This is the first in a new series of estate planning “heir-ors” that I am going to bring to you. As of this writing, almost 2/3 of Americans do not have a basic will. One of the big reasons that most families do not yet have this kind of plan in place is because of some incorrect thinking about whether it is right for them or if it is even necessary.
I wanted to speak to some of the more common “heir-ors” out there. I’ll start with one of the big ones and address more in 2012.
Heir-or #1: Only Rich People Prepare Estate Plans
Do you own anything? If so, you need a will. You see, a will allows you to designate who will receive your property should anything happen to you. Continuing without one ensures that all of your assets will be distributed under the terms of your state’s “intestate succession” laws. That means your money and property could end up with family members you haven’t spoken to in years instead of who you’d really like to see control your assets. Failing to have a will in place is simply a decision to trust your assets to government bureaucrats who do not know you from Adam.
Do you have children? If so, you need a will. You will be able to name a guardian to take care of your children should you not be able to. Without having this guardian clause in a will you will not be able to take part in the decision making process and a judge will decide where your children will live and who with.
Even if you think your situation if pretty straightforward, you may feel more comfortable hiring an estate planning attorney to help guide you the process.
Allen J. Margulis collaborated with Forbes.com to present an article about the proper way to transfer title of guns after one’s death. Leaving guns can present a number of problems. Is a minor responsible enough to handle and take care of a certain firearm? How do you transfer title for firearms that are restricted by the National Firearms Act? Do you have to get approval from your Chief Law Enforcement Officer?
A Gun Trust is a special purpose revocable living trust. A Gun Trust is written
to hold only firearms.
http://www.forbes.com/sites/peterjreilly/2011/09/22/gun-collections-pose-special-estate-problems/
I am going to provide a free Estate Planning review and a free Will to Police Officers and Firefighters in the central Arkansas area. The days I will be scheduling appointments for the free review and Will are December 6, 7 and 8. There are only a limited number of spots. I will schedule appointments until the spots fill up. To schedule an appointment go to my website and select the “Schedule a Free Consultation” tab.
In North Carolina v. Alford, United States Supreme Court Justice Byron White wrote that the Court had accepted the case for review because some states authorized conviction only for a crime “where guilt is shown,” including by means of a guilty plea that included an actual admission of guilt; but “others have concluded that they should not ‘force any defense on a defendant in a criminal case,’ particularly when advancement of the defense might ‘end in disaster…’” and therefore would accept a guilty plea in Alford’s circumstances.
White wrote that courts must accept whatever plea a defendant chooses to enter, as long as the defendant is competently represented by counsel; the plea is intelligently chosen; and “the record before the judge contains strong evidence of actual guilt.” Faced with “grim alternatives,” the defendant’s best choice of action may be to plead guilty to the crime, White wrote, and the courts must accept the defendant’s choice made in his own interests.
The key is that “the evidence before the judge contains strong evidence of actual guilt.” Just because the #WM3 say they are innocent does not mean they are. This case just allows them to plead guilty without stating to the Court “We did it.”
This is the eighth entry in a series I will be featuring about celebrity estate planning mistakes and what they could have done to prevent the problems that arose.
Name: Howard Hughes
Age: 70
Died: April 5, 1976 (somewhere over Texas)
Cause: Heart failure while on a plane from Mexico to Houston for medical treatment
Family: No wife or children, but 22 cousins
Estate Mistake: Famed aviator/industrialist/film producer/eccentric left a $2.5 billion estate. Thousands of people filed claims against the estate once it was in probate. The estate lingered in probate for years as Mr. Hughes died without a valid will. The estate was eventually spread among all 22 cousins and several other extended family members who filed valid probate claims.
Among the dozens of wills that surfaced after his death was the handwritten “Mormon Will” with misspellings and mistakes that inspired extreme skepticism. The will, which named the church as a beneficiary, was produced by Melvin Dummar, a Utah service station owner who claimed to have rescued Howard Hughes out of the desert. Dummar’s claim was finally thrown out of appeal in 1998.
Hello everyone. Here is a great blog post from my good friend Jason Martin at Goldstar Couriers.
Improving Your Businesses’ Bottom Line While Reducing Your Risks
Have you ever put on a jacket that you haven’t worn in a long time and found money in the pocket? This money didn’t just mysteriously show up there. This is your money. You just didn’t know that it was missing. It sure feels good to have found it though.
Goldstar Couriers & Logistics works with businesses to help them find money that they did not know was missing.
Save money on your inbound deliveries. If your company has items delivered in that you use in the operation of your business or that you store and in turn resale then there are possible savings to be had. Lots of businesses have done a very good job on saving money on their outgoing deliveries but have not even began to look at the money they are spending on their inbound deliveries. If your business has not spent time looking at its outgoing delivery cost or processes then it is possible that there is even more money to be found.
Goldstar is a locally owned and operated delivery business that can relieve your headaches and provide you with a turn-key outsourced solution.
A Fresh New Way to View Outsourcing
Instead of viewing it as a subtractive exercise and a giving-away of strategic control, look at outsourcing as a low- or no-cost strategy for adding talent, capacity, and technology. Instead of exporting control, you are importing expertise and technology that help drive down costs, improve efficiency, and/or enhance customer satisfactions.
Focus your time and financial resources on your core business and let Goldstar focus on your deliveries.
To discuss all things delivery, no matter how big or small, call Jason Martin today at 501.352.3083 or visit us online at www.GoldstarCouriers.net. You will be glad that you did.
Q. I understand that Congress is considering a so-called “flat” tax system. How would this work?
A. If Congress were to pass a “flat” tax, you’d simply pay a fixed percentage of your income, and you wouldn’t have to fill out any complicated forms, and there would be no loopholes for politically connected groups, and normal people would actually understand the tax laws, and giant talking broccoli stalks would come around and mow your lawn for free, because Congress is NOT going to pass a flat tax.
—Dave Barry
