Tuesday, August 4, 2026
Tuesday, May 19, 2026
Do Recent College Graduates Need an Estate Plan?
Do Recent College Graduates Need an Estate Plan?
U.S. News & World Report advises that recent college graduates should establish an estate plan, focusing on essential documents like a healthcare proxy, financial power of attorney, and HIPAA authorization, to ensure parental access to crucial decisions upon turning 18.
Beyond legal, these plans should address asset distribution and, as noted in the guide, be reviewed alongside other financial moves.
For more details, visit U.S. News & World Report's financial planning guide for post-college life.
https://www.usnews.com/educati
Tuesday, April 7, 2026
Seven Ways to Distribute Your Personal Property Fairly
Seven Ways to Distribute Your Personal Property Fairly
Takeaways
Personal items such as furniture or jewelry can’t be easily divided equally, often making their distribution the hardest part of settling an estate.
It’s helpful if the deceased person has listed who gets what in their will or a separate, binding memorandum.
Items often have more emotional than monetary value, which can lead to conflicts among family members, especially if old issues resurface.
The distribution of personal property, often the hardest part of settling an estate due to emotional attachments and unequal division, can be managed in a number of ways.
Using online services, senior move managers, or professional mediators can also help manage the process and resolve conflicts.
Unlike money, personal belongings usually can’t be divided equally after their owner passes away. For this reason, distributing possessions such as furniture, jewelry, dishes, silverware, artwork, photographs, or clothing is often the most difficult challenge in settling an estate.
It can help if the deceased person has stated in their will or in a separate memorandum who should receive what. In many states, reference within a will to a separate document with detailed instructions regarding tangible personal property makes the list binding. The list can be updated without changing the will, although it’s a good idea to check with your lawyer when making changes to the list.
Often, items of little monetary value have great emotional significance. This can make distribution difficult when more than one person feels attached to a particular item. The process can also become the venue for playing out old family insecurities and grievances. Everyone may revert to the relationships they had as teenagers.
Choosing the Right Method for Distribution
Most families are able to work out the distribution of personal belongings that the decedent has not directed in a fair way. But if your family dynamics cause some concern, here are a few methods:
Draw box lots and take turns picking items. Instead of picking items one by one, group items into boxes or “lots.” For example, Lot A includes a kitchen mixer, a set of towels, and a toaster. Lot B includes a collection of garden tools and a toolbox. Numbers corresponding to the boxes are put into a hat.
To make this method even more fair, change the order with each box lot. The person who went second in the first round goes first in the second round. For instance, if there are four children, the order of choosing personal items would flow as follows: 1-2-3-4, 2-3-4-1, etc.
- Use colored stickers for each person to indicate what they want. The process may be expedited by each person putting a sticker on their preferred items. Where there’s only one sticker on an item, it will go to that person. Where there’s more than one sticker, then the family may revert to taking turns.
- Get appraisals. Deciding on who gets what can become more difficult if some items have significantly more value than others. If families were to use the taking turns method of distribution, the person who gets the first pick may walk off with the only Rembrandt. It may be necessary for a few rounds for everyone to choose items of similar value, some people getting a single item while others choose several that together are worth as much as the most expensive possession.
In other cases, the individuals getting the most valuable items may have to pay the other family members the value, or the family members may decide that the only fair way is to sell the most valuable possessions and share the proceeds equally.
- Make copies. While many personal belongings are unique, in the case of photographs and videos, copies can be almost as good as the original. Many family members will be happy with a copy.
- Use an online service. FairSplit.com can help you catalog and divide personal property in an estate.
- Consider working with a senior move manager. This person can serve as a trusted neutral third party to defuse strong feelings among siblings.
- Bring in a mediator. Where there are conflicts among family members over particular items, estate attorneys often act as mediators, but you can also go to a trained mediator. This helps the family members get at the root of the interests with the process, healing past wounds rather than worsening them.
In many cases, families use a combination of methods to come up with a fair system of distribution. Sometimes, however, people’s schedules get in the way of everyone meeting in one place to make distributions, or the process gets dragged out for other reasons. Sometimes a virtual meeting to make decisions regarding the deceased's personal possessions can be the most suitable solution.
Other Resources to Help You
The University of Minnesota Extension School has developed useful materials to help families resolve issues around the distribution of personal possessions called Who Will Get Grandma’s Yellow Pie Plate? Access is freely available online in video and in workbook formats, along with related articles and other resources. It is a great place to start for parents planning the distribution of their estate and for executors figuring out what to do after they pass.
