September 2024 Newsletter

Legal Lines News

Estate Planning and Elder Law

High School Seniors Can Use a Starter Estate Plan

The long, carefree days of summer are nearing an end. If you have a high school senior at home, childhood is also coming to an end for them as they prepare to graduate, turn 18, and enter the “real world.” Read more to determine if they—and you—are legally prepared for their official start of adulthood.

Four Things A High School Senior Needs to Know Before Graduating

Young adults are not known for being the most fiscally responsible people. Yet financial planning is more important than ever for a generation that is struggling with high inflation and debt and has a tendency to prioritize spending over saving. Read more about how professional guidance can help break through money management barriers and prepare a young adult for a lifetime of financial success.

A Personal Note From Susana

The Best Graduation Gift You Can Give

This month’s newsletter presents the reasons for encouraging your newly minted “adult” children to have an estate plan. I used to call this program “The sleeping beauty program.” Why? The Sleeping Beauty story involves a 16-year-old young princess who is doomed to fall asleep until her prince charming shows up and awakens her at age 18—or at least that is how I read it since our princess becomes a legal adult at that age. Due to the adult label it means that an 18 year old becomes independent of parents and they are given adult responsibilities including driving, and having their own bank/brokerage accounts. Along with adult responsibilities come more risks in life. If my “sleeping beauty” is in a car accident and falls into a coma I cannot be responsible for their care once they achieve the age of majority. Eighteen in the Commonwealth of Massachusetts. As described in the newsletter articles there are ways our adult children can enable us to be of assistance to them. One of the ways is to have an estate plan that includes a Will to pass their assets to loved ones (instead of letting a court decide who gets what), a power of attorney to enable someone to act financially on one’s behalf, and a health care proxy (health care power of attorney) to enable family to care for a loved one over the age of 18 who could be hurt and need such help.

I remember the day my son told me about a friend in college who had been injured in a car accident. His parents couldn’t care for him or work through the complexities of the medical system on his behalf because he didn’t have a health care proxy.

Don’t let your children leave home without these very important documents. They are the best going away/graduation you can give.

Susana

Tip of the month: A note on gold: Pure gold as utilized in jewelry is valued today at an all-time high. Many of my clients who may need ready cash have it right in their jewel boxes in the form of jewelry they may no longer want or need! The bits and pieces you have can have a value that may surprise you. As of 11:38 AM ET today, 9/6, the price of gold was $2,516 per ounce. The 52-week high for gold is $2,526, and the low is $2,364. You can check out these values online. There are companies that buy gold. Not all are reputable. So be careful when selling gold and check references.