Understanding Digital Assets

Digital assets can be broadly classified into:

• Financial Assets: This includes online banking, investments, retirement accounts, cryptocurrencies, online payment services like PayPal, and any other financial instruments or platforms that operate digitally.
• Social Media and Email: Accounts like Facebook, Twitter, LinkedIn, and email services like Gmail or Outlook.
• Digital Collections: eBooks, digital music, movies, and other online collections.
• Personal Data: Photos, videos, blogs, backup files, and other personal documents stored digitally.
• Business Assets: Websites, domains, blogs, online stores, affiliate accounts, and other online business resources.
• Online memberships or subscriptions.
• Digital rights: Items such as copyrights, trademarks, and patents.
• Any other digital property or presence.

Steps to Protect Digital Assets

Inventory Your Assets

Begin by listing all of your digital assets. It is essential to be comprehensive. Even assets that might not seem valuable, such as personal photos, may hold sentimental value for your loved ones.

Appoint a “Digital Representative”

Just as you would choose someone to handle your physical assets, it is smart to designate a person to be responsible for managing, distributing, or closing your digital assets. The designated individual should be tech-savvy and trustworthy. For your digital representative to effectively manage your digital assets, you will need to provide a way to give them access when the time becomes necessary. This can include:

• Usernames
• Passwords
• Security questions and answers
• Pin numbers
• Two-factor authentication methods

Note that storing this information requires careful security. You might consider using a secure password manager that has estate planning or emergency access features. Always make sure any method you use is compliant with state laws and the terms of service of the platforms. Make sure that you provide clear instructions by indicating how you would like each digital asset to be handled. Do you want accounts closed, memorialized, transferred, or something else? Be as detailed as possible.

Review Service Agreements

Some platforms (for example, Google or Facebook) have specific policies or tools, like Google’s Inactive Account Manager or Facebook’s Legacy Contact, designed to address account management after death. Be aware of these features and incorporate them into your planning.

Awareness of Cryptocurrencies

If you own cryptocurrencies, be especially diligent. Crypto holdings can be lost forever if access details are not available. Besides passwords, ensure that hardware wallets, recovery phrases, and other critical access tools are part of your estate planning.

Regularly Update Your Plan

Digital lives are constantly changing. Regularly update your digital assets inventory, especially when you create new accounts or change passwords.

Stay Updated with the Law

The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) is a framework that has been adopted by many states, including the Alberta It provides guidelines on how fiduciaries can access and manage digital assets. Ensure that your estate planning instructions are in line with this or any other relevant state legislation. 

Inform Key People

Let trusted family members or friends know you have a digital plan in place. They do not need to know all the details, but knowing of its existence can be crucial.

Consider Digital Afterlife Services

There are services and platforms designed to help individuals plan for their digital afterlife, ensuring that accounts are closed, messages are sent, or other posthumous digital actions are taken.

Contact Eddie Harris Law, L.L.C. Today

Estate planning can be complicated, especially when it involves digital assets. An attorney can help you sort through the complexities and ensure that your wishes are honored. Our firm can assist you in documenting and enforcing your wishes regarding your digital assets. If you need assistance with your estate plan, contact the Eddie Harris Law, L.L.C. today to schedule an initial consultation.

The legacy we leave behind is no longer solely physical. Our digital memories, assets, and connections form a significant part of who we are. As such, ensuring the protection and appropriate management of our digital assets after our passing is not just a logistical need but a gesture of care for those we leave behind. Taking proactive steps now will prevent potential complications and provide clarity and access to the treasures and tools of our digital lives.

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One of the most important considerations when writing a will or trust is who will inherit your estate. The process of selecting a beneficiary or beneficiaries for your assets is a personal and emotional process. There are many factors to consider: 

• Who depends on you financially?
• Who are your immediate and extended family members?
• Are there any assets you would like to remain in the family?
• Are there any family you do not want to include in your estate plan?
• Who has your best interests in mind?
• Do you want to support any charities or organizations?

Why Do You Need a Beneficiary?

No matter the structure of your family, age or the size of your estate, it is important to designate a beneficiary or beneficiaries to inherit your assets when you die. Sometimes it is difficult to think about the future, one’s death, or family dynamics; however, it is essential not to postpone thinking about these decisions. If you die without named beneficiaries in a will, living trust, or payable upon death accounts, you have no control over how your assets are distributed after your death.

