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Media mogul Sumner Redstone has been ordered to sit for a one-hour psychiatric evaluation as part of an ongoing court battle with an ex-girlfriend, a Los Angeles judge has ruled. The New York Daily News says the judge’s order may not only affect Redstone’s estate but his business dealings. The article, “Sumner Redstone, media mogul, ordered to undergo psychiatric evaluation,” describes the battle over the care and assets of the “once-towering tycoon,” who at 92 is still the executive chairman of media giants Viacom and CBS, even though he is all but confined to his Beverly Park mansion. A new shareholder lawsuit recently filed claims that corporate executives withheld the level of Redstone’s deterioration and failed to implement a succession plan. Judge David Cowan denied a request by ex-girlfriend Herzer to depose Redstone, but he did grant her application for an exam by a geriatric psychiatrist. This was her third attempt to get the judge’s approval for an evaluation. The judge finally agreed to go ahead after learning that one of the doctors chosen by Redstone’s handlers to attest to his overall acuity was not a psychiatrist and gave deposition testimony that was “inconsistent” with a prior declaration. The judge said Dr. Stephen Read should conduct his one-hour interview with Redstone without Herzer or any attorneys. Also, the exam won’t be recorded and is to include only those nurses or speech therapists who regularly assist Redstone with his “serious speech impediment,” the judge said. “The court is confident that a more informal conversation between a doctor and patient, with an experienced and well respected physician such as Dr. Read, will be far more productive than an adversarial deposition with attorneys and a court reporter and ultimately provide more useful testimony,” Judge Cowan wrote in his ruling. The judge ruled that Herzer “should be entitled to have at least some access to the person about whom this case is concerned.” Herzer was kicked out of Redstone’s mansion last fall. She says the ailing billionaire acted without a full understanding and against his best interests. She also was removed as the lead agent on his Advance Health Care Directive a short time later and replaced with Viacom’s President and CEO. Herzer sued in November to return to Redstone’s inner circle and resume control of his future medical care. Herzer’s prior two attempts to get a judge’s approval for a mental evaluation were denied. She called Redstone a “living ghost” in her lawsuit, who started on a dramatic decline in health when he discovered last summer that his young lover had been unfaithful during their five-year relationship. Herzer alleges that Redstone can’t converse, except for brief grunted responses to questions and, even then, is nearly impossible to understand. Herzer’s outside doctor will conduct the evaluation of Redstone, and a hearing on a motion to dismiss the case will take place on February 29, Leap Day. Reference: New York Daily News (January 22, 2016) “Sumner Redstone, media mogul, ordered to undergo psychiatric evaluation” #HoustonGuardianship #WillChanges #Inheritance #AdvanceHealthCareDirective #HoustonEstatePlanningLawyer #HoustonProbateCourt #ElderLaw

Yes, you should have an up-to-date will, a durable power of attorney for health care (also called a health care proxy), and an advance health care directive (“living will”) for estate planning purposes, says USA Today in “Do I need a will? What to know about estate planning.” A will tells the decedent’s executor or personal representative how his or her assets should be distributed. It can say in what order heirs should get these assets, in case funds run out before all bequests are fulfilled. A will can also set out your wishes for some of your belongings, but most property goes to a new owner by title, beneficiary naming or a judge in the probate process. When that property is owned jointly, it passes automatically to the surviving owner. Other financial assets like life insurance proceeds and funds from retirement plans are also automatically transferred to the named beneficiaries. Check these documents every few years to be certain that these are up-to-date. If you become incapacitated, two legal documents can help express your wishes. A living will describes how you want to be treated at the end of your life. Your designated agent has the authority to make decisions according to your wishes by a durable power of attorney for health care. It’s critical to have up-to-date estate planning documents, and you should get these legal documents from lawyers who focus their practice in estate planning. Trust and estate attorneys can help you transfer property to heirs in the most tax-efficient way possible and ensure your plans comply with your state’s estate laws. There are online services that have templates for wills, powers of attorney and health care directives, but it’s far safer to have an experienced estate planning attorney who understands your family’s specific circumstances prepare these documents. There are many more issues when do-it-yourself legal documentation is used than when these materials are prepared professionally. Reference : USA Today (April 26, 2016) “Do I need a will? What to know about estate planning” #Will #Probate #LivingWill #Beneficiaries #AdvanceHealthCareDirective #EstatePlanningAttorney #PowerofAttorney

