Bolsover Law

12/01/2021

11/29/2021

11/09/2021

“People do not buy goods and services. They buy relations, stories, and magic.” - Seth Grodin

11/07/2021

https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws?fbclid=IwAR29qawzQQ9Q0R0i9nOixBWOzyZWry9PQWuJ_O5OwHJO30t4Z-BBgYbALdg

The long read: South Dakota is known for being the home of Mount Rushmore – and not much else. But thanks to its relish for deregulation, the state is fast becoming the most profitable place for the mega-wealthy to park their billions

10/31/2021

https://www.wsj.com/articles/taxes-after-death-of-a-spouse-irs-11635462166

Beware of shifting tax brackets, retirement-account issues, and missed deadlines that can cost dearly. Emotional upheaval can collide with the need to make difficult decisions.

09/21/2021

This week, we explore how billionaire Matthew Mellon left a tragic oversight in his estate plan. This story demonstrates one of the most basic, yet often-overlooked, tenets of estate planning—in the event of your incapacity or death, if your heirs don’t know how to find or access your assets, those assets are as good as gone. In the case of cryptocurrency, it’s as if those assets never existed at all.
A “cold wallet” is one that isn’t connected to the Internet. The use of a cold wallet is a common business practice, since “hot wallets,” or those connected to the internet, are a frequent target of hackers. For an added level of security, Matthew hid the digital keys needed to access those cold wallets in bank vaults all over the country. But, Matthew never shared the location of those bank vaults with anyone, and now, some three years later, his family has yet to locate any of his crypto holdings or passcodes.

One estimate found that roughly 20% of all Bitcoin is considered lost, which means some $140 billion in capital has simply vanished into cyberspace. The vast majority of this lost crypto is the result of cases like Matthew’s where investors die without leaving their heirs any way to access it.
Cryptocurrency isn’t the only asset that ends up going missing. From bank accounts and life insurance policies no one knows about to safe deposit boxes and everything in between, your family must know how to find and access every asset you own, otherwise, it could be lost forever.

In fact, there’s a total of more than $58 billion of unclaimed assets from across the country held by the State Department of Unclaimed Property. Much of that massive sum got there because someone died and their family didn’t know they owned the asset.

Fortunately, losses like these are easily avoidable with proper planning. Message me today to learn the ways your assets- and business may be at risk!
Your advisors will not recommend whether to invest or not to invest in cryptocurrency. A better way to think about cryptocurrencies is to understand what’s in the best interest of your investment and your legacy.
If you currently have a “wallet”, the greatest risk in cryptocurrency is leaving it unprotected both while you’re alive and after your death.

Contact me today to schedule your appointment.

08/27/2021

Wills and trusts are two of the most commonly used estate planning documents, and they form the foundation of most estate plans. While both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, the way in which they work is quite different.

From when they take effect and the property they cover to how they are administered, wills and trusts have some key differences that you need to consider when creating your estate plan. That said, when comparing the two documents, you won’t necessarily be choosing between one or the other—most plans include both.

In fact, a will is a foundational part of nearly every person’s estate plan. Yet, you may want to combine your will with a living trust to avoid the blind spots inherent in plans that rely solely on a will. As you’ll learn in this week’s blog, the biggest of these blind spots is the fact that if your estate plan only consists of a will, you are guaranteeing your family has to go to court if you become incapacitated or when you die.

To determine the right solution for your family, you should meet with us, your Personal Family Lawyer® for a Family Wealth Planning Session™. We will offer a comprehensive process for helping you feel confident that you’ve chosen the right planning tools at the right fees for yourself and the people you love.