The Dark Side of the Internet

Protect Yourself From Online Scams and Digital Attacks 

In today’s digital age, online scams and cyber attacks are becoming more frequent, posing risks to everyday users. Let’s discuss how you can safeguard yourself from these digital attackers. Realize that the elderly are the most targeted group for online scammers, so be sure to alert your elderly loved ones so they are armed with the knowledge to protect themselves. Since I’m writing this article on May 4th, also known as “Star Wars Day,” I’ll refer to the bad guys as the “Dark Side.” May the Force be with you!

7 Tips to Protect Yourself From the Dark Side

Navigating the internet safely requires vigilance and knowledge about potential threats. Here are some essential steps to protect yourself from cyber threats and ensure your digital presence remains secure.

  1. Verify who you’re interacting with and confirm the identity of anyone asking for personal details online. Scammers often pretend to be from a trusted company. If you receive an email or message that looks suspicious or feels just a little off, contact that company directly using information from their official website.
  2. Create strong passwords. This is crucial. Your passwords should be long, unique, and include a combination of letters, numbers, and symbols. Avoid using common words or sequences that can be easily guessed. Additionally, use different passwords for different sites. A password manager can help you generate and manage secure passwords.
  3. Only click on links or attachments if you know who the sender is. Clicking on links or downloading attachments from unknown sources can be dangerous. These can lead to fake websites designed to steal your information or install malware on your device. Never click a link sent to you via email or text without verifying that the sender is a real friend or company you are doing business with.
  4. Keep your software and devices updated. Regular updates help fix security vulnerabilities. Also, antivirus software should be used to protect against malware and other threats.
  5. Educate yourself about the types of scams that exist. These include phishing emails that ask for personal information or offer too-good-to-be-true deals. Being aware is your first line of defense.
  6. If you get a call from a bank, government agency, or even a child or grandchild asking for money or gift cards for any reason, tell the caller you will call them back. Hang up, call your child or grandchild directly, OR the bank or government agency, and find out if they were actually calling you. As an added measure, with your family, have a family “code word” that must be spoken out loud in the event of an emergency.
  7. MOST IMPORTANT: Never give anyone remote access to your computer unless it is from a reliable and vetted tech support company you have engaged proactively. This means you called the tech support line on the company’s website directly and initiated the request for support. Scammers will pretend they are from your bank and tell you they need to access your computer to resolve your account problem. Do not fall for it!

The Dark Side Won This Time, Now What?

Even after taking all these measures, sometimes the bad guys get away with it and scam you or a loved one. If you think you’ve fallen victim to a scam, it’s important to act quickly. Immediately inform your bank or relevant service provider if you’ve shared any sensitive information. They can take steps to protect your account. You should also update your passwords right away, especially if you believe they may have been compromised. Again, ensure your new passwords are strong and unique. You may also want to report the scam to the alleged sender so they know someone is impersonating them and can take protective measures themselves. And, if applicable, report the scam to the relevant online platform or even the local police, consumer protection agencies, or internet crime complaint centers.

Rest Easy Knowing We Have Your Back

At Cris Carter Law, we don’t just give legal advice; we’re your trusted advisor for life. If you’ve been scammed, we can help you set up your affairs in such a way that there are layers of protection built in so it doesn’t happen again. If your elderly parents don’t have an estate plan in place – or it’s been a while since they had it reviewed – we are here for them, too. We can help them protect not only their data but also everything they want to pass on to you.

