Reflecting on Family Legacy: What Will You Leave Behind?

When Jack created his first estate plan at 35, his primary concern was naming a guardian for his two young kids. Now, 25 years later, his children are grown, his assets have changed, and his priorities have shifted. But his estate plan? It’s still gathering dust in a drawer.

Over the years, Jack built a thriving business, developed a passion for philanthropy, and welcomed four grandchildren. His vision for the future is no longer about basic protections—it’s about creating a legacy. But without an updated plan, his wishes may never be realized.

Your estate plan should evolve with your life. If it’s been years—or even decades—since you last reviewed it, now is the time to ask yourself:

• Does my plan reflect my current values and goals?

• Are my assets structured to support my family and the causes I care about?

• Have I accounted for changes in tax laws, family dynamics, or my own priorities?

Planning for the future is about more than just dividing assets. It’s about shaping the memories, values, and opportunities you leave behind. Jack eventually revisited his plan, working with our team to establish a charitable trust, create education funds for his grandchildren, and update his business succession plan.

This new year, take the time to reflect on what truly matters to you. Let’s create a plan that ensures your legacy lives on. Request a Consultation or Register for a Workshop to begin.

Financial Wellness in the New Year: Why a Will Alone Isn’t Enough

Financial wellness is about more than building wealth—it’s about protecting what you’ve built. Too often, families assume that a simple will is enough to safeguard their future, only to discover its limitations when life throws them a curveball.

Take the Petersons, for example. When their father passed away, his will outlined how his assets should be divided. But the will alone didn’t account for probate, which delayed the process and created unexpected costs. Worse, his retirement accounts had no beneficiary listed, leaving the funds tied up in court. For a family already grieving, these complications added unnecessary stress.

An estate plan goes beyond a will to provide a complete strategy for protecting your financial wellness. This includes:

• Trusts: A trust may help you avoid probate, protect assets from creditors, and provide ongoing support for your loved ones.

• Powers of Attorney: These documents ensure that someone you trust can make financial and healthcare decisions if you’re unable to.

• Tax Strategies: Proper planning can minimize estate taxes, leaving more for your heirs.

Estate planning isn’t just for the wealthy or the elderly—it’s for anyone who wants to ensure their financial goals are aligned with their long-term security.

This year, take control of your financial future. Request a Consultation or Register for a Workshop to learn more.

Starting the Year Right: Why Updating Your Estate Plan Matters

When Rick and Susan drafted their estate plan 20 years ago, they felt an enormous sense of relief. They created wills, set up a trust for their kids, and designated guardianship in case anything happened to them. At the time, it felt like they had checked an important box. But over the years, life changed—Rick started a business, one of their children married and had kids of their own, and new laws around estate taxes were enacted. Their plan, however, stayed the same.

When Rick passed away last spring, Susan learned the hard way that an outdated plan can cause almost as much confusion as no plan at all. The business wasn’t included in the trust, leaving it tied up in probate. The guardian they had named for their now-adult children was unnecessary. And while their wills were still valid, they didn’t reflect the family’s current dynamics or needs. Susan spent months navigating legal challenges that could have been avoided with a simple update.

This year, resolve to keep your estate plan as current as your life. Key resolutions to consider include:

• Reviewing Beneficiaries: Outdated beneficiaries on retirement accounts or insurance policies can lead to assets being distributed to the wrong people.

• Updating Wills and Trusts: Reflect changes in family dynamics, financial situations, and legal requirements.

• Organizing Important Documents: Ensure your family knows where to find powers of attorney, healthcare directives, and insurance policies.

Don’t let an old plan create new problems. Start 2025 with an estate plan that works as intended. Request a Consultation or Register for a Workshop to get started.

Reflecting on the Past and Planning for the Future: Estate Planning Resolutions for the New Year

As we prepare for a new year, it’s natural to reflect on where we’ve been and where we’re going. At Cain, Cain & Janik, we believe estate planning resolutions are about more than finances—they’re about honoring the past while looking to the future.

When Mary came to us, she had recently lost her mother and felt compelled to secure her own family’s future. Mary’s story is a reminder of how estate planning is both a tribute to loved ones and a promise to protect those we care about. This year, we encourage you to create estate planning resolutions that bring peace of mind and purpose to your life.

1. Reflect on the Year’s Milestones
As Mary discovered, reflecting on major life events—new family members, career changes, personal growth—can guide us in creating or updating our estate plans. Each new experience provides clarity about what matters most.