For additional related reading, check out the following:
- How to Spare Your Heirs a Battle Over Your Estate, from Consumer Reports
- Estate Planning When You Have a Stepfamily or Blended Family
- Gen X, Millennials Set to Inherit Trillions in Real Estate
- Powers of Attorney (POAs) Come in Different Flavors
- 11 Reasons You Need to Create an Estate Plan
- How a Meditator Helps Families Resolve Disputes
Monday, March 30, 2026
Monday, March 9, 2026
I am happy to support Maps Charities . Maps Charities is one of those wonderful organizations that provides a vast cross-section of services to seniors and their families that enables seniors to remain safe and enhance their quality of life.
Elise Lampert, Esq.
Law Office of Elise Lampert
9465 Wilshire Blvd., Suite 300
Beverly Hills, CA 90212
elise@elampertlaw.com
Tel. 818-905-0601
www.eliselampert.com
Thursday, March 5, 2026
How Do you Build Your Community?
What things do you do to build your community be it professional or social? We all need to surround ourselves with those people who we "Know, Like, and Trust."
Sunday, March 1, 2026
What do you when it feels like the world is spinning out of control?
At times it feels like the world is spinning out of control. Be it the stresses of daily life, work, family or what’s going on in the world at large, we all need a moment to decompress and find solace.
I have always found peace in being in a place where I can appreciate the grandeur and beauty of something larger then life and taking the time to slow down and be present.
Standing on top of a vista, looking out at the majesty of jagged peaks of the Rocky Mountains that have been there for millions of years and breathing in the cold mountain air is one of those experiences that is humbling and gives me great joy.
What do you do to calm yourself when you feel the world is spinning out of control?
Tuesday, February 17, 2026
It takes 500 steps to see the stone dragon at Ngoa Long in Ninh Binh, Vietnam. The dragon that lies atop the mountain represents power, prosperity, and the Vietnamese legend of descent from a dragon king and fairy. The steep, 500-step climb is seen as a "pilgrimage" or a rewarding challenge. What rewarding challenge have you conquered lately?
Tuesday, February 10, 2026
A Creative Way to Craft Your Estate Plan
A Creative Way to Craft Your Estate Planning Legacy
Takeaways
Estate planning isn’t just for the ultra-rich; trusts are valuable tools for anyone looking to structure wealth transfer, protect assets, and minimize conflict, regardless of the inheritance size.
Proactive communication is key. Families should discuss estate plans, asset division, and intentions with heirs to set expectations and prepare them for managing their inheritance.
The superrich call them “trust reveals” — meticulously planned events where the next generation learns who inherits the ski lodge … or the money needed to buy and board horses.
According to a recent article in the Wall Street Journal, these events are becoming more popular as high-net-worth individuals (HNWI) prepare to pass assets to the next generation amid the “Great Wealth Transfer.”
To prepare the children of wealthy parents for the sometimes-thorny issues that can accompany large wealth transfers, advisors and families are holding trust reveals where children learn, as the WSJ puts it, “Surprise! You have a $100 million trust fund.”
Inheritance plans for the average American are unlikely to include such lofty sums and dramatic unveilings. But the ultrawealthy do provide insights about how to use trusts to transfer and protect wealth and how to have money conversations with heirs.
These lessons, like trust themselves, don’t depend on a certain dollar amount to be effective. They’re available to anyone who values a more tailored way to structure the transfer of their wealth and control how assets are used.
Hard Talks About Good Fortunes
The business of trust reveals is booming during the Great Wealth Transfer that is expected to move more than $100 trillion from older generations, particularly baby boomers, to their heirs and charities by 2048. Of that amount, more than $60 trillion will come from high- and ultra-high-net-worth individuals, who make up only 2 percent of all U.S. households.
That leaves about $40 trillion to be divvied up by the remaining 98 percent of households. But among those, inheritances can vary widely. Many inherit nothing, and some receive sums that, while not as vast as those of the richest households, are significant in their own right.
American households inherit $46,200 on average, Federal Reserve data shows. That amount is enough to significantly change financial fortunes, but it’s skewed by top-tier wealth and belies the fact that 70 to 80 percent of households receive no inheritance.
The top 1 percent, with an average inheritance of $719,000, receives more than four times as much as the next wealthiest 9 percent, which has an average inheritance of $174,200. The next 40 percent of households have an average inheritance close to the national average ($45,900), while the bottom 50 percent receives $9,700 on average.
In addition to the large discrepancies in inheritances by household wealth, what stands out about the Federal Reserve data is that nearly all households that do receive an inheritance expect more than what they actually receive.
This could stem from the fact that most older Americans haven’t told their adult children what they’ll inherit — or if they’ll inherit anything at all. Notably, inheritance expectations more closely match reality for the top 1 percent than for the bottom 50 percent. Could this be the “trust reveal” effect in action?
