Legacy of Immortality - The Story of Henrietta Lacks

While vacationing with my family in Jamaica, the Island of sunny skies and warm people, I was able to leave behind our hectic work and home life. So between eating the speciality dishes, climbing the falls of Dunn River; swimming with Dolphins, Sharks and Stingrays at Dolphin Cove and Bobsledding in Mystic Mountain, I read. The Immortal Life of Henrietta Lacks.

The story of Henrietta Lacks is both disturbing and comforting. Disturbing in the unsettled nature of the acquisition of her cells and comforting in the contribution her cells have made and continue to make to advances in science. "HeLa" the name of Henreitta Lacks' cells which continue to live and multiply well after her death in 1951 were vital in the development of the polio vaccine, gene mapping and helped in developing drugs for influenza, Parkinson's disease and continues to aid cancer research and all other medical research.

Henreitta Lack's stories raises for me yet another question regarding our assets and the extent to which we can control the distribution of them during and after our lifetime. Contact us at http://www.ythlaw.com/ with your estate planning, elder law and probate questions.

Estate Planning Mistakes - Number Two

The failure to provide complete information to your estate planner is a big mistake. Your estate planner needs to identify all of your assets; to estimate the relative value of those assets; and, to determine how assets are titled. It is important to provide the names and ages of all your immediate family members. If you have other heirs that you want to leave assets, their names need to be provided to your estate planner.

Contact our offices for additional information and guidance at http://www.ythlaw.com/

When someone dies, who pays the Debts?

I just got off the phone with a friend of mine who recently loss her husband. She does not live in Pennsylvania but knows I handle estate administration and I have been available to answer the numerous questions that inevitable arise. She has made good use of my book Stop! What are you waiting for? Your step-by-step guide to estate planning which was a gift to her before any of us realized just how sick her husband was.

She asked about the bills, medical bills specifically, which are beginning to pile up. Is she responsible for paying these bills? The answer is the estate is responsible. Did her husband have any assets in his name alone? Such funds must be used to first pay the debts of the estate before any distribution is made to beneficiaries. However, assets jointly with his wife and accounts/investments/retirement accounts with beneficiary designation are NOT part of the estate. Therefore, if all of the assets fell into those categories, the estate is bankrupt and can not pay its debts.

Remember though if the estate should come into any money, ie. win a law suit for wrongful death, then the estate has money and those piled up bills have to be paid first. Leave your comments here or contact me at http://www.ythlaw.com/

Seven Principle of Wealth - Number Six

Six, estate planning is very important when you think about generational wealth. Estate planning is not only about providing for your family when you die but it also includes retirement planning. You want to have assets/money available to you when you are no longer working. When you begin the estate planning process, you cover all of your financial arrangements for the present, future and beyond.

Actions Recommended: Again as mentioned in other principles, you want to begin saving at your job and taking full advantage of any matched savings program. Retirement assets should not be placed in risky ventures as you age and even when you are younger your risks should be well calculated.

A Final Gift

A friend's mother passed and I attended the memorial service in celebration of her mother's life. It was very intriguing for me. Her mother donated her body to science. Though I have noted that request in documents for many individuals, this was the first time that I attended a service where one had donated their body to science. My friend's mother had follow in the footsteps of her own mother who gave her body to science at a time when very few people considered that option.

As I have said in several blogs that our assets include everything, even our bodies. We can recall the controversy surrounding Michael Jackson's body and burial. What about Anna Nicole Smith? There was major controversy over the location of the burial of her body.

So, think about ALL your assets and make those needed decisions so things can go as smoothly (at least as regards the body) for your family when you die as it did for my friend's family. Leave your comment here or contact us at www.ythlaw.com

You Got To Dream Big

You have no excuse not to dream big. You don't need money nor an alloted amount of time. You don't need any one's permission nor their feedback. As the Nike commercials say, just do it or should I say "just dream it". A friend of mine shared with me one of her mottos "don't just face reality, create reality". So, you have to dream to make something that you want to happen in your life. You should not just wait for life to happen, because we all know it will.

When people say to me that they do not have an estate to plan, or assets to pass on, or a legacy worth preserving then I encourage them to dream. If they do, sooner or later, they will come to me with an estate to plan, assets to pass on, or a legacy worth perserving.

I found the young man in this video to be very inspiring. Watch and dream your big dream.

Will To Go, please.

You often here me say that estate planning is for everyone, and it is. It is not only those who "think" they do not have assets worth protecting (what about your children, your home); but those with assets who fail to plan. Wealth, knowledge, expertise, education, etc. are not guarantees that folks have done what they need to do. The same applies to estate planning.

