The Basics On NFTs: The Newest Cryptoverse Craze

Posted on

Feb 14, 2022

NFTs, or non-fungible tokens, are the latest sensation in the cryptocurrency universe, or as we like to call it the Cryptoverse. And if you havent heard about NFTs yet, now is a great time to learn because they are likely to be a big part of our collective future.
So what is an NFT?
In the most basic terms, an NFT is a cryptographic token that exists on a blockchain and is used to establish proof of ownership of digital artwork, videos, GIFs, collectibles, and other digital assets. While NFTs use the same blockchain technology that underpins cryptocurrency, NFTs themselves are not a traditional currency, though they can operate similarly to currency. Some people call them JPGs because they are literally graphic images, but they represent much more than just a simple JPG file.
NFTs have been generating a major buzz in the tech and art sectors for years now, but after Christies auction house sold a single NFT collage from the digital artist Beeple for a staggering $69.3 million this March, NFTs have begun making mainstream headlines. Since then, a number of other big-money NFT sales have made the news, including Twitter co-founder Jack Dorseys first-ever tweet made into an NFT, which sold for $2.9 million; a video clip of a LeBron James slam dunk sold for more than $200,000; and a GIF of Nyan Cat (a flying cat with a Pop Tart for a body) went for $600,000.
At this point, you might be wondering why anyone would spend such vast sums on digital images that you can download from the Internet for free. Here, well answer that question and explain the basics of what you need to know about NFTs, including how they work; what makes them so valuable; where you can get them; and why they have the potential to revolutionize the way in which we own, exchange, and consume both digital and real-world assetsalong with how to ensure your estate plan covers them if you happen to own one.
Whats the Difference Between Cryptocurrency and NFTs?
While NFTs and cryptocurrencies like Bitcoin and Ethereum are all part of the Cryptoverse, cryptocurrency is a fungible asset, meaning it can be traded or exchanged with another identical unit of the same value. For example, one Bitcoin is equal in value and can be exchanged for another Bitcoin, just like one dollar is always worth the same as another dollar.
However, NFTs are non-fungible, meaning each NFT is totally unique and not mutually interchangeable. Given this, no two NFTs are ever the same, and they cannot be replicated. Think of it in terms of traditional artwork: anyone can buy a Mona Lisa print, but only one person can own the original artwork.

How Did NFTs Get Started?
Although primitive versions of NFTs, such as Colored Coins, have existed since 2012, the first NFTs to really become popular were CryptoKitties. Launched in 2017, CryptoKitties is a virtual game that allows players to adopt, raise, and trade virtual cats on the Ethereum blockchain.
Each CryptoKitty has unique attributes, and they can even reproduce to generate entirely new offspring, which have different attributes and valuations compared to their parent kitties. CryptoKitties became immensely popular, and within a few weeks, fans of the virtual cats had spent $20 million worth of ETH (Ethereum token) on the game, with some virtual cats selling for over $100,000.
How Do NFTs Work?
As with cryptocurrency, a record of who owns each NFT is stored on a blockchain ledger. The vast majority of NFTs reside on the Ethereum blockchain, though other blockchains like Bitcoin Cash and FLOW also support them. Whenever a new NFT transaction is verified, its added to the blockchain, where it cannot be changed, replicated, or forged.
The code embedded in NFTs can include specific information about the asset and its creator. For example, an artist can sign their digital artwork by including their signature in the NFTs metadata. The unique information related to an NFT is stored in whats known as a smart contract, which is one of the most unique and powerful features underpinning NFT technology.
A smart contract is a digital contract in which the terms of the agreement are set in code. A smart contract can be programmed to execute a specific action when a set of predefined conditions are fulfilled. For example, a smart contact can be programmed to make royalty payments to an NFTs creator whenever their digital art is sold to a new owner.
Why Do NFTs Have Value?
Traditional pieces of art like paintings are valuable precisely because they are one of a kind, yet digital art can be easily duplicated an infinite number of times. With NFTs, digital art and other assets can be tokenized, which creates a digital certificate of ownership that allows the buyer to own the original item.
The value comes from both the scarcity and collectibility of the asset, as well as its potential for future sale. NFTs work like any other speculative asset, in that you buy it and hope that the assets value increases over time, so you can sell it for a profit.
