Kidnapper James DiMaggio left the grandmother of the kidnapped teenager as his sole beneficiary on his life insurance. This was another strange twist in the murders and kidnapping DiMaggio committed on his best friend’s family. Regardless of your Will or Trust, who you name as the beneficiary on your Life Insurance, IRA or Company Retirement... [Read More]
Category: Mental Disability
North Carolina Repeals The State’s Estate Tax
The North Carolina Legislature repealed the State’s Estate Tax in July 2013 making the repeal retroactive to deaths on January 1, 2013 or later. The North Carolina State Tax was tied to the Federal Estate Tax. In other words if you did not hit or trigger the Federal Estate Tax you did not trigger any... [Read More]
The recent FORBES advises that 30% of the wealthiest people inherited their money. Therefore, their family did good Estate Planning
If good Estate Planning is not done an inheritance is lost to Taxes, Probate Costs, Squander, Lost in Divorce, or Lost in Lawsuits. You may not be FORBES wealthy, but do you want to waste everything you’ve ever earned? If you do not do good Estate Planning to transfer your “Life’s Work™” (everything you’ve earned) to... [Read More]
“Git ‘Er Done”
Larry the Cable Guy For many of us, our tendency towards perfectionism precludes us from moving forward. Our strong desire to “get it just right” precludes us from moving forward on what needs to get done. “Paralysis by Analysis” is a good description as it often precludes the perfectionist in us from moving forward on... [Read More]
You have an Affirmative Duty to do Estate Planning
Most states, including North Carolina, have laws in place that establish what your Estate Plan will be. Those Laws may be the opposite of what you actually want. In North Carolina under those laws, in a family with a husband and wife with children, in most scenarios, two thirds (2/3) of the parent’s estate, when... [Read More]
Summer Travel and Healthcare Authority
Summer is when many Americans are traveling out-of-state. They are on vacation to new places or to visit with loved ones or family. As we cross state lines one concern is that our Healthcare Power of Attorney a/k/a Healthcare Proxy might not be accepted in another state. For example if you have a Healthcare Power... [Read More]
Steve’s Class Well Received
The reviews on Steve’s North Carolina Department of Insurance, Continuing Education Class on Wednesday morning, May 29th on “The 10 Common Estate Planning Mistakes Single People Make” were all evaluated at the highest level of “Excellent”. Some of the comments were: “Good refresher!” “Received a much better understanding of Trusts and what to plan for.”... [Read More]
What About Mental Disability?
It seems that mental incapacity is on the rise among seniors. The Gerontologist tell us that Alzheimer’s Disease is on the rise. Part of that may be that we are living longer and part of that may be environmental. We should Estate Plan for Mental Disability as we may be unfortunate enough that we get... [Read More]
“Accounting Today” 10 Biggest Estate Planning Mistakes
Accounting today listed as the 10 Biggest Estate Planning Mistakes the following: 1. Procrastination. Failing to do any Estate Planning thinking there is always “tomorrow.” Maybe not! 2. Do it yourself mentality. Thinking you can perform complicated legal work with online forms which doom you to failure. 3. Failing to think of all the angles... [Read More]
Boston Bombers and the Unknown
Those injured at the finish line of The Boston Marathon last week never anticipated that two bombs would explode killing three and injuring and maiming another 200 people. A physician from Sylva, North Carolina, just west of Asheville, was at the finish line with his wife cheering on a friend. After the explosions, the first... [Read More]