2. Set Goals for the Future
Mary wanted her estate plan to provide both financial security and a way to give back to her community. Think about what’s important to you: Do you want to support a cause, help a family member, or preserve a family tradition? Your estate plan should reflect these aspirations.

3. Make Reviewing Your Estate Plan a Resolution
Estate planning is a journey, not a one-time task. Just as Mary scheduled regular check-ins to keep her plan up to date, make it a resolution to review your plan annually, adapting it to life’s changes.

4. Embrace the Gift of Peace
Mary’s story reminds us that estate planning isn’t just about documents—it’s about giving ourselves and our loved ones peace of mind. Setting resolutions to protect our future is one of the most meaningful steps we can take.

Our special offer: Schedule a consultation and become a client before year’s end and your trust will be maintained at no additional charge through our Estate Planners for Life™ Maintenance Program through January 1, 2026.

There’s no better way to close out the year than by knowing your future is protected. Take control and plan ahead today by contacting our office for a free consultation.

Year-End Estate Planning Checklist: Wrap Up the Year with Confidence

The end of the year is a time to tie up loose ends and make sure we’re prepared for what’s next. At Cain, Cain & Janik, we encourage clients to finish the year with a confident step forward, using our year-end estate planning checklist to create a foundation of security for the future.

When our client Jim first came to us for help, he wanted a simple will. But after his wife’s unexpected diagnosis, he realized a full estate plan could help ensure his family’s well-being. Now, Jim’s estate plan provides him with a sense of calm as he heads into the new year, knowing his family’s future is on solid ground.

Here’s how to make sure your estate plan is ready for whatever lies ahead:

1. Confirm Your Key Documents Are Current
As Jim learned, estate plans must evolve to keep up with life’s changes. Review your will, trusts, powers of attorney, and healthcare directives to ensure they reflect your current wishes and family needs. Major changes in family or finances are always worth a double-check.

2. Check Beneficiary Designations
From retirement accounts to life insurance, reviewing your beneficiary designations prevents unintended outcomes. Jim updated his policies to ensure his children were taken care of, providing a lasting gift that goes beyond simple possessions.

3. Consider Year-End Tax Moves
Take advantage of any year-end tax benefits, like charitable donations or annual gifting. Not only does this bring peace of mind, but it can also help you maximize financial benefits before the year’s end.

4. Enroll in Our Maintenance Membership

Our Maintenance Membership keeps your estate plan up to date, so you don’t have to worry about missing important changes. Jim joined our membership, which ensures his plan is reviewed regularly—a gift that keeps on giving.

Our special offer: Schedule a consultation and become a client before year’s end and your trust will be maintained at no additional charge through our Estate Planners for Life™ Maintenance Program through January 1, 2026.

There’s no better way to close out the year than by knowing your future is protected. Take control and plan ahead today by contacting our office for a free consultation.

Giving the Gift of Peace: Estate Planning for the Holidays

Amid the holiday cheer, we search for gifts that speak to the heart. For many, estate planning might not come to mind as a holiday gift, but what if it could offer the greatest peace of mind? At Cain, Cain & Janik, we believe estate planning is a gift that goes beyond wrapping paper and ribbons—it’s a gift of security, love, and comfort for everyone involved.

Take Matt and Sara, who came to us last December after Sara’s father experienced an unexpected medical crisis. They saw firsthand the stress of managing a loved one’s estate and wanted to make sure their own children never had to experience the same. By creating their plan, Matt and Sara gave themselves peace, knowing they’d protected what mattered most.

1. A Gift That Lasts

Matt and Sara’s story isn’t unique. Estate planning creates a legacy that lasts, protecting assets, preserving values, and providing peace. Imagine giving your family the comfort of knowing that everything will be taken care of, even if the unexpected happens.

2. Legacy and Values Preservation

Think of your estate plan as a reflection of what you cherish. Whether it’s setting up a trust, writing a will, or establishing family funds, estate planning lets you pass on more than assets—it passes on love, tradition, and support for future generations.

3. A Thoughtful Gift for Yourself

Creating a plan is a gift to yourself, too. Like Sara said after completing their estate plan, “It’s like taking a deep breath and knowing we’re prepared.” Take a moment to consider your own peace of mind—knowing that everything’s in place lets you focus on making memories this season.

Our special offer: Schedule a consultation and become a client before year’s end and your trust will be maintained at no additional charge through our Estate Planners for Life™ Maintenance Program through January 1, 2026.