Navigating the legal landscape of Power of Attorney (POA) can be complex. This complexity can increase when dealing with interstate matters. Is a POA valid from state to state? What are the requirements for a valid POA in different states? These are some of the questions that individuals, agents, and legal professionals often grapple with. In this article, we aim to shed light on these questions and more. We will explore the intricacies of POA across states, providing you with a comprehensive understanding of this important legal document. Understanding Power of Attorney and Interstate Recognition A Power of Attorney (POA) is a legal document. It allows one person, known as the principal, to grant authority to another person, the agent. The agent can then act on the principal's behalf in legal matters. This authority can cover a range of activities, from managing financial affairs to making healthcare decisions. The scope of the agent's authority is defined in the POA document. Durable POA Medical POA Financial POA Limited or Special POA General POA The Full Faith and Credit Clause and POA The Full Faith and Credit Clause of the U.S. Constitution plays a role in POA recognition. It generally requires each state to honor the public acts, records, and judicial proceedings of every other state. Types of Power of Attorney: Does It Matter Across States? Different types of POA can have different implications across states. For instance, a durable POA remains in effect even if the principal becomes incapacitated. However, the specific laws governing durable POA can vary from state to state. Understanding these differences is crucial when dealing with POA across states. Power of Attorney Requirements by State Each state has its own laws regarding the execution of a POA. These laws can dictate the number of witnesses required, the need for notarization, and the specific language used in the document. For example, some states may require the POA to be signed in the presence of a notary public, while others may require two adult witnesses. Understanding these requirements is crucial to ensure the validity of the POA. Notarization requirements Witness requirements Specific language or phrasing Additional documentation Is a Power of Attorney Valid in All States? There are instances where a POA may not be recognized in another state. This can occur if the POA does not meet the specific requirements of that state. For example, if a state requires two witnesses for a POA, but the document was executed with only one witness in another state, it may not be recognized. Agent Authority and Responsibilities Across State Lines The agent's authority under a POA can vary based on state laws. In general, the agent is expected to act in the best interest of the principal. The specific powers granted to the agent can be limited or expanded based on the language of the POA and the laws of the state where it is being exercised. Can a Power of Attorney Agent Live in Another State? Yes, an agent under a POA can live in a different state than the principal. However, this can present challenges if the agent needs to handle matters that require their physical presence. Considering these potential issues is important when appointing an agent who lives in another state. Legal Documents and Notarization: Ensuring Your POA Is Valid Everywhere A POA is a legal document that must meet certain requirements to be valid. These requirements can include notarization and the presence of witnesses at the time of signing. While notarization is not required in all states, it can help ensure the document's acceptance across state lines. Does Power of Attorney Transfer from State to State? In general, a POA executed in one state is recognized in another. This is due to the Full Faith and Credit Clause of the U.S. Constitution. Addressing State-Specific Concerns in Your POA Understanding that each state has its own laws and requirements for a valid POA is crucial. For instance, some states may require additional witnesses or specific language in the document. Therefore, it's advisable to consult with a legal professional to ensure your POA addresses any state-specific concerns. The Importance of Legal Advice for Interstate POA Issues Navigating the complexities of interstate POA issues can be challenging. Therefore, it's crucial to seek legal advice to ensure your POA is valid and enforceable across state lines. Remember, a well-drafted POA can provide peace of mind and protect your interests, no matter where you or your agent reside. Let a Houston Power of Attorney Law Firm Help You Today Creating Power of Attorney documents does not need to be a lengthy or intimidating process. A Houston POA lawyer at Your Legacy Legal Care can help with identifying needs, ensure your POA is valid for your agent, and more. Contact our Houston Power of Attorney Lawyers to discuss your goals today.

