Come Out of Neverland and Plan Your Estate
July 5th, 2009 Filed under: ab trust,Executor Fees,sample wills,Trusts attorney — Estate Planning Author
Almost daily, I read something in the days headlines that reinforces my belief that estate planning is important at any age.�Take the sad case of 50 year old Michael Jackson for example.� The King of Pop was no king when it came to planning for the care of his family after his death.� After the initial shock, the next news stories were about his estate.�Apparently, this man, with one of the world’s most complex estates, had no estate plan!�This is shocking.�No will.�No trust.�No instructions about the care of his children.�No administrator named.�Nothing!
What can we learn from this fiasco?�First and foremost, don’t wait until you are old to set up an estate plan.�Death often comes without warning.�A couple of days after Michael’s death, Billy Mays (also 50 years old) died.�It happens.�I cannot emphasize enough the importance of planning when you are young.�If your situation changes, you can always amend or change your plan.�But, whether you choose me to prepare it or not, get an estate plan from someone and get it done!
Next, we learn the importance of making decisions yourself.�In Michael’s case, the courts must now decide what is best for Michael’s children.�They will select a guardian of each child’s person (who will raise them) and a guardian of�each child’s estate (who will manage their money).�Michael’s wishes are unknown and cannot be considered.�Even if he told someone about his wishes, those conversations will not see the light of day in court as they are unsubstantiated.�Michael will have no say as to how the children are raised.� Jehovah’s Witness, Scientology, Muslim, A court will decide.
Third, the attorneys will have a field day in this probate.�Fees will likely be in the millions by the time it is done.�Estate taxes will also gut the estate further, if the tangled web of his financial situation is ever untangled.��� The legal and tax wrangling will go on for many years.
Now, I know your estate is not as complex as Michael Jackson’s.�� That doesn’t mean you can postpone setting up your own estate plan.�It will not likely ever cost you less than now and you shouldn’t take the risk of not having your own estate plan.� Come out of Neverland and plan your estate.� Never say never.� Don’t be like Mike.
To avoid the ravages of probate, outrageous attorney fees, and astronomical death taxes visit my website by clicking the link below.
http://www.internet-living-trust.com
