Tag Archives: Will

Retirement Planning: A Document Checklist

Retirement Readings

June 15, 2016

Retirement planning

DOCUMENT CHECKLIST

You may find this Document Checklist of assistance in your planning. Please contact my office if we can be of further assistance.

Document

Location

Personal

Birth Certificate

 

Marriage License

 

Pre- or Post-Nuptial Agreement

 

Will

 

Trust(s)

 

Living Will(s)/Power(s) of Attorney

 

Mortgage Papers

 

Automobile Titles/ Papers

 

Income Tax Returns

 

Gift Tax Returns

 

Insurance Policies

 

Employee Benefit Documents

 

Passport

 

Military Records

 

Medical Records

 

Citizenship Papers

 

Warranties

 

Current Bills

 

Funeral/ Burial Documents

 

Other:_______________

 

Business Ownership

Partnership/ Incorporation Documents

 

Buy-Sell Agreement

 

Section 303 Stock Redemption Agreement

 

Business Valuation/Appraisal

 

Business Tax Returns

 

Other:_______________

 

MESSAGES
from the Masters…

FOUR WAYS TO MASTER CHANGE

by Sheila Murray Bethel

We are living in exciting age of unprecedented change. Today’s accelerated rate of change presents us with unique challenges and opportunities. When change brings success, keep your ego from getting out of hand. When the change is negative, use your sense of humor to get through it. Once you learn to handle change, you can take your skills, talents, and abilities and help others change. Let’s look at four ways to enhance your mastery of change.

1. Don’t Fight It.

The natural tendency is to protect what you know and value, what has become familiar and comfortable. Unfortunately the world will change with or without you. So you must adapt again and again. You make your life so much more complicated when you fight the change. You cause yourself stress and can actually become ill. Remember the old Serenity Prayer: God grant me the serenity to accept the things I cannot change, The courage to change the things I can and the wisdom to know the difference.

2. You don’t have to like the Change.

No one ever said you have to like the changes you are experiencing. However, you do have to understand them so you can progress. Study, explore, and read everything you can about the current matters that affect your perception and handling of change. Life is not always about “liking.” It is about doing the best you can, with what you you’ve got and getting on with it–right now!

3. Know what to defend against change.

There are some things we should resist changing because change does not always translate into better. Change for the sake of change alone can destroy valuable situations, assets, and relationships. Many values deserve to be defended. Ask yourself what you will change and what you will defend.

4. Have a Sense of Humor.

Humor can give you a momentary “emotional vacation.” A sense of humor can conquer pretense, and diffused anger and hostility. It can take an impossible situation and change it into an acceptable one. The old axiom, “if you take yourself too seriously, no one else will,” is key. The most effective people are spontaneous and can use humor to express their feelings, and to encourage others.

When you set out to be a change master and to make a difference in this world, there is no guarantee that it will be easy. By learning about change, serving others and helping them to learn to change, you will indeed be making a difference.

QUOTES
from the Masters…

 

On Integrity

 

“Always do right! This will gratify some people and astonish the rest.”

— Mark Twain

“A “NO” uttered from deepest conviction is better and greater than a “YES” merely uttered to please, or what is worse, to avoid trouble.”

— Mahatma Gandhi

“The virtue of man ought to be measured, not by his extraordinary exertions, but by his everyday conduct.”

— Blaise Pascal

 

On Kindness

 

“I believe…that every human mind feels pleasure in doing good to another.”

— Thomas Jefferson

“The world is my country, all mankind are my brethren, and to do good is my religion.”

— Thomas Paine

“Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.”

— Leo Buscaglia

“Because the soul has such deep roots in personal and social life and its values run so contrary to modern concerns, caring for the soul may well turn out to be a radical act, a challenge to accepted norms.”

— Thomas Moore

The Importance of a Will

Estate Ideas

May 4, 2016

 

will art

IMPORTANCE OF A WILL

What Are the Implications of Dying Without a Will?

People who die without a valid will, die intestate. In this event, the state in which they resided effectively provides a will through the state’s intestacy law. This means that the state dictates who will receive the estate owner’s property and in what proportion.

While state intestacy laws do attempt to provide for a “fair” distribution of property, the state’s “one-size-fits-all” will simply cannot reflect the specific wishes of the estate owner in regard to either property distribution or the unique needs of the estate owner’s heirs.

In addition, state intestacy laws require that the probate court appoint a guardian for any minor children. The court-appointed guardian, who may not even be a relative, may be required to post bond and the guardianship will be supervised by the probate court.

