Why A Will Is Not Enough To Save Anna Nicole Smiths Baby Daughter-jodie foster

With much dis.fort I have been forced to watch the Anna Nicole Smith probate proceedings and much more information than I wanted to know about Anna Nicole’s life events. Her reported death is everywhere: on TV, in print, magazines, online and everywhere else you can imagine. The media has made a circus of showing the legal battle going on in open court about the six-year-old will and interpretation thereof. COULD YOU BE LEAVING THE SAME LEGACY AS ANNA NICOLE SMITH? Would you want this to happen to you? The legal battles over the Anna Nicole Smith’s estate will go on for years. An unintended myriad of problems and a legacy left behind about her life living and beyond the grave. A will does not avoid probate. A will does not eliminate the estate tax. If you die with a will or without a will your personal and real property has to go to probate. If you have property in more than one state, each states’ probate court has jurisdiction to probate the will. What’s probate? Probate is a public process whereby a local court of jurisdiction (probate court) assumes the responsibility of determining who gets what. The court will determine the legitimacy of your will? Was it written with undue influence? Is it the last will? Who is the true executor (i.e. the person who will make the distributions under court jurisdiction)? Did it assign custody for minor children? The probate court will take inventory of your personal and real property. In addition, the probate court will assign and investigate claims made against your property from potential and real creditors and even assign accountants and lawyers to drag the process. SO WHY HAVE A WILL? WHAT GOOD IS A WILL? There are two legitimate reasons for having a will. The will enables: (1) The assignment of a custodial guardian of minor children. (2) The assignment of an executor. The assignment of choosing a guardian for your minor children is the most important aspect of having a will. Choose your custodian well, based on the love of your children as if you were going to be there. Traditionally, you would not choose the executor of your will to be the guardian of your minor children. There’s a balance to be had between the Executor and the Guardian of your children. The Executor would have some degree of control if there were to be any uncontemplated issues, later in time. All other aspects of the will can be highly contested by anyone having an interest in the out.e of any distributions. Even a very well drafted will be.es a public document and must go to probate in each state where the decedent had property. Anna Nicole’s will is a public document; even you can get a copy if you’re interested. Final disposition and battle over her estate is going to play before our eyes for years to .e. Is this what you would want? THINGS YOU CAN DO TO AVOID LOSING CONTROL OF YOUR ASSETS What can you do to avoid the type of media circus over your assets? Can you avoid leaving this painful legacy? An absolute and resounding YES. Aside from the custody of minor children, a will does not provide any type of safety net over your assets. Only a Trust will avoid this public disclosure of what should be a private matter between you and your assets you leave behind. A Trust is a Contract. If you choose to be private about your private matter, a Trust, any Trust, will avoid probate; revocable or irrevocable, grantor or non-grantor type Trusts will avoid the probate process. A Trust is not just for the rich. Any one with $200,000 or more should have a Trust. A perfect Trust for under $500,000 is a living Trust, or a revocable Trust to avoid the probate process. Any one with significant assets should have an Irrevocable Trust. While any Trust will avoid the probate process, only an Irrevocable Trust will avoid the probate process and avoid the inheritance tax or the estate tax. WHAT’S THE DISTINCTION BETWEEN REVOCABLE AND IRREVOCABLE TRUSTS? With a Revocable Trust the word revocable means that you have sufficient strings to revoke the contract; nullify and void it. While it will avoid going to probate and drag your dirty linen through the public process, it will not avoid the inheritance/estate tax, because on the date of your death you still owned your assets in your name. For purposes of taxation and civil liability the revocable strings attached, means that you did not give up power to control and own on a long-term basis your assets; therefore, you are the deemed owner of the assets. The Estate Tax is based on what you own in your name at the date of your death. So, the Probate Process is about who gets what; the Estate Tax is about who owns what and what’s it worth for the purpose of taxation. The estate tax is based on the fair cash value of your property of personal estate or real estate at the time of your death not at the time you bought it. Items that are included in your estate are cash, CD’s, real estate, investment accounts, IRA’s, vacation spot, art, jewelry, antiques, boats, planes or anything of value that could be converted to cash or near cash. Only an Irrevocable Trust avoids both the Probate Process and the Estate/Inheritance Tax. THE IRREVOCABLE TRUST An Irrevocable Trust is a Contract whereby you give up any ownership claims against your assets repositioned/transferred from you to your Irrevocable Trust. The key to dissolve your ownership claims is with an Independent Trustee. Your Trustee must be independent. The Trustee cannot be you or any one related to you by blood or marriage. It could be your son-in-law, daughter-in-law, or any in-law, but it would not be prudent. I do not re.mend it since it could cause disharmony of your family unit. Death changes people; money changes people. It’s not worth the risk of forever splitting your family for the love of money. Choose your independent Trustee well. As mentioned before, no matter how well drafted, a will must go to probate where it be.es a public document for every interested party to view and review. The only method of avoiding the probate process is to have your possessions and valuable assets titled to a Trust. Though the tragedy of Anna Nicole Smith and her baby daughter’s plight cannot now be avoided, we can learn from this situation and apply remedial steps to our own life. Here are some things for you to consider in your life: – All Trusts, revocable or irrevocable, grantor or non-grantor avoid Probate. – A will does NOT avoid Probate. – A will does NOT avoid Estate Taxes. – Only an Irrevocable Trust avoids Estate/Inheritance Taxes. About the Author: Asset Protection Irrevocable Trust 相关的主题文章:

