This holiday season marks the fifth year Carrier Law will play ‘Santa for a Senior.’

We are collecting personal care and cleaning products for the Grandparents Raising Grandchildren program at United Methodist Community House in Grand Rapids. Donations can be dropped off at the Carrier Law Grand Rapids office, Trust Funding Center and Norton Shores office.

Our Holland office is also collecting personal care and cleaning products for those less fortunate members at Evergreen Commons. Donations can be dropped off at the Carrier Law Holland office.

The items, which are generously donated by workshop attendees, clients, and team members, will be collected through the end of the year and presented to the groups in January.

Above: David Carrier is joined by Meals on Wheels President and CEO, David Brewster and Bill Kozak.

Carrier Law was proud to sponsor a table at this year’s ‘More than a Meal’ event Thursday to help raise funds for Meals on Wheels Western Michigan. The luncheon, held at The Goei Center in Grand Rapids, provides an opportunity to learn about Meals on Wheels and how so many older adults depend on program.

carrier law staff participate in meals for wheels western michigan 'more than a meal' fundraiser at the goei center in grand rapids, mimeals on wheels western michigan information card shows stats of meals served in grand rapids

meals on wheels logo

Learn more about the ‘More than a Meal’ luncheon

On Tuesday, Oct. 9, David Carrier brought his estate planning wisdom to two gatherings in Grand Rapids and Holland.

SKLD Lunch and Learn

As part of SKLD’s ‘Fall Progressive Tour,’ David spoke to a group of Seniors during a lunch and learn presentation covering important topics such as estate planning and asset protection.

david carrier habit for humanity workshop at the Carrier Law Holland office

Habitat for Humanity

On Tuesday evening, David Carrier hosted a Habitat for Humanity Lakeshore workshop at the Carrier Law Holland office. This private workshop welcomed people who have received a house through the Habitat for Humanity program. During the presentation, David spoke to homeowners on ways to properly protect their homes with estate planning.

Americans aren’t doing so well when it comes to estate planning. While 53 percent have a health care power of attorney, only 42 percent have a will or living trust. That means most of us are gambling with our estate.

If you haven’t started estate planning, here are a few documents you should consider. Contact us today for more information!

Estate Planning Through Life

 

A living will is a crucial part of planning for the future. It can help ensure your family is prepared to handle end-of-life decisions if you were to suddenly become terminally ill or critically injured. Just like other legal documents, a living will cannot remain static. Here are five reasons to consider updating yours.

Relationship Changes: Dependents, Divorce, Death

If you have or adopt a child, separate or divorce your spouse or experience the death of an immediate family member, you may need to choose a different person to manage your affairs and make decisions on your behalf. Updating your will to reflect this change will make it easier for your wishes to be followed.

Medical Diagnosis: Should They Pull the Plug?

It can be easy to make decisions about your future care when you are healthy, but a diagnosis may force you to rethink your choices. For example, you may change your mind about whether you want to be kept alive if you require the assistance of a ventilator or feeding tube.

Make sure your living will matches your current health care needs, situation and feelings.

Relocation: Is Your Will Nil Since You Moved?

Where you live matters in terms of whether your end-of-life wishes will be faithfully executed. Each state has its own regulations regarding living wills. Review your current will to determine if it is adequate for your new home jurisdiction.

For example, a living will is not recognized as a legally binding advance directive in Michigan.1 This means there are no formal requirements for drafting one, nor does having one provide absolute assurance that your wishes will be honored. However, it is still recommended to have a living will, as it can still protect you, your loved ones and your assets at the end of your life

Health Care Advancements: Clinical Trials, Transplants – Yay or Nay?

There have been incredible advances in health care in just the past decade, from bionic limbs to full face transplants.2 While you cannot anticipate all the technological improvements to come, you can be proactive by updating your will to be more inclusive of medical breakthroughs.

Aging: What Were You Thinking Back Then?

Your thoughts about life can change as you age and gain more experience. Years from now, you may find yourself questioning what you were thinking when you first drafted your living will. That is why it is a good idea to reevaluate your living will every five to 10 years or so to decide if you want the level of care specified in your directive.3

Plan for Your Future – And Theirs – With Carrier Law

The best way to protect your loved ones and your assets when you die is by planning ahead. With 35 years of experience, the team at Carrier Law can help ensure your wishes are honored – for you and your family.

Call 616-361-8400 to learn more about our services.

 

1 https://info.legalzoom.com/living-requirements-michigan-22736.html

2 https://www.cnn.com/2013/06/05/health/lifeswork-medical-advances/index.html

3 https://www.investopedia.com/articles/personal-finance/032116/5-reasons-update-your-living-will.asp

We have some exciting news to share – we’re changing our name to Carrier Law. Our business has grown and evolved over the last 35 years, and it was time to update our look to better match who we are today: a highly experienced team with a singular focus on helping clients develop the best plan possible.

Our new name is a stronger symbol of our dedication to educating families on how to preserve and protect what they’ve worked so hard to create. By providing this extraordinary level of service, we ensure they receive every benefit available by law. We have a team of over 50 members who all have one goal in mind: OUR CLIENTS COME FIRST.

You worked hard for your money. We help you keep it.

Artwork and collectibles are an important asset in many of our lives. When it comes to estate planning, you do not want to leave the future of your beloved collection to chance. If you are unsure how to manage it, you are not alone – many collectors do not consider putting their artwork into their Will or Trust when they initially set up their estate plan. Luckily, you have options to ensure your collection is handled to your specifications when you die.

