by gifting or making even modest financial transfers to your family heirs. Doing so now, while you are around to see the results, may be better for all concerned instead of leaving them a large inheritance in the future. It's called "gifting with warm hands." Speak with your estate planning attorney about tax implications and strategies.
  • Charitable giving. Become a philanthropist! There are many pluses to making a major charitable gift during your lifetime, such as tax benefits and the enjoyment of seeing all the good works that your money will give the charity. Talk to your estate planning attorney about the possibility of creating a Charitable Remainder Trust. By using this trust, you can put money or securities in an Irrevocable Trust for your charity and reserve lifetime income payments for yourself. When you pass away, the income payments stop, and the remaining trust assets are given to your charity. There are a number of other trust-related charitable giving programs, so talk with your estate planning attorney for details.

Of course, the "Don't Die Rich" plan isn't for everybody, but the thought of seeing the benefits of using your money while you are alive does make sense in many cases. Call us at 757-259-0707 for a complimentary consultation on this or other estate planning options

Reference: Wilmington Business Journal (January 15, 2016) "Do You Really Want To Leave A Large Inheritance?"

 

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
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Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.