Some people have not taken the time to really review what they are worth and even those who do know, for all the reasons we have discussed (procrastination at the top) have not done their estate planning. New clients came to me with had an immediate need to at least have a will in place. With small children at home, they were leaving on a much needed vacation together without the children. So I said "Sure, I can do a will for you." It was not until they filled out the paper work that I realized what they needed was much more than a "simple will". With assets in excess of 10 million dollars, a "simple will" does not, in any way, cover their needs.

They are not alone in failing to realize how important it is to take the time (not when you are rushing to catch a flight or even on death's bed) to plan now. Leave your comments here or contact us at http://www.ythlaw.com/

Wills Help Avoid Crimes

I was watching Law and Order - Criminal Intent and, once again, was reminded of the importance of having a Will. This episode addressed estate fraud. When a person dies without a Will, someone has to be put in charge of the administration of the estate. That person is determined by the legal system. Sometimes there are opportunities where the system fails the deceased persons and in this episode such was the case.

There was pilfering of a number of estates while assets were held under the protection of the state. The system failed because of the criminal intent of a state employee with access. With no direction provided by the deceased persons via a Will, their assets languished within the system providing ample time and opportunity for thievery. Clearly, this was not what the decedent intended for their assets. However, failing to take that important step in creating a Will a criminal benefitted from the persons' estate.

Leave your comments here or contact us at http://www.ythlaw.com/

2. Saves Money

The Second essential benefit of estate planning is saving money. Today we meet Max and Margaret whose estate is in excess of 5 million dollars. They both have high-level corporate careers at companies where they now hold highly appreciated stock options. Both of them have personal passions. For over 30 years, Max has collected historical manuscripts and other memorabilia on the American Revolution. Margaret formed a local foundation that supports women and girls in her local community. She also has a fine art collection that rivals the collection of her local museum. Max's and Margaret's three sons (two of which are sons from Max’s first marriage) are married with children and have their own successful businesses.

The federal estate tax consequences would be significant (almost ½ of their estate would be at risk) if Max and Margaret did not engage in any estate planning. Further, if they reside in a state with inheritance tax, like Pennsylvania, planning could avoid costly mistakes. Clearly, they do not want money they have accumulated over their lifetime to be depleted by taxes and other circumstances that, with advance planning, they can control.

Let's continue to follow Max and Margaret on the road to saving money. Contact us at http://www.ythlaw.com/

1. Protect Your Assets

Inside:

Stop! What Are You Waiting For?

Your Step-by-Step Guide to Estate Planning,

we visit Eve and Bob. Both Eve and Bob inherited wealth and made a lot more money beyond their inheritance. They now breed show dogs and actively participate in charities benefiting animals. They only have one daughter, Julia, who at thirty-six still can not quite make it on her own. She has already experienced personal bankruptcy and, given her unemployment history, would be on welfare if not for her parents’ continued support.

Eve and Bob want to make sure Julia will not become destitute when they die. Therefore, instead of leaving money outright to her upon their death, their estate plan includes a trust for the money left for Julia, who is not fiscally responsible enough to manage the money herself. A trust is effective because Eve and Bob appointed a trustee to both manage and distribute the money for Julia’s benefit.

The cash left for Julia by her parents will not be subject to the claims of Julia’s creditors. Nor will the cash be subject to any further bankruptcy, lawsuits, or divorce settlement Julia may experience in the future. It is Eve’s and Bob’s legacy that is being protected. They have the right to determine who will be the recipient of their bounty.

For Eve and Bob, money represents their primary asset. How do you define your assets? Do you consider your children, your home, or the money you have accumulated over your lifetime, as Eve and Bob did, your assets? Do you consider yourself an asset? However you define assets, it is important to know that we all have assets, and they are worth protecting.

Tomorrow, we will continue to follow the legacy of Eve and Bob and the journey of their daughter Julia. Leave your comments here or contact us at http://www.ythlaw.com/

Benefits of Estate Planning

In my new book,

Stop! What Are You Waiting For?

Your Step-by-Step Guide to Estate Planning

the 7 benefits of estate planning are discussed. Over the next few days, I will address those 7 benefits by introducing you to individuals in hypothetical situation that may resonant with you. Sometimes we can see the importance of something through the experiences of others.

Through these examples, I want to encourage, motivate, and inspire you to prepare for your future and the security of your family for generations to come. The seven essential benefits of estate planning are protecting assets, saving money, creating a legacy, distributing wealth, addressing special circumstances, insuring peace of mind and discerning needs as you age.