Finally, when a person dies intestate, the probate court appoints an administrator of the estate. This administrator can be anyone of the court’s choosing and is required to post bond, an additional expense that must be paid by the estate.’

 

The choice is yours…

you can draw your own will or the state will do it for you!

The Advantages of Having a Will Include:

  • A will allows property to be transferred according to the estate owner’s wishes, avoiding state intestacy laws.

  • A will permits a parent, instead of the state, to name the guardian for any minor children or other dependents, such as a handicapped adult child.

  • A will enables the estate owner to name an executor to administer the estate which, in some states, minimizes probate and its related expense.

  • A will can lower estate settlement costs by minimizing estate taxes, waiving probate fees and bonds and streamlining the disposition of estate assets.

  • Provisions in a will can defer distribution of a minor child’s remaining share of the estate to a more mature age than 18 or 21.

  • With a will, an estate owner can be certain that bequests of money or personal property to specific individuals or charitable organizations will be carried out.

  • If the estate includes a business, a will can authorize the executor to operate the business until the estate is settled, with no exposure to personal liability on the executor’s part.

MESSAGES
from the Masters…

DECISION IS DESTINY by Steve Goodier

“Mommy, what happens when a car gets too old and banged up to run?” a little girl asked.

“Well,” her mother said, “someone sells it to your father.”

I think I have bought a couple of cars like that! Like most people, my life is punctuated by decisions that did not turn out the way I’d hoped. But we cannot always be expected to make the best decisions. Sometimes we simply don’t have enough information. And other times, there just isn’t a good decision anywhere to be found! All we can really do is make decisions the best way we know how and act on them. Things change only when decisions change.

Before his rise to political fame, Maryland Congressman Kweisi Mfume walked a path of self-destruction. He dropped out of high school. A few years later, he robbed a pedestrian in order to join a street gang. Mfume spent the following years drinking and troublemaking with the gang.

A turning point came one summer night when he abruptly decided he could no longer continue on his present course. He decided to earn his high school equivalency certificate and later graduated magna cum laude from Morgan State University in Baltimore. He then went on to earn a graduate degree at Johns Hopkins University.

When Mfume ran for Congress in 1986, his opponents tried to use his old mistakes against him. But his achievements since he left a troubled past behind captivated an electorate who voted him into office by an overwhelming 87 percent. He was on a collision course with total failure until he made a decision.

What changes your life is not learning more, though education is important. What changes your life is making decisions – the best decisions you can make – and acting on them. It’s been accurately said: “Your decisions determine your direction, and your direction determines your destiny.” Or put another way, “The decisions you make, make you.”

QUOTES
from the Masters…

 

On Strategic Planning

 

“Always work from a list. Write it out, organize it, and work on your most important task.”

-– Brian Tracy

“Walt Disney and Dr. R. Buckminster Fuller had 50 year plans – do you?”

-– Mark Victor Hansen

“When schemes are laid in advance, it is surprising how often the circumstances will fit in with them.”

-– Sir William Osler

 

On Influence/ Association

 

“The ideas I stand for are not mine. I borrowed them from Socrates. I swiped them from Chesterfield. I stole them from Jesus. And I put them in a book. If you don’t like their rules, whose would you use?”

— Dale Carnegie

 

“We need a variety of input and influence and voices. You cannot get all the answers to life and business from one person or from one source.”

-– Jim Rohn

 

“The world improves people according to the dispositions they bring into it.”

— Renier Guistina Michiel

Do I Need A Will?

What Is a Will?

The most basic estate planning tool, a will is the legal document that states the actions you wish to be taken after your death in regard to:

  • the disposition of your property;
  • the guardianship of your minor children; and/or
  • the administration of your estate

Do You Need a Will?

If you have a spouse, children and/or property, the answer is most definitely YES!

The alternative is to allow the state in which you reside to determine:

  • how your property will be distributed among your heirs, including who those heirs are;
  • the guardianship of your minor children, including who will serve as guardian; and/or
  • how your estate will be administered.

Who Can Make a Will?

State statute determines who can make a will. Generally, you must be “of age,” as defined by state law, and of sound mind. In addition, state law generally requires that your will be written, signed and witnessed by a required number of witnesses.

While you can draw your own will, the preparation and execution of this important legal document is generally best left to an attorney.

 

Your estate plan, including wills, trusts and life insurance, should be periodically reviewed to ensure that it continues to meet your needs and objectives. You can always contact Gurdayal Singh for assistance. Contact@benefitci.com or (909) 548-7444