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The Caldwell Trust Company Blog

Sandy Pepper

Recent Posts

How To Turn Your Estate Plan Into A Legacy Plan

Posted by Sandy Pepper

Planning for your financial future can seem like a complicated process - especially when you factor in the many different terms that come up in the conversation. Two particular terms that people may use interchangeably? Estate planning and legacy planning. However, they’re not the same thing.

Here’s a closer look at the difference between estate planning and legacy planning, along with reasons why incorporating the latter into your financial planning process is the best way to comprehensively define the legacy you’ll have after your death.

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Topics: Trusts & Estate Planning

Your Digital Assets Can Be Protected: Here's 5 Assets To Consider Including When Estate Planning

Posted by Sandy Pepper

When most people are ready to develop their estate plan, they want to develop a strong plan for the future and ensure that all of their assets and property go to the right people. Yet many times, they forget about the online assets they use each and every day. That’s because it’s easy to overlook just how much these assets are worth and what happens to these assets when you go. For one thing, there’s the emotional value; your online activity is an extension of yourself. For another, there’s real monetary value — depending on the source, the average American has between $35,000 and $55,000 in digital assets.

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Topics: Digital Assets, Trusts & Estate Planning

How to Start Estate Planning: Managing Your Digital Assets

Posted by Sandy Pepper

Estate planning involves more than just preparing a will or trust to distribute your assets when you die. A solid estate plan should include strategies designed to make the process of winding down your estate and transferring your assets as efficient and organized as possible. In addition to valuable financial assets like real estate, retirement accounts, investments and business assets, your estate plan should also cover your tangible personal property, your life experiences, values and lessons you want to impart to your loved ones.

In today’s electronic age, no estate plan is complete without also referencing your digital assets. This blog post will define and explain what’s included under the “digital assets” umbrella and provide steps you can take to help ensure your wishes for your digital property will be honored. 

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Topics: Digital Assets

Understanding the Difference Between a Legal Will and an Estate Plan

Posted by Sandy Pepper

We often get questions about legal wills and estate plans. We hope to help clarify the difference between a legal will and an estate plan and will take a look at what each provides.

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Topics: Trusts & Estate Planning

What Happens To Your Digital Legacy When You Go?

Posted by Sandy Pepper

When developing an estate plan, there are so many elements to worry about that many people end of forgetting a whole category of assets: digital. Digital (especially social media) has become such a nuanced and integral part of our lives in such a short period of time that it becomes a blind spot. However, your digital legacy is just as important as the rest of your assets. In today’s post, we’ll give you a rundown of what you need to know before you start digital estate planning, how digital assets should be integrated into your estate plan, and why this process matters in the first place.

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Topics: Trusts & Estate Planning

Do You Come First with Your Financial Advisor?

Posted by Sandy Pepper

Caldwell Trust Company serves as a true fiduciary meaning we hold ourselves to a higher professional standard. Over the past 12 to 24 months the term fiduciary has been mentioned in several articles due to the Department of Labor’s ruling on the Employee Retirement Income Security Act (ERISA) of 1974.  What you may not be aware of is how a fiduciary differs from a Broker or Financial Advisor as it relates to the management of your retirement funds or other matters.

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Topics: Investments

6 Smart Spending Habits to Pass Down to Your Children

Posted by Sandy Pepper

Teaching children about how money is earned and the responsible way to manage it is important, but not often discussed. As soon as a child is old enough to understand the concept of money, it’s a good idea to introduce smart spending habits. It’s also important that you “practice what you preach” as children are often more likely to copy what you do rather than listen to what you say.

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Topics: Caldwell Cares

What Is the Intent Of The Settlor When It Comes To Discretionary Language Within Their Trust?

Posted by Sandy Pepper

Every family has their own unique make-up and no two are alike – each member of a family has their own separate distinctions and when planning for loved ones, creating a Statement of Intent is important not only for the trustee, but also for the Grantor’s beneficiaries. It would be nice if all families got along, all children were gainfully employed and without issue, family meetings took place and all children were fully informed of their parent’s estate plan. This is generally not the case and doesn’t happen very often. Thus it is important for a Grantor to provide some guidance to the trustees.

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Topics: Trusts & Estate Planning

What Is the Role of a Fiduciary?

Posted by Sandy Pepper

For those of us in the trust, investment management and retirement services business, we hear the word “fiduciary” on a daily basis. For many, it may sound like an important, formal word, but one which you may not be able to define. 

In its simplest term, a fiduciary is an individual or institution whom another has placed the utmost trust and confidence to manage and protect property and/or money. From the Latin word “fiducia”, meaning “trust” a fiduciary is held to the highest standard of conduct and trust. Generally, fiduciaries are trustees named to serve over assets held in a trust for a beneficiary. The fiduciary is held  to the highest standard to administer and invest those assets prudently as their primary duty is to the beneficiary(s) of the trust. 

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Topics: Trusts & Estate Planning

Managing the Impact of Wealth for Future Generations

Posted by Sandy Pepper

Many families worry what the impact of wealth will have on their children and how and when to communicate about wealth. Each family’s wealth, their heirs, and their balance sheet and the type of assets they own are different. More important, the relationships clients have with their children are unique and quite possibly different with each child. Thus, there is not a one size fits all to these discussions and frankly they should be lifelong discussions.

One of the most important aspects during these discussions is to be clear on what your values are; if the wealth is multi-generational and you have inherited a portion of your current wealth, the values of prior generations should also be discussed.  In the majority of cases, the death of a parent is not the time for the children to find out about their inheritance and wealth transfer.

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Topics: Trusts & Estate Planning

 


 

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