by MacklawgrpThe Top 10 Estate Planning Mistakes To Avoid For Mothers by The Mack Law Group
Every mother wants the best for her children and works hard to ensure they have a secure future. But, oftentimes, mothers can run into problems when it comes to estate planning. It is important that every mother puts in place an estate plan that will protect their children and provide for their future in the event of their passing. The Mack Law Group provides this guide on the top 10 mistakes to avoid when setting up an estate plan as a mother.
1. Not having a Will
– A will clearly defines who will receive your assets after you pass away. Without one, your assets may not go where you intended them to and could be subject to state law rules regarding inheritance. A will can also name a guardian for any minor children you have, which is especially important for single parents.
2. Not having an Enduring Power of Attorney
– This document allows you to appoint someone else to manage your finances if you become unable to do so yourself due to illness or injury. It is essential that you choose someone trustworthy who can make decisions on your behalf in such cases as they arise.
3. Not having an Advanced Health Care Directive
– This document allows you to state your wishes regarding end-of-life care should you become unable to make decisions yourself due to illness or injury. An Advanced Health Care Directive helps ensure that your wishes are respected during difficult times and makes it easier for family members and caregivers who need guidance about what treatments are appropriate for you in such situations.
4. Not updating documents regularly
– It’s important that all of your estate planning documents are kept up-to-date with any changes in circumstances or assets, such as if there are changes in guardianship, beneficiaries, or assets involved in the estate plan over time. Failing to update these documents could result in unexpected outcomes down the road which could be costly and time-consuming to fix later on.
5. Not considering taxes – Estate taxes can be substantial and should be taken into consideration when setting up an estate plan – even if no tax is currently due at death (which could change depending on laws). Consulting with an experienced tax attorney can help reduce potential tax liabilities and make sure everything is set up correctly from the start.
6. Naming inappropriate trustees
– When selecting trustees (the person responsible for managing the trust), it’s important that they have the necessary skills required for this role and are capable of properly carrying out tasks related thereto without feeling overwhelmed by them (e..g., investing funds). Choosing people who don’t meet these requirements can lead to costly errors down the road, both financially and emotionally. So it’s important that careful consideration goes into this decision from the start.
7. Ignoring state laws
– Every state has different laws governing estates, trusts, probate proceedings, etc., so it’s important that all documents are prepared according to those specific laws or else they may not be valid when needed most! Consulting with local legal professionals familiar with these laws can help ensure everything is set up correctly from day one so there aren’t any surprises later on down the line!
8. Not considering digital assets
– Digital assets (such as online accounts) must also be addressed within an estate plan since they often contain valuable information or access rights which may need transferring over upon death (or incapacity). These should always be considered when setting up an estate plan so nothing gets forgotten about during this process. Also consider whether passwords should be stored securely somewhere too (e..g., password manager) just in case access needs granting at some stage down the line. It’s also important to double-check any applicable privacy policies that are related as well.
9. Not obtaining proper insurance coverage
– Insurance coverage may not always seem like a priority upfront, but it can really help provide financial protection against unforeseen events later on down the line. This is especially if something were ever to happen unexpectedly leaving behind minor children without income-generating sources, etc. Speak with local insurance providers/agents today and ask how they might be able to offer assistance here.
10. Failing To Put Protections In Place For Minor Children
– Last but certainly not least… One thing many single mothers forget about when putting together their estate plans and/or wills is providing protections for minor children should anything unexpected happen before they reach adulthood themselves. For example, appointing guardianship and or creating trusts, etc. Allowing experts like The Mack Law Group to handle these matters, helps to ensure everything runs smoothly and protects everyone involved from potential pitfalls along the way.
As a busy mother, taking care of yourself and making sure everything is set up correctly now is extremely important because it will save time and money later on down the line, especially where young ones are involved. Working proactively now with experts like The Mack Law Group, ensures proper protections and supports are put in place early enough, allowing everyone peace of mind moving forward. Taking steps today means less stress tomorrow.
by MacklawgrpLet’s Talk About Joint Ownership of Assets – What’s Mine is Yours
As individuals grow older, they often rely on those around them for transportation, assistance with paying bills, and overall management of their affairs. One strategy employed to assist with financial affairs is to add children to bank accounts as joint holders. They are often surprised to learn that there are some significant drawbacks to this strategy.
Here are five:
1. What’s Mine is Yours
2. What’s Mine May Also Be Your Spouse’s in a Divorce
3. What’s Mine May Be Your Creditors’
4. What’s Mine May Unintentionally Harm You
5. What’s Mine is Not Necessarily Theirs
There are better alternatives to joint accounts that enable older individuals to have their affairs managed without these sorts of risks. Learn more here
– The Nosy Lawyer
by MacklawgrpProtecting Your Children with An Emergency Plan
I recently read the tragic story of a father who was in a deadly car crash, leaving behind five children aged four months to 10 years of age. The children’s mother died just the year before. These poor children were orphaned and likely taken into protective custody, with the prospect of being divided between strangers. Tragically it happens every day, but it is entirely avoidable.
