Archive for the ‘Assets’ Category
Few families give adequate attention ( If any ) to the tax implications of their family estate planning!
Take the estate of the late Frederick Vanderbilt who died without a Will and a good family estate plan. His estate was valued at $76,838,530.00. His total settlement costs were $42,846,112.00 leaving only $33,992,418.00. according to probate records! Still a healthy sum, but more could have been sheltered from extra legal costs and taxes out of that $42,846,112.00. More than half the value of that estate.
Of course, what can we expect of families when most know so little about the tax structures of income taxes, estate taxes and death taxes. !
This is where good contacts with a financial planner, banker, insurance agent, trust officer, notary or lawyer, become very valueable in the planning stages of an estate.
From the outset, one should always remember, “ IT IS NOT WHAT YOU WILL EARN IN YOUR LIFETIME, BUT WHAT YOU GET TO KEEP, THAT IS IMPORTANT !” ( always try to keep more for your family!)
That requires constant updates to good family planning ideas.
In 1970, men had a life expectancy of 69 years. Women 76 years. Now the life expectancy is in the mid 80″s, so plans for any nest eggs at retirement will require more serious re-adjustments for the additional 20 years of living.!
A crucial part of that detailed estate planning unfortunately is quite often overlooked ! That is including in the plan of where that estate planning and Will are going to be kept so they can be easily accessed by family or friends when needed.
Very good Will’s that cannot be found, are very Lost Wills forever.
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Will you be remembered by family, relatives and friends as the person who had the ability to always make things happen ?
In your circle of family and relatives, will they forever boast of your ability to always lead the way ?
Will you always be remembered for organizing all your family members and friends by leading the way to have a Family Will completed, and show the rest how to do it ?
Amazingly enough….people never forget being in the presence of such a considerate, compassionate person, and they are happy to have been your friend.
Would you share that secret of “ How to make things happen” with the rest of the world please ?
With 80% of the world population as yet to draft Wills, they need all the help they can get.
In the absence of a Will, the law in your jurisdiction and the Probate Court decides how your assets will be handled. Not your partner nor family! Most countries, states and provinces have a fixed formula for allocating your assets. Probably not the way you intended.
Many legal experts will confirm that too many Wills cannot be properly executed because they cannot be found.
Expensive and often futile searches are made by executors and their solicitors for the Will and safe deposit box locations after the death of the testator.
People today travel more frequently, change occupations, and move to other regions of a country or perhaps to a new country.
Sons, and daughters and partners often don’t know where the testator does their banking, “IF” they have a Will, where is it kept, along with other important documents, thereby adding further grief and anxiety to a family following a death.
Your “Honey Do List” should have two top of the chart functions to carry out.
1…Get on top of that effort to have a Family Will drafted:
2…Get that Wills Location registered with a worlds wills locations registry for your peace of mind.
Info on Wills Registries coming up.
Do you have unrealistic expectations and unreasonable aspirations ?
Don’t you just like to feel secure ?
While your basic needs are being met, you feel relatively comfortable. However, right now though, you are missing one crucial source of reassurance.
You feel apprehensive about a factor you can’t ignore, and you recognize you’ve got to give this matter attention. In doing so, you will feel exhilarated, as it will be the only way to resolve this issue.
It’s ironic how often we have the greatest trouble getting through to people we love the most, but then, life’s mayhem is often part of it’s magic.
Let it stimulate the motivation needed to finalize the drafting of the Family Will and Estate Plan .
Those you love most, will be so glad you did.
Will planning
You can save your heirs and survivors the more difficult , costly litigation and family feuds through simple communication.
A family feud erupting because you did not leave a proper written set of directions, is a legacy of heartache.
At dinner tonight, tell your family that on a day when all will be together again at dinner this week, that you want them to help you and your spouse start the preparation and planning your Will information.
Tell them, it will be a valueable educational experience for their future years, and you intend to make the occassion an enjoyable family hobby.
Tell them, that with the assets now in your family, it is the prudent and smart planning that must be done for their future years, and it would be foolhardy to not have an understandable written directive to present to our selected legal representative to finalize our legal Family Will.
Tel them also, that in order that the legal family will can be located by any of them when the time comes, you are going to also register that location with a worlds wills locations registry for their convenience and comfort, leaving them with the information of whom to contact.
Experience has shown, that without a Will with definet instructions for survivors, there is too much suffering and heartache. Tell them to just ask around with their friends for confirmation of that fact.
At the end, will only be happier family members.
Will planning
THIS IS THE BEGINING OF A NEW DAY !
MY SUPER SPIRIT HAS GIVEN ME THIS DAY TO USE AS I WISH. I CAN WASTE IT, OR USE IT FOR GOOD, BUT WHAT I DO TODAY IS IMPORTANT BECAUSE I AM EXCHANGING A DAY OF MY LIFE FOR IT.
WHEN TOMORROW COMES, THIS DAY WILL HAVE GONE FOREVER, LEAVING IN IT’S PLACE SOMETHING I HAVE TRADED FOR IT.
I WANT IT TO BE GAIN – NOT SORROW, GOOD – NOT EVIL, SUCCESS – NOT FAILURE IN ORDER THAT I SHALL NOT REGRET THE PRICE I HAVE PAID FOR IT !
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MY NEW YEARS RESOLUTION WAS TO SIT WITH MY WIFE AND FAMILY, TO TAKE INVENTORY OF OUR ASSETS AND POSSESSIONS, IN PREPARATION TO ACCUMALATE THE REQUIRED DOCUMENTS AND PRIVATE PAPERS TO PROVIDE TO THE LEGAL ADVISOR OUR WHOLE FAMILY AGREE’S UPON TO FINALIZE OUR LIVING WILL AND FAMILY WILL.
