If you are like 70% of the population, you don’t have a current will even though 100% of us are going to need one. High profile cases such as Smith and Shivo are good reminders why it is so vital to have a current will that says who you would want to raise your children in case of your death and what kind of medical care you want if you can no longer communicate your wishes. There is NO reason to create the kind of drama, fighting and expense that we have seen in these two unfortunate situations. The simple solution is to have a will and health care directive. It is the last love letter you leave your family.
When I was in law school I was horrified to read all the cases about parents who died in accidents, leaving behind minor children but no directions as to who was to raise them. What almost always happens is that the custody battle between the grandparents results in such hard feelings that the “winner” cuts the “losing” side of the family out of the children’s lives. Imagine the shock of suddenly being an orphan and now you have lost your grandmother, grandfather, aunts, uncles and cousins on one whole side of the family. If you think about nasty custody battles in divorce cases you can imagine what happens when parents die without a current will. Imagine losing a child and the ONLY connection you have to your dead child is your grandchildren. Each side of the family wants custody and if you don’t have a will the only way custody will be settled is in court. TOTALLY UNNECESSARY!!!
As a family law attorney I have seen some really ugly divorces. The LAST thing either side wants is to leave everything they own to their ex but that is what happens when a divorced parent dies. The minor children will not be able to take the life insurance policy, business, house or 1968 Camaro so it follows the child to the surviving parent who gets custody of the children and complete control over the dead parents estate. Wouldn’t you rather have a trusted family member in charge of doling out your money to the children as they need it?
I know what you are saying, “I have other more pressing things to spend money on than hiring a lawyer to do my will. I will get around to it later.” I can appreciate not wanting to spend $500 on a will (Consumer Reports says the national average is $500 for a will). So how about an easy solution that will cost a lot less than $500 and give you and your spouse your own wills and updates each year, access to lawyers 24 hours a day, whenever you need one for any reason. From now on when you have a legal question you will have a toll free number for unlimited free consultations with lawyers in every area of the law, in every state in America. If they lawyer thinks a phone call or letter will solve your problem, they will do that at no extra charge. You will fax them everything BEFORE you sign important documents so YOUR lawyer is protecting your interests. You will have lawyers to represent you for defensible moving violations in and outside of your state and if you have teenage drivers or drive like a teenager yourself you will want the protection of having a complete defense should you or any family member be charged with vehicular manslaughter or negligent homicide (think of the old man in Santa Monica who ran over those 10 people in the farmer’s market or singer Brandy who just killed someone). As long as there are no drug or alcohol allegations, you have a free defense. NO car insurance covers criminal defense if someone dies in a car accident. You have prepaid hours if you are sued, 50 hours of tax attorney time if you are audited, 25% off attorney fees for uncovered matters and nighttime and weekend emergency access to attorneys within 3 rings, again on a toll free number.
What is this amazing thing? Pre Paid Legal insurance. When I saw it I immediately bought it for my family and so can you. For less than a bottle of water a day, you and your family will have the kind of security and peace of mind that has only been available to the wealthy. If you have minor children and no will, act now! As a lawyer I am very aware of how our legal system works. You only get the legal help you can afford. I would rather be rich and guilty then poor and innocent. Until I learned about legal insurance I was convinced that there was no such thing as liberty and justice for all, only for those who could afford it. Now I know the words in the Pledge of Allegiance is true, if you have legal insurance.
Ms. Rachman has been an attorney since 1996 and has been disturbed at the fact that when it comes to justice you get what you pay for. For those who are interested in the idea of protecting your children by doing your will, get more details on my "Homework" page at http://www.divorce-inaday.com
Article Source: http://EzineArticles.com/?expert=Belinda_Rachman,_Esq
Thursday, July 12, 2007
Introduction to Estate Planning
Estate planning is the creation of a comprehensive financial plan to provide for your spouse and heirs upon your passing.