NFTs typically increase in value for three reasons: 1) they are part of a series that gives you access to an exclusive club or community, 2) if they include licensable or brandable content that could be used to increase the value of the intellectual property, and 3) they can be used to flex or signal for status purposes (aka bragging rights).
Essentially, NFTs transform, or tokenize, digital art, videos, and other collectibles into one-of-a-kind, verifiable assets, which allows them to be easily bought, sold, or traded on the blockchain. NFTs are basically like any other collector's item, such as a painting or a vintage baseball trading card, but instead of buying a physical item, you're instead paying for a digital file and proof that you own the original copy.
Yet its the intellectual property (IP) aspect of NFTs that make them most interesting. Once you own an NFT, you have ownership of the IP representing the content of the NFT. As the owner of this now licensable content, you can use the content for branding, or you can even develop an entire persona or creative pursuit around your NFT.
You can see this in action with some of the owners of NFTs from the Bored Ape Yacht Club (#BAYC) NFT Collection. Universal Music Group bought 4 Bored Apes, and has begun branding them as the newest band theyll promote, called KINGSHIP. KINGSHIP will release music and products, building a fan base around this collection of four digital apes.
Building upon the success of the BAYC series of NFTs (a collection of 107 Bored Apes recently sold for $24.4M in a Sothebys auction), other creators have begun to release sets of 10,000 NFTs with hopes of mimicking the success of the BAYC series.
What Else Are NFTs Being Used For?
Currently, the majority of the NFT market is focused on collectibles, such as digital artwork, GIFs, virtual trading cards, videos of sports highlights, digital music, virtual avatars, and video game skins. However, NFTs are now even attracting the attention of major brands, and were seeing a number of big-name companies capitalizing on the trend.
For example, Nike has patented its own blockchain-based NFT sneakers, which it calls CryptoKicks. Marvel Comics has released its own NFT collectibles based on Spider Man and Captain America. Even Taco Bell has jumped on the NFT bandwagon with a collection of taco-themed images and GIFs. In collaboration with the NFT marketplace VeVe, Disney released its Golden Moments NFT collection, which features digital statues inspired by some of the most beloved characters and moments from Disney, Pixar, Marvel, Star Wars, and other Disney franchises. And in September 2021, Hollywood got in on the action, when the film Zero Contact became the first feature-length movie to be released as an NFT.
Musicians have also been releasing NFT-based songs, albums, and other music-related items with major success. For example, pop stars like Kings of Leon, Grimes, and Steve Aoki have all created NFTs. Moreover, Rolling Stone reports that NFTs could revolutionize how musicians connect and market their music to fans by including not only songs and albums as NFTs, but also videos, artwork, 3D avatars, wearable accessories, and even tickets that give fans a chance to have a virtual meet-and-greet with the artist.
How Can You Buy An NFT?
If you are looking to get in on the NFT Cryptoverse, youll need to access the proper technologyand load up on cryptocurrency to fund your purchase.
First, youll need to get a digital wallet that allows you to store your crypto and NFTs. Metamask is a popular option because it connects directly to marketplace platforms, such as OpenSea, where you can buy and display your NFTs.
Then youll need to purchase cryptocurrency to make the purchase, and since the most popular blockchain for NFTs is currently Ethereum, your best bet is to get their version of digital coins, which are called ether (ETH).
From there, youll want to visit the NFT marketplace where the NFTs are sold. Some of the most popular NFT marketplaces include OpenSea, Mintable, Nifty Gateway, Axie Marketplace, and Rarible.
Additionally, there are also niche marketplaces for more specific types of NFTs, including NBA Top Shot for basketball video highlights; Valuables auctions off famous autographed Tweets like Dorsey's; and Autograph, which is a platform launched by NFL superstar Tom Brady that offers a variety of NFT collectibles from sports icons like Tiger Woods, Simone Biles, Wayne Gretzky, and Tony Hawk. Due to the high demand for certain NFTs, the tokens are often released in batches, known as drops, much like when batches of concert tickets are released at specific times. As with any other popular event, theres often a rush of fans eager to snatch up the most in-demand NFTs when the drop starts, so youll need to pre-register and have your wallet full of crypto and ready to buy.
