Estate planning up close and personal
Walton Sun, October 9, 2010
?No matter how hard I try, I?ll never get out of this world alive.?
? Asleep at the Wheel
That epigram generally brings a smile to my face, but not now.
On Sept. 29, my best friend, Joe Baker, died. Certain things have priority in your life; for Joe and me, nothing beat a pennant race. In our last conversation, Joe didn?t exactly channel McMurtry in ?One Flew Over the Cuckoo?s Nest,? but he insisted I watch the Braves/Marlins game that afternoon. ?Finish whatever you are working on.? Friends who know what is important are hard to find.
Like many other SoWallers, Joe had no local family. Share your family contact information with a trusted friend/confidant. Because of good planning, we were able to contact both sisters and his daughter. Social media or e-mail could simplify the task. Don?t make your survivors have to dig through a rat?s nest of paperwork. One of the benefits of an updated financial plan is that your investment accounts are organized.
According to a 2007 study, 55 percent of adult Americans do not have a will. I take issue with that report. Every single Floridian has a will ? either you pay an attorney in their office, visit an online attorney or let the state of Florida furnish one for you. Use a professional from the Estate Planning Council of the Emerald Coast ( www.epcec? . org). For most clients, a face-to-face meeting with an attorney is preferable. Doit-yourself estate planning is generally more painful than do-it-yourself dentistry.
Frequently update wills and other estate planning documents such as beneficiary designation forms. The times I have seen former spouses listed as IRA beneficiaries shock me. Make sure secondary beneficiary designations are still in accordance with your wishes.
What probably was a good idea when your children were teenagers could now be horrendous. Adult children should supplant an older relative as personal representative or trustee.
A surviving spouse will inherit all jointly titled assets without the hassle of probate. For single people, explore and discuss whether a revocable trust is appropriate. A transfer on death designation eliminates probate and allows heirs quick access to your accounts.
When I made the 911 call for my friend, I was too scared and too dumb. I wanted to be calm and cool with the operator, so I spent too much time making sure the paramedics could find the house. In retrospect, I wish that I had held my friend?s hand.
Let?s talk about the soft side of estate planning. Financial assets pass by will or beneficiary designation. Who ends up with Grandmama?s yellow bowl may cause more uproar. Designate clearly, in writing, any specific bequest of personal memorabilia. Gifts of photographs, diplomas, sports memorabilia, tools, furniture and artwork can help in the healing process.
Avoid saying ?Get what you want,? because to some folks, that means go rent a U-Haul truck. A determined woman once carpet-bombed her grandmother?s home (stepgrandmother-in-law, no less) with Post-it notes. She not only claimed for herself, but for her daughter and her son?s girlfriend.
Nothing is wrong with inlaw inheritance. I received an especially dapper fedora from my wife?s grandmother?s brother-in-law, but only after all his blood relatives passed on it.
Weddings and funerals bring out the worst in smallminded people. My wife and I will miss our friend Joe for a long, long time.
Nobody else had my back like him.
CORRECTION: Last week?s column incorrectly stated Lehman Brothers bonds were worthless. Only Lehman?s junior bonds and stock are worthless. Lehman?s senior bonds will likely pay 15 cents to 40 cents on the dollar.
Walton Sun, October 9, 2010
?No matter how hard I try, I?ll never get out of this world alive.?
? Asleep at the Wheel
That epigram generally brings a smile to my face, but not now.
On Sept. 29, my best friend, Joe Baker, died. Certain things have priority in your life; for Joe and me, nothing beat a pennant race. In our last conversation, Joe didn?t exactly channel McMurtry in ?One Flew Over the Cuckoo?s Nest,? but he insisted I watch the Braves/Marlins game that afternoon. ?Finish whatever you are working on.? Friends who know what is important are hard to find.
Like many other SoWallers, Joe had no local family. Share your family contact information with a trusted friend/confidant. Because of good planning, we were able to contact both sisters and his daughter. Social media or e-mail could simplify the task. Don?t make your survivors have to dig through a rat?s nest of paperwork. One of the benefits of an updated financial plan is that your investment accounts are organized.
According to a 2007 study, 55 percent of adult Americans do not have a will. I take issue with that report. Every single Floridian has a will ? either you pay an attorney in their office, visit an online attorney or let the state of Florida furnish one for you. Use a professional from the Estate Planning Council of the Emerald Coast ( www.epcec? . org). For most clients, a face-to-face meeting with an attorney is preferable. Doit-yourself estate planning is generally more painful than do-it-yourself dentistry.
Frequently update wills and other estate planning documents such as beneficiary designation forms. The times I have seen former spouses listed as IRA beneficiaries shock me. Make sure secondary beneficiary designations are still in accordance with your wishes.
What probably was a good idea when your children were teenagers could now be horrendous. Adult children should supplant an older relative as personal representative or trustee.
A surviving spouse will inherit all jointly titled assets without the hassle of probate. For single people, explore and discuss whether a revocable trust is appropriate. A transfer on death designation eliminates probate and allows heirs quick access to your accounts.
When I made the 911 call for my friend, I was too scared and too dumb. I wanted to be calm and cool with the operator, so I spent too much time making sure the paramedics could find the house. In retrospect, I wish that I had held my friend?s hand.
Let?s talk about the soft side of estate planning. Financial assets pass by will or beneficiary designation. Who ends up with Grandmama?s yellow bowl may cause more uproar. Designate clearly, in writing, any specific bequest of personal memorabilia. Gifts of photographs, diplomas, sports memorabilia, tools, furniture and artwork can help in the healing process.
Avoid saying ?Get what you want,? because to some folks, that means go rent a U-Haul truck. A determined woman once carpet-bombed her grandmother?s home (stepgrandmother-in-law, no less) with Post-it notes. She not only claimed for herself, but for her daughter and her son?s girlfriend.
Nothing is wrong with inlaw inheritance. I received an especially dapper fedora from my wife?s grandmother?s brother-in-law, but only after all his blood relatives passed on it.
Weddings and funerals bring out the worst in smallminded people. My wife and I will miss our friend Joe for a long, long time.
Nobody else had my back like him.
CORRECTION: Last week?s column incorrectly stated Lehman Brothers bonds were worthless. Only Lehman?s junior bonds and stock are worthless. Lehman?s senior bonds will likely pay 15 cents to 40 cents on the dollar.