One advisor told the WSJ that he sometimes meets with parents and children four or five times to prepare for reveals. Inheritance can be a sensitive topic for families, but avoiding tough estate planning conversations can create bigger problems later. Less than half of those inheriting money are financially comfortable handling the new wealth, research also shows. And the bigger the inheritance, the greater the chances for financial mismanagement.
The rich are especially sensitive to the possibility that a large inheritance will demotivate their children. More money, more (potential) money problems, in other words.
But the rich get rich, and stay rich, in part because of better planning and communications about their wealth. They often have a long-term perspective on money that focuses on preserving growth over decades, often guided by wealth management professionals. Studies consistently show that wealthy families are more likely to have an estate plan in place compared to those with fewer assets. The higher their net worth, the more likely they are to have an established will or trust.
Wealthy families are also more likely to have formal and detailed discussions about estate planning with their heirs than less wealthy families, and to use professional advisors. This includes the use of “family meetings,” (e.g., trust reveals) as a strategy to discuss plans, align expectations, and involve heirs with financial advisors, investment professionals, and estate planners early on.
Lessons From Trust Reveals Everyone Can Use
The middle class often tries to emulate the wealthy through lifestyle choices like housing, cars, and consumption. However, the way to accumulate — and keep — real wealth involves playing a different game altogether, one that considers long-term goals and prioritizes generational wealth.
You don’t need to host a trust reveal with your heirs to let them know what they’ll be inheriting from you. But you should have proactive conversations with them about their inheritances.
Advisors, who can help to facilitate these talks, recommend you at least tell your kids how your assets will be divided and the basic structure of your estate plan. That can be harder when there are concerns about an inheritance enabling an adult child or in cases of uneven inheritances.
You don’t have to share exact numbers, but giving them some idea of what’s coming their way and explaining intentions can help to set expectations, prepare for tax planning, and reduce conflicts that can be heightened by a parent’s passing.
Here are other lessons from trust reveals that all Americans can take advantage of.
Trusts Are for Everyone
The idea that estate planning is exclusively for the wealthy is a widespread misconception. Estate planning is crucial for everyone, regardless of their financial status.
Some trusts, including the dynasty trusts mentioned in the WSJ article and certain tax haven trusts, are more closely associated with the wealthy. So are terms like “trust funds” and “trust fund babies” (and even quasi-derogatories like “trustafarian”) that suggest trust beneficiaries never have to work.
The rich overwhelmingly rely on trusts, which have benefits like tax minimization, asset protection, privacy, and control, to pass down their wealth. But that doesn’t mean only the rich should rely on them.
Trusts Are Flexible
Trusts can hold much more than money. The WSJ article mentions stocks, bonds, vacation homes, family heirlooms, business interests, and illiquid assets (e.g., collectibles, fine art, and land). But they can hold almost any type of asset, including things like intellectual property, cryptocurrencies, personal possessions, and even loans and promissory notes.
One family in the article put hotels they own in a trust, alongside personal homes, gold jewelry and watches, and luxury handbags. Another family used a trust to pay for a child’s equestrian hobby, including insurance and medical care for the horses.
The article also notes that “income from trusts themselves can help pay for homes to keep them in the family for generations.” That home may not be a ski chalet in the French Alps, but even if it’s a humbler stateside vacation home or a family home, trusts can provide the money needed for upkeep and set usage terms among multiple heirs, easing the burden on children and helping to honor parents’ wishes.
Short of owning a French ski lodge, you could even leave a gift in your trust to pay for a ski vacation, a trip around the world, or anything else. Match gifting creativity with a trust’s flexibility to create lifetime memories — even after you’re gone.
Trusts Allow for “Control Beyond the Grave”
Estate planning is, to some extent, an exercise in relinquishing control. For parents, your assets will be in your kids’ hands — maybe not now, and maybe not for many years to come, but at some point. Trusts, based on how they’re set up, can ensure that parents retain some degree of control “beyond the grave.”
Warren Buffet cautioned that “Hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing.” Your kids’ inheritance might not be enough that they won’t ever have to worry about money. But you might worry about how they’ll spend your money.
Trusts can address these concerns with incentive structures. Several of these are discussed in the WSJ article, such as matching the income of heirs to keep them working or only allowing heirs to use the money if they earn a four-year degree. Trusts can also require beneficiaries to remain sober or employed to benefit and include highly specific requirements like drug testing or maintaining a certain grade-point average.
Supplementing a structured trust with a “letter of wishes,” although not a substitute for sensitive estate planning discussions during life, can provide further instructions for how you hope your money will be used.
Tap the Power of Trusts With Your Advisor
A wealthy business owner quoted in the WSJ article calls an estate plan “The biggest gift you can give to the people you love.”