What Are the Future Potential For NFTs?
While buying a virtual cat may sound like an extremely trivial venture, the future potential for NFTs and how they can be used has more serious implications, especially in business and finance. For example, NFTs have already been used in a real estate transaction, in which a millennial from Silicon Valley purchased an NFT that gave him ownership of a studio apartment and a piece of art by the famous local street artist Chizz.
By allowing for the digital representation of physical assets, NFTs offer the potential to reinvent the way we own, exchange, and consume just about any asset. Perhaps the most obvious benefit of NFTs is increased market efficiency. The conversion of a physical asset into a digital asset streamlines the process of identifying IP, removes intermediaries, and creates entirely new markets.
Obviously, the digital representation of physical assets is not exactly new or novel. However, when you combine this concept with the benefits of the trustworthy and tamper-proof nature of blockchain-powered smart contracts, NFTs stand to become a potent force for change. While many see NFTs as merely another passing fad and expect the NFT bubble to burst any day now, skeptics said exactly the same thing about Bitcoin. With this in mind, we remain cautiously optimistic about the future of NFTs, and only time will tell how this new technology pans out as the future unfolds.
Safeguard Your Digital Assets
As with cryptocurrency, if you currently own or plan to acquire NFTs, the first and most important step in securing these assets is to let your family, trusted partners, and of course, your lawyer, know you own it. If no one knows you own these assets, they will be lost forever when you die. You can document ownership of these assets by including your NFTs and cryptocurrency in your Family Wealth Inventory (a key component of our Life & Legacy Planning Process) listing all of your assets and liabilities. Along with the amount of cryptocurrency and number of NFTs you own, you should also include detailed instructions about where these assets are located and how to find the instructions to access them, including the encrypted passcodes needed to unlock your account. Just make sure to keep these instructions in an absolutely secure location because anyone who has them can take your crypto and NFTs. As part of our Life & Legacy Planning Process, well work with you to ensure that your cryptocurrency and NFTs are properly documented, as well as secure.
As technology continues to evolve and our lives become increasingly digitized, its vital that you adapt your estate planning strategies to keep pace with these changes. As your Personal Family Lawyer, we can assist you in updating your estate plan to include not only your traditional wealth and property but all of your digital assets, as well. Contact us today to learn more.
This article is a service of Sharek Law Office, LLC. We dont just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life and Legacy Planning Session, during which you will get more financially organized than youve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.

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Springtime Nutrition: Fresh And Healthy Eating For Seniors

March is celebrated as National Nutrition Month, a period dedicated to emphasizing the importance of healthy eating and making nutritious food choices. For those caring for elderly family members, providing meals that are both nutritionally balanced and tailored to meet the unique dietary requirements of seniors is of utmost importance. As we observe this significant month, lets explore healthy habits and senior-friendly recipes designed to not only provide essential nourishment but also to please the palates of our older loved ones.Embracing Healthy Habits Seniors and CaregiversRecipe Ideas for Balanced MealsBreakfast: a nutritious start to the dayLunch: light and nourishing midday mealsDinner: comforting and wholesome evening fareSnack ideas for between mealsNutritional drinks for seniorsEmbracing Healthy Habits Seniors and CaregiversMaintaining a healthy lifestyle becomes increasingly important as we age. For seniors and their caregivers, adopting healthy habits can significantly enhance quality of life and overall well-being.  