Sell Your Collection

Artwork is more expensive to sell than other assets. The capital gains tax on art and collectibles is 28 percent, compared to the typical 20 percent.1 This can be reduced or even eliminated if the decision to sell is made after you pass. If you decide you want to have a say in who receives your collection, you will be responsible for paying a sales commission, other taxes and shipping costs.

Your beneficiaries may not understand the value of your artwork, so it is best to meet with an appraiser who can give you a better idea of what it is worth.

Leave Your Collection to Your Heirs

If your heirs want to keep all or part of your collection, you can specify this in your Will. The best way to ensure your artwork is cared for is to provide the recipients with the resources to maintain it. This includes a list of appraisers, insurance agents, historians and other specialists who have worked with you to develop your collection.

You can also transfer your artwork and collectibles using an LLC.2 The family members included will be responsible for the collection as a group. For example, if they decide to sell one piece, they will split the profits evenly. You must select at least one of your heirs to manage the collection, including maintaining insurance, display and storage for the artwork and making decisions regarding sales of individual pieces.

Donate Your Collection

If you donate your artwork to a museum or charity, you can claim a tax deduction of up to 30 percent of your adjusted gross income (AGI).3 The IRS requires a qualified appraisal made within 60 days of the donation date for any collection worth more than $5,000.

In some cases, you may be able to specify how your art is displayed, such as in a specific wing of a museum and whether you would like your name included with the collection.

Keep in mind that your artwork may not be permanently displayed in the museum you donate it to. Due to decreased funding and limited storage space, major museums often limit donations, particularly if you want to give your entire collection.4

Create Your Own Museum

Depending on your resources and the size and relevance of your art collection, this option may be in your best interests if you cannot find a museum willing to accept your donation. Your collection should be large enough to justify the costs of opening and maintaining a museum.

Protect Your Collection With an Estate Plan

Developing an estate plan is one of the best things you can do for yourself, especially if you have artwork or collectibles you want to protect. The attorneys at the Law Offices of David L. Carrier are committed to helping you preserve your collection. We will work with you to create an estate plan that safeguards these valuable assets and minimizes the stress your family may experience when you die.

Call 616-361-8400 to start planning for your estate today.

 

1 https://www.artworkarchive.com/blog/how-to-create-an-estate-plan-for-your-art-collection

2 https://www.investopedia.com/articles/personal-finance/071514/using-llc-estate-planning.asp

3 https://www.kahnlitwin.com/blogs/tax-blog/what-are-the-benefits-of-donating-artwork

4 https://fa.morganstanley.com/dowellgroupsb/the-art-of-donating-art.htm

We can help you establish a will or trust, or make sure your existing one is current. Contact us today for a free document review.

Trust vs Will

Join us at the Beltline Bar in Grand Rapids for a great meal and to help us raise money and awareness for the Walk to End Alzheimers.

On Wednesday, August 22 from 4-8 p.m., 15% of your in-house food and beverage purchases will go to support the Walk To End Alzheimers.

WHEN: Wednesday, August 22, 4 to 8 p.m.
WHERE: Beltline Bar
16 28th St SE
Grand Rapids
(616) 454-0494

This flyer MUST be presented to the staff when paying your guest check to be credited to our fundraiser.

We would love to have you on our Walk Team!

Register to Walk

Go to act.alz.org to register
Team Name: Carriers Cavalry

What Happens to Your Digital Money After You Die?

In simple terms, if you’ve invested in Bitcoin, Ethereum or any of the other available cryptocurrencies, whatever sum of money you’ve amassed could be lost if you were to pass away without providing the means to access your crypto wallet. This happens more often than you might think. A digital forensics firm estimated that nearly four million of the possible 21 million available Bitcoins are considered “lost,” with death, misdirected transaction and carelessness being primary causes.1

Cryptocurrency’s Anonymity Problem

One of the reasons people are drawn to cryptocurrency is it’s completely anonymous, enabling you to make discreet purchases without being taxed. However, if you never tell your heirs you own a crypto account or share the information in an estate plan, this anonymity can do more harm than good, since there will be no way to identify or access the deceased’s wallet. This is in stark contrast to the ease with which more traditional finances are accounted for during the probate process.

How to Safely Store Your Access Information

Whatever private information you use to access your wallet, it’s crucial you document it, safely store it and provide whomever you’re entrusting with your estate access to it. Many cryptocurrencies use a combination of several pieces of access information, such as a private digital key, username, password, security questions and two-factor authentication. Physically record this information or put it on a thumb drive and store it in a safety deposit box for optimal safekeeping.

Consider Purchasing a Hardware Wallet for Added Protection

Purchasing a hardware wallet is one way to ensure your crypto account remains accessible and protected if you were to pass away. A hardware wallet is like the default wallet that’s provided to you when you make an exchange, but because it’s encrypted, it’s only accessible by password. This makes your information safe from hackers for as long as the wallet is in use. Just be sure your estate plan includes how to access your hardware wallet.

New Crypto-Estate Technology

As crypto technology evolves, new methods for managing crypto are taking shape as well. The Tomorrow App, for instance, is a new platform that helps you organize your crypto access and holdings into an investment asset of sorts to be transferred to your living trust when the time comes. While this new technology is impressive, it’s far from a finished product. Many find using traditional estate planning methods minimizes financial stress.

Begin Planning Your Estate Today

Whether your will and trust will include crypto holdings or not, it’s crucial you have your valuable assets and applicable finances accounted for in the event you pass away unexpectedly. The estate planning lawyers at the Law Offices of David L. Carrier have years of experience providing clients with the utmost peace of mind. For more information, call 616-361-8400 or visit our website today.

1 http://fortune.com/2017/11/25/lost-bitcoins/

 

 

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