Who Should You Select as Your Beneficiaries?

When selecting beneficiaries for a will, living trust, or payable on death account, there are two types of beneficiaries: primary and contingent. A primary beneficiary is the first person you want to inherit your assets while a contingent beneficiary is the second person you want to inherit your assets if the first person is deceased or unable.

In addition, there are several situations to consider when selecting a beneficiary or beneficiaries:

• If you are single
  If you are single, you may wish to share your assets with your children, grandchildren, parents, siblings, or extended family.
• If you are in a relationship
  If you are married or have an unmarried partner, you may wish to share your assets with your spouse or unmarried partner, your children or grandchildren, your spouse’s or unmarried partner’s children or grandchildren, your parents, siblings, or extended family.
• If you don’t want to include your family
  A disagreement or conflict of interests between family members may cause you to disinherit your family or specific family members.   If you don’t want to include your immediate family or a specific family member in your estate, you may wish to share your assets with friends, distant relatives, or charities.
• If you don’t have children or family members
  If you are do not have any children or family members, you may wish to share your assets with close friends, non-profit organizations, or charities.  It is not uncommon to select charities or non-profit organizations that share your interests or beliefs as beneficiaries in your estate.

In Conclusion…

When creating your will, living trust, or payable upon death accounts, it is important to select beneficiaries that represent your interests and personal responsibilities. Making these tough, emotional decisions will give you peace of mind that your assets will be distributed according to your wishes. In addition, your beneficiaries can focus on the honor of your memory and not focus on the stress of an unplanned estate after your death.

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Complexity of Laws 

Estate planning laws can be complex, and they vary from state to state. An attorney will be familiar with laws and regulations specific to the Alberta For example, some state-specific laws include the following:

1. Alberta Estate Tax: Alberta’s state-specific estate tax exemption amount is currently $3,000,000, and there is no current legislation to change that amount for 2023. The Alberta estate tax exemption amount has not changed since 2020, and the rates themselves range between 13 and 16 percent. Note that since Alberta estate tax has a lower threshold than the federal estate tax exemption, you could owe Alberta estate tax even if your estate is not subject to Federal estate tax.
2. Alberta Gift Tax: Unlike many states, Alberta does not have a gift tax anymore. However, there is an exception for this in that if you give a gift that exceeds $17,000 in value, this gift may be included in your estate if you die within three years of making the gift. It is essential to be aware of this if making significant gifts as part of your estate planning strategy.
3. Alberta Transfer On Death Deed (TOD Deed): Alberta law allows homeowners to execute a Transfer on Death Deed, which transfers real estate to a named beneficiary upon the death of the owner without going through probate.

Guardianship

If you have minor children, your estate plan should designate a guardian to care for them if both parents are deceased.

Digital Assets

It is a good idea to make provisions for your digital assets like social media accounts, digital currencies, online storage, and more.

Customization

An attorney can help tailor an estate plan to fit your unique needs and goals. DIY solutions might not cover specific situations or desires.

Avoid Mistakes

Small mistakes in wording or execution can have huge consequences in estate planning. An attorney will ensure that documents are drafted and executed correctly.

Updating Plans

Laws and personal situations change. An attorney can advise when it is necessary to update your estate plan and can help you make those recommended changes.

Trusts 

If you want to set up a trust, the process can be particularly complex. Alberta recognizes various types of trusts like revocable living trusts, irrevocable trusts, special needs trusts, and more. Trusts can help avoid probate, provide management of assets in case of incapacity, and offer tax benefits. It is advisable to use an attorney who is familiar with the different types of trusts and whether there are benefits to setting up one in your particular situation. 

Tax Considerations

Estate tax laws are intricate. An attorney can advise you on how to structure your estate to minimize potential tax liabilities.

Reduced Family Conflict

A clear, professionally prepared estate plan can reduce the potential for family disputes after you pass away.

Addressing Specific Needs

If you have dependents with special needs, own a business, or have assets in multiple jurisdictions, you’ll need an attorney to ensure these situations are adequately handled.