Mexican Street Corn Flatbread

Ingredients:

  • All-purpose flour, for dusting
  • 1 lb. pizza dough, room temperature
  • 1/2 c. sour cream
  • 1/4 c. mayonnaise
  • 2 cloves garlic, minced
  • 2 tbsp. fresh lime juice
  • 1/2 tsp. chili powder, plus more for sprinkling
  • 1/2 tsp. kosher salt
  • 1 c. corn kernels (preferably fresh)
  • 1 c. shredded mozzarella
  • 1/2 c. (or more) crumbled cotija cheese
  • Chopped fresh cilantro and lime wedges, for serving

Directions:

  1. Arrange racks in upper and lower thirds of oven; preheat to 425°. Lightly dust 2 baking sheets with flour.
  2. On a lightly floured work surface, divide dough into 2 balls. Stretch or roll each ball to a rectangle about 12″-by-6″. Transfer to prepared baking sheets.
  3. In a small bowl, stir sour cream, mayonnaise, garlic, lime juice, chili powder, and salt. Remove 1/4 cup sauce and reserve.
  4. Divide remaining sauce between 2 flatbreads. Top flatbreads with corn, mozzarella, cotija, and a sprinkle of chili powder.
  5. Bake, rotating sheets from top and bottom after 10 minutes, until flatbreads are crisp on the bottom and browned and bubbling on top, 15 to 20 minutes. 
  6. Drizzle flatbreads with reserved dressing, sprinkle with cilantro and more cotija, if desired, and squeeze fresh lime juice on top. 
  7. Enjoy!

Delish – Mexican Street Corn Flatbread

Inheritance Is Not Automatic

Do you remember Ann Landers, the advice columnist? Recently, readers were asked to send their favorite Ann Landers columns in, and this is one that made the top ten.


Ann Landers – An Inheritance Is A Gift, Not A Right

By Creators Syndicate Inc.

Dear Ann: Let this letter be a wake-up call to all sons, daughters, and grandchildren. The message I want to convey is this: YOUR INHERITANCE IS NOT AUTOMATIC. IT’S A GIFT.

I am an estate planner. Over the last several years, I have seen many clients change their wills, bypassing children and grandchildren, and leave their money to friends, charities, and people they once worked with who were kind and helpful.

There are many reasons for changing a will, but the two most common are disrespect and isolation. In some families, the only time the old folks see the grandchildren is when their parents need a favor–usually, it’s money. So, the message the old folks wish to convey is as follows: “You didn’t make time for me when I was lonely and would have enjoyed your company, so why should I leave you the money I worked for all my life?”

Wake up out there. An inheritance isn’t something that is owed to you. It is a gift of love. When there is no love, there should be no gift.

— Manasota, Fla.

There Are Many Reasons People Change Their Wills

After reading Ann Landers’ column, I am inspired to share some insights from my experience.

Here are the top ten reasons to disinherit a family member:

Unintended Consequences: A frequent and by far the most painful disinheritance occurs when someone leaves everything to a spouse and relies on the spouse’s promise to include your child (and their stepchild) in their estate in the future. Once the parent is gone, there’s no guarantee that the spouse will fulfill this promise, especially if there are strained relationships or conflicts within the family.

Strained Relationships: People write family members out of their will and trust when there is a history of conflict, lack of communication, or emotional estrangement. Past histories of turmoil are not easily forgotten.

Financial Irresponsibility: Concerns about a family member’s inability to manage money responsibly may lead one to redirect assets elsewhere, leave specific instructions, create conditions for inheritance, or designate a financial advisor to oversee disbursements on behalf of the beneficiary.

Disapproval of Lifestyle Choices: Disagreements over a family member’s lifestyle choices, substance abuse, or criminal behavior may influence the decision to include a family member in the estate plan.

Lack of Involvement: Failure to maintain a relationship over the years leaves a person less inclined to include another in the estate.

Caregiver Contributions: Sometimes, the fact that family members have already been provided significant care or support is the reason for disinheritance.

Concerns About the Influence of Others: The fear that a family member will be under the influence of a disliked spouse or others may be a reason to disinherit an heir.

Protecting Heirs: In some cases, a person may choose to disinherit an heir to protect them from predators, creditors, or their own poor decision-making, thereby safeguarding the legacy and assets for future generations.

Fairness Among Heirs: Sometimes, disinheritance can be used to ensure a fair distribution among heirs, especially if one family member has already received significant support or a larger share previously.

