Category Archives: Estate Planning

Estate Planning Facts. Last Will and Testaments versus Living Trusts. Estate Taxes. Gift Taxes. Inherited IRAs. Guardians for minor children. Pet Trusts. Funeral Agents. Avoiding Probate. Get Your Affairs In Order.

Can Lucky inherit $100 million?

This-cat-stands-to-inherit-100-million-dollarsLucky is a Siamese cat and, yes, the cat can inherit!

Lucille Benton, 70, has decided that she will leave her children their family heirloom and photographs but Lucky will get all of her money.  Lucille says that her kids “never visit and rarely call.  They have good paying jobs.  They can take care of themselves.  There is nobody to care for my Lucky.”

Her kids have tried to have her declared insane and committed to an institution; however, she’s had three independent psychiatric evaluations which have concluded that she is sane.  She says her attorneys have assured her that her Will will hold up in probate court if her kids try to challenge it once she’s gone.

Meanwhile, Lucky will continue to live in Lucille’s home with a staff of 40, a limo and chauffeur and a private aviary so Lucky can have fun catching and eating birds!

This may sound ridiculous but it does point out the importance of figuring out what you want to have happen to your assets when you’re gone, and documenting those wishes so that they will be carried out…even if they are unusual.

To find out more about wills and planning for the end of your life, go to www.diesmart.com.

New California Digital Privacy Law

thJ2EA6MNE

Earlier this month, California Governor Jerry Brown signed into law a very broad statute that protects digital privacy rights.

Called the Electronic Communications Privacy Act, it does not allow any law enforcement agency to force a business to turn over any metadata or digital communications without a warrant.  The new legislation seems to be the most comprehensive in the United States.

Here’s an article from Slate we found that provides lots of details about the new California law.

For more information on how to protect your digital assets, go to www.diesmart.com or look for our book  “ACCESS DENIED” on amazon.com.

Are your loved ones protected when you die?

last-will  Larry and Susan had been living together for more than 20 years.  They never legally married; they said once had been enough.  A piece of paper wouldn’t change how they felt about each other.  Larry had been married before and had two sons.  Susan had also been married previously and she had a daughter.

When Larry’s father became incapacitated, they moved into his house to take care of him.  His father, to thank them for all they’d done, left the house to Larry in his will and named Larry beneficiary of his life insurance policy.  When his father died, Larry inherited the house and Susan and Larry continued to live in the house.  Larry promised to deposit the check from the insurance company into their joint bank account as soon as it arrived.

As Larry was crossing the street on his way home from work one day, he was struck by a car driven by a drunk driver and he died almost instantly.

Larry didn’t have a will and had not left any legal document naming Susan as his heir.  They lived in a state that did not recognize common law marriage so, when he died, his sons inherited everything.  They forced Susan to move out of the house and refused to give her any of the proceeds from the life insurance policy.  In essence, Susan was left with almost nothing!

Families today are very complex.  Some are the traditional married mother and father in their first marriage.  Many more are couples who were previously married to other spouses or who are legally married gay couples.  However, many people live together without benefit of a legal ceremony. This mixture of circumstances makes inheritance much more difficult and complex.

The only way to be sure your loved ones are protected is to prepare a will or a trust naming the person(s) you want to inherit your assets when you die.  Otherwise, state law will dictate who receives what.  Not you. It’s frightening that more than half of the people living in the United States today do not have a will and have not protected their loved ones. You can find a simple will form on the internet or can meet with an estate planning attorney to discuss the options that are best for you.

Don’t be like Larry.  Act now so those you love will be protected when you’re gone. For more information about wills and estate planning, go to www.diesmart.com.

Probate – More public than ever!

ancestry  Ancestry.com just announced that they’ve made a new addition to their site.  When you search for someone, you will not only see facts about their life but may see a copy of their will and probate records.  Ancestry claims that “probate records often document family relationships over multiple generations. Wills can also give insights into your ancestor’s lifestyle and personality: J.P. Morgan left large bequests to his librarians; Louisa May Alcott asked that her papers be burned.”

Do you want everyone to see the details of your estate?  If not, you should think about meeting with an attorney and preparing a trust.  That way, everything will be confidential.

For more information about wills, trusts, probate and estate planning, go to www.diesmart.com.

Looking for a unique pet memorial?

SPACE DOGMany people either bury their pet or have it cremated and keep the ashes on a shelf in their home. However, if you like extravagant gestures and have recently lost a pet, we’ve found something that might interest you. Celestis Pets advertises “the most unique pet memorial service in the universe” and it certainly sounds like it. The company offers memorial space flights for your pet’s ashes. You can choose to just send them to space and back for less than $1,000, send them around the earth with an orbit voyage for about $5,000 or, if you feel very extravagant, send them into deep space or to the moon for $12,500. For more information about people as well as pets, check out our website www.diesmart.com.