It is precisely this situation that prompted the Mack Law Group to implement the Nosy Lawyer Child Emergency Plan™ for our clients. Find out more here…
by MacklawgrpHow Cryptocurrency and NFTs Fit into Your Estate Plan
Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. Despite the dizzying fluctuations in the value of these assets, you should ensure that they are included in your estate plan so you can preserve them for your heirs.
Preserving Cryptocurrency: Now and Later… Learn More Here!
by MacklawgrpPlanning for Your Digital Legacy
An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. However, in this age of technology, it is important to remember to include your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartphones than we ever did before, you may not realize how much digital stuff you own, from photos and videos to online accounts, cryptocurrency, and nonfungible tokens (NFTs).
Why Is It Important to Plan for Digital Assets?… Find Out Here!
by MacklawgrpPRESS RELEASE: Top 100 National Black Lawyers
Meet One of Michigan’s Newest Top 100 National Black Lawyers
Pamela Denise Mack is the latest inductee into the National Black Lawyers Top 100
Location, Date: As of 2022, attorney Pamela Denise Mack, founder of Southern Michigan based law firm The Mack Law Group, was honored as one of this year’s selected candidates to the National Black Lawyers Top 100. All lawyers are nominated by a peer and, upon nomination, go through a rigorous vetting process. The group considers a nominee’s reputation, notable achievements, settlements, verdicts as specialized lawyers, among other criteria. Pamela Denise Mack specializes in the law practice of corporate and commercial transactions, legacy planning, data privacy, and intellectual property. Pamela Denise Mack’s dedication to creating a practice where clients can trust they’re working with professionals who have their best interest in mind while also receiving top-of-the-line legal advice and business strategies is just one of the many reasons why Pamela Denise Mack has earned this prestigious award. This award places Pamela Denise Mack in the Top 100 Black Lawyers in the Southern Michigan area.
This distinction comes as a result of Pamela Denise Mack’s years of hard work providing fair and unparalleled legal counsel to her clients. Pamela Denise Mack began her long career in law after earning her Juris Doctor at Wayne State University. From then on, Ms. Mack set about putting her legal skills to work as a corporate advisor. Prior to opening her own Law Firm, Pamela Denise Mack spent over two decades working as an in-house corporate and real estate counsel. As a corporate counsel to a Fortune 100 Corporation, she oversaw leasehold matters for its over $600 million in real estate assets. She then went on to serve as in-house Corporate Counsel for the world’s largest inventory services corporation with operations in over 40 countries, with 20,000 employees worldwide. There, she was responsible for overseeing corporate contracting (including IT and vendor agreement negotiations), global data privacy, and FCPA compliance functions.
Working with Fortune 100 corporations, she was trusted to oversee nearly $200 million worth of vendor and service agreements for the company, which now allows her to apply this expertise to her own clients. With years of big corporate experience under her belt, Pamela Denise Mack employs her wealth of knowledge to provide new and established businesses with unparalleled business advice and general legal counsel. Furthermore, Pamela Denise Mack is also a graduate of the Goldman Sachs 10,000 Small Business program, and the SBA Emerging Leaders program.
Pamela is an author with published books Retirement Start Up Kit and a children’s book titled My Name is Judah.
About the legal award, The National Black Lawyers is an invitation-only professional development and networking association built for and with the top African American attorneys across the country. The association boasts their mission to “create and celebrate legal excellence by promoting our attorneys as subject-matter experts, developing a strong national network of top African American attorneys, and facilitating the exchange of timely information to enable our members to maintain their status as leaders”. Members of The National Black Lawyers Association are some of the most well-known practicing lawyers across the country. The NBL recognizes and promotes the present contributions of African American lawyers and connects lawyers, locally and nationally, to share their knowledge with other members and the larger legal community. Pamela Denise Mack was selected to join a board of legal leaders who excel as some of the most successful and influential lawyers with reputations that precede them.
Pamela Denise Mack excels over her peers due in large part to her focus on providing legal counsel to her community. She minds the business and legacies of corporations, business owners, and families with a focus on exceptional quality and personalized information. Her focus isn’t just to serve a client but to make sure her clients are set up for success and will thrive for years to come. Pamela Denise Mack enacts this through her main focus of providing clients with exceptional representation and proactive service at all stages of business growth, and development through business succession. Whether you are a rising entrepreneur, an established high-valued corporate head, or just making plans for the future, The Mack Law Group, PLC is committed to handling your legal matters with individualized care and attention. Those interested in utilizing the services provided by founder attorney Pamela Denise Mack can book a consultation or phone call through The Mack Law Group website.
by MacklawgrpHappy New Year!
Happy New Year! Greetings from The Mack Law Group. It has been truly a pleasure to work with you in 2021. I am so grateful that I was able to assist you with the very important step of preserving a legacy for your loved ones by completing an estate plan for you.