Using the knowledge you acquire over the next few days or by purchasing my new book will advance you on your journey to generational prosperity.

Tomorrow meet Eve and Bob as we discuss protecting assets. Contact us at http://www.ythlaw.com/

Stop!!! What Are You Waiting For? To Be Released Soon

Well, the book you have been waiting for has now gone to print. With the death of Michael Jackson, I wanted to include some lessons learned thus far, many more will continue to unfold. So, what is the book about??

STOP!! What are you waiting for?, a comprehensive guide to preserving your wealth, will provide information on the benefits of estate planning. It will address how estate planning (1) protects your assets, (2) saves you money, (3) creates your legacy, (4) distributes your wealth, (5) addresses your special circumstances, (6) insures you peace of mind, and (7) discerns needs as you age.

More importantly, this book will challenge you to reflect on your life. You can engage the estate planning process as a process of self-discovery to help you understand the life that you are living. It may be the first time that you plant an idea of your purpose that can begin to germinate into your legacy.

Leave your comments here or contact us at http://www.ythlaw.com/

Don't Take Your Passwords To The Grave.

I was reading an article in MarketWatch written by Andrea Coombes. See link below to place in your browser. I think it is food for thought. Many of us do not think about the details of our estate. Business that we do on-line has grown leaps and bounds. Many of our heirs would know nothing of these accounts waiting for something to come to our homes in our mailbox. I encourage you to read the article and see how your might protect your valuable assets from the state or others who are not entitled to the fruits of your labor.

Link:
"http://finance.yahoo.com/focus-retirement/article/107384/dont-take-your-passwords-to-the-grave.html?mod=fidelity-managingwealth"

Leave a comment here or contact us at www.ythlaw.com

Family Trust

When I talk about a Family Trusts many people feel that they can not have one. They think that there is not enough money to leave to their children to even fund a Trust.

Well, I was reviewing a Family Trust recently. This one was set up as part of an Irrevocable Life Insurance Trust. This is a Trust that is funded by life insurance proceeds when a person dies. The person did not have a lot of money. Actually, the only money they had was the money that would come from the insurance proceeds. The money would go into the Trust to be use for the support, education and health of their children. This was a better way to make sure insurance proceeds lasted for a long time. If the money was given to the children without a Trust, then the money might not last long enough to porovide for the support, education and health needs.

So, there are ways to engage in estate planning with lots of assets or with no assets. There are strategies that everyone can use to help the next generation in some real way. Feel free to leave a comment or contact us at http://www.ythlaw.com/

Leaving It All Behind or Going out in Style

You know it can be difficult picking a title of a book. Some say the title needs to tell the potential reader what the book is about. Some say the title should be catchy whether it explains the content or not. Well, in my case, I did choose a title that I thought would be catchy with a sub-title that explained exactly what the book was about. Stop! What are you waiting for? Your step-by-step guide to estate planning. Coming to a bookstore near you this year!!

There were some really good runners up. Leaving it all behind or Going out in Style What do you think about these title? When one dies, you obviously can not take your assets with you. But others can take it from you if you do not plan. Since you do have to leave it all behind, why would you not have a plan for it, your plan and not the state's plan. Then you can truly go out in style. Your will is your last word and testament. Let it be your signature, your mark, in your style. So the runners up have real credibility and maybe, just maybe, they will be the title of my next 2 books. Never say never, at least that's what I have learned.

Charitable Estate Planning - Bequests

There are many ways to engage in charitable estate planning. One of the most basic ways to make a charitable gift is through a bequest, which anyone can make in their wills. A bequest is appealing to many people because they maintain control of their assets until they die. It is the easiest way to give, and it can also be changed at any time before the person dies.

The bequest is a statement in the will identifying assets that you want to leave and the charitable institution to which you want to leave the assets. This is the simpliest way to remember those institutions and charitable endeavors that were important to you during your lifetime.

The Economy, You and Your Estate

What does the current state of the economy mean to you? How will the economy effect your estate plan? This is the perfect time to revisit your estate plan. More than likely changes are warranted. If you have not done an estate plan, a will or powers of attorney, then you leave your family's future to chance. There may not be many things for certain at this time but one thing you can take to the bank, if you bank is still around, is without a plan of your own, your family suffers. If you want luck on the side of your family's future then plan now. Should you become incapacitated, your family is more prepared to handle your affairs. When you die, your family is more prepared to deal with the financial impact of your death. This economy has us all being more cautious and reflective of our circumstances. Talk to an estate planning attorney today!! You may be able to protect the assets that you have for the future you want for your family.