|
Last week I sent out a video about choosing beneficiaries for your life insurance and which mistake to avoid (it’s here if you missed it). The big mistake I discussed is naming a minor child as a beneficiary to your insurance policy. The reason being is that minors cannot own property until they are 18. People often choose their children as a secondary beneficiary after their spouse. Now a lot of people blow off this type of mistake because “that will never happen to me” or “nothing bad will ever happen to me.” I’ve certainly been guilty of the same thinking in the past until I had a personal wake up call. Last week after I sent out that video, I was in Probate court, and sure enough, the matter before mine was the estate of a man who had been recently killed in a car accident. He had named a minor child as a beneficiary of his life insurance. Either the child’s mother or step-mother was in court before the judge, pleading to be the guardian of the child’s property. The judge refused the request, and instead appointed a third-party guardian, who will be deciding how the child’s money will be spent until he is 18 or 21. The third-party guardian will also be collecting $125/hr for her services until the child is an adult! Bad things do happen to good people! If you’ve named your minor child as a beneficiary to your life insurance, it might to be time to rethink that strategy. If you have any questions, send me an email at colin@layroots.com. P.S. We’ve released our Special Needs Freedom Guide for parents with special needs children. Get access to it here. If you know somebody who might benefit from the Guide, please pass it along. Colin Ley is a Seattle estate planning attorney. He is also the co-founder of LayRoots along with his wife, Shreya. |
Business Owners Drinking with Lawyer-Humans – Ep. 03
Strangers in a Strange Land
This episode is coming to you from a real life microbrewery in Austin, TX! My first introduction to Strange Land Brewery was meeting Tim Klatt through a friend during SXSW. We went to his house, met his lovely family, and made us a platter of various pickled vegatables (sold as Hat Creek Pickle Company) and gave us tastes of beers-in-the-making. SXSW is a magical time in Austin and this was certainly a standout moment. I’m not a big pickle person, in general, but I can get into some pickled okra or some of the Texas Kraut that they make.
I was very excited about the beers because, as we talk about, they don’t conform to the over-hyped IPA’s. They just brew some really tasty beer.
Before we sat down to talk, I insisted on visiting the tasting room which is attached to the brewery and getting a tour of the facilities. I used to be a chemical engineer (and still claim to be sometimes) so I can nerd out over the vats and batch processes and equipment used to make beer. We don’t really talk about that on camera, but the tasting room was hopping (no pun intended), and I made a friend while sitting at the bar.
I got to try the Alemania, the Ploughshare Saison, a honey mead scotch ale blend, and then the Belgian Trippel.
On camera, we drank the delicious Belgian Trippel at 10:30 in the morning – breakfast of champions. Check out more pictures below the video. And if you’re ever in Austin (like for SXSW), grab a burger at Hat Creek and get some beer from Strange Land Brewery.
Video not your bag? Please subscribe to our Audio-Only versions on Stitcher here or Itunes here.
You can also subscribe to our YouTube channel: here.
By the way, if you know of any cool business owners who might want to be interviewed or just have general feedback, let me know at shreya@layroots.com.
Holla at me on Twitter (@layyourroots), Instagram (@shreyley), or through our Facebook page (www.facebook.com/LayRootsLegal).
“Who should I name as my life insurance beneficiary?”
Colin Ley is a Seattle estate planning attorney. He is also the co-founder of LayRoots along with his wife, Shreya.
Business Owners Drinking with Lawyer-Humans – Ep. 02
LayRoots & La Forêt Bakery & Mulled Coffee Rum Drinks
In this episode, I sit down with a wonderful business owner, Taryn Borges. La Forêt Bakery not only brings to life her thoughtful and delicious creations for the Seattle population, but she also whips up delicious cocktails.
We spend the episode discussing entrepreneurship and music and how rum is delicious. Our cocktail consists of Stumptown mulled coffee and a dark rum. Although the holidays are over, the weather is still frosty and there’s nothing like a little rum and coffee to put some pep in your step and to warm your soul.
Her bakery is wholesale and catering only, so you can find the goods all over the city (good news for me since walking down to the coffee shop for a pick-me-up and an afternoon treat brings me joy). Be sure to check back consistently because she uses fresh and local ingredients for her very seasonal menu.
Find the goods at Broadcast Coffee, Caffe Fiore, Vivace, Street Bean, the University of Washington Bookstore, and an expanding list of cafe’s. Hope you enjoy the show!
Video not your bag? Please subscribe to our Audio-Only versions on Stitcher here or Itunes here.
You can also subscribe to our YouTube channel: here.
By the way, if you know of any cool business owners who might want to be interviewed or just have general feedback, let me know at shreya@layroots.com.
Holla at me on Twitter (@layyourroots), Instagram (@shreyley), or through our Facebook page (www.facebook.com/LayRootsLegal).
Estate Planning for Facebook
Estate planning isn’t just about taxes and passing on your money. Estate planning involves anything you can do to make the lives of your loved ones easier after you pass. Watch this video to learn how to get your Facebook account in order in case something unexpected happens to you.
https://youtu.be/OYTvEItvnL8
Colin Ley is a Seattle estate planning attorney. He is also the co-founder of LayRoots along with his wife, Shreya.
Business Owners Drinking with Lawyer-Humans – Ep. 01
Annnnnd, we’re off!
Please indulge us. In my first interview, I’ve managed to interview the elusive Chief Lawyer-Human of LayRoots – Colin Ley. We discuss his punk rock roots, Rainier Beer, entrepreneurship, and are delightfully awkward throughout.
We hope you enjoy and stay tuned for our next episode featuring a scrumptious, Seattle-based bakery owner.
Video not your bag? Please subscribe to our Audio-Only versions on Stitcher here or Itunes here.
You can also subscribe to our YouTube channel: here.
By the way, if you know of any cool business owners who might want to be interviewed or just have general feedback, let me know at shreya@layroots.com.