Personal Wishes: Ultimately, a person may choose to disinherit family members simply because they feel strongly that their estate should go elsewhere, whether for charitable, philosophical, ethical, moral, or other personal reasons.

Disinheriting a family member, whether by accident or by choice, is significant and may impact many generations. Make sure that your estate plan is well thought out and that your choices are well thought out, properly documented, and legally enforceable.

Broccoli Slaw

Summer BBQs and picnics are right around the corner! Up your traditional coleslaw game with this easy broccoli slaw that packs a punch in both flavor and nutrients.

For the Dressing:

  • 1 c. mayonnaise
  • 3 tbsp. apple cider vinegar
  • 2 tbsp. honey
  • 1/2 tsp. kosher salt
  • 1/2 tsp. ground black pepper

For the Slaw:

  • 12 oz. broccoli slaw mix
  • 1 c. small broccoli florets (from 1 crown)
  • 1 c. matchstick carrots
  • 1 c. shredded red cabbage
  • 1 c. sliced green onions
  • 1 c. raisins
  • 1/2 c. roasted salted sunflower kernels, plus more for serving

Directions:

  1. For the dressing: Whisk together the mayonnaise, vinegar, honey, salt, and pepper in a large bowl until smooth.
  2. For the slaw: Add the broccoli slaw, broccoli florets, carrots, cabbage, green onions, raisins, and sunflower kernels to the dressing; stir to combine. Cover and refrigerate 1 hour or overnight.
  3. Top with more sunflower kernels just before serving, if you like.
  4. Enjoy!

The Pioneer Woman: Easy Broccoli Slaw

5 Things To Do In Colorado In The Coming Months

As the days grow longer and the sun graces our beautiful Colorado landscape with its warmth, it’s time to shake off our tendency to hibernate and embrace all the wonderful activities Colorado has to offer. While ensuring your estate planning needs are in order is crucial, it’s equally important to enjoy life to the fullest. So, let’s dive into some fun things to do in Colorado this month! Luckily, the entire Front Range is full of activities for all people and personalities, offering a true playground of entertainment at our fingertips. Here are some of my favorite ideas for getting out of the house this month:

  • Garden of the Gods – Colorado Springs: Did you know that, on average, about 4.5 MILLION people visit Garden of the Gods every year? That’s more than Yosemite, and on par with Yellowstone for visitation numbers. And we have this stunning gem right here in our own backyard. April is a perfect time to take a mini-road trip and admire these towering red rock formations before the number of visitors starts to skyrocket in the coming summer months. Learn more and plan your visit here.
  • Cherry Creek Regional Trail – Denver: If packing up the kids, the dog, extra water, granola bars, and hiking boots to head for the mountains feels like a daunting task, consider trying the Cherry Creek trail right here in Denver. This 45.5-mile trail winds through the city while still offering some of the beautiful sights of the state. The Cherry Creek trail’s two endpoints are the Platte River Trail at Confluence Park in Denver and south of SR 86 in Franktown. View the trail map here.
  • Fort Collins Museum of Discovery – Fort Collins: Fort Collins boasts a 16,000 sq ft interactive and immersive museum sure to delight the entire family. Originally forged from a partnership between the City of Fort Collins Museum and the nonprofit Discovery Science Center, the Fort Collins Museum of Discovery focuses on “fun learning experiences that explore the interplay of science and culture” and offers a playground for the adventurous spirit. Adult tickets are $15, with youth/seniors/students being $12.50. Kids under 2 are free. Plan your visit and purchase tickets here.
  • Hot Springs – Find a hot spring near you: If you feel like you are still thawing out from the winter months, taking some time to soak in a steamy hot spring could be just what the doctor ordered! Colorado is home to numerous hot springs, all offering different views and amenities. Find the right hot spring for you and your tribe from this quick list of 30 Colorado Hot Springs: A Quick Guide.
  • The Denver Mint – Denver: There are only 6 United States Mint Facilities (4 production facilities, 1 bullion depository, and 1 headquarters) in the country, and one is right here in Colorado! The even better part… tours are free! Head to the Denver Mint to learn more about coin manufacturing and craftsmanship and the history of the mint. Learn more and plan your visit here.