One of the best parts of your marriage was inheriting a son you have always wanted but could never have on your own. Blood could not make you both any closer, so it is only fair that you make provisions for him in your estate plan. A blended family estate planning attorney is just what you need. Statistics show that about 40% of American families are blended , with 13% of marriages being remarriages. On average, 1,300 blended families are formed each day. You are not alone. It is both kind and prudent to think about the future of the family you have inherited. Make an appointment with Your Legacy Legal Care to learn what options may be available for your family. What Happens To Your Children When You Don’t Have A Will If you have developed a close relationship with a stepchild, you should ensure they are provided for in a will. Because your stepchildren are not considered your legal heirs under the Texas Estates Code, they will not receive any of your assets if you pass away without a will . Therefore, it is essential to have a will in place that considers any stepchildren for couples with younger children from prior marriages. You can list your children and your spouse’s children from a previous marriage and may specify that your spouse’s child is to be treated as one of your children for the purpose of the will. However, when you jointly own your home with your spouse, they will gain your interest in the property when you die if an agreement is in place. If your spouse passes without a will, their children (your stepchildren) will inherit the house under the laws of intestacy . In this way, your stepchild could eventually benefit from what is now in your estate. Adoption of Stepchildren Some couples do not legally adopt their stepchildren during the marriage. The rule is that stepchildren cannot inherit from their stepparents without a valid will. However, there is a small exception when a stepparent legally adopts their stepchild or commits to adopt the child but does not complete the process. In the latter case, the stepchild may inherit from their deceased stepparent if they can demonstrate the existence of a legal oral or written agreement pledging to adopt them. Using a Trust To Provide for Stepchildren and Step grandchildren The goal of a living trust — also known as a revocable living trust or a revocable trust — is to store assets for you while you are alive, so they can be given to whomever you please (such as a stepchild) after your death. To fulfill its fiduciary duty, the third party must prudently manage and distribute the assets per your instructions as the owner. Houses, land, vehicles, bank accounts, and other assets can all be included in a living trust . Unless you say otherwise, any assets maintained in a living trust will be for your benefit during your lifetime. Your beneficiaries, including a named stepchild, can receive your assets far more rapidly through a trust than through a will. Frequently Asked Questions About Estate Planning for a Stepfamily I married someone with a child but later got divorced. I developed a relationship with their child and raised them as my own. Can I leave them something through my will? You can bequeath to a stepchild or former stepchild if you so choose. If you include them in your will, stepchildren will always be able to inherit. You can give your stepchild a portion of your fortune through your will, make explicit bequests, or leave them as beneficiaries on financial accounts. How can I provide for this stepchild? When writing your will, avoid using the standard will terminology like “issue,” “children,” or “heirs” to refer to any more children you may have. Instead, name each stepchild using their full names and perhaps dates of birth. It is best to have them specifically identified. I am the stepchild and want to ensure my stepparent benefits from my estate. Is that possible? Stepparents will not inherit unless specific provisions are laid out in an estate plan. This could be in a will, trust, or some other mechanism. Call to schedule a complimentary strategy session with one of our team members. How do I protect my assets from stepchildren? You can exclude your stepchildren by name in your will. Consult with an estate planning professional at Your Legacy Legal Care about setting up a trust that would benefit your spouse during their life and transfer ownership of the property to a third party after your spouse passes away. This way, your spouse cannot leave your property to your stepchildren after they pass away. At Your Legacy Legal Care, we currently offer complimentary strategy sessions for prospective clients, so you have nothing to lose. We understand how daunting the conversation may seem at first, but it is important to us that your questions are answered. With offices across the Greater Houston area, don’t delay in taking the first steps in organizing your estate! Contact us here .

