Wednesday, March 15, 2017
Craig R. Hersch recently published an Article entitled, Marketing the Modern Estate-Planning Practice: Beyond Networking in an Age of Commoditization and Fragmented Media, Tr. & Est. 74 (Feb. 2017). Provided below is an abstract of the Article:
In 1989, I graduated from law school and soon after landed at my present firm. Founded in 1924, it’s a stalwart in Fort Meyers, Fla. and the surrounding area. At the time, Southwest Florida had a small but fast growing population; the local bar was collegial, and the clients were abundant.
To get my name around town and build my professional reputation, I published an article or two in journal like Trusts & Estates magazine, among others, using them as a springboard to conduct workshops for local attorneys, CPAs, trust officers and financial advisors. Back then, that’s about all it took to establish and maintain a thriving practice.
Those days are gone.
Traditional marketing methods alone don’t work anymore. Today’s experience economy, which shapes the delivery of our services, reveals how to identify your target clients and employ specific strategies to attract them.
Friday, March 3, 2017
Michael Austin recently published an Article entitled, Virtual World, Real Money: Estate Planning Considerations for the Online Gamer, 9 Est. Plan. & Community Prop. L.J. 85 (2016). Provided below is an abstract of the Article:
This comment aims to address potential issues inherent in estate planning for digital assets, and it poses a series of questions that estate planners may use to gain a better understanding of their client’s virtual assets. But, before this comment can explore the intricacies of virtual economies in today’s games, a brief history of online gaming is necessary.
To begin, this comment will present a history of online gaming to lay a foundation for understanding online gaming’s evolution to its current state. The comment will then turn to briefly discussing recently reported, notable transactions in online economies to give examples of situations in which estate planning may benefit the purchasing gamer. Next, this comment will outline the approach that current state laws take to handle digital assets from an estate planning prospective. This comment will then argue that, in lieu of these laws, estate planners must pay special attention to the emergence of online gaming economies, which can yield considerable wealth for their clients. With these state statutes in mind, this comment will propose legislation that any state could adopt to account for the influx of virtual wealth throughout the video gaming community. Finally, this comment will propose a series of questions that can help an estate planner prepare to handle the various digital assets that a client may possess.
Friday, February 10, 2017
Posthumous conception—the process of conceiving using a partner’s eggs, sperm, or embryo after they have died—has gained popularity over recent years but still remains a contentious issue. A recent study of more than 2,000 Brits revealed that three quarters of respondents are in favor of a widow using her husband’s sperm to posthumously start a family, while two-thirds of respondents believe that a widower should be able to use his wife’s eggs posthumously. Further, 59% of the women said they would be willing to let their partners use their eggs after death, and 70% of the men are willing to let their partner use their sperm after death. As the concept becomes more widely accepted, posthumous conception is sure to claim legal victories in the upcoming years.
See Posthumous Conception: Brits Weigh In on Post Mortem Sperm and Egg Retrieval, YouTube, February 7, 2017.
Special thanks to Gabriella Arowshola (Media Liaison Executive, Markettiers) for bringing this article to my attention.
Tuesday, January 31, 2017
The potential Florida Electronic Wills Act specifies requirements that must be satisfied in the execution of electronic wills. Additionally, it allows a will that is properly executed in any state to be admitted to probate in Florida. The Florida Judiciary Committee recently reported favorably on the Act and passed the review on to the Banking and Insurance Committee.
See CS/SB 206: Electronic Wills, Florida Senate, January 31, 2017.
Special thanks to Naomi Cahn (Harold H. Greene Professor of Law, George Washington University School of Law) for bringing this article to my attention.
Tuesday, January 24, 2017
Retirement communities are beginning to test new technologies that experts expect to upend some of the constants of retirement. Recently, a retirement home in California has allowed its community members to sign up to test a telepresence robot—its head is a screen and it gets around on wheels, making it easier to keep in touch with family members through video calls. These new technologies seek to provide more freedom, resources, and constant care to retirees. Specifically, virtual reality technology will help to entertain, educate, and engage elders, bringing delight rather than just chasing a problem. Over the next decade, experts see a shift in caregiving where home automation will become more mainstream. Inevitably, technology will help facilitate the way people age in America.
See Constance Gustke, Seniors Welcome New, Battery-Powered Friends, N.Y. Times, January 20, 2017.
Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.
Sunday, January 22, 2017
Not only do we want to preserve our family wealth, but most of us also desire to pass on our family history. Acknowledge Media is helping families do just that. The company assists families in producing legacy films, which cement the lives and thoughts of older generations for younger family members to appreciate. The legacy films are based on interviews with both individual family members and couples and supplemented with family pictures. These films help younger generations understand their family tree and provide a comprehensive plan that expresses various planning assets for the future prosperity and security of the family. The goal of the company is to provide the tools and services that help celebrate the unique aspects of legacy.
See Karen Demasters, Advisor Collaborates with Firm to Save Clients’ Family History on Film, Financial Advisor, January 17, 2017.
Saturday, January 21, 2017
James Bedford, a World War I veteran, since his death in 1966, has been encapsulated in enough liquid nitrogen to keep his body frozen at about -320° F. This week marks the 50th year anniversary of his deep freeze, making him the oldest “deanimated” individual on earth. In 1991, twenty-five years after his death, Alcor Life Extensions Foundation, the company storing Bedford’s body, checked on his condition and found “a well-developed, well-nourished male who appears younger than his 73 years,” deeming his condition good. Bedford’s body along with 146 others in the facility will remain frozen indefinitely with ongoing financial support to sustain their current state.
See After 50 Years, Frozen WWI Veteran’s Body Awaits Reanimation, Fox News, January 18, 2017.
Wednesday, January 18, 2017
Uniform Laws Update provides information on uniform and model state laws in development as they apply to property, trust, and estate matters. The editors of Probate & Property welcome information and suggestions from readers.
Much of the 2016 legislative activity involved the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). At press time, 20 states had enacted a version of RUFADAA. This innovative new law ensures that fiduciaries who manage the property of decedents and incapacitated persons will have access to on-line property and accounts as necessary.
Sunday, January 15, 2017
Rest assured Star Wars fans, Lucasfilm, the movie’s production company, claims it has no plans to digitally recreate Carrie Fisher’s character, Princess Leia, in upcoming films. This announcement comes shortly after several celebrities became worried about their posthumous portrayals. Further, the company insists that it will always strive to honor Fisher’s legacy and in doing so will not use digital effects.
See Carrie Fisher: Princess Leia Will Not Go Digital . . . Lucasfilm Promises, TMZ, January 13, 2017.
Sunday, January 1, 2017
After Carrie Fisher’s death, much speculation remains over how her character will be portrayed in future, unproduced Star Wars films. Today, filmmakers are using digital technology to resurrect characters after that have passed, but this is leaving actors eager to gain control over how their characters and images are posthumously portrayed. Understanding that their legacy will continue beyond life, stars are making plans to protect their intellectual property rights. Currently, California law gives heirs control over a famous family member’s posthumous profits by requiring their permission for the use of their likeness. As technology improves, however, more actors are concerned with stipulating their legacy. For example, Robin Williams banned the use of his image for commercials until 2039 and prevented anyone from digitally inserting his image into a film or show. Obviously, the use of performers’ likeness has economic value, so it is a matter of how these films and actors can agree on posthumous portrayal.
See Reuters, Actors Rush to Protect Their Image from ‘Digital Resurrection’ After They Have Died Following Eerie Star Wars: Rogue One Reanimation of Carrie Fisher, Daily Mail, December 31, 2016.