Colorado Green Chile Ribs

While I am busy boasting about all of the fun activities that can be found along the Colorado Front Range, let’s take a moment and share a recipe submitted by a local Rocky Mountain home cook. See the full list of Colorado based recipes here.

Ingredients:

  • 4 pounds pork baby back ribs
  • 2 tablespoons ground cumin, divided
  • 2 tablespoons olive oil
  • 1 small onion, finely chopped
  • 1 jar (16 ounces) salsa verde
  • 3 cans (4 ounces each) chopped green chiles
  • 2 cups beef broth
  • 1/4 cup minced fresh cilantro
  • 1 tablespoon all-purpose flour
  • 3 garlic cloves, minced
  • 1/4 teaspoon cayenne pepper
  • Additional minced fresh cilantro

Directions:

  • Cut ribs into serving-size pieces; rub with 1 tablespoon cumin. In a large skillet, heat oil over medium-high heat. Brown ribs in batches. Place ribs in a 6-qt. slow cooker.
  • Add onion to same pan; cook and stir 2-3 minutes or until onion is tender. Add salsa verde, green chiles, broth, 1/4 cup cilantro, flour, garlic, cayenne, and remaining cumin to slow cooker. Cook, covered, on low 5-6 hours or until meat is tender. Sprinkle with additional cilantro.
  • Enjoy!
Taste of Home: Colorado Green Chile Ribs

Lessons Learned in Care Giving

I recently had the opportunity to try on a new skill set due to circumstance, not choice. Luckily, exploring the role of caregiving opened my eyes to the intricate dance involving responsibility, compassion, and kindness. As I embarked on the journey of full-time (but thankfully short-term) caregiving, my mind kept reminding me, “You Are NOT a nurse; you NEVER EVER wanted to be a nurse! You are an attorney.” It became obvious to me that the skill set that had allowed me much success as an attorney throughout my life did not translate seamlessly into caretaking finesse.

So what did I do? I charged into this nursing role like I would any legal problem; like a warrior. I worked really hard, physically and emotionally, to be the best caretaker I could be. I worked hard to understand the medical terminology, communicate with doctors, nurses, and support staff, juggle medications, manage meals and physical care, and the list goes on and on. Could I nurse? Yes. Was I great at it? No. There were times when I felt I had done a task well, but face it, my bedside manner left a lot to be desired.

Talk about overwhelming! I searched for the lesson and the learning. What I found was a dose of humility and a profound respect for those who are caregivers. Only after I was nearing the end did I realize how much easier it would be next time. Let me share some tips and insights with you should you become a caretaker. From maintaining balance to self-care to strategies for providing the best care for your loved ones, I hope these tips provide insight, and perhaps support, for when you need it.

1. Create a Routine: A daily routine helps create a sense of security and predictability for the patient. This can also reduce the stress on caregivers.

2. Practice Self-Care: As a caregiver, it’s easy to forget about your own needs. Make sure to carve out time for yourself – whether that is exercise, reading, or simply taking a quiet moment to breathe.

3. Communicate Often: Keep the lines of communication open. Ask about your patient’s needs, their feelings, and any changes they may be experiencing. Don’t think you know it all, or that you know best. Listening to the patient can lead to better care and mutual respect. (Remember: You Don’t Know What You Don’t Know!)

4. You are Not Alone: Ask for help. Realize that people don’t know what you need. Tell them what you need and ask for help. You will be surprised at the number of people that will say yes and offer to help. There are also support groups and community resources that can provide much-needed emotional support, as well as practical advice and resources.

5. Stay Organized: Keep track of medications, appointments, and important documents. Do not rely on your memory or the patient’s memory. Keep a notebook or use a phone app or other online tools to help manage all the details.

6. Learn About Your Patient’s Condition: Education is key. Attend appointments and ask questions. If your patient has a specific health condition, educate yourself about it. The more you understand their condition, the better you can manage their care.

