In this first installment of a two-part series, I’ll answer the most common questions about asset ownership and management. I’ll also outline ways in which you can make things as easy for your family after your death. So let’s dive in, beginning with a question about joint assets.

Q: WHAT'S THE DIFFERENCE BETWEEN JOINT OWNERSHIP AND TRANSFER-ON-DEATH DESIGNATION?

A: Joint ownership means both parties have full access to and ownership of a specific  account or piece of real estate, while living. When one owner dies, the surviving owner automatically receives full ownership.

This can be convenient but comes with risks - a joint owner can withdraw all the money at any time, and the account could be vulnerable to either joint owner’s creditors or legal judgments.

On the other hand, transfer-on-death (TOD) or payable-on-death (POD) beneficiary designations give you sole control during your lifetime. Your designated beneficiary has no access or rights to the account while you're alive but receives the assets automatically upon your death. This arrangement prevents another person from accessing your assets while you’re alive and also avoids the court process (called probate) after you die. 

Whether you want to establish a scholarship fund, support medical research, or help your local community, thoughtful charitable planning can maximize your impact while potentially providing tax benefits for your heirs. 

Since this time of year invokes a desire to give to those less fortunate, and take advantage of tax benefits, let's explore how you can do that by including charitable giving in your Life & Legacy Plan.

UNDERSTANDING YOUR CHARITABLE GIVING OPTIONS

When it comes to charitable giving through your estate plan, you have several options to consider.

The key is finding the approach that best aligns with your values, goals, and overall estate planning strategy. Some common methods include:

In this time of political transition, comprehensive estate planning becomes crucial for these families, who may face changes to their legal rights and protections. Recent political developments have heightened concerns about potential changes to LGBTQIA+ rights, healthcare access, and educational protections. While we can't predict future legal changes, we can create strong safeguards through careful planning - just in case. Let’s dive in to find out how.

UNDERSTANDING THE STAKES FOR LGBTQ+ FAMILIES

Recent political shifts have shown how quickly federal protections can change. The incoming administration has indicated plans to roll back various LGBTQIA+ protections (see here and here), including changes to Title IX interpretations and healthcare access. While marriage equality currently remains protected by federal law, LGBTQIA+ families may want to consider creating multiple layers of legal protection independent of federal policy.

With anticipated changes on the horizon and favorable conditions that won't last forever, understanding your options has never been more critical. 

In this two-part series, we’ll explore what we know for certain, what remains unclear, and most importantly - what you can do about it. Next week, we’ll look at strategies for protecting loved ones who may be especially vulnerable in the coming years. But this week, our focus is on taxes, interest rates, and asset protection. Let’s dive in.

WHAT WE KNOW ABOUT TAXES AND INTEREST RATES

Here’s what we know for sure: The current estate planning environment offers some significant advantages that won't last forever. The estate tax exemption for 2024 sits at $13.61 million per person ($27.22 million for married couples) - the highest it's ever been. That number increases in 2025 to $13.99 million per person (or $27.98 million for married couples). This means you can transfer substantial wealth to your loved ones without triggering federal estate taxes. This creates a once-in-a-lifetime opportunity for many families to secure their legacy and protect their assets from future estate tax exposure.

And, while those things are being passed on happenstance on the daily, we know that intentionally creating a Family Wealth Legacy requires more than happenstance. That’s why as a Personal Family Lawyer®, part of our unique planning process is to capture your legacy in recorded form through something we call a Family Wealth Legacy Interview. 

What we’ve discovered is that we can learn so much more than expected -- about ourselves and our loved ones - when we ask the right questions. 

So, this year, we invite you to ask your mother, father, and/or other loved one the 32 important questions below that can teach you valuable lessons about love, life, and what matters most. And, don’t just ask them. Record their answers to create your own Family Wealth Legacy. Or, contact us to schedule time for a comprehensive Family Wealth Planning Session™ this month, and we’ll create a Family Wealth Legacy as part of your estate plan.

His daughters Antonia and Johanna Bennett are now suing their brother, Danny, who serves as trustee of their father's estate, alleging a lack of transparency and potential mismanagement of assets. Let's explore what went wrong and how you can protect your family from suffering the same fate.