Here are some practical tips to help seniors start on the path to healthier living:Plan mealsTaking time each week to plan meals that cover all five food groups is essential. This not only ensures your loved one enjoys a nutritionally balanced diet but also makes grocery shopping more straightforward, as your meal plan doubles as an effective shopping list.Make informed choicesWhile shopping for groceries, pay close attention to the Nutrition Facts labels on food packaging. This step is key in choosing products that are higher in vitamins, minerals, and dietary fiber but lower in sodium, saturated fat, and added sugars, meeting the specific nutritional needs of seniors.Understand calorie labelingWhen dining out or ordering food, look for calorie information on menus. This can help you make healthier choices for your senior, enabling you to manage their calorie intake effectively, which is critical for maintaining their overall health.Monitor Intake and PortionsMonitoring how much and what your senior eats is vital in maintaining their health. Use the Nutrition Facts label as a guide to control portion sizes and calorie intake, ensuring they receive the nutrients they need without unnecessary excesses.Recipe Ideas for Balanced MealsBreakfast: a nutritious start to the dayBreakfast is often called the most important meal of the day, and for a good reason. It sets the tone for energy levels and nutritional intake. For seniors, starting the day with a meal thats both nutritious and easy to eat can help maintain energy levels, support cognitive function, and promote heart health. Our breakfast ideas focus on combining simple, wholesome ingredients like whole grains, lean proteins, and healthy fats to create meals that are both satisfying and senior-friendly.1. Creamy avocado and egg toastIngredients: Soft whole-grain bread, ripe avocado, poached or scrambled eggs, sprinkle of paprika.Benefits: Avocado offers a creamy texture loaded with healthy fats and fiber, ideal for senior digestion and heart health. Eggs contribute high-quality protein and choline, enhancing brain function. This combination on soft whole-grain bread provides a balanced, nutrient-rich start to the day thats also easy on the palate.Instructions: Begin by toasting the soft whole-grain bread to your desired level of crispness. Mash the ripe avocado in a bowl and spread it evenly on the toast. Prepare the eggs to your likingeither poached or scrambledand place them on top of the mashed avocado. Sprinkle a bit of paprika over the eggs for added flavor. This dish combines textures and nutrients beneficial for seniors, making breakfast both enjoyable and health-supportive.2. Berry and yogurt smoothieIngredients: Mixed berries (fresh or frozen), plain Greek yogurt, a splash of almond milk, and a teaspoon of honey for sweetness.Benefits: Berries are packed with antioxidants and vitamins, supporting immune health and providing natural sweetness. Greek yogurt is a fantastic source of protein and probiotics, aiding in digestion and bone health. The almond milk adds a smooth consistency and a dose of vitamin E, while honey brings natural sweetness and energy.Instructions: Combine the mixed berries, Greek yogurt, almond milk, and honey in a blender. Blend until smooth. If the smoothie is too thick, add a little more almond milk to reach your desired consistency. This smoothie is not only nutritious but also easy to consume, making it a perfect breakfast option for seniors who may have difficulty with solid food early in the morning.3. Oatmeal with bananas and cinnamonIngredients: Rolled oats, sliced bananas, cinnamon, and milk (or a milk alternative).Benefits: Oatmeal is a heart-healthy grain that provides a good source of fiber, aiding in digestion and keeping cholesterol levels in check. Bananas add natural sweetness and potassium, which is vital for maintaining healthy blood pressure levels. Cinnamon not only adds flavor but also has anti-inflammatory properties.Instructions: Cook the rolled oats in milk or a milk alternative according to package instructions until they are soft and creamy. Slice a banana and stir it into the cooked oatmeal. Sprinkle cinnamon on top for flavor. This warm and comforting meal is easy to prepare, gentle on the stomach, and packed with nutrients, making it an ideal breakfast for seniors.Lunch: light and nourishing midday mealsLunch offers an excellent opportunity to incorporate a variety of nutrients into a seniors diet, helping to sustain energy throughout the afternoon. Our lunch recipes are designed to be both light and nourishing, providing a balance of proteins, carbohydrates, and fats, along with essential vitamins and minerals. These meals are not only easy to prepare but also gentle on the digestive system, making them perfect for a midday boost.1. Smooth sweet potato soupIngredients: Roasted sweet potatoes blended into a smooth soup, low-sodium vegetable broth, a touch of cream for richness, and mild spices according to taste.Benefits: Sweet potatoes are a great source of beta-carotene, vitamins, and fiber. This soup is warming, easy to digest, and can be made creamy to suit different dietary needs.Instructions: Begin by roasting sweet potatoes in the oven until they are soft and tender. Once cooled, blend