Milestone Moments

Each of life’s big moments is a reason to reflect on your planning. Whether it is the birth of a child, the death of a family member, a move across the globe, or watching your child cross the stage in a cap and gown, these momentous times lead us to think on where we are and where we are going.

Landry Law, PLLC is here to help, whether you are checking in on a regular call, someone who planned with Lisa Ann years ago and wants to make some changes (or just see how things are), or someone who hasn’t worked with Lisa Ann previously but wants to start planning, I look forward to discussing this with you.

For some of life’s more celebrated moments, there may be a particular suggested set of documents that I find commonly helpful for people celebrating the same milestone. I’ve included some of these below, but in all cases, we will discuss your particular situation and goals before I make my recommendations. Seemingly small details can entirely change recommendations, so it is important to review the particulars before providing legal advice. Additionally, people going through similar milestones often have different goals in mind, meaning that their plans will differ.

Since I strongly recommend that adults have planning in place, with particular recommendations tied to some milestones, I strive to make doing so accessible. Landry Law, PLLC therefore works to offer special pricing tied to some of life’s milestones. If you have recently achieved a milestone or expect to in the near future, please share so that we can celebrate together! If there are any suggestions I have based on your update, or based on your changed goals, I will let you know.

There are also somber moments in life which are milestones but not joyous. Whether these include the death of a loved one, receiving a poor medical diagnosis (including but not limited to

chronic illness and terminal illness), obtaining a settlement following an injury, or finding that life is leading you a different way than you’d hoped, we are prepared to help you adjust your planning accordingly in these moments as well.

Here is a list of some of life’s milestones that often affect planning and administration decisions – but please contact me with updates even if yours isn’t on this list! While there are not always special planning tools to go with each of these, they do at the very least offer a good moment to reflect on your existing plans or needs for planning.

• Becoming an adult

• Graduating from technical school, college, graduate school, or professional school

• Passing your boards, the bar, or otherwise achieving the final licensing for your career

• Moving a long distance, including across states, countries, and continents

• Welcoming a new member of the family

• Receiving a poor medical diagnosis

• Buying your first house

• Starting a new business

• Paying off your final student loans

• Learning that a loved one is disabled or has special needs

• Marrying your partner

• Changing to a new career

• Becoming emancipated

• Retiring

• Bringing a pet into your family

• Divorcing your spouse

• Coming out (in whatever way this means to you)

• Saying goodbye to a loved one (for any reason)

The below are some common changes around celebratory milestones, though my advice as to the appropriate documents for clients often changes based upon specific facts and goals.

For anticipating and new parents focused on planning for one or more minor child(ren), different levels of work may be appropriate. Many new parents do not have the time or money to spend on a full plan, so they may prefer starting with the most essential documents and over time adding to and adjusting the plan until the full plan for their goals and situation is met, at which point maintaining the plan remains important. If you are expecting or have recently welcomed a new child (through birth or adoption) or are fostering a child, please be sure to tell me in our communications!

For grandparents and other loved ones welcoming a new member (typically through birth or adoption), many who can afford to do so look at different gifting options, from 529 Plans to trusts (including trusts that hold 529 Plans). In doing so, it is important to consider the legal, tax, and practical implications and ensure that the plan is doing what you want. Any time that a new aspect of your planning is added, you should check that it works with your overall plan.

For those who are starting a new business and have no planning or outdated planning, I often recommend considering both establishing the business and doing estate planning together, as there is interplay between the two. A good estate plan will consider your business, and business documents should consider what will happen on an owner’s incapacity and death. This protects your business and personal, preserving your assets for your future and your loved ones.

For the first-time homebuyer, updates or new planning is often important. Frequently, a revocable trust will be considered, depending upon your goals.

Both when people marry and when they divorce, we recommend swift changes to their estate and tax planning. Depending upon your circumstances, these changes in marital status might affect any existing planning or, if no planning, the applicable intestacy laws. Therefore, it is very important to review and possibly update your planning surrounding these events.

For newlyweds, entirely new planning is typically needed. People’s goals in the planning often change at this time. We often discuss planning that will allow your estates to save on estate taxes as well as caring for each other and your other loved ones, all depending upon your wishes. If you are planning to get married, a plan can be prepared ahead of time.

For those getting divorced, multiple document changes might be advisable. Many people update their documents while going through the process of divorce, as they no longer want their soon to be ex-spouse in the roles (as fiduciary and beneficiary). While there are certain considerations in these circumstances, such as a spousal share, it’s important to go through them with an attorney to know which affect your plan and how. After a divorce is finalized, planning often needs to take into account provisions in the agreement, particularly when there are children involved. Therefore, I prefer to speak with people as early in the process as possible to learn of their goals and circumstances and advise when and how documents should be updated to meet their goals and legal requirements.

For those recently emancipated, the applicable intestacy laws (legal defaults for what happens if you die without a Last Will and Testament) often do not reflect your wishes. Further, and possibly even more important to you, you should name the individuals you want to take care of your affairs should you become incapacitated – people to make your health care decisions if you are unable to do so, sign your name, and access your accounts. Therefore, I recommend that you establish an estate plan quickly, even if it is limited to your incapacity documents.

People who have recently obtained permanent residency (“green card”) status in the US or US citizenship also have specific planning needs. It is important that you consider your worldwide assets in creating a holistic plan – with consideration of all applicable taxes and laws. There are many specific requirements depending upon where your assets, fiduciaries, and beneficiaries are located, so it is important to discuss your planning before any recommendations are made.

Similarly, US citizens and permanent residents moving abroad should consider and adapt their estate plans accordingly. The US taxes permanent residents and citizens on their worldwide assets, but your new country of domicile or the country where the assets are located may also assess tax. The US and certain countries have income and/or estate tax treaties that may also affect your particular circumstances. Discussing this far ahead of your move is preferable, as there may be planning steps to take.

These are just some examples of how major life moments can impact planning. If you would like to discuss your particular situations, please set up an initial call. [link to scheduler]