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Ameriprise Financial invites you to a special seminar at Beau’s Grille on Thursday May 15, 2014 @ 6:30 pm.
This event is features:
- R. Bryan Nace, Attorney at Law, Nace Law Office
- Ming Je Huang, DC, DACBA, Integrative Chiropractic Clinic
- Annie Zhang, Private Wealth Advisor, Ameriprise Financial
This seminar will offer tips and strategies that can help you:
o Learn how to live a happy and healthy lifestyle
o Plan to bring your retirement dreams and goals more within reach.
o Learn ways to generate dependable income that could last through your whole retirement.
o Leave behind a lasting, meaningful legacy
o Manage estate tax burden – for you and your loved ones.
Space is limited. Please make a reservation for you and up to 4 guests. RSVP to JENNIFER SHEMORY AT 330.873.1100 OR JENNIFER.L.SHEMORY@AMPF.COM .
Dinner will be provided. This is an informational seminar. There is no cost or obligation.
WHERE: BEAU’S GRILLE, HILTON AKRON/FAIRLAWN
3180 WEST MARKET STREET, AKRON, OH 44333
WHEN: THURSDAY, MAY 15 AT 6:30 P.M.
This seminar is sponsored by Columbia Management, CNL Securities, and John Hancock.
Learn about creating an Estate Plan that reflects your values, helps your heirs, protects your assets, and has optimum tax efficiency. R. Bryan Nace will be speaking at the American Heritage Financial Estate Planning presentation on May 7, 2014 at 7 pm. Topics include trusts, living wills, powers of attorney, long-term care risks, avoiding probate, and more. The presentation will address common questions such as: Do you need a trust? Should you have a power of attorney? Do you need a will?
The presentation will be held at Rosemont Country Club, 3777 Rosemont Blvd., Fairlawn, Ohio 44333. Light refreshements will be served.
If you are interested please register by contacted Joy at firstname.lastname@example.org or 330-535-0881. Please RSVP by May 1, 2014. You are welcome to bring a friend or family member who may be interested in these topics.
Facebook’s policy for memorializing a deceased user’s account has changed. No longer will a memorialized account have its visibility restricted to only friends of the deceased user. Instead, Facebook will preserve the same privacy and visibility settings that the deceased user had specified during lifetime. Also announced in the news release is the ability to request a “Look Back” movie for a deceased user’s account. Only a friend can make the request for a “Look Back” movie for a deceased user, and this request must be made after the deceased user’s Facebook account has been memorialized.
Most Terms of Service agreements for online accounts do not specify what happens when a user is incapacitated or after a user is deceased. Thus family members and the fiduciaries acting on behalf of the user face delays and obstacles in trying to access the user’s online accounts and other digital property. They may not have the user’s password. Or perhaps they cannot use the password because it violates the account’s Terms of Service, which potentially could be prosecuted under state or federal criminal laws including the Computer Fraud and Abuse Act. Or, maybe the fiduciary has requested a copy of the contents of the deceased user’s online account, but the account provider is not able to divulge the contents without the lawful consent of the user because of the privacy protections under the federal Stored Communications Act. These are significant problems facing family members and fiduciaries when dealing with an incapacitated or deceased user’s online accounts and digital property.
Facebook’s Terms of Service agreement does not permit anyone to log into another user’s account, not even a deceased user’s account. Also note that Facebook will not reset or reveal the password of a deceased user’s account.
Hopefully someday users will be able to easily designate one or more beneficiaries or agents who could receive a copy of all (or a specified portion) of the user’s account contents after the user has died. This is an area of law that is likely to see many changes in the next few years. Stay tuned.
Most people would think that their executor, trustee, or agent under a Power of Attorney would generally have authority to obtain information about, or gain access to, relevant digital accounts in case of disability or death. However, it may not be that easy. General authority may not be sufficient under laws enacted to protect your privacy, to prevent cyber-theft, and to increase computer security. In some circumstances it may be unlawful for an agent to access an account even if the agent has access to the username and password. And the terms of service on many online accounts do not authorize an agent to act on behalf of the account owner.
Many states do not yet have laws that specifically authorize an agent to access electronic accounts. It is likely that most states will enact laws in the coming years to deal with this with this issue and provide a specific method for authorization. But for the time being it is prudent to add language to wills, trusts and financial powers of attorney specifically granting agents, executors, or trustees access to digital assets.
Ancient property law and inheritance rights don’t often come up in conversation or popular television shows. But that’s what is happening now that the fourth season of the PBS series Downton Abbey is underway. Due to the show millions of fans have been introduced to an arcane legal principle known as the fee tail and other aspects of British inheritance law. Forbes has an interesting article on the phenomenon.
Where do you keep your essential financial information and valued photos, videos, and family information? In the past people would have had a lockbox, or safe, or desk drawer in which to keep financial information. They may have had photo albums on the shelf. Or maybe they would have had a file drawer with scrapbooks, family tree chart, or correspondence and awards, etc. But now for many people those things are stored on a computer or hand-held device. Everything can now be done online from managing finances to communicating with family and friends, to maintaining calendars and contacts, storing family photos, and accessing books, music, and periodicals. Many of us have social media accounts and some even have a personal website. Each website or application requires a username and password. Who will be able to find and access of all of your accounts in the event that something happens to you?
Of course you should keep a list, but given the sensitive nature of the information, this list must be safe, secure, and yet also accessible if something happens to you. In the event of your disability or death, will your loved ones be fully prepared to access to your digital assets?
There are at least four important components of a good computer digital account (CDA) plan:
- A digital asset inventory — create a list of your online accounts and digital assets (this must be routinely updated).
- Security for the inventory — keep the list in a safe place to prevent misuse, but arrange for access to it when the need arises.
- A designated digital fiduciary — choose an appropriate person to access and manage your digital assets in your absence and upon your death or incapacity.
- Arrange for access — inform your fiduciary how to find your inventory when you cannot access it and authorize access your computer and electronic accounts with your passwords.
A good estate plan takes these items into account. An experienced trusts and estates attorney can help you create and review a CDA plan as part of a comprehensive strategy to protect yourself and your heirs.
Forbes has a good article on seven reasons you should talk to your (adult) children about estate planning. The most important reason of course is that it can help to avoid problems later. But the Forbes article discusses the following seven reasons:
- Avoid surprises. Don’t leave them wondering about your intentions.
- Refine your plan. Getting feedback might make you think twice about your current plan.
- Save taxes. In some cases you may be able to instruct them on helping to save taxes.
- Adjust expectations. Make sure everyone is on the same page to avoid fights later.
- Explain yourself. Children may accept your decision more easily if you’ve explained why you made your decision.
- Anticipate a disclaimer. In some cases you need to know if your child would consider disclaiming their inheritance.
- Promote harmony. Talk to each child about their ideas and opinions.