Oath to Myself on the Last Stage of Getting Old
As I reflect on the final stage of aging - when my body begins its more rapid decline toward death - I find myself hoping that I will handle it with grace, love and dignity. I thought, "Perhaps I should make an oath to myself, a promise to do it as well as I possibly can. Then I realized these were really prayers. So here are the prayer/promises that came deep from my heart of hearts. May … [Read more...]
Five Myths About Having an Estate Plan
1. “I don’t have an estate of any significant size to have an estate plan.” Your estate can grow. Many aspects of a good estate plan such as Powers of Attorney and Living Wills have no relation to the size of an estate. 2. “I have a Will so my estate planning is complete.” There may be a better way. Will drawbacks: It starts the Probate system which makes a Will public … [Read more...]
Celebrity Deaths, Estate Planning, Wills and Insurance
In the past few year there have been a lot of celebrity deaths reported, but none overpowering the news more than the death of Michael Jackson. I'm not going to debate his talent or lifestyle issues, but it got me thinking about estate planning, wills and you. Here is a guy that in one way or another had significant financial assets; homes, rights to the Beatles catalog, investments who know … [Read more...]
Suddenly a Widow: 9 Contacts You Need to Make
Losing your spouse plunges you into grief where even simple daily tasks become burdensome. Yet there are certain matters which the new widow must be taken care of immediately in order to protect your financial future. David W. Latko, president of Latko Wealth Management Ltd is the author of Financial Strategies for Today’s Widow and he offers some sound advice for new widows: Obtain at least … [Read more...]
Trials and Heirs
Trials and Heirs by Andrew Mayoras and Danielle Mayoras Book Review Did you Know? Chief Justice Warren Burger left a will that contained only 176 words for an estate worth over $1.8 million. “Queen of Mean” Leona Helmsley created a $12 million trust to care for her Maltese named Trouble. Marlon Brando changed his will a mere 13 days before dying. The estate of Jimi Hendrix was … [Read more...]
Number 6 Reason For Living Trusts: Secure Your Privacy
Ed. Note: Older adults have planned many aspects of retirement, but failed to create an estate plan. Explore how living trusts can help protect your privacy. Reason #6: Privacy. Most of us naturally dislike the concept of probate because it is a public process. Theoretically, anyone can go into probate court when a person dies and look at the estate file. You can read the will, you can find out … [Read more...]
Number 5 Reason For Living Trusts: Avoiding a Will Contest
Ed. Note: Older adults have planned many aspects of retirement, but failed to create an estate plan. Explore how living trusts can help avoid a will contest. Reason #5: Avoiding a Will Contest. It is true that a will is far more likely to be contested than a revocable living trust. That’s because a will goes into effect only when a person dies, whereas a revocable living trust goes into … [Read more...]
Number 4 Reason For Living Trusts: Avoid Probate
Ed. Note: Older adults have planned many aspects of retirement, but failed to create an estate plan. Explore how living trusts can help avoid probate. Reason #4: Avoid Probate. It is true that property in your revocable living trust will not go through probate when you die. That’s because the trust instrument spells out who gets the property. It’s a lot like life insurance, annuities, … [Read more...]
Number 3 Reason For Living Trusts: Managing Property upon Incapacity
Ed. Note: Older adults have planned many aspects of retirement, but failed to create an estate plan. Explore how living trusts can prepare for incapacitation. Reason #3: Managing Property upon Incapacitation. One of the major concerns that many of us have today is not about dying - it’s about living too long! We see it all around us - we worry about our parents living in their own home. We … [Read more...]
Number 2 Reason For Living Trusts: Reduce or Eliminate Estate Taxes
Ed Note: Older adults have planned many aspects of retirement, but failed to create an estate plan. Explore how living trusts can reduce estate taxes. Many people say that a revocable living trust doesn’t save estate taxes. Technically, they’re right. There are no provisions in the federal tax laws that exempt revocable living trusts from estate taxes. However, living trusts are often used … [Read more...]