the sweet potatoes with low-sodium vegetable broth in a blender until smooth. Transfer the mixture to a pot, and heat over medium. Stir in a touch of cream for richness and add mild spices such as cinnamon, nutmeg, or ginger according to your taste preferences. Continue to heat the soup, stirring occasionally, until it is warm throughout. Serve the soup with a dollop of cream or a sprinkle of herbs on top for garnish.2. Chickpea salad sandwichIngredients: Canned chickpeas, mayonnaise or a healthier alternative like avocado, Dijon mustard, celery, red onion, salt, pepper, and whole-grain bread.Benefits: Chickpeas are a fantastic source of protein and fiber, contributing to muscle maintenance and digestive health. The addition of celery and red onion provides a crunch as well as essential vitamins and minerals. Using whole-grain bread adds another layer of fiber and nutrients, making this a balanced, nutritious lunch option.Instructions: Drain and rinse the chickpeas before mashing them in a bowl. Mix in mayonnaise (or mashed avocado for a healthier fat option), Dijon mustard, finely chopped celery, and red onion. Season with salt and pepper to taste. Spread the chickpea mixture onto slices of whole-grain bread and close to make a sandwich. This sandwich is not only nutritious but also soft and easy to chew, making it a senior-friendly lunch option.3. Tuna and white bean saladIngredients: Canned tuna (in water), canned white beans, olive oil, lemon juice, chopped parsley, salt, and pepper.Benefits: Tuna is a lean source of protein and provides omega-3 fatty acids, essential for heart and brain health. White beans are high in fiber and protein as well, supporting muscle health and digestion. Olive oil adds healthy fats, and lemon juice provides a boost of vitamin C.Instructions: Drain and flake the tuna into a bowl. Rinse and drain the white beans and add them to the tuna. Dress the mixture with olive oil and fresh lemon juice, then season with salt and pepper to taste. Fold in chopped parsley for a fresh flavor. Serve this salad on its own, over a bed of lettuce, or with whole-grain crackers for a crunchy texture. This salad is easy to prepare, nutritious, and provides a refreshing, light lunch option for seniors.Dinner: comforting and wholesome evening fareDinner is a time for relaxation and enjoyment, a moment to savor flavors and unwind. For seniors, its also an opportunity to ensure theyre receiving all the necessary nutrients to support their health through the night. Our dinner ideas focus on easy-to-digest foods that are rich in nutrients necessary for muscle maintenance, bone health, and good sleep. These comforting and wholesome recipes are designed to be the perfect end to the day, providing both nutrition and pleasure in every bite.1. Oven-baked chicken with soft vegetablesIngredients: Tender chicken breast, olive oil, and a variety of vegetables such as carrots, squash, and green beans, all baked to soft perfection.Benefits: Chicken provides lean protein, while the vegetables offer vitamins and minerals essential for senior health. Baking the ingredients together makes them softer and easier to chew.Instructions: To prepare Oven-Baked Chicken with Soft Vegetables, start by preheating your oven to 375F (190C). Toss tender chicken breasts and bite-sized pieces of your favorite vegetableslike carrots, squash, and green beanswith olive oil, salt, pepper, and optional herbs for flavor. Spread them in a single layer in a baking dish, ensuring vegetables are around the chicken for even cooking. Bake for about 25-30 minutes until the chicken is thoroughly cooked and the vegetables are tender. Let it rest for a few minutes before serving to ensure the chicken remains moist and flavorful. 2. Soft-cooked vegetable pastaIngredients: Whole-grain pasta, olive oil, garlic, a variety of vegetables (e.g., spinach, tomatoes, zucchini), grated Parmesan cheese, salt, and pepper.Benefits: Whole-grain pasta provides a good source of fiber, which is important for digestive health. The vegetables add vitamins and minerals, supporting overall well-being, while olive oil and Parmesan cheese offer healthy fats and calcium, respectively.Instructions: Start by cooking the pasta according to the package instructions until it is soft. In a large pan, heat olive oil over medium heat and saut garlic until fragrant. Add the chopped vegetables and cook until they are soft and tender. Mix the cooked vegetables with the drained pasta, and toss everything together with a bit of olive oil, salt, and pepper. Serve with a sprinkle of grated Parmesan cheese on top. This dish is not only nutritious but also easy to chew and swallow, making it a senior-friendly meal option.3. Quiche with spinach and mushroomsIngredients: Eggs, milk, grated cheese (such as cheddar