Live On Forever (or Why You Need An Ethical Will)
Posted on April 22, 2008 - Filed Under Legal and Law | Leave a Comment
In the movie “The Bachelor,” starring Rene Zellweger and Chris O’Donnell, a young man’s grandfather had himself videotaped reading his will, in which he directed his grandson would receive his $100 million estate only if he was married by 6:05 p.m. on his 30th birthday. If not, the grandson inherited nothing. The rest of the movie is about the grandson trying to overcome his fear of marriage and getting married on the next day, his 30th birthday. He proposes to 10 women whom he doesn’t love while the song “Hit the Road Jack” plays in the background. But, in the end, his true love comes through and the wedding occurs just in time (and in the money) at 6:05 p.m. The movie closed with the song “Your Love Keeps Lifting Me (Higher and Higher).”
Read More..>>A Model Not To Live By - The Last Will And Testament
Posted on April 22, 2008 - Filed Under Legal and Law | Leave a Comment
The death of Anna Nicole Smith has at least one valuable outcome, even if it is simply serving as a model of what happens if you die intestate, i. e. without a last will and testament.
One immediate point to take here, by the way, is the youth and vitality of the deceased. Few people who knew her, or knew about her, would have believed on that February morning that later that day they would hear that she was dead.
Wasn’t there something about, “Ye know not the day nor the hour”?
Read More..>>Do It Yourself Last Will And Testament Tips
Posted on April 9, 2008 - Filed Under Legal and Law | Leave a Comment
Contemplation about your death is never pleasant, but doing the wise thing by foreseeing the possible circumstances of your demise and impact on your family is an honorable act. A last will is a document/form that will ensure your wishes are upheld upon your death.
The most important reason why you probably want to make a perfect last will and testament is because you want your loved ones to inherit your precious wealth. You can also use a last will to determine whom the legal guardian(s) for your children will be. A tax efficient last will can help ensure your wealth is mainly transferred to your loved ones by allowing you to name an executor of your will. The executor will ensure the application of the will.
Read More..>>Wills - The Importance Of Writing A Will
Posted on March 31, 2008 - Filed Under Legal and Law | Leave a Comment
A successful business man who was meticulous in keeping his paper work up to date all of his life died without writing a will. Even though he was nagged by his accountant and solicitor to write one, he avoided writing a will. Not wanting to face the reality of being a mortal, he avoided facing the issue of death which always crops up whenever he thought of writing a will.
The successful business man, by not writing a will has subjected his surviving family to a complicated tangle of legal administration which is unfair and hurtful. The lack of a will has increased the cost and payment of taxes.
Read More..>>Wills, Trusts And Durable Powers Of Attorney
Posted on March 30, 2008 - Filed Under Legal and Law | Leave a Comment
1. California Law
This document discusses California law only. Each state has its own laws for dealing with wills, trusts and powers of attorney.
2. Durable Power of Attorney for Finances
a. Durable powers of attorney for finances allow someone else to handle your finances for you. They come in two basic types:
i. A “springing” durable power of attorney allows your agent to handle your financial affairs (such as paying bills) if you become incapacitated.
(1) If you regain capacity, your agent loses this power – unless and until you become incapacitated again.
Read More..>>The Unintended Consequence Of Your Living Trust
Posted on February 7, 2008 - Filed Under Legal and Law | Leave a Comment
Many couples have executed an A-B “credit shelter” trust in order to preserve estate tax exemptions for both spouses. This can potentially benefit the heirs by saving nearly one million dollars in inheritance taxes. The consequence of the credit shelter trust, however, is that estate assets are necessarily sheltered from the surviving spouse. Because language in many trusts calls for the credit shelter trust to be funded with an amount equal to the federal exclusion amount in effect at the time of death, the sheltered amount can be quite large and leave the surviving spouse with too little in the way of assets. Fortunately, proper estate planning, including the use of a “disclaimer A-B trust,” can relieve this problem.
Read More..>>Why Should I Write A Will?
Posted on February 7, 2008 - Filed Under Legal and Law | Leave a Comment
If you die without a Will (and statistics suggest that about 70% of UK citizens either have no Will, or that the Will they have is out of date or inadequate) those you leave behind will have a difficult time of it! A bereavement brings with it enough emotional and practical problems of its own to have financial and legal ones added to it.
Read More..>>Types Of Estate Planning Documents
Posted on February 4, 2008 - Filed Under Legal and Law | Leave a Comment
You may have heard some of the terms, Last Will and Testament, Living Will, Power of Attorney, but are not exactly sure what they are or whether you need them. From an Estate Planning perspective, these documents are essential to ensure that your assets are distributed properly and your legal interests are protected.
Read More..>>What To Look For In A Special Needs Trust
Posted on February 3, 2008 - Filed Under Legal and Law | Leave a Comment
Parents of children with special needs face unique and often troubling obstacles when attempting to financially plan for the future. Most often, these parents substantially rely on supplemental security income (SSI) benefits through the Social Security Administration, which helps to pay for treatments and necessary special needs programs.
The dilemma faced when planning for the child’s financial future is that an outright bequeath to a child will most likely disqualify them for public assistance, and the child is also most likely unable to care for themselves. Parents are often faced with the very real possibility of having to disinherit a child in order to preserve the child’s right to receive SSI benefits and other public assistance.
Read More..>>Pocket Living Will - Preserves Wishes And Assets
Posted on January 15, 2008 - Filed Under Legal and Law | Leave a Comment
Tragedy was narrowly avoided. For days Mary lay where she had collapsed in the corner of her bedroom. If it wasn’t for an alert mail-carrier she would have died there as well.
But thankfully this story has a happier ending and in no small part due to a little piece of paper she carried with her in her purse.
Mary was 87 years old. She was single - never married and never had children.
Few people visited and she left her home rarely; just to attend church and to buy food.
Read More..>> keep looking »