I wanted to take this opportunity to thank you for being our valued client. I encourage you to think of the new year as an opportunity to take the following steps to make things easier for you and your loved ones:
Advise us of any life events that may impact your estate plan:
There are so many life events that could potentially have an impact on your estate plan. Some of these life events include: death of a family member, the starting of a business, a divorce, a separation, a birth, a change in health status, or the death of an agent selected as your power of attorney, trustee, or health care designee. Did you purchase or sell a home? These are just a few examples. Please give us a call to discuss any major life event so that we may review your plan for modification.
Fund your trust:
If we created a trust for you, now is a good time to revisit funding your trust. You may recall that I told you that creating a trust and not funding it is like building a beautiful home and not putting any furniture in it. You cannot live in it, and it is not serving the purpose for which it has been built. Likewise, having a trust and not funding it is means that it is not fulfilling the purpose for which it has been established, since any assets not transferred into your trust during your lifetime are typically required to go through the probate court. If you have done your initial funding, great! We applaud you. If not, there’s still time. Now is the time to consider the status of your assets, including new ones that you may have accumulated in 2021. We are happy to assist with funding your trust. Just give us a call.
Please talk with your family:
The best way to minimize disappointment and disputes after your death is to let everyone know what to expect in advance. Be prepared to discuss those issues with your loved ones. You may even make changes to your estate plan based on those conversations — we will be happy to have follow-up discussions, as needed. There is no legal requirement that you either share or withhold copies of your documents, but there are good practical reasons to let loved ones in on the plans. If you are unsure of what that do, we can provide advice and counsel on these issues.
Coordinate your beneficiary designations:
It is very important to check your beneficiary designations. It is often the case that clients believe their Last Will and Testament will supersede their beneficiary designations. This is often not the case. Proceeds from life insurance polices, retirement plans, etc. will go directly to the designated beneficiaries, thus bypassing your will or trust. Your beneficiary designations should align to your overall estate plan. We are happy to review your designations with you, as needed.
Do not tinker with beneficiary designations, documents, or titles.
If someone at your bank says you should make all your accounts into “Payable on Death” (POD) accounts please talk with us first. If we have helped you name a trust as beneficiary on your IRA and your accountant tells you that it was a mistake, please talk to us before you change it back. We strongly recommend that you not put your child’s name on your house or your bank account, “just in case”. We prepared your documents with you and your estate planning goals mind. Your change may undue the value and effect of the documents we prepared for you.
Prepare a list of assets and directions.
It really helps if you have left an asset roadmap for the person who handles your estate. You know where your life insurance policy is located, but the person handling your estate might not. Whoever that person might be will spend countless hours looking for that kind of valuable information if you do not provide a roadmap for him or her. Having that roadmap will make that person’s job much less stressful. We are here to assist you.
May 2022 be a peaceful, healthful, and prosperous year for you and your loved ones. Please let us know how we may be best serve you this year.
Warm Personal Regards,
THE MACK LAW GROUP
A PROFESSIONAL LEGAL CORPORATION
Pamela-Denise Mack
Pamela-Denise Mack, Principal Attorney
by MacklawgrpIn Re Estate of Prince Rogers Nelson
The Perils of Not Having an Estate Plan.
It is difficult to believe that it has been over four years since the death of the iconic entertainer Prince. It is even harder to believe that legal and administrative fees now exceed $45 million, and his six heirs have so far received nothing. A recent visit to the Minnesota Judicial Branch website, which lists the publicly available probate court documents, revealed a shocking 109 pages of pleadings filed in connection with Prince’s estate. The six heirs to his estate are claiming their portion of the estimated $300 million in estate assets. Four years later the fight is not over, not by a long shot.
As the saying goes, there is nothing new under the sun. No, there are plenty of other famous people who have died without a will or an estate plan, leaving a significant portion of their wealth to the lawyers, accountants and consultants. The list of celebrities is long and includes Aretha Franklin, Bob Marley, Barry White, Jimi Hendrix, Marvin Gaye, Tupac, Kurt Cobain, Howard Hughes, Pablo Picasso, and Amy Winehouse. In the case of the estates of John Singleton, James Brown, and Michael Jackson, these individuals had wills that were either poorly drafted, or not updated, causing unnecessary disputes.
It is not just famous people who die, leaving bickering heirs to battle it out through their attorneys. For most Americans, the risk of leaving their estates to lawyer fees with little for heirs after a legal battle is quite real. According to a 2019 Cares.com study of over 2,700 Americans, nearly 65% of them have no will. The reasons were varied. While most understand the importance of having a will, a significant percentage felt it was too expensive, or lacked the knowledge on how to secure one. The good news is establishing an estate plan in place is not nearly as difficult or expensive as you may think.
There are four key documents that are essential for any estate plan: A will, a trust, an advance care directive, and a power of attorney. We want to educate you on each of these essential documents. We are here to help. Allow us to demystify the process for you with our step by step approach to getting your estate plan done.
Let’s talk. Schedule a free 30-minute consultation with one of our estate planning lawyers today. (248) 229-0185
The Nosy Lawyer
Minding Your Business, Minding Your Legacy
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by MacklawgrpLook Before You Use that Logo
Business owners should proceed with caution when using their customers’ logos. The Nosy Lawyer provides some insight into how your customers may feel about this.