or Gruyere), fresh spinach, mushrooms, a pre-made pie crust, salt, and pepper.Benefits: Eggs and milk provide high-quality protein and calcium, crucial for bone health. Spinach and mushrooms are excellent sources of vitamins and antioxidants, supporting immune health and providing dietary fiber for digestion.Instructions: Preheat your oven to 375F (190C). In a mixing bowl, beat the eggs and milk together, then stir in the grated cheese. Season with salt and pepper. Saut spinach and mushrooms in a pan until theyre soft and then spread them evenly over the bottom of the pie crust. Pour the egg mixture over the vegetables. Bake in the preheated oven for 35-40 minutes, until the quiche is set and the crust is golden brown. Let it cool for a few minutes before slicing and serving. This quiche is not only nutritious but also soft and easy to eat, making it a perfect dinner option for seniors.Snack ideas for between mealsKeeping hunger at bay between meals is crucial for maintaining energy levels and preventing overeating at meal times. Here are a couple of nutritious snack ideas for seniors, focusing on nutrition, ease of eating, and taste:Baked apple slices with cinnamon: Fiber-rich, naturally sweetened with a hint of cinnamon for flavor.Vegetable sticks with hummus: Crunchy vegetables with protein-packed hummus.Soft cheese and whole-grain crackers: Creamy cheese with fiber-rich crackers for a gentle crunch.Oatmeal and raisin cookies: Chewy cookies with fiber from oats and sweetness from raisins.Avocado chocolate mousse: Rich in healthy fats and antioxidants, sweetened naturally.Peach and cottage cheese bowl: Juicy peaches over protein-rich cottage cheese.Soft pearled barley salad with vegetables: Fiber-full barley with soft roasted veggies.Pumpkin seeds and cranberry trail mix: Magnesium-rich pumpkin seeds with sweet cranberries.Rice cake with ricotta and berries: Light rice cakes topped with creamy ricotta and fresh berries.Chia seed pudding: A pudding made from chia seeds, milk (or a milk alternative), and a touch of honey or maple syrup, optionally topped with soft fruits.Nutritional drinks for seniorsNutritional drinks can play a crucial role in the diet of seniors, especially for those who may find it challenging to meet their nutritional needs through solid foods alone. These beverages are designed to provide a concentrated source of vitamins, minerals, protein, and other nutrients essential for maintaining health and vitality in older adults. Heres a closer look at how nutritional drinks can benefit seniors and some options to consider incorporating into their daily regimen. Types of nutritional drinksComplete nutritional shakes: These are all-in-one solutions designed to meet a significant portion of a seniors daily nutritional requirements, including vitamins, minerals, protein, and dietary fiber.Protein shakes: Specifically formulated with high levels of protein, these shakes are beneficial for muscle maintenance and repair, especially important for seniors engaged in physical therapy or exercise programs.Homemade smoothies: Customizable and made with fresh ingredients, homemade smoothies can be tailored to meet specific nutritional needs or preferences, incorporating fruits, vegetables, yogurt, or protein powder.Meal replacement drinks: Intended to replace a meal, these drinks provide balanced nutrition with a specific calorie count and are often used for weight management or to ensure dietary needs are met when a meal isnt possible. Tips for choosing nutritional drinksCheck nutritional content: Look for drinks that offer a balance of nutrients, including protein, carbohydrates, fats, vitamins, and minerals, tailored to the specific health needs of the senior.Consider dietary restrictions: Choose drinks that comply with any dietary restrictions, such as low-sodium for heart health or gluten-free for those with celiac disease.Taste preferences: Since seniors will be more likely to consume drinks that taste good to them, consider taste preferences and potentially try out different flavors to find the most appealing options.Consult healthcare providers: Before adding nutritional drinks to a seniors diet, consult with a healthcare provider or a dietitian to ensure theyre appropriate for their health status and nutritional needs.Celebrating National Nutrition Month by preparing senior-friendly recipes is a wonderful way to show love and care for the elderly in our lives. These recipes not only meet their nutritional needs but also provide the comfort and joy that come from a delicious meal. As family caregivers, our role in nurturing through nutrition is a testament to our dedication and affection for our elderly loved ones. Lets make this month a memorable one by exploring new recipes and creating healthy, tasty meals together. 