The old saying tells us that we can’t take it with us. It is true. The question is what we do with it then. People often start their life just trying to make ends meet. As time goes on, they begin to acquire a certain amount of wealth. If they are lucky and smart, they provide for themselves and for the people that are dependent on them while at the same time accumulating property and even more wealth. When they die, this represents their estate. Estate planning is the process that determines what happens to all of this after death.
It is never a good idea to put off any element of financial planning. Timely decision making is one of the essentials of success. In Estate planning, this is truer than in any other area. There is no margin of error. The proper time to begin your personal Estate planning process is as soon as you have anything at all that even begins to resemble an estate. The failure to do this not only takes you completely out of the decision making process after death, but can lead to some serious problems for the people you leave behind.
The most important tool of Estate planning is the will. Many people neglect the preparation of a will because they do not feel they have sufficient wealth in their estate to justify one. This is not true at all. Just about anyone who has any type of asset should have a will. The will is a legal instrument that speaks for your wishes after your death. There are other tools such as trusts that are a part of the estate planning process.
Estate planning works very much like other forms of financial planning. It involves the preparation of a comprehensive, coordinated plan that ties together all the various aspects of your financial situation. It involves a complete inventory of your assets. This includes not only your physical property, but also need to consider your Insurance policies, your retirement funds, annuities, and any other source of income. The plan includes the selection of beneficiaries. The beneficiaries are the people that will receive your assets after your death.
Estate planning is also very much a taxation issue. The tax implications of estates can be complex and in some cases can have devastating impacts on the people that you leave behind. Instead of providing for them, poor tax planning can put additional burdens on them after you are gone. Estate planning requires a lot of knowledge of issues that are sometimes confusing. Insurance professionals and financial planners can help you navigate through the murky waters of Estate planning. It is true that you can not take it with you, but you should have the final say about where it does go.
Get more estate planning info at UFCAmerica.com.
Article Source: http://EzineArticles.com/?expert=Barry_Waxler
The old saying tells us that we can’t take it with us. It is true. The question is what we do with it then. People often start their life just trying to make ends meet. As time goes on, they begin to acquire a certain amount of wealth. If they are lucky and smart, they provide for themselves and for the people that are dependent on them while at the same time accumulating property and even more wealth. When they die, this represents their estate. Estate planning is the process that determines what happens to all of this after death.
It is never a good idea to put off any element of financial planning. Timely decision making is one of the essentials of success. In Estate planning, this is truer than in any other area. There is no margin of error. The proper time to begin your personal Estate planning process is as soon as you have anything at all that even begins to resemble an estate. The failure to do this not only takes you completely out of the decision making process after death, but can lead to some serious problems for the people you leave behind.
The most important tool of Estate planning is the will. Many people neglect the preparation of a will because they do not feel they have sufficient wealth in their estate to justify one. This is not true at all. Just about anyone who has any type of asset should have a will. The will is a legal instrument that speaks for your wishes after your death. There are other tools such as trusts that are a part of the estate planning process.
Estate planning works very much like other forms of financial planning. It involves the preparation of a comprehensive, coordinated plan that ties together all the various aspects of your financial situation. It involves a complete inventory of your assets. This includes not only your physical property, but also need to consider your Insurance policies, your retirement funds, annuities, and any other source of income. The plan includes the selection of beneficiaries. The beneficiaries are the people that will receive your assets after your death.
Estate planning is also very much a taxation issue. The tax implications of estates can be complex and in some cases can have devastating impacts on the people that you leave behind. Instead of providing for them, poor tax planning can put additional burdens on them after you are gone. Estate planning requires a lot of knowledge of issues that are sometimes confusing. Insurance professionals and financial planners can help you navigate through the murky waters of Estate planning. It is true that you can not take it with you, but you should have the final say about where it does go.
Get more estate planning info at UFCAmerica.com.
Article Source: http://EzineArticles.com/?expert=Barry_Waxler
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