7. Be Patient: Caregiving can be challenging and frustrating at times. Remember to be patient – with your loved one and yourself. It’s okay if everything doesn’t go perfectly. You’re doing your best. Remember, it’s okay to ask for help when you need it. You’re not alone in this journey.

Spring Pea Pesto

Quick, easy, versatile, and deliciously vibrant! Use this as a dip, spread, or sauce for pasta. Welcome, spring!

Ingredients:

  • 2 cups peas, either frozen and thawed- or use fresh English peas
  • 1/2 cup packed mixed herbs- mint, tarragon or dill
  • zest of one lemon
  • 2 1/2 tablespoons lemon juice
  • 1 tablespoon minced chives or green onion
  • 1/2 teaspoon salt
  • 1/2 teaspoon black pepper
  • 1/8 cup olive oil
Directions:In a food processor add peas, mixed herbs, lemon zest, lemon juice, chives (or green onion), salt, pepper and olive oil.Pulse for a few minutes until the peas break down but are still textured.Serve immediately or store in the fridge for 3 days.Enjoy!
Feasting At Home: Spring Pea Pesto

Empowering Happiness

In the chaotic rhythm of our everyday lives, finding equilibrium between work, personal life, and self-care is pivotal for well-being. What a challenge it is to maintain your journey toward a healthier, happier life by prioritizing self-care habits, including regular exercise and a balanced diet, while ensuring your physical and mental health. And let’s not forget the importance of nurturing social connections. Research has proven time and time again that quality relationships are the heart of happiness and mental well-being.

As we navigate the intricacies of our own personal well-being, it’s equally important to shift our focus toward the future, contemplating the legacy we want to leave behind. Enter the subject of estate planning – a profound investment that truly transcends financial considerations. I want to share with you a few compelling reasons to prioritize this essential aspect of life:

  1. Safeguarding Your Loved Ones: Estate planning ensures that your assets are dispersed according to your wishes. Imagine the peace of mind that comes with knowing your loved ones will be financially secure and your legacy will endure.
  2. Mitigating Family Conflicts: A meticulously designed estate plan acts as a safeguard against potential disputes among family members. The clarity it provides in asset distribution diminishes the probability of conflicts, particularly during an already emotionally charged period.
  3. Empowering Your Legacy: Beyond material possessions, estate planning allows you to sculpt your legacy. Contemplate charitable contributions or the establishment of trusts supporting causes that are close to your heart. This empowers you to make a lasting impact on the community, shaping a legacy that transcends generations.
  4. Adapting to Life Changes: Acknowledge the dynamism of life and its ever-changing circumstances. Estate planning, when approached with foresight, offers flexibility. Regular reviews and updates ensure your plan aligns with evolving goals, family dynamics, and financial situations.
  5. Financial Efficiency: Beyond asset transfer, estate planning plays a pivotal role in minimizing financial hardship on your loved ones after you have passed. A well-crafted plan can also potentially reduce the tax burden on your estate, leaving more for your loved ones and the causes you care about.

Empower yourself by recognizing that estate planning is not merely a financial task but a proactive step towards shaping your future and leaving a meaningful legacy. With careful consideration and foresight, this process not only benefits you but becomes a gift that resonates through generations. It can be a delicate dance between personal well-being and the legacy you choose to leave behind. Let Cris Carter Law help you navigate this life balance.

Herby Dutch Baby With Smoked Salmon

Take this classic breakfast dish for a spin with added herbs and smoked salmon. It is fast, fresh, and downright beautiful!