Creating a budget for senior living

Creating a budget for senior living is essential for financial stability and peace of mind. Here are some practical steps to help you or your loved one create a budget:List Net Income: Begin by listing all sources of income, including pensions, Social Security, investments, and any other funds. Be thorough to avoid underestimating or overestimating income.List Expenses: Identify fixed expenses such as rent or mortgage payments, utilities, car payments, insurance, and other regular bills. These are essential costs that need to be covered consistently.Track Actual Spending: Keep track of daily spending to understand where the money goes. This step helps identify areas where adjustments can be made.Identify Savings Sources: Consider any savings accounts, emergency funds, or other financial resources available. Having a safety net is crucial for unexpected expenses.Set Goals: Define financial goals. These could include saving for healthcare costs, leisure activities, or travel. Prioritize these goals based on their importance.Recognize Obstacles: Be aware of potential challenges, such as rising healthcare costs or unexpected emergencies. Planning for these obstacles ensures better financial preparedness.Seek Support: Consult with a financial advisor or counselor. They can provide personalized guidance and help create a realistic budget that aligns with your specific circumstances1.Remember that budgeting is an ongoing process. Regularly review and adjust the plan as needed to accommodate changes in life and financial circumstances. By following these steps, you can better manage your finances during senior living.

Protecting and Keeping Assets Within your Family

What about those greedy relatives?Remember the Baudelaire children from our previous Legal Brief about Lemony Snickets A Series of Unfortunate Events? Lets look at another way parents with children of any age can protect their legacy.In Lemony Snickets tale the Baudelaire children are left with a significant family fortune when their parents die. Their uncle hopes to gain access to this vast fortune by taking in the children. When that does not work he tries to marry Violet, the oldest daughter, so he can access the family wealth. Hopefully your relatives are not awful like Count Olaf; yet, sometimes you only find out who people truly are after someone passes away. So, what is the estate planning remedy for greedy relatives or even your childs questionable spouse?Trust planning.Trust planning ensures your family fortune, no matter the amount, stays with your children; not in the hands of a greedy relative, in-law, creditor, or even used in an unintended manner by your children.There are many ways to write trusts to ensure your wishes are met. The general starting point for trust planning is a revocable living trust. When properly funded, this type of trust allows trust assets to pass directly to beneficiaries bypassing the probate process. Bypassing probate also keeps your wishes private. Additionally, if a surviving spouse remarries a revocable living trust can be built to keep existing family assets within the family. The surviving spouse can access assets but when they pass away trust assets continue down to your children and grandchildren instead of going to an unintended beneficiary.More specific concerns?Maybe you have a child with a disability? Consider a special needs trust. A special needs trust prevents a large lump sum from an inheritance going directly to a beneficiary. Instead, a trustee manages the trust and assets. Money is given on an as needed basis for anything not provided through other benefits or programs. This can be especially useful when needs based programming covers only the minimum services. This specialized trust allows you to protect and provide for your loved ones with special needs and circumstances when you are no longer able to do so, while still allowing them to maintain their other benefits.Is one of your children caught up in drugs or debt? Consider a heritage trust. A heritage trust could help in Violets situation with her uncle or if some other gold-digger comes along and tries to marry her for the family fortune. How? Heritage trust planning allows you to name a trustee who can manage trust assets. This person or institution provides the beneficiary with funds for reasonable requests (e.g., housing, education, etc.). The trustee acts as a gatekeeper. Trust assets pass from your child to grandchildren or other beneficiaries. This shelters trust assets, keeping them within your family or named beneficiaries for multiple generations. Trust assets are also protected from creditors, lawsuits, and from spouses or others not directly named as beneficiaries.What exactly is a trustee?Your trustee is the person who manages and distributes trust assets after your passing. As with any decision regarding finances, choose your trustee carefully. Appoint someone to this role who you will take their responsibility seriously. Someone you trust to carry out your wishes and manage trust assets wisely. Allowing assets to grow and benefit your family members for years to come.Remember: trusts do not go through the probate process like a will, so your decisions remain private. Give yourself peace of mind today by taking care of your estate planning with Stone Law! Make your guardianship wishes known in your will and put together trust planning to ensure your assets go where you want them to.