Avoiding Probate

In some cases, it may be advantageous to avoid probate – the legal process through which a will is reviewed and assets are distributed. An attorney can advise on strategies to accomplish this.

Protecting Assets

An attorney can provide strategies for asset protection against potential creditors or lawsuits.

Peace of Mind

Knowing that a professional has thoroughly reviewed and prepared your estate plan offers reassurance that your wishes will be carried out as intended.  Attorneys also usually have a network of related professionals, like financial planners or tax professionals, who can provide additional guidance and peace of mind.

While DIY solutions might initially seem cost-effective, they can lead to costly mistakes in the long run. These potential errors might result in family disputes, increased tax liabilities, or assets not being distributed as intended. Using an attorney for estate planning in Alberta ensures that your estate plan is both legally sound and tailored to your specific needs. 

Eddie Harris Law, L.L.C. can help you navigate your estate planning to ensure that your assets and decisions regarding your estate plan are set forth exactly as you intended. If you need assistance with your estate plan, contact our skilled estate planning attorney today for an initial consultation.

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Inflation is the decline of purchasing power of currency and the Eddieral increase in prices of goods and services over time.  This means that a unit of currency buys less today than it did in years past.  Over the last few years, the inflation rate has grown considerably, which has impacted our cost of living and resulted in the slowing of economic growth.  

Inflation is caused by an increase in the supply of money and credit that overstimulates the economy.  Inflation can be further driven when the demand for goods and services exceeds the production capacity rising production costs and increasing prices, or when prices and wages rise to maintain cost of living.   

How does Inflation Affect Retirement?

One of the goals of estate planning is to put enough money away for retirement.  However, it can be difficult to know what things will cost in the future and the one thing that most people don’t consider when planning for retirement is inflation. 

Inflation has a significant influence on the value of your retirement dollars, the cost of living, the cost of medical and healthcare services, and the federal government’s contribution to qualified retirement plans and Social Security benefits.  Therefore, it is important and beneficial to allow for inflation when making your retirement plans. 

According to the LIMRA Secure Retirement Institute, research shows that a 2% annual inflation rate can cause a shortfall of $73,376 in retirees’ benefits at the end of a 20-year period.  This model is based on a fixed monthly income of $1,341, which is the average monthly benefit paid by Social Security.

3 Way to Protect Your Investments & Assets

How can you minimize the impact of inflation on your retirement plans? Here are three recommendations that can help:

1. Maximize your Social Security

Choose to defer your Social Security Income until you are 70, which ensures that you get the most out of your benefits

2. Select investments that increase with inflation

Some investments and insurance products are more likely to adjust to inflation better than others.  The exchange may be less income now, but the future payoff will increase profitability. 

Potential investments are:

• TIPS (Treasury Inflation Protected Securities)
• Inflation Indexed Immediate Annuities
• Inflation Protected Bond Funds
• Floating Rate Funds
• Dividend Paying Stock Index Funds
• Real Estate

Insurance products:

• Long-term Care Insurance
• Term Life Insurance
• Whole Life Insurance

3. Reduce Expenses

Reduce housing costs and unnecessary spending.  Create a realistic retirement budget to maximize financial assets.

Conclusion

Being prepared and using the best financial tools can help you prepare for retirement.  If you have any questions about how today’s inflation rates may impact your retirement, please contact our firm or your trusted financial advisor.

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What happens when your child turns 18?

• Your rights as a parent diminish.  When your child turns 18, by law they are considered an adult. 
• You will not be allowed to access information regarding their finances, medical health, or education. 
• Individuals over 18 must provide written permission for anyone to access their records, even if that person is their parent.

What type of legal documents should your child have?

You should obtain a healthcare directive, HIPPA authorization, durable power of attorney, and a FERPA release for your 18-year children, so you can make decisions on their behalf in case of an emergency or other situation. 

