Tag Archives: estate

Who has your healthcare power of attorney?

A healthcare power of attorney is the document where you name the person who will make medical decisions on your behalf when you are unable to do so.  Equally as important as having this document is telling your family who it is and why.

A legal battle started a short while ago disputing whether Sumner Redstone,  the 92 year old titular leader of both CBS and Viacom (who earned a combined $24 million in compensation from the companies in fiscal 2014), still has the mental capacity to make informed decisions.

The suit was brought by Manuela Herzer, a former companion to Mr. Redstone.  The two dated between 1999 and 2001 and, according to her, still maintain a close relationship.  She was legally designated as the person to make Mr. Redstone’s medical decisions.  However, in October, new documents were executed that stripped her of this power and named, instead, Phillippe Dauman, Redstone’s longtime lawyer and CEO of Viacom.  In court filings, Ms. Herzer claims that Mr. Redstone does not have adequate mental capacity to replace her and has asked the court to make him undergo a medical evaluation to prove her point.

Most of us don’t earn $24 million dollars in one year and don’t have the kind of net worth of Sumner Redstone.  However, the point is still as valid for you and me as it is for him.  If you make changes in your healthcare power of attorney or other legal documents that relate to who can make decisions on your behalf, it’s a good idea to tell those involved so they will be aware of what you’ve done and why.

For more information about a healthcare power of attorney and other estate planning documents, go to www.diesmart.com.

Haunting story of a lonely man’s death

george BellI read this story in the New York Times a few days ago and it still haunts me.

The Lonely Death of George Bell tells about a man who died alone.  No one realized he was gone and there was no one to plan his funeral or settle his estate.  This story goes thru the saga of what happened to him, what he left behind and who had to deal with all of it.  It’s more like a novella than an article but it’s well worth taking the time to read it.  I did and can’t forget it!

For more information about issues related to dying and settling an estate, go to www.diesmart.com.

One thing you should do when putting your affairs in order

A friend sent this to me the other day.  I thought it was worth sharing.

The doctor, after an examination, sighed and said, “I’ve got some bad news.
You have cancer, and you’d best put your affairs in order.”

The woman was shocked, but managed to compose herself and walk into the waiting room where her daughter was waiting.

‘Well, my dear daughter, we women celebrate when things are good, and we celebrate when things don’t go so well.

In this case, things aren’t well. I have cancer. So, let’s head to the club and have a martini.’

After 3 or 4 martinis, the two were feeling a little less somber. There were some laughs and more martinis.

They were eventually approached by some of the woman’s old friends, who were curious as to what the two were celebrating.

The woman told her friends they were drinking to her impending end, ‘I’ve been diagnosed with AIDS.’   The friends were aghast, gave the woman their condolences and beat a hasty retreat.

After the friends left, the woman’s daughter leaned over and whispered, ‘Momma, I thought you said you were dying of cancer, and you just told your friends you were dying of AIDS! Why did you do that?’

‘Because I don’t want any of those bitches sleeping with your father after I’m gone.’

And THAT, my friends, is what is called, ‘Putting Your Affairs In Order.’

Actually, she could protect her money by setting up a trust to ensure that her children got her money, not her husband’s new sweetie.   But it’s still a good story,

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

Another actor did it wrong. Do you have your plans in place?

Julie Garber, in her weekly blog, wrote about another person who did it wrong.  When actor Paul Walker died in a terrible car crash on November 30th, 2013, he left an estate estimated to be worth at least $45 million.  However, he had done no estate planning and left no will.  He was only 40 years old and probably thought he had plenty of time to get his affairs in order.  His parents, ex-wife and girl friend of seven years are now fighting over who should inherit.

According to California intestate laws, the entire estate should be inherited by his daughter, Meadow.  Since she is only 15, someone needs to be responsible for managing to estate until she turns 18.  Her mother is her guardian but is not necessarily the one who will control the money on her behalf.  Since her parents believe they should manage the estate, the case will have to go to probate court.

And what about his long term girlfriend, Jasmine?  She won’t see a penny.

Have you done estate planning?  Is all of your paperwork in order?  Or are you, like Paul Walker, leaving a mess for  your loved ones?

For more information about estate planning, go to www.diesmart.com.

Is there an unclaimed life insurance policy in your future?

I came across an old article in the New York Times about this topic and thought it worth reviewing. 

When someone who purchased a life insurance policy dies, the amount due to the beneficiary is set aside and the insurance company waits to be contacted by that person.  After a period of time from two to seven years (it varies by state) has passed with no one coming forward, the money is turned over to the unclaimed property division of the state in which the person died. 

Since many people do not know whether a family member who died purchased a life insurance policy in their name, hundreds of millions of dollars go unclaimed.  In fact, New York alone, in the period 2000 to a few years ago, received more than $400 million in unclaimed life insurance property and only paid out about $64 million.  That means the bulk of that property remains unclaimed and probably will never be claimed.

If a family member has died and you think he or she might have had a life insurance policy, the first thing to do is to check for any payment receipts or check stubs so you can identify the name of the insurance company.  Contact that company, ask what their procedure is for filing a claim and then follow their instructions. 

If a great deal of time has lapsed, two good places to start are unclaimed.org and MissingMoney.com.  If they have no record of any funds, check the website for the unclaimed property department of the state in which the person died. 

Don’t leave your money in the state’s coffers.  Claim the funds due to you today.

For information about estate planning and other relevant topics, go to www.diesmart.com.