Ingredients:

  • ½ small red onion, thinly sliced
  • 1 lemon, halved
  • ¾ tsp. Diamond Crystal or ½ tsp. Morton kosher salt, plus more
  • 4 large eggs, room temperature
  • 1 large egg white, room temperature
  • 2 garlic cloves, finely grated
  • 1 (packed) cup baby spinach
  • ⅔ cup whole milk, room temperature
  • 1 cup tender herb leaves (such as dill, cilantro, basil, and/or parsley), plus more for serving
  • ⅔ cup (83 g) all-purpose flour
  • 2 Tbsp. cornstarch
  • Freshly ground black pepper
  • 2 Tbsp. unsalted butter, cut into pieces
  • 4 oz. smoked salmon
Directions:
1. Place a rack in middle of oven and place a medium ovenproof skillet, preferably cast iron, on rack. Preheat oven to 425°. Place onion in a small bowl; squeeze in juice of ½ lemon and add a big pinch of salt; set aside. Slice remaining ½ lemon into wedges and set aside for serving.

2. Blend eggs and egg white in a blender on high speed until very frothy, about 1 minute. Add garlic, spinach, milk, and 1 cup herbs and blend on high speed until well combined and very green. Add flour, cornstarch, and ¾ tsp. Diamond Crystal or ½ tsp. Morton kosher salt and season with lots of pepper; blend to combine.

3. Carefully remove skillet from oven. Add butter to pan and swirl to coat bottom. Immediately pour batter into pan and bake pancake until puffed and brown around the edges, 20–25 minutes. (It will start to deflate as soon as it comes out of the oven, but don’t worry, that’s normal.)

4. Top Dutch baby with smoked salmon, onion, and more herbs; season with pepper. Serve with reserved lemon wedges for squeezing over.
Bon Appetit: Herby Dutch Baby with Smoked Salmon

Invest In Yourself

February, the month of love, is typically when we express our affection and adoration for others: our partner, children, parents, grandparents, and other special people. This year, I encourage you to honor that one very special person… YOU! Self-care is not a luxury; it is a necessity. It is easy to get caught up with meeting the needs of others and overlook our own needs. When we do that, it is to our detriment. Make February a month that you take time to appreciate yourself. Do those special things for you! Pamper yourself. Fill your tank. You deserve it. Think: What is one thing you can do to show yourself some love? Now Think Again: What is one more thing you can do to show yourself? See how easy that can be.

Chocolate Covered Strawberries

Chocolate covered strawberries are a classic Valentine’s Day sweet – and the perfect option whether you intend to share them, or devour them all yourself!

Ingredients:

  • 16 ounces milk chocolate chips
  • 2 tablespoons shortening
  • toothpicks
  • 1 pound fresh strawberries with leaves
Directions:

  1. Melt chocolate and shortening in a double boiler, stirring occasionally until smooth.
  2. Insert toothpicks into tops (stem ends) of strawberries. Hold a strawberry by the toothpick and dip it into the chocolate mixture.
  3. Turn the strawberry upside down and insert the toothpick into a Styrofoam block or place strawberry on a sheet of waxed paper; allow chocolate coating to cool. Repeat with remaining strawberries.
AllRecipes: Chocolate Covered Strawberries

If You Have An LLC Or Corporation; Pay Attention To This New Law!

Many people think that the law is black and white; a rigid set of rules cast in stone. Being in the legal profession, I know the law is changing all the time. The changes in the law keeps me on my toes for sure as the law tries to respond to the ever-changing circumstances of our world. Sometimes those changes result in additional burdens; sometimes additional opportunities. Let’s look at two laws that have recently changed and how they may affect you.

If you have a beneficial interest in an LLC or a Corporation created before January 1, 2024, you are now required to file FinCEN’s Beneficial Ownership Information Form under the Corporate Transparency Act (CTA). Even if your LLC is dormant (you don’t use it); or even if the LLC only owns one piece of rental property, each beneficial owner must file the document or be subject to a fine of $500 per day up to $10,000. Ouch! Let’s not take a chance on paying fines. You are deemed a beneficial owner If you own or control 25% or more of a “reporting company.” This reporting requirement is separate and apart and in addition to any state or local filing done to form a new business entity.

If you create an LLC or a Corporation after January 1, 2024, within 90 days of forming that entity, you must file a report with the Department of the Treasury’s Financial Crimes Enforcement Network

Is There Any Good News for LLCs and Corporations?

