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ELDER LAW • ESTATE PLANNING • WILLS & TRUSTS • GUARDIANSHIP & PROBATE LITIGATION

Planning, Protection & Pushing Limits

At Generation Law, we believe that preparation is the key to navigating life’s transitions, whether in estate planning or endurance cycling. In this edition, we explore essential topics that impact families and their financial well-being:

Types of Asset Ownership & Joint Accounts – Understanding ownership structures can prevent complications down the road. Learn about unexpected issues in co-owning financial accounts with non-spouses.
Estate Planning with Bitcoin – Digital assets are changing the landscape of estate planning. Learn a little bit about cryptocurrency and the vacuum of estate planning advice surrounding it.
Dementia: Causes, Warning Signs, and Paying for Care – Discover some of the known causes and warning signs, the steps you can take to potentially reduce your risk of developing the disease, and some of the ways that the government can help paying for care
Race Across America Update – Our founding attorney is tackling one of the toughest endurance challenges in the world after helping raise more than $200,000 for lung health. Follow his journey as part of an eight-man cycling team.

From financial security to pushing personal limits, we invite you to stay informed, stay prepared, and stay inspired.

MAY & JUNE'S NEWS TO KNOW

Types of Asset Ownership and Unanticipated Problems with Jointly Owned Financial Accounts

Property ownership is a fundamental aspect of estate planning and asset management. This ownership comes in many forms: individually, with someone else (called joint tenancy), in trust, and with some type of contractual beneficiary.

Different ownership forms each provide distinct asset control mechanisms for the disabled. Different methods exist for transferring ownership upon death. Each of these have different advantages and disadvantages. In this article we we cover the basics briefly and then highlight some surprising issues our clients have experienced with jointly owned financial accounts.

What’s All About Bitcoin?

Ben’s Trip to the Las Vegas Bitcoin Convention

Just after Memorial Day, Ben Neiburger attended the Bitcoin Convention in Las Vegas (Ben’s triathlon coach said he should climb a couple of mountains on this bike in preparation for his 3000 mile Race Across America bike race on June 14, so Ben really went for training, but attended the conference anyway).

35,000 people attended the conference, which is evidence that Bitcoin is starting to become a mainstream investment/currency.

Bitcoin is a decentralized digital currency that you can buy, sell, and exchange without an intermediary like a bank. An anonymous person or group of people using the name Satoshi Nakamoto created it and introduced it in 2008.

Alzheimer’s Disease and Related Dementias (“ADRD”)

Alzheimer’s disease is the most common type of dementia. It affects parts of the brain that control thought, memory, and language. It is progressive, often beginning with mild memory loss and possibly leading to the inability to carry out daily activities. In addition to the legal planning issues that arise with an Alzheimer’s diagnosis, we thought it would be useful to also briefly address the known causes and warning signs of ADRD, as well as the steps you can take to potentially reduce your risk of developing the disease.

FIRM BRIEF

WHERE IN THE WORLD IS BEN?

A CROSS COUNTRY RACE FOR LUNG HEALTH (and you can watch it live!)

With gifts from hundreds of donors from across the country, Team Breathe America has surpassed its goal of raising $200,000 for the American Lung Association in its bid to compete as an eight person team in the famous (or infamous) Race Across America (RAAM). You have helped Ben raise over $36,000 towards this total.

RAAM is one of the most grueling ultra-distance cycling races in the world. It started as the Great American Bike Race in 1982 and has since evolved into a legendary endurance event.

RAAM is a non-stop transcontinental time trial, meaning the riders must complete the course as quickly as possible rather than racing in stages like the Tour de France. Unlike traditional cycling races, RAAM has classifications for solo riders and relay teams of two, four or eight people. The race requires a support crew making it a logistical challenge as much as a physical one. Team Breathe America has a crew of 16 with six support vehicles.

Many of you have asked how you might follow Ben's team in the race. The race starts in Oceanside, CA (just north of San Diego), on Saturday, June 14, at about noon West Coast time. Ahead are 3,000 miles, with about 145,000 vertical feet of climbing. The team intends to reach Atlantic City, New Jersey, the finish, in about seven or eight days.

It is Not Too Late to Help Ben Raise Money for the American Lung Association.

Thank you to all who have already contributed - to date Ben has raised an amazing $36k!

Legal Questions?

Not sure where to start? Have questions for us?

We can help!

Call 630-782-1766 for questions, or visit our website to submit your questions online. We’ll publish the most commonly asked questions (and provide answers) in a future newsletter.

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IMPORTANT DISCLAIMER: This email newsletter does not create an attorney-client relationship. It does not contain legal advice for you or anyone else (so don’t act on anything we say unless you speak with an attorney first). It does contain facts and stories we think you might be interested in. We tried to keep this short because we really like you.