Archive for the ‘Beneficiares’ 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.
ARE YOU LISTENING…!
The Earth spinning on it’s axis is a result of love and faith.
When we appreciate this, our lives can fill with love too.
This month can bring something to be grateful for. You recognize what you love most about life,….your family and their futures.
All this inspires you to address a subject family and friends have been encouraging you to accomplish for some time.
THE PLANNING OF YOUR WILL.!
There is a positive connection now between you and your family because of their warm interest in helping you address this important task.
Accomplishing this, will make you feel grateful and your empathy arises benefiting you in almost every area of your life.
When you go on to the next world, family, relatives, friends and acquaintances will each have opinions about you.
If you left your loved ones in a comfortable position to carry on as they were, most everyone will have a positive opinion about you. However, if you left your loved ones an unplanned mess for a future, then most will speak negatively about you.
You can decide today and do the positive thing for their protection.
Which reaction will you want your loved ones to enjoy?
ARE YOU LISTENING ?
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.
Seldom does anyone think about a death probate!
As a matter of fact many, if not most people , do not even know what that means ?
It really not difficult to understand when one becomes aware of what it means, and at some time towards the end of their lives as they contemplate Wills and Estates, most who draft Wills will become quite famaliar with the term .
At your death,your assets need to be distributed to your heirs. Your debts need to be paid and any loose ends need to be looked after.
You, obviously, can’t sign deeds, write checks or handle your business affairs.
The Probate Court now takes over these duties.
The probate process is a long complicated and bureaucratic nightmare for most families, and without a properly drafted WILL or Living Trust, can sometimes take 2 to 3 years to finalize. Even then, some decisions by the Courts may not end up in your favor.
This corner advises to take the valueable time with family to sit down and efficiently and quitely map out a comfortable solution that you want to achieve.
You wil be very happy you did,
I know…..I know……and I know we should be doing something about about drafting a Will and Estate Plan .
I am however, getting a better feeling about how to proceed after reading your blog material that suggests we make our Estate Planning a HOBBY with my family. That is an excellent suggestion !
I am no longer embarrassed about not having a Will or Estate Plan in place for my family after reading all the helpful suggestions about getting outside assistance from a lawyer, notary, financial planner, trust officer, banker,,or insurance agent.
With our home, cars, lakeside cottage, time-share, investments and other assets, I know my estate will exceed one million dollars and we had better address how we can protect as much value as possible of the estate for the future of our family.
R.M. of Mount Pleasant, CA.
Guardianship
Certainly need proper training on how to handle it.
ChildGuardianShip is important in dealing with Children with Diabetes.
The American Diabetes Risk Test day is set for Tuesday, March 23rd.
Take the test to determine if you have TYPE 2 Diabetes please.
Only 29 DAYS LEFT to find out where you will take your TEST !
The worlds wills locations registry.