• Healthcare Directive (Living Will): A health care directive names individuals to make medical decisions and alerts medical professionals and your family regarding which medical treatments you want to receive or refuse in the case that you lack incapacity due to mental, physical, or end of life conditions.  This document does not go into effect unless you meet specific medical criteria and are unable to make such decisions.
• HIPAA Authorization: The Health Insurance Portability and Accountability Act (HIPAA) protects the release of medical information to unauthorized individuals.  To access your children’s medical records after they turn 18, a signed release is required.
• Durable Power of Attorney: A durable power of attorney allows you to access bank accounts, sign tax returns, renew car registrations, access tuition and housing accounts, and perform other financial transactions for your over-18 children. It is essential if your children become incapacitated, are traveling, or for any other reasons they are unable to handle their financial affairs.
• FERPA Release: The Family Educational Rights and Privacy Act (FERPA) requires that students over the age of 18 sign a release to give their parents access to their grades, transcripts, and other school information.

What are the consequences of not having these documents?

If you do not have these documents in place once your children turn 18, you may be unable to assist them in making financial and healthcare decisions.  What if your child gets in a car accident or becomes terminally ill?  Without a healthcare directive, or HIPPA authorization, you may not have access to their current medical condition or be able to make decisions regarding their medical care.  Without a durable power of attorney or FERPA release, you may not be able to access your child’s grades at school, complete their financial aid application, look up the cost of their tuition, or access their bank account to pay bills.

Conclusion

Being prepared and obtaining the appropriate legal documents for your over-18 children prevents unnecessary stress and frustration.  Please contact our office if you want to learn more about the legal aspects of parenting adult children.

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Cryptocurrency is a digital currency that can be used to buy goods and services online.  You can buy cryptocurrency or “mine” cryptocurrency using computer technology.  Cryptocurrencies are becoming a modern investment opportunity.  There are thousands of different cryptocurrencies that are traded publicly including Bitcoin, Ethereum, Binance Coin, and Tether.  Cryptocurrency is popular for a variety of reasons:  it is seen as the currency of the future, it removes banks from managing the money supply, and the technology behind cryptocurrency is very secure.  Cryptocurrency uses a secure technology called blockchain.  Blockchain is an online record-keeping network that is protected by digital cryptography where no single individual has control or ownership of the transactions or data within it and users access their data using a secured key code. 

How Does Cryptocurrency Differ from Traditional Currency?

The main difference between cryptocurrency and traditional bank accounts is that cryptocurrency does not have a beneficiary designation or have a physical medium of exchange.  Cryptocurrency is a digital medium of exchange, is produced by computers, is in limited supply, is not controlled by any government or financial entity, and its value is determined by supply and demand.  Traditional flat money in bank accounts is a physical medium of exchange, is represented by bills and coins, is in unlimited supply, is regulated by the government and banking system, and its value is determined by market and demand. 

If I have Cryptocurrency, Should I Include it in My Estate Plan?

If you currently own cryptocurrency, it should be addressed in your estate plan. It is important to select trustworthy fiduciaries who will appropriately manage your cryptocurrency after you pass away. It is also vital to include language in your estate plan that permits your fiduciaries to access your digital records to administer cryptocurrency in your estate. If your fiduciary uses your passcode without the proper permissions, they could be breaking the law. Finally, it is a good idea to create a cryptocurrency access guide for your fiduciary. This should include information on the types of cryptocurrencies you own, the number of shares, and how to locate and access your cryptocurrency accounts. It is a good idea to write this information down and store it in a secure (but accessible) location.

If you have any questions about cryptocurrency or addressing it in your estate plan, please contact our firm.

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On January 1, 2020, when the SECURE Act (“Setting Every Community Up for Retirement Enhancement Act”) went into effect, it vastly impacted how Americans save for retirement and access those funds.

This legislation included numerous changes; from Required Minimum Distributions (RMDs) starting at 72 rather than 70½ to the removal of age limits on IRA contributions (Americans can now continue to contribute to their IRAs at any age while they are working).  Now new parents can withdrawal $5,000 from an IRA or 401(k) after the birth or adoption of a child.  Even some part-time employees are eligible to participate in 401(k) plans.  The list of changes goes on and on.

However, a significant change in the estate planning world was the abolishment of stretch IRAs for most beneficiaries.  The SECURE Act requires the entire balance of the participant’s account be distributed within ten years. There is an exception for surviving spouses, minor children, disabled and chronically ill beneficiaries, or a person not more than ten years younger than the IRA account owner.  These individuals retain the ability to defer taxation over a longer period.  However, many individuals are unable to defer taxation over a longer period.