I had to dig deep to find the good news. Good News: You don’t have to pay any filing fees. More Good News: One and Done. You only have to do this once per entity as long as the beneficiary ownership doesn’t change. Even More Good News: You can file online at the new federal database called BOSS (an acronym for Beneficial Ownership Secure System). Better Good News. The reporting is easy to complete. Given that the purpose of the reporting is to prevent the use of anonymous shell companies for money laundering, tax evasion, and other illegal purposes, you could think of yourself as a modern-day Robin Hood. I’m stretching high to pick that fruit.

You can satiate your curiosity here: Beneficial Ownership Information Reporting

Helping Your Grandchildren

We all know that there’s a special place in our hearts for grandchildren as they often bring joy and special moments to our lives. Well now it is easier for grandparents to help their grandchildren with educational expenses.

The FAFSA Simplification Act, which went into effect last month (Dec 2023), now makes it possible for grandparents to make contributions to a 529 college savings plan for your grandchildren without impacting the student beneficiary’s eligibility for federal financial aid. A 529 plan also applies to qualified vocational training and trade schools.

The 529 Account

A 529 college savings account is a special savings account designed to help individuals, including grandparents, set aside money for future college expenses. Although contributions aren’t federally tax-deductible, the earnings within the 529 account grow tax-free and remain untaxed when they are withdrawn for qualified education expenses.

What The New Rule Changes

When the account owner is a dependent student or custodial parent, the total value of the 529 plan is reported as an investment asset on the Free Application for Federal Student Aid (FAFSA). Previously, if a grandparent owned the 529 plan, any distributions were considered untaxed income for the student, potentially affecting financial aid eligibility. The upcoming change eliminates this concern.

In summary, a 529 plan owned by a grandparent will no longer require reporting on the FAFSA. Even more impactful, distributions from this grandparent-owned 529 plan will not be deemed untaxed income for the student. This allows grandparents to contribute to their grandchild’s education without jeopardizing financial aid eligibility.

Maximizing Grandparent Contributions

It’s important to keep the following in mind when you make contributions to a 529 account for a grandchild:

1 | Funds Must Be Used For Qualified Educational Expenses

Grandparents can use 529 plan funds for a range of qualified educational expenses, including tuition, room and board, books, supplies, laptops, and internet access. However, expenses such as insurance, student health fees, transportation, and extracurriculars are not covered and may incur a ten percent penalty if 529 plan funds are used toward these expenses.

2 | The Annual Gift Exclusion

While grandparents can contribute to their grandchild’s 529 plan, it’s essential to be mindful of the federal annual gift exclusion which currently stands at $18,000 for an individual ($36,000 if you file jointly with a spouse), which is the amount of money a person can gift to someone else without needing to file a gift tax return.

3 | Reconsider Payments Made Directly to The School

Distributions directly paid to the school from grandparent-owned 529 accounts will not affect aid eligibility. However, for now, it’s recommended to pay the grandchild directly.

4 | Timing Matters

The withdrawing of funds from the 529 plan must be done within the same tax year as the educational expenses in adherence to tax regulations.

5 | Watch Your Withdrawal Limits

The amount withdrawn from all 529 plans should be no more than the total cost of the qualified educational expenses billed by the school. Excess withdrawals may incur a 10 percent penalty, but there’s a 60-day window to rectify the situation without penalties.

Start Your Planning Now!

As we dive into this festive season (ho, ho, ho!) and gear up to welcome the promising horizon of a new year, it’s the perfect time to engage in thoughtful reflection and financial preparation. Year-end tax planning isn’t merely a last-minute affair; like estate planning, tax planning is a series of deliberate steps. The key to both is to plan ahead. Failing to plan can lead to unforeseen challenges and complications. Your loved ones deserve better. A well-crafted estate plan safeguards your assets, allows you to make your own choices, ensures your planning is honored, your loved ones are provided for, and can help minimize taxes on your estate. Without estate planning, the distribution of your assets will be subject to the legal system and its complexities, could cause family disputes and conflict, as well as higher tax liabilities. Protecting your legacy and ensuring your loved ones are well cared for requires both careful financial and estate planning which you can put in place now. Taking proactive steps now will save you money, provide invaluable protection for your loved ones and give you peace of mind right away.