Though the aging population continues to get larger, there is more need for long-term care. However, since most elderly Americans do not have long-term care insurance or have the assets to be self-insured, many people are dependent upon Medicaid, as Medicare’s coverage is much more limited when it comes to longer-term costs. The government helps to pay for the cost of your care, but you must follow rules and guidelines to be eligible. Here are 10 common mistakes that people make when it comes to Medicaid: Though we don’t know what tomorrow may bring, pre-planning for long-term care while young and healthy can make a big difference. Long-term care insurance and pre-planning tools and annuities can help to set you up for later in life. Gifts can have tough tax ramifications and create Medicaid ineligibility for a long period of time. Medicaid classifies gifts as uncompensated transfers. However, by planning you can make decisions to protect your eligibility. The good news is that not all gifts can result in ineligibility for Medicaid. Transfers to disabled children, caretaker children, certain siblings, and money in any trusts that are for anyone who is under the age of 65 and disabled are exempt by Congress. While it’s best to pre-plan 5 years prior to when you believe that you will need nursing home Medicaid, it is never too late to plan. Even after going into a nursing home there are opportunities to protect life-savings and become qualified as soon as possible. Some examples include pre-paid funeral plans, purchasing a new car, making repairs and upgrades to the family home and paying off debt. If you wish for your life savings to be used for long-term care then you would want to apply right away and spend down savings on nursing home costs. You would be eligible when your assets are depleted. It is also important to not wait too long to apply. If one spouse is still living at home it is important to properly plan so that that spouse can be eligible for Medicaid benefits prior to assets being depleted. Upon the death of a Medicaid recipient there is expanded estate recovery. Essentially, any Medicaid payments that are made on behalf of a nursing home resident will become a claim n the . Congress has passed specific rules for spouses of nursing home residents to ensure that they don’t become impoverished because of Medicaid asset and income restrictions. Medicaid can be extremely confusing and since most people don’t have much experience with it, you should consult with a knowledgeable and experienced Elder Law attorney to ensure that you are doing what is in your own best interest. Your Legacy Legal Care Can Help If you or a loved one is looking to apply for Medicaid you may face rejection should you fail to be compliant. At Your Legacy Legal Care we understand the complicated intricacies of applying for Medicaid and work to help our clients receive the coverage that they need to help care for them long-term. To learn more visit us online or call us at 281-643-8382 today!

Elder financial abuse is a serious crime that affects millions of elderly adults each year. As people age, they may become more vulnerable to scams and financial exploitation, making them prime targets for criminals. Elder financial abuse can have devastating consequences, including financial ruin, loss of independence, and emotional distress. Let’s discuss elder financial abuse, how to recognize the signs, what to do if you suspect someone you know is a victim of elder financial abuse, and how a Houston elder law attorney can help. What Is Elder Financial Abuse? Elder financial abuse occurs when an elderly person is exploited or taken advantage of financially. This can happen in many ways, such as: Stealing money or property Forging a signature on a check or legal document Using undue influence to take control of an elderly person’s finances Convincing an elderly person to make investments that are not in their best interest Persuading an elderly person to change their estate plan Signs of Elder Financial Abuse Elder financial abuse can be difficult to detect, as victims may be hesitant to report the abuse out of fear, embarrassment, or shame. However, some common signs may indicate that an elderly person is being financially abused: Unexplained financial transactions — These may include large withdrawals from bank accounts, unauthorized use of credit cards, or the sudden sale of property or other assets. Changes in financial behavior — For example, they may stop paying bills, become secretive about their finances, or become overly concerned about their financial situation. Sudden changes to wills or estate plans — This may include changes that benefit someone who is not a family member or changes that go against the elderly person’s wishes. Isolation — If an elderly person becomes isolated from family and friends, this could be a sign of financial abuse. Abusers may try to isolate their victims to exert greater control over their finances. What to Do If You Suspect Elder Financial Abuse If you suspect that someone you know is being financially abused, there are several steps you can take: Talk to the elderly person. The first step is to talk to them about your concerns. Be gentle and understanding, and tell them you are there to help. Report the abuse. The next step is to report the abuse to the authorities. This may include local law enforcement, adult protective services, or a state agency investigating elder abuse. Contact an attorney. You may also want to contact an attorney specializing in elder law. We can help you navigate the legal system and take steps to protect the elderly person’s assets and finances. Document everything. If you suspect an elderly person is being financially abused, it is important to document everything. This may include bank statements, credit card statements, and any other financial records that may be relevant. Suspect Elder Financial Abuse? Contact an Experienced Elder Law Attorney Right Away Elder financial abuse is a serious crime with devastating consequences for its victims. If you suspect someone you know is being financially abused, it is important to take action. Those victimizing your loved one need to be held accountable, and your loved one deserves justice and protection. Contact us today at Your Legacy Legal Care. By working together, we can help protect our elderly loved ones from financial exploitation. FAQ: Elder Financial Abuse What is the punishment for elder financial abuse? The punishment for elder financial abuse varies depending on the severity of the crime and the laws in the state where the abuse occurred. Sometimes, the abuser may face fines, probation, or imprisonment. In addition to criminal penalties, the victim may also be able to pursue civil action against the abuser. What are some ways to prevent elder financial abuse? Several steps can be taken to help prevent elder financial abuse. These include educating elderly adults about the warning signs of financial abuse, helping them set up automatic bill payments and direct deposit, encouraging them to only work with reputable financial professionals, and monitoring their accounts for any unusual activity. It’s also important to set up a power of attorney document to reduce the chances of financial exploitation. Who is most likely to commit elder financial abuse? Anyone can commit elder financial abuse, but it is most commonly committed by family members, caregivers, and other people who have close relationships with the victim. What resources are available for victims of elder financial abuse? Victims of elder financial abuse may get help from various resources, including law enforcement, adult protective services, and organizations that advocate for the rights of the elderly. It is important to seek help immediately to protect the victim’s assets and prevent further abuse. For more guidance, contact our office at (281) 218-0880 or schedule online  to meet with a member of our team today!