Ready to turn these myths into meaningful decisions? Take control and plan ahead today by contacting our office for a free consultation.

Family Gatherings and Estate Planning: Starting Conversations During Thanksgiving

Thanksgiving is a time for family, togetherness, and reflection on the past year. The days leading up to Thanksgiving and the days after Thanksgiving can be an opportunity to initiate important estate planning conversations. At Cain, Cain & Janik, we understand that starting these conversations with your family can seem awkward; however, these conversations can be an essential step in ensuring family harmony and financial security for the future.

One way to start the conversation about family values and legacy is in the kitchen as you prepare family recipes. By framing estate planning as a way to preserve these values for future generations, it becomes a positive and forward-thinking discussion rather than a difficult or uncomfortable one.

You can also highlight the importance of open communication. Estate planning involves shared goals, and having everyone on the same page is crucial. Thanksgiving offers a rare chance for family members to gather in one place and have meaningful discussions about their roles in the estate plan, whether it’s serving as a trustee, power of attorney or understanding their inheritance.

It’s also a good time to update family members on any recent changes in your estate plan, such as new wills, trusts, or powers of attorney. Keeping your loved ones informed about your wishes can prevent misunderstandings or conflicts down the line.

This Thanksgiving, take advantage of the time spent with family to have these essential conversations. Cain, Cain & Janik is here to guide you through the estate planning process. Request a consultation at this link or register for a workshop at this link.

Creating a Legacy of Giving: Family Philanthropy and Charitable Planning for the Holidays

As the holiday season draws near, it’s a meaningful time for families to reflect on the values that matter most. Beyond gift-giving and celebration, this time of year offers a unique opportunity to discuss charitable giving as a family, creating traditions that build a lasting legacy. When families come together around shared philanthropic goals, they cultivate a sense of connection, establish values for future generations, and make a positive impact on their communities.

Why the Holidays Are Ideal for Charitable Conversations

With the family gathered for the holidays, this is a natural time to discuss charitable giving as part of your estate planning. From grandparents to young children, each family member can contribute, share their passions, and learn about the benefits of giving back. These conversations don’t only shape financial habits but also provide an invaluable opportunity to share family values and create a lasting sense of purpose across generations.

Establishing a Legacy of Giving Together

Charitable giving serves as a bridge connecting family members of all ages. Older family members can share why philanthropy is important to them and encourage younger members to choose causes that matter to them. Giving each child or grandchild a small allowance to donate fosters a sense of responsibility and helps them feel their opinions have an impact on the world around them. This shared tradition doesn’t just strengthen family bonds; it reinforces the values and priorities that each generation can carry forward.

Volunteering together is another powerful way to experience the importance of giving firsthand. Families who volunteer at local charities or community events often find that these experiences create cherished memories while instilling the value of service.

Tax Benefits of Charitable Giving: A Win for Your Family and Your Legacy

While the primary goal of giving is to make a difference, charitable contributions offer tax benefits that can complement your estate plan. For many families, charitable giving aligns well with both financial planning and legacy-building, making it a win-win situation. Working with a knowledgeable estate planning attorney ensures you choose the most tax-effective strategy while aligning with your philanthropic goals.

Choosing the Right Vehicle for Charitable Giving

Selecting the right giving method is essential to make the most impact with your contributions. Estate planning attorneys and financial advisors working together can ensure that your charitable giving aligns with both your estate plan and your financial goals.

Creating a Charitable Giving Tradition for Future Generations

A well-thought-out charitable plan goes beyond financial benefits; it establishes a tradition of giving that families can carry forward. Including younger generations in discussions with your financial advisor or estate planner can help them learn about budgeting, planning, and making wise financial decisions. By involving children and grandchildren, you are teaching valuable lessons that transcend finances and foster empathy, gratitude, and a commitment to community well-being.

Charitable giving is about more than financial contributions; it’s about creating a legacy that reflects your family’s values. This holiday season, start or expand the conversation, and discover the joy of giving back together.

The Year-End 2024 Estate Planning Crunch: What to Do Now

As we approach the final months of 2024, it’s crucial to pause, assess, and prepare for changes impacting your estate plan. With numerous new regulations, evolving laws, and economic uncertainties, now is the time to evaluate your plan and adjust it to secure your legacy. Here’s a guide to the key issues you need to consider, why timing matters, and how Cain, Cain & Janik can help you navigate this complex landscape without relying on automated AI solutions.

