by The Nosy LawyerPlanning 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 The Nosy LawyerPRESS 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 The Nosy LawyerHappy 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 The Nosy LawyerIn 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 The Nosy LawyerLook 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.