While no one wants to think about emergencies during vacation, having proper protection in place lets you truly relax and enjoy making memories together.

Let's explore why having a Kids Protection Plan® (“KPP”) in place before traveling is essential and what steps you can take to protect your children. Please note: most lawyers, even at the top estate planning firms, often make at least one of 6 common mistakes that the KPP is designed to address, when naming legal guardians for children in an estate plan. 

THE HIDDEN RISKS OF TRAVELING WITHOUT PROTECTION

When you're caught up in vacation planning excitement, it's easy to focus only on the fun ahead. However, traveling presents unique risks and scenarios you need to consider. If you become incapacitated in a car accident or experience any other emergency while away from home, what would happen to your children in those critical first hours or days? Without proper legal documentation, your children could be temporarily taken into the care of strangers or social services until the proper authorities can determine who has the legal authority to care for them.

While no one can predict exactly what will happen, proper estate planning gives you security, regardless of political changes.

UNDERSTANDING CURRENT PROTECTIONS AND POTENTIAL CHANGES

Same-sex marriage is currently recognized in all 50 states under federal law, protected by the Supreme Court's Obergefell decision and the Respect for Marriage Act. If you were married in states like Massachusetts or New York—early adopters of marriage equality—your marriage remains valid under those state laws regardless of federal changes.

But state-level protections vary significantly. Some states have explicit constitutional protections for same-sex marriage, while others maintain laws that could restrict marriage rights if federal protections change. Understanding your state's specific laws is crucial. For example, Massachusetts not only recognizes same-sex marriage but also provides strong protections for non-biological parents and inheritance rights.

Her story shows why proper timing and planning are crucial when navigating divorce - one of life's most challenging transitions.

THE POWER OF TIMING

According to reports, just one day before her death, Doherty filed for an uncontested divorce from her husband Kurt Iswarienko, who signed the agreement the following day. This eleventh-hour timing proved crucial for her estate. By finalizing the divorce, Doherty ensured her assets - including a $6 million Malibu home and future residuals from her acting career - would be distributed according to her wishes rather than being subject to community property laws.

Had the divorce not been finalized, the outcome could have been drastically different. In some states, if a person dies during an active divorce proceeding, the process either halts or is significantly altered. Without a finalized divorce agreement in a community property state like California, Iswarienko could have had a legitimate claim to significant portions of Doherty's estate, potentially leading to years of costly legal battles and family conflict.

Understanding these challenges now can help you better prepare, whether you're creating your estate plan or considering serving as an estate executor. 

But first, a note about terminology. If someone creates a will, the term used for the person who handles the estate is “executor.” If someone creates a trust, the person who handles the estate is called a “trustee.”

When someone becomes incapacitated, the person who handles financial matters is the holder of power of attorney. The jobs are similar but not identical. In this article, we’ll focus on the role of an executor, who is carrying out the wishes of someone who died under the terms of their will. However, if you’d like more information about what a trustee does, book a call with me using the link below.

Let’s get to it.

In this blog article, I want to help you understand your options beyond conventional bank financing and guide you toward solutions that support your business goals while protecting your interests.

UNDERSTANDING TODAY'S LENDING LANDSCAPE

The traditional lending environment has shifted dramatically in recent years. Banks have become increasingly risk-averse, implementing stricter lending criteria that often disadvantage smaller businesses. This cautious approach means even profitable companies with solid business plans may be unable to secure traditional financing.

This shift isn't just about stricter credit requirements. Banks now require more extensive documentation, longer operating histories, and higher collateral requirements than ever before. These hurdles can seem insurmountable for many growing businesses, especially when you need capital quickly to seize time-sensitive opportunities.

I'm talking about estate planning—specifically, Life & Legacy Planning—the ultimate love letter to the people you care about most.

A DIFFERENT KIND OF LOVE LETTER

Love isn't just about grand gestures or perfectly curated date nights. The deepest expressions of love are often found in the quiet, intentional actions we take to care for and protect the people we cherish.