Corporate Transparency Act: Act by December 31, 2024

The Corporate Transparency Act (CTA) is a significant shift for business owners, especially those with control over various entities. The new reporting requirements, due by the end of the year, extend beyond just filling out forms. The CTA could impact trusts, dissolve entities, and even require updates to shareholder agreements. Noncompliance penalties can be as steep as $600 per day per infraction, or up to two years of jail time, so tackling this now is essential.

2026 Tax Exemption Reduction: Begin Planning Now

In 2026, the estate tax exemption is set to be halved, but waiting until next year could complicate your options. Actions like setting up Spousal Lifetime Access Trusts (SLATs) or retitling assets should be done over multiple tax years to avoid triggering IRS scrutiny under the reciprocal trust and step transaction doctrines. Planning before December 31, 2024, allows for greater tax efficiency, offering your estate more protection when the exemption change hits.

Election Uncertainty: Preparing for Any Outcome

The 2024 presidential election may bring significant changes to estate tax policy. Preparing flexible options now—such as establishing grantor trusts or retitling assets—will ensure you have strategies ready to adapt to any policy shifts. Cain, Cain & Janik can help you design a plan that accommodates these potential changes.

Final SECURE Act Regulations: New Rules for IRAs Starting January 1, 2025

The SECURE Act brings final rules affecting retirement accounts, including IRAs held in trusts. If your plan involves minors or other beneficiaries, take advantage of the new regulations for multi-beneficiary trusts and ensure compliance with the ten-year rule for required minimum distributions. Thoughtful tax planning, especially with Roth IRAs, can maximize tax-free growth and align with your broader estate plan.

Increased IRS Audits on High-Income Taxpayers

The IRS has increased its audit rates for high-net-worth individuals by 50%. Now is the time to address any potential vulnerabilities in your tax strategy before receiving an audit notice. By working with Cain, Cain & Janik, you’ll ensure your estate plan is as robust as possible.

The Importance of Human Expertise in Estate Planning

At Cain, Cain & Janik, we believe that estate planning requires skilled expertise and nuanced insight. One-size-fits-all approaches overlook critical details that affect your unique goals and family dynamics. We work closely with each client to develop personalized strategies that adapt to today’s rapidly changing legal landscape.

Don’t Wait—Start Planning Today

The year-end rush is here, and the complex changes in estate planning regulations mean there’s no time to delay. Cain, Cain & Janik is ready to help you review and adjust your estate plan to meet your needs, now and in the future.

Stay Ahead with Cain, Cain & Janik’s Estate Planners for Life Maintenance Program

In times of constant change, keeping your estate plan up-to-date is essential. Our Estate Planners for Life maintenance program offers an easy way to stay on top of legal, tax, and regulatory updates like those happening now. Our EPFL clients receive regular reviews, personalized updates, and proactive recommendations, ensuring your plan always aligns with the latest laws and your evolving needs. Protect your legacy with peace of mind, knowing you have a dedicated team keeping your estate plan current. Request a consultation to learn how you can become an Estate Planner for Life!

Estate Planning Myths Debunked: Separating Fact from Fiction During National Estate Planning Awareness Month

October may be the month for spooky tales, but there are some real myths about estate planning that can haunt you if you believe them. As part of National Estate Planning Awareness Month, let’s debunk some common misconceptions about estate planning so you can make informed decisions about your future.

• Myth 1: Only wealthy people need estate plans.
  This myth is far from the truth. Estate planning isn’t just for the ultra-wealthy. If you own a home, have any savings, or have children, you need an estate plan. It ensures your assets go where you want them to, not where the state decides.

• Myth 2: Estate planning is only for the elderly.
  Estate planning is important for adults of all ages. You never know when an accident or sudden illness might occur. By having a will, a trust, or a power of attorney, you’re prepared for the unexpected, regardless of your age.

• Myth 3: Once I create my estate plan, I’m done.
  Life changes, and your estate plan should, too. Marriage, divorce, new children or grandchildren, and changes in financial status are all reasons to update your plan. If it’s been years since you last reviewed your estate plan, it’s time to look it over.

• Myth 4: A will is all I need.
  While a will is a great starting point, it’s not the only document you need. Powers of attorney, trusts, and advance directives are equally important for ensuring your wishes are carried out in all situations.

Don’t let these myths misguide you. This Halloween season, it’s time to face the facts and take control of your future.

Ready to bust these myths? Request a consultation today here, or register for a workshop here to learn more about how estate planning can secure your legacy.