Archive for the ‘Child Guardianship’ 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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Wills
All good parents taught their families thru life to never shirk their responsibilities!
When you left home to start out on your own, you now became totally responsible for all your own actions:
When you started jobs, you became responsible to be a good employee:
When you started dating, you had responsibilities to treat your partner with respect:
When you decided to get married, now your planning responsibilities began to multiply:
When you got married, your responsibilities doubled almost over-night:
(A)…Now you have a partner you are also responsible for and to take care of and protect the rest of your life:
(B)…When children started to arrive, your responsibilities again multiplied as you now have added other lifetime responsibilities !
You can buy insurances to help establish and protect a financial future, but it is STILL your responsibility to protect all of them.
Your legal counsel advises that now you need written instructions for their future in the event an illness or accident removes you prematurely and you won’t be around to protect them anymore. A LEGAL WILL !. Most legal counsel’s would advise to never delay this important task for any reason.!
Having done that, this blog urges you to then REGISTER THE LOCATION OF WHERE THAT WILL IS GOING TO BE STORED SO IT CAN BE EASILY FOUND NEEDED.
REMEMBER, IT IS YOUR ” SOLE “ RESPONSIBILITY AS THE WILL WRITER TO INSURE YOUR MOST RECENT WILL CAN BE FOUND WHEN NEEDED. !
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.
AND UNNECESSARILY !
LEAD……FOLLOW…….OR GET OUT OF THE WAY !. CAUSING A LARGE PERCENTAGE OF FAMILIES TO FAIL MISERABLY FOR INACTION.
The above statement of fact should be posted on the home fridge door because it is the logical location for all family members to see regularily.’
This bold statement is an attitude adjustment reminder for individuals to re-focus their priorities.
We all know that most individuals and families have planned and know what each week-end’s activities are going to be. Sometimes two to three months ahead, yet fail miserably about the necessary planning of their financial future, their children’s future and the written instructions for family to ensure they get the most out of their networth.
Too many families lose too much of their estate value by overlooking the importance of re-focusing their attention frequently about where they are now,…..and ..where they want to be.?
It is called Estate Planning!. The most important lifetime event for any individual and family. !
Always leaving that event until later is a cop-out of the responsibilities to oneself and family. Particularily when children are involved!.
Fortunatly, Mothers of the World are taking the initiative away from too busy partners and proceeding to put their own and their families future wishes and plans on paper.
Congratulations to them for they recognize the pitfalls of failing to complete a Family Will, a Living Will or a Living Trust.
They remember also, to have the locations of their Wills and other important papers, registered with a worlds wills locations registry, so they can be readily retrieved by family members or friends when needed.
It seems their motto is “ While I’m in charge, it will be done. !”
They recognize that too much value of their estate can be lost due to no planning.
MOTHERS….The Heroes of every houshold. !
say those who have tried before!
“because they can often come back to haunt you”.
Saying you are still fairly young, in fairly good health, and not yet ready to think and plan about a Will , is a tragedy in the making for your spouse and any family members. One only has to read each morning.s newspaper to get the real life picture of the suddeness and age of many already passed. Some by health, others by accidents !
Albert Einstein said “ I never think of the future…..because it comes soon enough !”
Parent’s taught us to face and accept responsibility, but somewhere along the way, some responsibilities became neglected and an occassional incident rushes reality back into focus.
The better thought to keep in mind is the following
“ If I have the opportunity to present a gift to my next generation, it will be the ability to understand the importance of having a Family Will drafted as they enter life on their own and marriage. ” “I would urge them to always know the whereabouts of that Will, and to review it every 2 0r 3 years because of the rapid changes in an ever-changing world “. “At marriage, and soon along comes children , you contracted a set of responsiblities that are now yours for the rest of your life”. “Forever in your hands is their future and wel-being.”
Also, please remember, NO DECISION, is also a BAD DECISION!.
…..
for your spouse and children because of your lack of thinking and planning about a Family Will protecting their tomorrows today ?
It is really no big deal, to gather the family together one evening and ask them for their help in gathering the family papers and documents you will need to initiate the planning of your estate.
Don’t waste too much time thinking about where to begin and what to do ?
Simply realize, that 50% of getting any job done is “getting started “. Simple as that !
There is a “How to get started instruction sheet” available on-line at one of the worlds wills locations registry’s. It provides information required to accumalate the information you will want to provide to the legal professional of your choice to finalize your much needed family will.
You can save a lot of time in legal cost’s by being as prepared as you can with all your documentation before you meet your legal professional.
Good Luck.
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.
NO…NO…Not getting married ? Well, it shouldn’t be. but as we all know, the risks keep getting higher and higher and way too many are ending prematurely!
Divorce does not revoke an existing WILL. !
However, a new marriage DOES.!
One of the many existing ways that contribute to marital breakdowns, is LACK OF COMMUNICATION ! Remarkable but true !
Communication is vital in any endeavor, and especially in marriage, and marriage with families !
One of the most difficult communication connections is for spouses and families to openly discuss the welfare of family as they begin discussions about the family estate plan ! When the whole family is involved, these discussions may even be considered negotiations.
As difficult as it may be to discuss the prospect of death, one can save their heirs and survivors the ever more difficult prospect of litigation and family feuds through simple communication.!
History has shown that sometimes family relationships are irreparably damaged and siblings become estranged after the reading of the WILL ( if there was one,) when all the details are announced.
There are two ways families can deal with the topic of death: one is to openly talk about it: the other is to face reality that it eventually happens.
Not communicating or planning about will happen with the family estate , IS A RECIPE FOR DISASTER !
Families can help themselves when they consider having all the family meet to discuss the ESTATE PLAN to give them the opportunity to voice their opinions. Treat the session as a HOBBY, committing to meet to review the family WILLS every two years. Changes in legal and taxation laws, and possible changes in families necessitate these periodic reviews.
Keep everyone in the loop!
REMINDER……It is 32 days till the American Diabetes Association “ DIABETES RISK TEST “ on March 23rd.
WILLS CAN NAME A GUARDIAN FOR YOUR CHILDREN.
You brought them into this world. You nutured them, cared for them, taught them to walk, talk, urged their home, educational and world developement. Watched them develope thru high school to college or university and tolerated their many attitude changes that sometimes took you to the brink of deciding you may not want them around anymore? But in spite of,…your love for them was greater than your sometimes anger.
However, would you want to abandon or lose them ?
Would you want the State/Prov./Country to take over the guardianship of your children after your passing, simply because you had not written implicit instructions for their protection and future in your WILL ?.
While the State/Prov./Country might choose someone you would approve of ( such as a family member ) , they might also choose an institution or an unrelated party that you would be unhappy with, causing untold grief for the children.
But, as important, is to register the location of where you will store that valueable Will along with all of your birth certificates, marriage license, mortgage title, insurance papers, and any important papers, so they can be readily located when needed.
Making two family members and two close friends aware also of where you register your WILLS location adds to the simplicity of finding that family WILL when needed.
Take the time to investigate how WILL location registries work on the Worlds Wills Location Registries.