I HAVE ADMITTED TO MY FAMILY THAT AS PARENTS WE HAVE BEEN NEGLIGENT IN DELAYING THIS MUCH NEEDED DOCUMENT PROPERLY DRAFTED FOR THEIR FUTURE’S.
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THE WORLDS WILLS LOCATIONS REGISTRY CONFIRMS THAT MANY, MANY HEADS OF HOUSEHOLDS ALL TO FREQUENTLY MAKE THESE WELL INTENTIONED PROMISES,………….BUT IN THE END, IF THE MOTHERS OF THE WORLD DO NOT START THIS PROCESS,………….IT WILL NOT GET DONE !
REMEMBER THAT OLD SAYING ? ….IF YOU WANT TO GET ANYTHING DONE,…..GIVE IT TO THE BUSIEST PERSON IN THE HOUSE, ……WHICH IS ALWAYS MOTHER.S !
Finally, after the court is satisfied that all legal requirements have been met, it will order all debts, claims, taxes, attorney”s fees and the personal representative ‘s compensation and any other miscelaneous expenses to be paid.
If there is not enough cash in the estate to pay these substantial claims, the judge can order that assets be sold at public auctions or estate sales.
These transactions are often conducted in a depressed market or under the heading of “distressed sales “.
Only after all the bills are paid will the probate court distribute the estate to the beneficiaries named in the Will: or if there is no Will, to the designated heirs at law.
The court then closes the file !
Get the best legal counsel you can right at the start. After reading some of the problems possible , every adult would be very wise to quickly become familiar with a lawyer, notary, financial planner etc. to avoid facing major problems.
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Register the Location of where you will keep your Will so it can be easily found when needed with a WORLDS WILLS LOCATIONS REGISTRY.
Married or otherwise.!
If Mother’s Of The World don’t arrange to get the Family Will drafted, ….it won’t get done . Quite often.
With married couples quite often, the Family Will was a simple version where the Will simply states that the property and possession’s will be left to the surviving spouse. If children are involved, then the usual Family Will states that on the passing of the remaining spouse, the property and possessions are to be divided up between the family members.
While that is all encompassing , Wills today take on a far more detailed look and many clauses in the Will are more specific and detailed. Maybe an invalid spouse or child requiring special needs etc. ?
A legal professional will be of immense help as you contemplate drafting a Health Care Proxy and Family Will.
Remember, this is not a dooms day venture. Make this an excellent HOBBY venture to enjoy planning with your family members as you take inventory of accumalated possessios to date and discuss who is planned to get what.
Then, there are two important things to finalize.
1….Contact a Worlds Wills Locations Registry and register the location of where the Family Will is going to be kept so it can be easily found, because a Will that cannot be found, is of absolutely no use!
2….Make it a definet plan to update your Will every two years, because things can change rapidly in that time.
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Congratulations to those who went out of their way to get tested today to determine if they possibly developed Type 2 diabetes in the last while. Good Luck from the Worlds Wills Locations Registry.
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Will Writing
and they are up to the challenge !
Adam Less of adam@propellerdriven.com 0f Kelowna, offers these tidbits :
* A recent USA study, suggests women are the key decision makers for 81% of all purchaese.! In Canada, the percentage is 90% ?
While men in the household may conduct many transactions, its actually the women who have the greatest influence over purchasing decisions.
Scientific studies prove women can read facial expressions better than men.
These same studies show the corpus callousum fibres connecting the left and right sides of the brain are more developed in women, contributing to a woman`s heightened sense of intuition
A University of Wisconsin survey concluded , that women collect and retain 70% more detail than men.
Now leaving the the preparation of the Family Wills, in the hands of the Mother`s of the World, we at long last will have more families preparing their Wills than ever before.
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Only three (3) days left until the Diabetes Risk Test Opportunity created by ther Amercian Diabetes Association .
Does Joint Tenancy or Tenancy by the Entirety avoid a Death Probate ?
Well, sometimes it can :
In the case of a husband and wife who own their assets in joint tenancy or tenancy by the entirety, there’s no death probate when the first spouse dies because title passes automatically to the surviving joint tenant.
However, when the surviving spouse dies, there will be a complete probate on the entire estate.!
The fact that joint tenancy ownership or tenancy by the entirety avoids death probate at the first spouse’s death, it is a small reward for the many other disadvantages of joint tenancy ownership.
It is possible that it can lead to huge unexpected liability when parents and children own assets together.
In community property states/prov’s, it may create a capital gains tax problem.
It may, and can create unintended beneficiaries and often causes gift and death tax problems in some jurisdictions.
For these reasons, many estate planning experts concur that joint tenancy may not be the best planning avenue to follow ?
Identified sometimes as the Perils of Probate, individuals should see and understand the importance of working with a legal professional at all times to be certain to avoid the many pitfalls that could confront any novice attempting to stickhandle around the legality of probate.
This blog constantly reminds individuals to use estate planners, financial planners, lawyers, notaries, trust officers and insurance planners to get the best counsel available today. They are all available , and often give free advice when they are first contacted.
The information often given on this blog, is general information only and individuals should always seek the opinions of their legal counsel before making any legal decisions. The constantly changing legal laws make that necessary.
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ONLY 3 days until your chance to take a Diabetes Risk Test on Tuesday March 23rd. This program is promoted by the American Diabetes Association to remind people to check to see if they are at risk for Type 2 diabetes, as they expect another seven thousand plus new diabetic’s this year.