Fewer than half of adult Americans have estate planning documents. For those who die without a will or trust, their state laws determine to whom estate assets pass. This may or may not be what you want. However, if you don’t have your wishes properly documented, then you don’t get a choice, as noted by Forbes in “The Difference Between Having an Estate Plan and A Wealth Transfer Plan.” If you don’t have estate planning documents, then your family will be exposed to unnecessary court fees, frustration and wasted time and effort. The proper estate planning documents can speed the probate process, decrease costs and help maintain harmony in the family. If you do have estate planning documents, it’s important to know the differences between these documents and a wealth transfer plan. First, know that some families are shattered by jealousy, animosity and a lack of trust when a parent dies and the beneficiaries are made known. Heirs may think they’ve been short-changed without knowing the reasons behind the decisions the deceased made. A big reason family wealth erodes is a lack of communication, understanding and trust among family members. Another reason is heirs who are unprepared to receive their inheritance. In addition, there can be problems with financial and tax planning and poor investing. Some heirs will take their inheritance and go on a spending spree or quit working. A wealth transfer plan is a strategy that you undertake to prepare your heirs for their inheritance, to keep family harmony and to equip your heirs to make better decisions about what they inherit. This means communicating your money values and family goals; sharing your intentions regarding heirs or beneficiaries and time frames for transfers; introducing family members to your advisors—such as your estate planning attorney—to address their questions; giving heirs a better understanding of family assets and encouraging sound investing; talking about methods of transfer—including direct gifts, the use of trusts and the importance of philanthropy; and encouraging family members to establish their own estate plans to help them accept their inheritance. In short, a qualified estate planning attorney can help you and your family through this important process. Reference : Forbes (July 1, 2016) “The Difference Between Having an Estate Plan and A Wealth Transfer Plan” #AssetProtection #EstatePlanningLawyer #WealthTransferPlan #Inheritance #Wills #Trusts

Baby Boomers need to adjust how they think, especially about the thought of slacker Millennials living with their parents, depleting the fridge and glomming off others. When it comes to managing their financial lives, those in the generation born between 1982 and 2000—about 83 million Americans—are making smart, somewhat surprising choices. Maybe we can all learn something from today’s 20- and young 30-somethings. AARP’s article, “What Millennials Know About Money and Work,” tells us that about 40% of millennials bumped up their 401(k) contributions in the past year. That’s about twice the percentage as that of boomers, according to research from T. Rowe Price. In addition, more millennials know how to stick to a budget. About two thirds of 18- to 29-year-olds don’t have even one credit card, research from Bankrate.com showed. Compare that with about one-third of those who are age 30 or older. There are really two reasons for this: (1) millennials entered the credit space when the market was really tight and debiting was the only option available to them; and (2) they realize credit is a really fast way to get in trouble with debt. Are you overusing your credit cards? In other words, is your credit card balance going up every month, or do you use one card to pay off another? If yes, look to the millennials for some guidance and remove them from your wallet. Reference: AARP (December 2015/January 2016) “What Millennials Know About Money and Work” #ClearLakeAssetProtection #Millennials #TaxPlanning

Planning for your children’s or grandchildren’s college expenses is simple in theory. In execution, though, the process is often complex and confusing. Allow one simple principle to guide your plans: the earlier you begin saving, the more your money can benefit from tax-advantaged growth potential. After determining expected college expenses, use these tools to help put your kids or grandkids on the road to success: 529 Plans 529 plans offer some of the best benefits for families saving for college. Most plans take a “set it and forget it approach” to saving. Automatic investments are made from a payroll deduction plan or linked bank account, making it easy to contribute without thinking twice. 