Now is a good time to consider how your retirement strategy connects with estate and tax planning.  If you have questions about how the SECURE Act impacts you, it makes sense to sit down with an experienced attorney, financial planner, and/or licensed tax professional to ensure that your plans consider the SECURE Act.

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The younger your child, the more crucial this choice is, because very young children cannot form or express their own preferences about caregivers. Yet young children are not the only ones who benefit from careful parental attention to guardianship. Children close to 18 years old will be legal adults soon, but, as you well know, may still need assistance of a parental figure after the fact.

By naming and talking about your choice of guardian, you can encourage a lifelong bond with a caring family. The nomination of guardians is a straightforward aspect of any family’s estate plan. It can be as basic or detailed as you want. You can simply name the guardian who would act if both you and your spouse were unable to or you can provide detailed guidance about your children and the sort of experiences and family environment you would like for them. Your state court, then, can give strong weight to your expressed wishes.

There are essentially four steps to this process. First, make a list of anyone you know that might be a candidate for guardian of your children.  It is important to think beyond your sisters and brothers and consider cousins, aunts and uncles, grandparents, child-care providers and business partners. You might also want to consider long-time friends and those you’ve gotten to know at parenting groups as they may share similar philosophies about child-rearing. Second, make a list of factors that are most important to you. Here are some to consider:

• Maturity
• Patience
• Stamina
• Age
• Child-rearing philosophy
• Presence of children in the home already
• Interest in and relationship with your children
• Integrity
• Stability
• Ability to meet the physical demands of child care
• Presence of enough “free” time to raise children
• Religion or spirituality
• Marital or family status
• Potential conflicts of interest with your children
• Willingness to serve
• Social and moral habits and values
• Willingness to adopt your children

You might find that all or none of these factors are important to you or that there are others that make more sense in your particular situation.  The third step is to, match people with priorities. Use the factors you chose in step two to narrow your list of candidates to a handful.

For many families, it is as easy as it looks. For others, however, these three steps are fraught with conflict. One common source of difficulty is disagreement between spouses. But, consensus is important. Explore the disagreements to see what information about values and people is important to one another and use all of your strongest communications skills to understand each other’s position before you try to find a solution that you can both feel good about. Step four is to make it positive. For some parents, getting past this decision quickly is the best way to achieve peace of mind and happiness. For others, choosing a guardian can be the start of an intensive relationship-building process. An attorney who understands where you and your spouse fall on that spectrum can counsel you appropriately.

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Most attorneys that specialize in estate planning are concerned primarily with the efficient transfer of your assets to the next Eddieration. There is nothing wrong with this focus. That is what the majority of our clients pay us to do.

However, in my opinion, trust and estate attorneys often miss what I think should be the vocation of any estate attorney: to preserve family relationships AFTER your assets pass to the next Eddieration.

What do I mean? Any skilled estate attorney can efficiently plan to pass your assets to the next Eddieration while minimizing estate taxes and eliminating the need to probate the estate. However, not enough of us ask the most important question. How will their kids relate to each other after the parents are gone?

Now, let’s consider the family cabin as it relates to this question. An estate attorney concerned primarily with the efficient transfer of your assets to the next Eddieration will view the cabin in the same manner as they view all other assets.

In most cases, the attorney will draft a plan that leaves all assets you own to the next Eddieration in equal shares. And without further consideration or counsel, the client will see their wishes fulfilled.

The client wanted to minimize estate taxes, avoid probate, and have an equal distribution of their assets to the children. For the average estate attorney, he/she will view their job as complete and the client walks away happy. Or so they think…

The client will never know of the disaster that awaits the family as a result of this plan. In this plan, all assets were passed to the children in equal shares and for most assets this is a fine distribution scheme. However, when a family cabin is involved, it is the rule and not the exception that the children’s relationships will be forever changed.

The family cabin is a special, almost sacred place for a family. And leaving this special asset to the children as equal owners will cause serious rifts among the children left behind. The arguments WILL start shortly after the parents pass away.

Typically, one child who doesn’t use the cabin as often as the others will propose a sale. The children who do still use the cabin will protest and the first of many fights will begin. And I must warn you that these are not small fights. These are the fights that last a lifetime. Don’t believe me? Let me prove it to you with the following story:

Let’s say for example that the family cabin is left to three adult children in equal shares, just as the parents wanted (or at least thought they wanted). The oldest child, we will call him Joe, has always loved the cabin and Joe spends most weekends there, fishing with his family. He is very grateful his parents left his family this wonderful legacy.