To assist you in starting your planning now, below are five actions you can initiate right away to pave the way for tax savings in 2023:

Naming Godparents Does Not Create Legal Guardians

As we start this holiday season, it’s a great time to think about the love of our families. I hope you are blessed this holiday season and will have the opportunity to make many wonderful memories with loved ones.

As a parent, my top priority, of course, was the well-being and future of my children. I am sure that is one of your top priorities as well. You plan for your children’s future, their education, their health, and their happiness.

Godparents

Often, this planning includes the tradition of choosing godparents to guide and mentor your children if something happens to you. A godparent is traditionally someone you name to watch over your child and help them live according to your morals and values. Godparents are meant to be mentors and role models, guiding your child in matters of faith, morality, and character. The role of a godparent is deeply rooted in religious and cultural traditions.

While selecting godparents may be a meaningful tradition, it’s important to understand that naming a godparent is not the same thing as naming a legal guardian for your children. To put it bluntly, even if your child has godparents, if something happens to you, your children could end up in the care of strangers, child protective services, or in the long-term care of someone you would never want raising your children.

Legal Guardians

Naming a legal guardian for your child is a formal, legal process. A legal guardian is someone who has the legal authority to make decisions on behalf of your child, especially if you, as the parent, are unable to do so. This could occur due to your passing, incapacity, or even a temporary situation where you are not available to provide care or make important legal, financial, healthcare, or education decisions for your child. The responsibilities of a legal guardian encompass every area of your child’s life that you would normally manage as a parent. This includes everything from feeding and clothing your child to deciding where they go to school, attending parent-teacher meetings, and which extracurricular activities they participate in. Legal guardianship also includes the decisions about where your child lives and what medical treatment they should or should not receive.

Why Naming Godparents Isn’t Enough

While godparents may be deeply caring and involved in your child’s life, they have no legal authority to make decisions for your child unless they are officially appointed as legal guardians by the court. That means that until that happens (if it happens), your child’s godparents are not legally able to make any decisions for your children, including their basic care needs, education, and medical care.

Without a legal guardian designation (and, ideally, more than one) in writing and signed with the formalities of a Will, godparents may find themselves in an expensive court battle over custody rights, and they may not even be named as the legal guardians of your children at all. In fact, the court could name someone you would never want raising your kids as their legal guardian.

Life-long Legal Protection for Kids

If you’ve already chosen people you trust to serve as lifelong role models and spiritual guardians for your children as their godparents, why not give those people the legal authority to truly perform those duties if something happens to you?

But don’t stop there. The best way to keep your children safe and secure is to create a comprehensive protection plan that keeps your children in the care of the people you choose, no matter what. Ensure your children are protected. Ensure that the authorities know who to contact in an emergency and who can authorize prompt medical care. Make sure your children are never placed in protective custody – even for a minute.

Don’t Let The Online Spooks Haunt You!

It has been exciting to welcome all things fall recently. However, this email is about things that may haunt you and cause you difficulties and suffering. So, pardon me if I get a bit more serious this go-round, as October is Cybersecurity Awareness Month. In our world, where many aspects of our lives are tied to our computers and online connection, our online safety has become more significant. Around the globe this month, a month-long campaign is waged to raise awareness about the ever-evolving cyber threats and the crucial measures individuals and organizations need to take to protect themselves against these risks.

Below are five easy tips to help keep you, your family, and your information safe online. I know you are busy. I know it is not easy. I know you think you have better things to do with your time. I also know innocent people, like you and me, who have been victims of cybercrime. Given what scammers and con artists can take from you if they get into your cyber world, the time and effort you take NOW can save you much more time, energy, money, and damages tomorrow.