529 earnings are federally tax-free and will not be taxed once money is withdrawn. Funds can be used for a broad range of school-related expenses, giving beneficiaries flexibility over how the money can be spent. Roth IRAs Many people associate Roth IRAs with retirement planning, but this tool can also come in handy when planning for college expenses. Contributions are not counted towards grant eligibility and financial aid, making them a great option for college savings. Maximize your Roth IRA investments – your kids or grandkids might qualify for scholarships and not need money for college, but everyone could use some extra money in the retirement fund. Uniform Trust for Minors Account (UTMA) Want to gift your college student tuition money? A uniform trust for minors account, or UTMA, may be a good option. The first $2,000 of investment income from these types of accounts get special tax treatment. The first $1,000 of income is tax-free. Investments above the $2,000 threshold will be taxed at your capital gains or income rate. The only drawback to this option? Once a minor reaches 18, assets in UTMA accounts become accessible to them immediately. Since UTMA money is not limited to educational purposes, your student could cash in on a fancy new car instead. Start Planning for College Expenses Now It is never too early to begin laying the groundwork for your child or grandchild’s future academic plans. Working with an estate planning attorney at Your Legacy Legal Care can help you understand your options, how to protect those savings, and make the best decisions to protect your loved ones. To schedule your appointment with our team, call us at (281) 885-8826 or schedule online here .

Investopedia’s recent article asks “Should You Store Estate-Planning Documents Digitally? ” The article reports that two Arizona entrepreneurs who’d had enough with the massive amounts of paperwork for their own estates created Document Trunk. It’s a digital estate planning document storage platform. For an annual fee, you can store up to 10GB of estate documents. After your information is in the database, a search is conducted daily to ensure that you are still living. If the system detects your name in an obituary or death notice, it will be confirmed. The estate’s primary contacts entered during registration will then be automatically notified. The system lets you enter up to 14 primary recipients to be notified if you pass away. You also have the ability to limit who can access the documents. Digital storage, the company says, ensures that your documents are kept secure through encryption. However, one of the biggest obstacles to the use of this system is legal. Digital copies of your estate planning documents may not be legal in the county and state where your estate is located. In addition, you need to be sure to update the contact information for your primary beneficiaries. Whether storing your estate planning documents on a digital platform is the best solution for your needs is a topic you should discuss with your estate planning attorney. He or she may have other digital options for storing your legal papers. A number of financial institutions offer similar platforms, often with the ability to centralize all of your financial accounts—from credit cards to insurance policies and bank and investment accounts. Even if you do use a digital system, there are always drawbacks with any computer or electronic storage. Be safe and make certain that your attorney has properly executed hard copies of your will and other estate planning documents—if he or she has undertaken the responsibility (and liability) to do so. You should also let your executor, family, or other loved ones know the location of these documents in the event that they may need them. Reference: Investopedia (June 9, 2016) “Should You Store Estate-Planning Documents Digitally? #DigitalStorage #EstatePlanningAttorney #Executor #Will

Since she was in her early 20s, Danica Patrick has driven a racecar—speeding 200 miles per hour around an oval track bordered by concrete walls. It’s dangerous. Patrick said, “So no matter what your skillset is, those things just happen. Absolutely it is a risk.” Forbes’ article, “Danica Patrick: You May Not Drive a Racecar, But You Still Need Life Insurance,” says that it’s a risk that she’s chosen to manage in part with life insurance. She’s owned life insurance since she started racing, and she now advocates on behalf of Life Happens, a nonprofit founded to help consumers make smart insurance decisions. It’s a rite of passage to buy life insurance before your first race. However, Patrick has more personal reasons. Her parents were in favor, as each lost their fathers during childhood and witnessed the financial stress placed on their families. They managed the risk with life insurance and saving six months’ worth of expenses for an emergency. As far as