The Conrad Maldives Rangali To Host Wine Festivals-kimi wo omou melodi

Vacation-Rentals The Conrad Maldives Rangali will be treating guests this Christmas season to two fabulous wine events, organised by two of the world’s most recognised wine producers, the refined Italian Antinori and the legendary Chateau Latour. Both will head down to the luxury Maldives hotel in December to offer guests exquisite wine experiences. Wine lovers taking holidays to Maldives in December can expect to have a merry Christmas indeed as they get the chance to participate in two unique wine-tasting events. From 5th to 10th December 2011 the head of Antinori wines, Stefano Leone will be staying at the resort and not precisely to enjoy Maldives holidays but to to offer fellow guests wonderful wine experiences. Between the 7th and 9th December, Leone will be hosting a Food and Wine event, putting diners in pairs at the resort’s underground wine cellars. The price for this unique dining and wining experience will be based per person and the extravagant five-course dinner will include as many as 8 different wines especially imported from the reputable Antinori estate in Tuscany. While tucking into delicious and succulent gourmet cuisines, oenophiles will have the chance to taste a Montenisa Brut; Scalabrone rose 2010; Cervaro Castello della Sala, 2008; Chianti Classico Tenute Marchese riserva, 2007; a horizontal 2007 tasting of Guado al Tasso, Tignanello, Solaia; Muffato della Sala; ending the feast with a soothing Grappa Tignanello, a delicate digestif. Representing the Chateau Latour brand of wines, Frederic Engerer will be mixing work with pleasure as he heads to Maldives holidays on 28th December for a wine tasting event that will end on 3rd January 2012. As part of the events planned on his calendar, Engerer will be hosting a total of three magnificent degustation dinners; one at the gourmet Ithaa undersea restaurant on 28th December, which will .e at a price of S$780 per person; a second one in The Wine Cellar on 30th December and another one at the over-water Mandhoo restaurant on 2nd January, one of Conrad Maldives Rangali’s most stunning and panoramic restaurants. The dinners will include all wines, a pre-dinner champagne and a selection of fine canapes as appetisers followed by the dinner itself. At dinners from the Chateau Latour wine event, each course will be ac.panied by wines from the Chateau Latour estate collection with food lovingly prepared by the resorts Executive Chef Mark Rowsell Turner to match each wine. The dinners promise to be sparkling evenings with lively conversation centering on fine food and the best wines. These wine dinners will be a wonderful intimate experience, said Conrad Maldives Rangali’s Sommelier, Michael Arcena. The Wine Cellar only seats 12 guests around a long table so everyone will be able to speak in person to him and ask any and all questions they may have about the wine. About the Author: 相关的主题文章:

Getting The Most From Attending A Trade Show-cancam

Marketing Trade shows can be an excellent opportunity for you and your business, whether you are an entrepreneur or youre representing the .pany you work for. Thousands of people set up trade show booths and trade show displays across the country at a huge variety of industry events. However, many people dont know how to take advantage of the opportunities a trade show offers. Some plan on simply attending, setting up their trade show booth, and then staying there all day hoping to attract new business. Manning a trade show display is only part of the reason you should be attending a trade show. The other vendors at a trade show can provide you with a wealth of new information and contacts in your industry; all accessible in the same room on the same daythis is the unparalleled attraction of a trade show for your business. If you plan to attend a trade show, make sure you are not the only person there representing your .pany, even if you are a small business owner with few employees or a sole proprietorship. You will need at least one person to staff your trade show booth, and another to walk the floor taking in the other trade show displays. If necessary, get your spouse or a good friend to .e with you and give them a crash course on how to handle your trade show booth while you check out the other vendors and only do so when it is slow so you dont miss important business opportunities. When you make reservations for the hotel you will stay at during the show, try to find a room as close as possible to the actual locationpreferably within walking distance. That way, you wont have to bring anything with you to the venue other than the materials for your trade show display. Before you attend a trade show, go over the list of vendors who plan to put up trade show booths. Make lists of the vendors you must see, the vendors you would like to see, and those you can live without seeing. You may even be able to schedule appointments with your top priority vendors. Research the .panies and determine ahead of time what you would like to find out from each trade show display and what your goals are regarding each vendor: are they .petition, or a potential contact? If they are a potential contact, how would they specifically benefit your .pany? Have questions ready to ask vendors to save yourself time walking the floor. Another good timesaving strategy is to obtain a map and a directory of the trade show when you arrive on location, before the show begins. Use the map to plan your route, and check your prioritized list of vendors against the directory to find out whether any vendors have been added or dropped out. During the trade show, be active in your quest for information. Dont feel bad about passing by trade show booths that dont interest you. Like you, they are attending the trade show to generate new business, and they dont want to waste time talking to someone who isnt a potential customer. Visit your targeted trade show displays, engage in a dialogue with the vendors, and ask questions. If the trade show booth offers handouts, samples or other materials, take only those you actually want to find out more about. It can be difficult to tote a loose stack of glossy brochures, catalogues, and bulky product samples around a busy trade show floor. If possible, arm yourself with an empty briefcase or duffel bag to stow materials. Use your time wisely to gather intelligence on your .petition and make new industry contacts that will benefit your .pany. When the trade show ends, especially if it is a multiple-day event, take the time to make notes and .anize the materials you gathered before you leave the event. If you need to mail reports, brochures or other materials to your colleagues, prepare the mailings right away while who gets what is still fresh in your mind. Make sure to store your trade show display safely so nothing is damaged and you can find everything you need the following day. When you return from the trade show, remember to follow up with the contacts you have madeand start preparing for next years trade show! About the Author: 相关的主题文章: