Tag Archives: beneficiary law

Planning for Incapacity or Death: “A Cranky Old Man”

A friend sent me this poem by a “Cranky Old Man”. It has a message that all of us should think about as we care for elderly or incapacitated family members.

When an old man died in the geriatric ward of a nursing home in an Australian country town, it was believed that he had nothing left of any value.

Later, when the nurses were going through his meagre possessions, They found this poem. Its quality and content so impressed the staff that copies were made and distributed to every nurse in the hospital.

One nurse took her copy to Melbourne. The old man’s sole bequest to posterity has since appeared in the Christmas editions of magazines around the country and appearing in mags for Mental Health. A slide presentation has also been made based on his simple, but eloquent, poem.

And this old man, with nothing left to give to the world, is now the author of this ‘anonymous’ poem winging across the Internet.

Cranky Old Man

What do you see nurses? . . .. . .What do you see?
What are you thinking .. . when you’re looking at me?
A cranky old man, . . . . . .not very wise,
Uncertain of habit .. . . . . . . .. with faraway eyes?
Who dribbles his food .. . … . . and makes no reply.
When you say in a loud voice . .’I do wish you’d try!’
Who seems not to notice . . .the things that you do.
And forever is losing . . . . . .. . . A sock or shoe?
Who, resisting or not . . . … lets you do as you will,
With bathing and feeding . . . .The long day to fill?
Is that what you’re thinking?. .Is that what you see?
Then open your eyes, nurse .you’re not looking at me.
I’ll tell you who I am . . . . .. As I sit here so still,
As I do at your bidding, .. . . . as I eat at your will.
I’m a small child of Ten . .with a father and mother,
Brothers and sisters .. . . .. . who love one another
A young boy of Sixteen . . . .. with wings on his feet
Dreaming that soon now . . .. . . a lover he’ll meet.
A groom soon at Twenty . . . ..my heart gives a leap.
Remembering, the vows .. .. .that I promised to keep.
At Twenty-Five, now . . . . .I have young of my own.
Who need me to guide . . . And a secure happy home.
A man of Thirty . .. . . . . My young now grown fast,
Bound to each other . . .. With ties that should last.
At Forty, my young sons .. .have grown and are gone,
But my woman is beside me . . to see I don’t mourn.
At Fifty, once more, .. …Babies play ’round my knee,
Again, we know children . . . . My loved one and me.
Dark days are upon me . . . . My wife is now dead.
I look at the future … . . . . I shudder with dread.
For my young are all rearing .. . . young of their own.
And I think of the years . . . And the love that I’ve known.
I’m now an old man . . . . . . .. and nature is cruel.
It’s jest to make old age . . . . . . . look like a fool.
The body, it crumbles .. .. . grace and vigour, depart.
There is now a stone . . . where I once had a heart.
But inside this old carcass . A young man still dwells,
And now and again . . . . . my battered heart swells
I remember the joys . . . . .. . I remember the pain.
And I’m loving and living . . . . . . . life over again.
I think of the years, all too few . . .. gone too fast.
And accept the stark fact . . . that nothing can last.
So open your eyes, people .. . . . .. . . open and see.
Not a cranky old man .
Look closer . . . . see .. .. . .. …. . ME!!

Stieg Larsson died with no will

Stieg Larsson, the man who wrote the milenium trilogy including the novel, The Girl with the Dragon Tattoo, died suddenly in 2004 at the age of 50. At the time of his death, he was not yet famous and he was living modestly with his partner, Eva Gabrielsson. In fact, they had been living together in Sweden for 32 years.

Larsson spent his career investigating rightwing extremism and received many death threats. He feared that getting married would make them an even bigger target. Despite that, he and Eva finally set a date for the ceremony but Larsson died before it could take place.

The couple had talked about setting up a company in which the two of them would share all of their assets as well as any money earned for writing books and articles. The company would provide that if one of them died, the other one would get everything. Because of this plan, Larsson felt that a will would be unnecessary and so never prepared one. But the company was not set up before Larsson’s death.

Sweden has no provision in their law for inheritance by common-law spouses so when Larsson died without a will, his brother and father inherited everything he owned, including the rights to his books and the profits that the 50 million copies sold made.

In 2007, the family gave Gabrielsson ownership of the modest apartment in which she and Larsson had lived and offered her $2.75 million. She turned down the offer because she wants control of the estate so she can manage the handling of the books, including movie and other publication rights. There is a partial manuscript for a 4th book in the series; since she supposedly helped Larsson write the trilogy and the manuscript is in her possession, she could finish the novel but she refuses to hand it over to Larsson’s family.

If only Larsson had written a will, settlement of the estate could have been handled smoothly and in a timely manner. Instead, in 2012 (more than 8 years later), the dispute is still going on.

Don’t put yourself in this position. Make sure you have a will so your estate will go to the person you want it to….not the one the government dictates. For more information about this topic, go to diesmart.com.

Do you want to live or die in New Jersey?