BACKGROUND

A complex legal battle is unfolding in the New York Supreme Court, where Tony Bennett's daughters Johanna and Antonia have filed suit against their brother Danny, who serves as trustee of their father's estate. The lawsuit raises alarming questions about the management of Bennett's assets. While the legendary singer earned over $100 million from live performances in his final 15 years, his daughters were told the estate was valued at less than $7 million.

The dispute centers around Danny's role as both trustee and former manager. In July 2022, Danny orchestrated the sale of Bennett's memorabilia, personal property, and name and likeness rights to Iconoclast, a company specializing in legacy works. The daughters allege they were kept in the dark about which assets were included in this deal and have received only "a modest distribution." They also claim Danny received $1.2 million in loans from their father in 2020 and lifetime gifts totaling $4.2 million - more than double what Bennett's other children received.

While most of us won't face off against a celebrity with millions of social media followers, the case highlights risks every business owner should understand and prepare for.

Let's explore the key takeaways that can help you protect your business's valuable brand identity.

WHAT HAPPENED?

Rhode-NYC, LLC (“Rhode”) was founded in 2013 by former college roommates Purna Khatau and Phoebe Vickers, who left their day jobs to fill what they saw as a gap in the high-end clothing market. Starting with limited resources but a strong vision and business acumen, they built their luxury clothing brand from scratch.

The brand achieved significant success, with products being featured in major fashion magazines like Vogue and carried by prestigious retailers, including Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus. Numerous celebrities have worn their clothing, including Beyoncé, Rihanna, Tracee Ellis Ross, and Lupita Nyong'o. By all accounts, the company's growth had been remarkable when the lawsuit was filed in 2022. The dispute emerged when celebrity model Hailey Bieber launched the skincare line of her company, called "rhode," in June 2022. The complaint alleged that in 2018, Bieber's company attempted to acquire Rhode's trademark rights, recognizing the potential for confusion between the brands.

Many business owners put off succession planning, thinking they'll get to it eventually. Yet life has a way of surprising us, and tomorrow isn't guaranteed. One in four business transitions fails because the next leader wasn't properly prepared. You don't want your legacy to become part of that statistic, so read on to learn how to protect your life’s work.

START WITH TRUST, NOT JUST SKILLS

When you're thinking about who should take over your business, you might be tempted to look only at skills and experience. While these matter, trust should be your foundation. You need someone who shares your values and truly cares about your clients and employees.

Look for someone who shows sincerity in their communications, reliability in their actions, competence in their work, and genuine care for others. These four elements of trust will help ensure your successor can maintain the relationships you've built while moving the business forward.

In this blog article, you'll discover practical ways to capture family stories during your holiday gathering, learn how to start meaningful legacy conversations without awkwardness and understand how to transform these precious moments into a comprehensive Life & Legacy Plan that protects your family's values and assets for generations to come. This year, consider using your Thanksgiving gathering as a springboard for the meaningful conversations that can shape your family's future.

THE HEART OF LEGACY PLANNING: MORE THAN JUST MONEY

When most people think about legacy planning, they often focus solely on financial assets. But true legacy planning encompasses much more. It's about preserving your family's stories, values, traditions, and the wisdom gained through generations. After working with families to support them with their estate planning and being there at the end of life, I’ve learned that these are the things that matter most. Values, insights, stories, and experiences, plus sentimental items, are almost always more important to families than financial assets, though, of course, money matters as well. 

Whether you're a startup founder or an established business owner, understanding modern hiring approaches can help you attract and retain the talent your company needs to thrive.

In this blog article, I’ll cover two proven hiring strategies that successful businesses use: the development-focused approach that emphasizes potential and cultural fit, and the high-performance model that prioritizes exceptional talent. Understanding these contrasting methods and knowing which one fits your business will help you build the team you need to thrive, even in challenging times. Let’s dive in.

MODERN HIRING CHALLENGES FOR BUSINESS OWNERS

If you’re struggling to find qualified workers, you’re not alone. According to the National Federation of Independent Business (“NFIB”) September jobs report,  34% of small businesses report having unfilled positions. Demographic shifts create additional pressure as experienced workers retire. The challenges multiply as baby boomers exit the workforce, taking decades of institutional knowledge with them.