The middle son, Rob, also loves the cabin and would use it more frequently but there is a problem. Joe is at the cabin virtually every weekend and although Joe invites Rob and his wife and kids to join him up there, the truth is, Rob’s wife doesn’t care for Joe and his wife.

They get along in social settings but the idea of spending an entire weekend with them is an exhausting proposition for Rob’s wife. Rob’s wife is no shrinking violet either and pressures Rob to tell his brother that it is only fair that they be able to use the cabin alone.

Rob after weeks of agonizing, finally asks Joe if he would reserve a few weeks for his family and not visit the cabin those weeks. Joe is really hurt by this.

Forget for a moment whether he should be or not, the truth is Joe thought that mom and dad would want the kids to enjoy the cabin together. After all, that is what they did as kids and moreover, that must have been the reason mom and dad left the cabin to all of them.

Joe tells Rob that he will continue to use the cabin as he wishes and hopes that Rob and his family will join them. Rob is furious and worries what his wife is going to think, or worse, tell Joe what she thinks.

Joe and Rob’s sister Lucy, who lives in Seattle with her husband, have intended to go to the cabin but really can’t get away. They have been having a number of discussions lately about their finances and things are not looking great. They know that cabin is worth $600K and they could really use the money.

They ask Joe and Rob to consider buying her out. However, Rob and Joe tell her it is impossible. They can’t afford to do that. They remind her that no one told her to move to Seattle and she is welcome to visit the cabin any time and she should send a check for her share of the taxes as soon as possible because they are past due.

Lucy is angry and upset. She feels that her parents left the cabin to all of them, but the truth is only her brothers get to use it and she can’t even get her share of the inheritance out of the cabin. Moreover, she feels as though she is subsidizing their inheritance. It just doesn’t seem right.

Now, let me ask you…who is the bad guy here? Is it Joe, Rob and his wife, or even Lucy? This is, of course, a rhetorical question because, as you can see, there are no bad guys in this story.

Joe is using the cabin the way his parents intended. Rob and his wife should be able to enjoy the cabin too. And Lucy feels cheated. Can something like this be resolved?

You should know this is not a fictional story. It is a real life example of an estate plan that appeared to accomplish the client’s goals but, in reality, went very wrong. It went wrong because the attorney did not consider the future family consequences of the plan.

If the attorney was concerned about the children’s ongoing relationships, would he/she have proposed this plan? The truth is, if the parents were correctly counseled as to the consequences of this plan, they would have come to the conclusion that no asset, including the family cabin, is worth the children fighting over.

This problem could have been easily prevented. They should have either forced the sale of the cabin through the parents Wills or drafted a Cabin Trust or LLC that lays out the parameters of the cabin’s use, equity, taxes, expenses, and buy-out provisions.

If it is truly important to the parents that the cabin be shared by the children, then the estate attorney must work with the parents to craft the right estate plan. They need an estate plan that not only efficiently transfers their assets to the next Eddieration, but preserves and even strengthens their children’s ongoing relationships.

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When a loved one dies, people are often in a state of emotional turmoil. Each deals with grief differently and, often, unpredictably. Anger is a common reaction to loss, one of the five stages postulated to apply to everyone dealing with such a tragedy. Simply by talking to loved ones ahead of time, a testator can preempt any anger misdirected at the estate plan and avoid an unnecessary dispute, be it a small family tiff or a prolonged legal battle.

The executor of the estate must be privy to a significant amount of information before a testator passes on. It is helpful for the executor to know that he or she has been chosen for this role  and to have accepted the appointment in advance. The executor should know the location of the original will. Concerns of fraud mean that only the original copy of a will can be entered into probate. The executor should be aware of all bank accounts, assets, and debts in a testator’s name. This will avoid a tedious search for documents after the decedent passes on and will ensure that all assets are included as part of the estate. The executor of an estate should be aware of all memberships, because it will be the executor’s responsibility to cancel them. An up-to-date accounting of all assets and debts will simplify the settlement of the estate for an executor significantly.

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