Sheppard Law Firm - January 2022

Sheppard Law Firm - January 2022

Newsletter Title

t Meet OurAir Traffic Controller Regina Sadoski Ensures We Stay on Time at The Sheppard Law Firm

When I was growing up, New Year’s Eve always felt so special. We were lucky enough to have my grandma live with us when we moved to Punta Gorda, Florida, from Mountain Home, Idaho, where my dad worked on the Air Force base. Those end-of-year celebrations spent with my grandma are some of my favorite memories. There were always platters of finger foods and appetizers for us to snack on all night, and I can remember trying to stay up as late as possible just so we could welcome in the new year when the ball dropped. It always felt like a magical night — a night when we could stay up late and eat whatever we wanted! I try to recreate those memories with my kids. I have an 8-year- old and a 6-year-old, and they are my life. Every New Year’s Eve, we celebrate with a lot of food and fun, just as we did with my grandma when I was growing up.

Attorney Craig Hersch likes to joke that my job is a lot like air traffic control. I suppose he’s not wrong! I connect with clients to help manage their concerns and needs, and I take care of scheduling to ensure everyone’s calendars line up smoothly and nothing crashes and burns. It’s a job that requires planning skills but also an understanding of how to connect with others. That’s my favorite part. I love the time I spend with each client learning about their family histories and dynamics. It’s always so intriguing to learn about how people became who they are today, and I often find we have some fascinating clients at our practice. It’s so interesting to see the melting pot of personalities we represent at The Sheppard Law Firm. And I get to do the work I love with people I enjoy, too! It really is like one big family here at the practice. Sometimes we need to vent our frustrations to each other like any family, but every day, we talk about our lives and our real families. It’s like going to work with people who you know really care about your well-being and your family. We all get along so well. Outside of the office, like I said, my children are my life. I love being their mom and keeping them involved with schoolwork, reading, and other activities. We also enjoy being outside and getting to the beach or to go fishing whenever we can. As I write this cover article before New Year’s Eve, I’m anxiously anticipating another fun celebration with them. We’ll eat way too much, stay up later than we should, and ring in the new year in the best way possible: with lots of food and family.

“I love the time I spend with each client learning about their family histories and dynamics.”

I actually loved living in Idaho, and we were really lucky to live there as long as we did because my dad never moved off the base to another part of the country. After he retired, just before I went into high school, we moved to Florida to be closer to my grandparents, and I eventually earned a bachelor’s degree in humanities from the University of Central Florida. Afterward, I had a few different jobs, but 11 years ago, I began working at The Sheppard Law Firm. Today, I serve as its intake, scheduling, and client contact specialist.

Happy new year!

–Regina Sadoski

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JANUARY 2022

Skills That Enrich Us The Importance of Having a Hobby January is National Hobby and body to keep you feeling excited about life and ready to take on new challenges and adventures.

Month, and since it falls at the beginning of the year, it’s the perfect time to try something new! Hobbies add variety to your life and ensure you aren’t just living to

HOBBIES OFFER A SOCIAL OUTLET.

Some hobbies involve group activities, such as bowling, sports teams, book clubs, and even wine tasting. Connecting with others offers the social support humans depend on to lead a healthy and fruitful life. Who knows? Maybe you’ll find some great friends who share the same passions as you!

work, so to speak. The best way to find a hobby you enjoy is to be open to new things. Whether it’s gardening, reading, drawing, running, fishing, crafting, or even beekeeping, finding an activity you enjoy is important. Here’s why!

HOBBIES ARE STRESS RELIEVERS.

HOBBIES DEVELOP PATIENCE.

Hobbies offer a healthy escape from your busy lifestyle by keeping you engaged in something you find pleasure in. Instead of just relaxing on the couch and turning off your mind for a bit (which is totally acceptable sometimes), hobbies allow you to remain mentally productive while winding down at the same time.

When you take on a new hobby, you are tasked with learning something new. Whether you’re practicing a new instrument, learning a different language, or figuring out how to make jewelry, a learning curve is involved. Building new skills takes patience, a very important attribute for success. Finding a hobby that suits you may take some exploration and trial and error, but it is all in good fun! Make it your goal to try something new or learn a new skill each month until you find something that sticks. Once you do, you’re sure to find that hobbies are both enjoyable and enriching!

HOBBIES ALSO PROVIDE EUSTRESS.

Believe it or not, one type of stress is deemed beneficial: eustress. If you aren’t overly stressed and are feeling a little under-stimulated, a hobby can provide activity for both your mind

F a c t o r C r y p t o c u r r e n c y

Traditional estate planning covers myriad assets, including real estate, investments, trusts, and traditional retirement savings plans. As the world has grown increasingly digital, there’s now another asset we may need to consider: cryptocurrency.

via the owner’s access code. This gives complete control to the person who has said code. (It’s worth noting that “mining” or stealing cryptocurrency is possible and is regularly done in countries where doing so is not illegal.) This means that if you pass away without leaving information on how to access your cryptocurrency, that investment will be lost into the ether. No one can unlock it. Just consider the story of Matthew Mellon, who died in 2018 with $500 million worth of cryptocurrency, and no one can access it because Mellon didn’t leave any instructions. Through estate planning, your attorney can help you securely outline for your beneficiary how to access your cryptocurrency. Remember, cryptocurrency is considered an asset by the IRS, so whomever you leave this asset to will receive a “step up” in basis to nullify the capital gain appreciation. Cryptocurrency is not like regular investing. It’s not as regulated, and there are not as many safety nets. Yet, like any asset, it needs protecting to ensure your investment is utilized by future generations. If you have questions about protecting your crypto investments, please contact our team today.