Several years ago after my dad died in New Jersey, my brother and I were shocked when we realized how much money we were going to have to pay to the state in inheritance and estate taxes. The percentage was huge, especially compared to almost any other state in the US. Evidently, we were not alone in being shocked by New Jersey’s tax rules.

According to a study recently commissioned by Charles Steindel, chief economist of the New Jersey Department of the Treasury (and former senior vice president of the New York Federal Reserve Bank), 25,000 people moved away from New Jersey between 2004 and 2009. Why? In 2004, the state’s highest income tax rate was raised from 6.37% to 8.97% for those making $500,000 or more, and in 2009 a one year 10.75% tax rate was assessed on those making $1 million or more.

In addition to such high income tax, New Jersey is one of only two states (Maryland is the other) with both a state estate tax and a state inheritance tax; this is a problem for those who would like to leave at least the majority of their wealth to their loved ones when they die.

Steindel also conducted a survey of subscribers to the state’s online newsletter Tax Notes, which keeps professionals such as financial advisers, accountants and attorneys up to date on changes in law, rules and court decisions governing tax matters. Subscribers include advisers to high-wealth clients.

More than half of the respondents said that clients had recently left or expressed interest in leaving the state. Respondents said the top three reasons that clients gave for leaving were state income taxes (85.4 percent), local property taxes (77 percent) and estate taxes (67 percent). The next two reasons most-often cited were retirement (47.6 percent) and housing costs (43.7 percent).

So if you live in New Jersey and you have any assets, consider moving to a more tax friendly, or non-taxing, state like Florida.

It’s Donate Life Month

This is Donate Life Month. It’s a good time to think about how you can help others. Just pledge to donate your organs, tissues and corneas to others when you die; by doing so, you may save up to eight lives and enhance the lives of many others.

Did you know that as of March 2012, there were 113,115 patients waiting for an organ donation or tissue or cornea transplant? More than 1,800 of them were children. (Source: organdonor.gov)

In 2011 there were:
14,144 organ donors
28,535 organ transplants
More than 46,000 cornea transplants

Each day, an average of 79 people receive organ transplants.  However, an average of 18 people die each day waiting for transplants that can’t take place because of the shortage of donated organs.

To learn more about how and why you should help or to sign up, go to organdonor.gov today.

Isn’t great to think that you can save others, even after you’re gone?

To find out more about end of life planning, check out diesmart.com.

Digital Assets – Few Laws Legislate Access to Them after Death

If you own digital assets like a Facebook page or a Google email account, what happens to them when you die?  Assuming that your next of kin knows your passwords, he or she can easily delete them.  However, if your passwords are not available, shutting down these accounts can prove problematic.  Each email or social media company has specific rules governing the disposition of its accounts and refuses to vary from those rules.  Some allow an executor or next of kin with suitable proof of death to close an account.  Others do not, making this writer wonder if those accounts will just float around cyberspace forever.

Many people feel that there should be laws governing all digital assets in the same way that other personal property is currently legislated.  However, even though digital assets have become a big part of our lives, there are only five states that have even begun to legislate what happens to them after your death – Connecticut, Rhode Island, Indiana, Oklahoma and Idaho. 

Here’s a summary of what the current laws cover:

1.  Connecticut’s law, enacted in2005, only covers email.  That’s not too surprising considering that the explosion of social networking sites hadn’t occurred when the bill was being formulated.  Facebook didn’t start until 2004, when it was launched as a site for use only by students attending specific colleges and Twitter began in 2006.  The law states that an email service provider must give the executor or administrator of the estate access to or copies of the contents of the account if the deceased lived in Connecticut at the time of his death. 

2.  Rhode Island, in its 2007 law, also limited itself to email and is very similar to Connecticut’s.

3.  Indiana’s law focuses on electronically stored documents of the deceased.  This could include email as well as many other digital assets.  The 2007 law says that the “custodian” of the electronically stored documents will provide to the personal representative of the deceased’s estate (if the deceased was living in Indiana at the time of death) access to or copies of any stored documents or information. 

4.  Oklahoma’s 2010 law is much more comprehensive.  It says that the executor or administrator of an estate will have the power to “take control of, conduct, continue, or terminate any accounts of a deceased person on any social networking website, any microblogging or short message service website or any email service websites.”

5.  Idaho’s law, which became effective in 2011, is virtually identical to that of Oklahoma.

On January 5, 2012, Senator John Wightman of Nebraska introduced a bill in his state legislature that would be similar to that of Oklahoma and Idaho.  However, according to Wightman, the methodology of how the government would access account information and forward it to an estate representative has not yet been determined.  In addition, several people have asked whether anyone but the owner of an online account should have the right to view and control its content.   Wightman agrees that the bill may have to “be modified in some way to take account of the privacy issues as to whether or not they’ll be able to view the content.” 

Why do you think so few states have tackled this issue so far?  Do you think your state should have legislation that would control access to your digital assets after your death?

To find out more about digital assets and what currently happens to them when someone dies, pick up a copy of our book, Grave Robbers…How to Prevent Identity Theft of the Deceased,   or check out the information at https://diesmart.com/