Yes, very worthwhile. Very off topic. Perhaps a bit more valuable than
others...
Our RC stuff is very valuable to us personally, and it may have cost us a
few tens of thousands. Bigger issues to worry about are the property,
business, accounts, and equities that we may have acquired over the
lifetime.
Congress is still screwing around with the estate tax, so it's hard to say
for sure what the picture looks like. Right now it's not really an issue if
you have total assets of $1.5 million per person, or if married $1.5
million x 2 = 3 million. No federal taxes. That's a lot, but many have
attained that and more.
I'm not sure if Harley's contract is a trust, but I would assume it is.
Trusts are an accepted means of avoiding the fees associated with probate
and can serve to allow better and more efficient management and distribution
of the assets.
I can't stress enough how simple it is to get some planning and measures put
in place. It's also a very smart idea to do the planning as early as
possible, preferably before the money is made.
Please also consider finding a good tax attorney to help with the planning.
No offense, but insurance agents, investment brokers, etc. while probably
good intentioned, are specialists in the products that they sell and their
solution may be rather heavily weighted in that direction. The self-help
books have merit too, but they are generally drafted to scare the hell out
of the readers and generally seem to portray lawyers as very evil people.
(Some are, but so are some of every profession)
Interview several, audition them. Check to see if they are prompt with
their written proposals, look for the little things. (Did they spell your
wife's name properly). It may cost a few bucks, but the amount of BS and $$
it will save from the Federal Dumpster will be very worthwhile. In the end,
you will likely find one that you are comfortable with.
While we are on this tangent. Those of you with businesses would also do
well to consider tax planning at the earliest. It is much easier to
generate wealth outside your estate than it is to get it out of your estate
after it's made. How many have purchased a building in the name of the
corporation? Don't want to do that either...
OK, enough.
Lee Estingoy
Overland Park, KS
Lawyer with a Master's Degree in Taxation... No flame necessary, let's keep
this civil. Besides, who do you hate more, lawyers or the IRS? :)
----- Original Message -----
From: "Harley Michaelis" <[EMAIL PROTECTED]>
To: "Soaring-airage.com" <Soaring@airage.com>; "Loren Blinde"
<[EMAIL PROTECTED]>
Sent: Monday, August 08, 2005 1:16 AM
Subject: Re: [RCSE] Estate planning
This is a very worthwhile thread. I'll be interested in what's said on the
subject.
As to me, the matter has been given considerable thought. Before retiring
20 years ago, I had a 40 year career in the life insurance business. Much
of the training was estate planning related. I also have a personal
attorney who has been very helpful in accomplishing what I have in mind.
Getting to the modeling stuff, I have an understanding with relatives
named in my will. They don't have a clue about its worth, know what much
of it's for (except common tools), or who might be a prospect for buying
any of it.
The understanding consists of having a trusted modeling friend haul off
what they can't use, keep what he wants as a reward for the friendship
long provided and offer what can't use over the RCSE or otherwise. I don't
care what comes of it, other than wanting it in good hands who can use it.
The idea of it being offered up at a yard sale is nauseating.
I leave it to sthe friend to decide what the net amount to hand over would
be, with no accounting required. I figure whatever that amounts to would
be more than woefully uniformed relatives could possibly get trying to
handle disposition of the stuff.
My heirs otherwise come into piles of loot, mostly passing by contract
outside of a will, and what might come out of the modeling stuff is quite
incidental. I buy it for my use and pleasure without thought about what
might ultimately become of it.
It's a simple plan, but having no spouse, no debts or unpaid taxes that
would prompt creditors or taxing entities to look for probate protection
under the will and with Durable Power of Attorney in the hands of
relatives named in the will, the will can just be filed for public record
in case anyone wants to know if they were named in it. I leave $1 to
several named people who may have notions they have something coming.
----- Original Message -----
From: "Loren Blinde" <[EMAIL PROTECTED]>
To: "Soaring-airage.com" <Soaring@airage.com>
Sent: Sunday, August 07, 2005 10:06 PM
Subject: [RCSE] Estate planning
Let's say that tomorrow, due to circumstances beyond your control, you
either go to heaven, ascend to a higher reality or become worm-food,
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