And while estate planning might not seem romantic at first glance, I’d argue it’s one of the most loving things you can do.

Think about it—when you create an estate plan, you’re writing a love letter that says:

"I care about you so much that I’ve taken the time to make sure that when I'm gone, you know what to do, you know how to find what I've left behind and make sure it's easy to transfer to you, and I've left you the support so you don't have to go it alone."

Without this crucial step, you could face a devastating scenario: paying out of pocket for significant damage because your insurance claim was denied. Let's explore how to ensure your trust and insurance work together to protect your most valuable asset.

THE HIDDEN RISK OF TRUST OWNERSHIP

When you transfer your home into a trust, you change its legal ownership structure. While you might still live in the home and act as the trustee, depending on how your trust is structured, the trust becomes the legal owner of the property. If your trust is a revocable trust, this change of title won’t impact your taxes because you are still the owner for all tax purposes, but this title change could give your homeowner’s insurance company a reason to deny your claim. And, whether that denial turns out to be valid or not, or could be contested in a court proceeding against the insurance carrier, you don’t want to have to deal with any of that. 

Insurance companies base their coverage decisions on legal ownership. If there's a mismatch between the property's legal owner and the named insured on your policy, the insurer might deny your claim. Imagine discovering after a major fire that your insurance company denies your claim because your policy doesn't reflect your trust ownership. This nightmare scenario happens more often than you might think, but it's easily avoidable with proper planning.

Your choice of entity will affect everything from your tax obligations and personal liability to your ability to raise capital and plan for succession. Making the wrong choice could expose you to unnecessary risks or burden you with excessive taxes and administrative requirements.

UNDERSTANDING TAX IMPLICATIONS ACROSS DIFFERENT STRUCTURES

Each business structure comes with distinct tax treatment that can significantly impact your bottom line. As a sole proprietor, for instance, all business income passes through to your personal tax return, where you'll pay both income tax and self-employment taxes on your earnings. While this arrangement offers simplicity, it could come with an increased audit risk.

An LLC offers more flexibility in tax treatment than just defaulting to sole proprietorship/pass-through treatment. A single-member LLC can be taxed as a sole proprietorship, while multi-member LLCs can be taxed as partnerships. However, an often-overlooked option is electing to have your LLC taxed as an S Corporation, which can provide significant tax savings once your business reaches around $60,000 in annual revenue.

In this blog article, we will walk you through how to prepare for evacuation, manage an emergency, and recover afterward. We'll also explain how estate planning can safeguard your loved ones’ future, even in the most challenging times. Let’s get started so you can learn how to protect what matters most.

PACKING SMART WHEN TIME IS TIGHT

Imagine the type of emergency in which you have just 15 minutes to leave your home. What would you grab? It’s a scenario no one wants to face, but planning ahead can turn chaos into action. And, as we’re seeing with the hurricane that hit Asheville unexpectedly and the wildfires in Los Angeles, this is a scenario we all need to be ready for, and the time to plan is right now.

Start by packing a go-bag with the essentials you’d need if you had to leave in a hurry. Include chargers for your devices, as well as critical medical items like prescriptions, hearing aids, and oxygen if you or a loved one relies on them. Don’t forget your pets! 

This is called a single-member LLC (“SMLLC”). Many entrepreneurs form SMLLCs believing they've created an impenetrable wall between their personal and business assets, only to discover too late that this shield has significant vulnerabilities. Let's explore why your SMLLC might not provide the protection you think it does and what you can do about it.

KNOW THE BOUNDARIES BETWEEN YOU AND YOUR BUSINESS

The idea behind an LLC is that it creates a legal wall between your personal finances and your business. If someone sues your business or a creditor comes after it, your personal assets—like your home or savings—should, in theory, stay safe. But that wall, often called the “corporate veil,” can fail if you don’t maintain your LLC properly.