Tag Archives: estate

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.

One person is the biggest loser – Settlement of the Huguette Clark will dispute

Awhile ago we told you about Huguette Clark, a reclusive multimillionaire who died at the age of 104. 

She wrote two wills about six weeks apart.  In the first one, she left the majority of her $300 million estate to her relatives, many of whom she had not seen in many years and some who she had never met.  The second will directly cut out all of her relatives and left $30 million to her private duty nurse, Hadassah Peri, gifts to her lawyers and accountants and funds to create an arts foundation at her $85 million mansion, Bellosguardo, in Santa Barbara, CA.

Some of her relatives contested the will, claiming that she had been unduly influenced by her caretakers.  The case was supposed to go to court but, just as jury selection was about to begin, the case was settled out of court.  An 81-page settlement agreement was presented to the judge and was approved.

19 heirs of Huguette Clark will receive $34.5 million with estate taxes and $11.5 million in attorney fees paid by the estate.  Another big winner in the settlement is the charitable arts foundation that will be created to maintain Bellosguardo.

The biggest loser is her nurse.  Hadassah Peri will not receive the $30 million she was given in the first will and, in fact, will have to pay back $5 million of the $31 million she was given during Huguette Clark’s lifetime.

Those of you who read this blog may not have $300 million and so may think that having a good will, written when there is no question of your mental state, may not be that important.  But it is.  Unless you want your family to have to go to court and fight for what they think they deserve, put your wishes in writing NOW and, if possible, share those wishes with your loved ones so they will know what to expect and can ask any questions they may have….while you can still answer them.

For more information about wills and other issues related to end of life planning, go to www.diesmart.com.

 

One week to be aware of – National Estate Planning Awareness Week

The week of October 21st is National Estate Planning Awareness Week.  It’s a good time to think about what you want to have happen to your estate when you die.   It really all boils down to how you’ve titled your property and who actually owns what.

There’s a really good article by Julie Garber  that sums it up and gives you specifics to think about.  Read it, decide what you want to do and get started.  You never know what the future will bring and it’s best to be prepared.

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