Patrick is concerned “she didn’t want to leave people with bills they can’t pay, and not only dealing with the sadness of a loss, but trying to figure out how you’re going to manage the rest of…life.” Life insurance allows us to deal with personal loss without compounding it with financial stress. The suggested policy for most families is a term life insurance policy with a death benefit that is approximately 15 times their annual income. With term life insurance, many life insurance needs will expire, assuming that a family is on track to reach financial independence around retirement age. The specific term of your policy should last at least through the children’s college years—and at most through the age at which you can reasonably expect to be financially independent. If you want to create an estate, fund charitable bequests, replace an estate lost to taxes or build cash value, you will need some type of permanent life insurance—whole life, universal life, or variable life. Note that permanent life insurance creates additional financial complexity and can be expensive. If you have a spouse or minor children, you have loved ones relying on you financially. Term life insurance can be pretty inexpensive. And even if you’re not a racecar driver, you face one of life’s most common risks—riding in or driving a motor vehicle. As Patrick remarked, “It’s probably pretty uncommon to come across someone that hasn’t been in some kind of a car accident. Now, there are surely varying degrees, but you’re not wearing a six-point harness with a helmet on and an ambulance sitting nearby. So, it’s a risk no matter what you do if you’re driving anything.” Reference: Forbes (Sept. 23, 2016) “Danica Patrick: You May Not Drive a Racecar, But You Still Need Life Insurance” #estateplanning #LifeInsurance

The Wall Street Journal reports in the April 27 article, “What Prince and Abraham Lincoln Have in Common,” that the purple rock royal joins a pantheon of famous people who left the world without instructions on how to distribute their property. Here are a few notable will-less people throughout history: Abraham Lincoln: “So great a man as Abraham Lincoln left no will, though he had a considerable estate,” wrote St. Louis law professor Virgil M. Harris a century ago in his often-cited history of wills. More recently, a 2012 Forbes article looked into the Great Emancipator’s less-than-great estate planning. By noon on the day he died—April 15, 1865—Lincoln’s oldest son, Robert, sent a telegram to Justice David Davis of the U.S. Supreme Court, a close friend of Lincoln. The telegram said, “Please come at once to Washington to take charge of my father’s affairs. Answer.” Davis went to Washington, and Mrs. Lincoln and Robert wrote a letter to the judge in Illinois asking that he appoint Davis as the administrator of Lincoln’s Estate. Davis reported that the estate was believed to be worth $85,000 and would be divided between Mary and Lincoln’s two living children at the time, Robert and Thomas. The sum would be worth at least a few million dollars today—a lot of money to pass without a will. Pablo Picasso: “One of Picasso’s lawyers told me he urged the artist many times to make a will but that ‘he never did because of superstition. A way of avoiding death, one might say,'” wrote an estate planning attorney. Howard Hughes: “People claiming to be Hughes’ children or beneficiaries of his will are legion and have been a cottage industry since he died in 1976,” Hughes biographer James B. Steele told the Sandusky Register in 2012. After the billionaire’s death, there was speculation as to the whereabouts of his last will and testament. Hughes had most likely left a holographic will, a handwritten will. In his 1972 press conference, Hughes announced that he planned to leave his money to the Howard Hughes Medical Institute in Miami. After an intense search for the will, there was no proof of its existence. The evidence was overwhelming that after the 1920s Hughes refused to execute a will. Jimi Hendrix: The battle over Hendrix’s estate went on for more time than the rock legend was alive. In 2015, The Seattle Times reported that the latest family feud between Hendrix’s adopted sister and his brother over Jimi’s estate had been resolved. Experience Hendrix, L.L.C., which owns the rights to the Hendrix estate and is controlled by Janie Hendrix, settled out of court with HendrixLicensing.com—operated by Leon Hendrix—for damages associated with the sale of merchandise that capitalized on Hendrix’s fame. Many men of wealth and distinction die without a will. Don’t you be one of them. Reference: Wall Street Journal (April 27, 2006) “What Prince and Abraham Lincoln Have in Common” #AssetProtection #EstatePlanningLawyer #Probate #ProbateCourt #Inheritance #Wills