Trusts and estates generated around $300 billion for beneficiaries in 2025. Your piece of that pie may be relatively small, but for families across the wealth spectrum, trusts offer a more structured way to pass down money, rather than leaving it in a lump sum through a will.
Sunday, January 25, 2026
Saturday, January 17, 2026
Tuesday, January 13, 2026
Execute a Durable Power of Attorney Before It's Too Late
Execute a Durable Power of Attorney Before It's Too Late
Takeaways
- A durable power of attorney can prove critical if you ever lose the ability to manage your own affairs.
- You must have legal capacity to execute a power of attorney, so it’s important to do it before it’s too late.
- If you do not have this legal document in place, a court might have to appoint a conservator or guardian who would be granted the power to act on your behalf.
What Is a Durable Power of Attorney?
A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint – your “attorney-in-fact” or “agent” – to act in place of you – the “principal” – for specific purposes when and if you ever become incapacitated due to dementia or some other reason.
The agent under the power of attorney can then quickly step in and take care of your affairs. This may include health care-related or financial decisions, depending on the power of attorney document you create.
However, to execute a power of attorney (POA) and name an agent to stand in your shoes, you need to have capacity. Regrettably, many people delay completing this vital estate planning step until it’s too late and they no longer are legally capable of doing it.
What Happens If I Don’t Have a POA in Place?
Life can take some unexpected turns. If you ever experience a serious illness or sudden injury, you may lose the ability to handle your own affairs. You want someone you trust to have the legal authority to act on your behalf and in your best interests if necessary.
Without a durable power of attorney, no one would be able to represent you unless a court appoints a conservator or guardian. That court process takes time and costs money, and the judge may not choose the person you would prefer. In addition, under a guardianship or conservatorship, the representative may have to seek court permission to take planning steps that they could have been implemented immediately under a simple durable power of attorney.
This is why it’s so important that you have a durable power of attorney in place before you lose the capacity to execute this type of document.
Who Determines Your Legal Capacity?
The standard of capacity with respect to durable powers of attorney varies from jurisdiction to jurisdiction. Some courts and practitioners argue that this threshold can be quite low: The client need only know that they trust the agent to manage their affairs. Others argue that since the agent generally has the right to enter into contracts on behalf of the principal, the principal should have the capacity to enter into contracts as well, and the threshold for entering into contracts is fairly high.
A third party, often an estate planning attorney, assesses this unless there is doubt about capacity. Formal legal requirements also must be followed.
A Limited Durable POA
If you do not have someone you trust to appoint as your agent, it may be more appropriate to have the probate court looking over the shoulder of the person who is handling your affairs through a guardianship or conservatorship. In that case, you may execute a limited durable power of attorney that simply nominates the person you want to serve as your conservator or guardian. (Note that different states may use the terms guardian or conservator to mean different things.)
A limited durable power of attorney grants authority to an agent to act on your behalf for very specific purposes only. This type of POA can be used to nominate a person you want to serve as your conservator or guardian should that ever be needed. It is different from a general durable power of attorney, which gives much broader powers to the appointed agent.
Most states require the court to respect your nomination “except for good cause or disqualification.”
Work With an Estate Planning Attorney
Because you need a third party to assess your capacity and you also need to follow formal legal requirements, preparing and executing legal documents on your own without representation by an attorney can be risky. To execute a durable power of attorney before it’s too late, contact an experienced estate planning attorney in your area today.
Beyond being able to create a durable power of attorney for you, an estate planning attorney can provide comprehensive support in many other ways, including the following:
- They can help you establish a will or revocable living trust that will determine how to pass your money and property on to your loved ones, minimizing taxes as well as avoiding the complexities of the court process known as probate.
- An estate planner can guide you in selecting the most appropriate beneficiary designations for your retirement accounts and life insurance, ensuring these choices align with your overall goals and estate plan.
- For complex situations, they have the knowledge to establish strategies for preserving your wealth, charitable giving, or planning for a family member with special needs.
- They can also offer ongoing advice as your life circumstances change, ensuring your estate plan remains current.
Engaging an estate planning attorney can help give you peace of mind, navigating intricate legalities and ensuring that your wishes are upheld.
Related Articles
- Capacity Requirements for Executing Estate Planning Documents
- The Types of Powers of Attorney
- Internal Revenue Service Announces 2025 Gift Tax and Estate Tax Exemptions
- When to Avoid Naming a Trust as a Beneficiary of Your Retirement Plan
Contact us
Questions? Contact us at Elise Lampert, Attorney at Law
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Elise Lampert, Esq.
Law Office of Elise Lampert
9465 Wilshire Blvd. | Suite 300 | Beverly Hills , CA 90212
Phone: (818) 905-0601 / Email: elise@elampertlaw.com
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