Archive for the ‘Legal Instrument’ 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.
WITH THE ADVENT OF A FULL MOON ON THE HORIZON !
This may not be a good time to try to garner the warm affection and cooperation of other family members.
You could be torn between the finacial interests and responsibility of others, and your own , making it difficult to please others, and at the same time, please yourself.
Full moons can sometimes introduce agitation and emotional situations, and you can either be part of the problem, or a part of the solution.
During this time it will require your utmost patience in dealing with parents, older children, relatives and others because tempers may be short.
While you might feel pulled in various directions, nevertheless, you cannot ignore the needs of family and home.
Until this new moon phase is over, be the voice of reason and put-off the planning of a family get- together to begin the planning of your family Will until a little later.
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.
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 ?
What is the most important part of getting a Family Will drafted, or a Living Will or a Living Trust or a Health Care Proxy?
In Life’s Events, do you have specific information about what to do:
1…When someone has died ?
2…When someone becomes disabled ?
3…When you get married ?
4…When you move ?
5…When you have chilodren ?
6…When you buy insurance ?
7…When you buy your first Home or condo ?
8…When you plan to do your Estate Plan ?
9…When you seperate from your wife ?
10…When you get divorced ?
11…When you remarry a spouse with added children
12…When you have drafted your first Will ?
13…When you make the necessary changes to your Wills when your lifstyles change ?
THE MISSING INGREDIENT INVARIABLY, IS THE EFFORT TO HAVE REGISTERED THE LOCATION OF YOUR WILLS AND OTHER IMPORTANT DOCUMENTS WITH A WORLDS WILLS LOCATIONS REGISTRY, SO THEY CAN BE READILY FOUND WHEN NEEDED.
Even when a legal professional has helped you to finalize your Will’s, it is your responsibility to know where that document and other important papers will be stored. !
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. !
We need more men and women to challenge the status quo of today’s family living style.
Much better family planning is urgently needed.
Television, texting, Facebook, Twitter and telephone conversations with cyber friends all around the world has replaced personal conversations around dinner tables.!
It is said that, “ it is not uncommon today for family members living in the same house, to go days with only minimal communication.”
In order to curb that type of interference of family members drifting apart, a simple type of oath by the head of the household should be adopted by all families like the following.
“NO ONE, and NOTHING will be allowed to put my family at risk!” “ NOT ON MY WATCH !.”
“Not an affair, not financial ruin, not an addiction, not meddling in-laws, not ex-marriage partners, not cancers, not impotence, not pornography, not work, and not financial pursuit. ”
“ I just declare that there is no giant I’m unwilling to fight if it threatens the unity and security of my family.!”
With an attitude like that, more parents and families are now willing to give more attention to addressing the preparation of their family Wills.
Parents with young children should each draft a Will, and legal professionals can tell you why.