Not everyone holds cryptocurrency, but it is becoming increasingly popular. Celebrities like Kim Kardashian West and athletes like Tom Brady are boasting about their investments in cryptocurrency, and a Florida Today article found that 46 million Americans own Bitcoin, one of the most well-known crypto options available.

The concept is like arcade tokens or casino chips, Nerd Wallet explains. Cryptocurrency is a form of digital currency that can be exchanged for goods and services from the company that hosts the currency. And as more people consider the value of investing in such digital avenues, estate planning experts are cautioning those who wish to protect their assets to consider their crypto investments, too. U.S. New and World Report explained that cryptocurrency is housed or stored in a “digital wallet” of sorts that’s only accessible 2 floridaestateplanning.com

Secret Trusts

Can You Create a Trust Without Your Loved Ones Knowing?

A secret trust may sound scandalous, but it can be a valuable, powerful tool. This month, we searched the depths of our files to find a 2018 Sanibel Island Sun Column from attorney Craig Hersch that walks readers through this very idea. You can read the full version of “Secret Trusts” at FloridaEstatePlanning.com. Many clients have expressed a desire to create trusts for loved ones but to not let the loved one know that the trust exists, or, at a minimum, to not disclose the value of the assets held by the trust or the amount of income generated. I understand the goals typically include not sapping a beneficiary’s drive, protecting a surviving spouse from children’s or stepchildren’s demands, and even to protect a beneficiary from their own choices. The challenge one faces when attempting to hide trust information from beneficiaries is state law. In Florida, like most other states, a trustee has a duty to annually account to “qualified beneficiaries.” When the grantor dies, the trust typically becomes irrevocable and may continue on for a spouse, their children, or other loved ones. An income, principal, or remainder beneficiary of a trust then becomes “qualified” and consequently entitled to receive the trust information. At that point the trustee, under state law, must provide the beneficiaries a copy of the trust as well as annual information relating to the amount of assets owned by the trust, capital gains

and losses realized, income earned, distributions made, expenses paid, and other “significant items” as defined under the law. If a trustee fails to provide this information they could be removed, and the trustee can be held financially liable for transactions that ultimately aren’t prudent or reasonable once discovered. The reason for these laws becomes evident when you consider that a trustee is not governed by a court, which means negligence and fraud could go unchecked. Assuming a client wants a secret trust, how does this work? The answer lies in finding a state that allows for nondisclosure. A variety of states meet this bill. I have drafted Nevada trusts for my Florida clients who wish to hide trusts and assets from beneficiaries. The process is more complicated and requires a trustee in that state to serve. We also ask a Nevada attorney to review the trust for state law sufficiency, and in the best circumstances, the Nevada trustee has more than simple administrative powers. They usually also must have discretionary distribution powers for the trust to achieve the stated goals. No two secret trusts are drafted the same. If creating a secret trust is important to you, seek out a qualified estate planning attorney, and be prepared to specifically describe your situation, reasons, and goals.

Take a Break

Healthy eating doesn’t have to be bland with this citrusy chicken

INGREDIENTS

• • • • •

1/4 tsp salt

•

1/3 cup and 2 tbsp olive oil, divided 4 boneless chicken breasts 1 clove of garlic, minced

1/2 cup parsley, chopped 1/3 cup mint, chopped

• •

1 1/2 tsp pepper

1 lemon, for juice and zest

DIRECTIONS 1. Preheat oven to 450 F. 2. In a large ovenproof skillet, heat 2 tbsp olive oil.

Take a Break

3. Season chicken with salt and pepper if desired and sear it in the skillet for 3 minutes on each side. Bake chicken until its internal temperature is 165 F. 4. In a blender, add 1/3 cup olive oil, garlic, salt, parsley, mint, pepper, and lemon zest and juice and blend ingredients until coarsely mixed. 5. Top chicken with sauce and serve!

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INSIDE this issue

Meet the Employee Who Keeps Us on Time! PAGE 1

Why Hobbies Are Important PAGE 2

Do You Need to Consider Crypto in Your Estate Plan? PAGE 2

Are Secret Trusts Possible? PAGE 3

Chicken With Lemon Herb Sauce PAGE 3

Why Do Your Ears Pop on Flights? PAGE 4

The best compliments we receive are your referrals. When you refer us to your loved ones, we do all we can to exceed expectations.

A

The Science Behind Your Ears Popping on Flights

When it comes to flying on an airplane, you can avoid cramped legs by upgrading to first class or catch a view by picking the window seat. However, there’s no getting around your ears popping during takeoff and landing. Believe it or not, there is a scientific explanation behind this common annoyance. As you read this, you’re likely not on an airplane, and the air pressure on either side of your eardrums is equal. Air is currently passing right on through your eustachian tube, a narrow passage that leads from your middle ear cavity to your pharynx and allows for pressure to be equalized on each side of your eardrums. When you’re in flight on an airplane, air pressure is not equal. During both ascent and descent, your eardrums stretch to try to adapt to the changes. In order to equalize the pressure, your eustachian tube needs to open and close. When it does, your ears pop! Usually, the ear popping is irritating but nothing more. However, in rare cases, the pressure can lead to ear pain and even loss in hearing, especially if your ears don’t pop.

In this case, you may need to make an effort to get your eustachian tube to open by yawning, talking, or swallowing. Sucking on a piece of candy, swallowing some water, or

chewing gum may also help! One of the best things you can do is make sure you are not sleeping as the airplane takes off or lands because your eustachian tube isn’t able to open and close normally. If you commonly struggle with congestion or sore ears on flights, taking a nasal decongestant before you board may ensure that your eustachian tube is not blocked. If your hearing and ears do not return to normal shortly after the flight, be sure to schedule an appointment to see your health care professional as soon as possible.

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