Alexis did an excellent job on View from the Bay recently educating consumers about what legal documents they need, what they can prepare for themselves and how to find the perfect Personal Family Lawyer. She touched on the fact that estate planning is important for everyone, rich or poor, old or young. Check it out today to make sure you have everything you need to be prepared!
Michael
Phelps, who became the first person to win eight gold medals at a
single Olympics earlier this week, also became a richer man: He
automatically earned $1 million for his accomplishments through his
contract with Speedo, and his agent
told the Wall
Street Journal that he expects Phelps's performance in Beijing to earn him $100
million over the rest of his life. (Phelps already pulled in $3
million to $5 million a year through endorsements.)
But
a life of luxury isn't a foregone conclusion. Plenty of celebrities,
including MC Hammer and Kim Basinger, have raked in millions only to
run into financial trouble later. I spoke with Alby Salaman, chair of
Holland & Knight's private wealth services group for the
mid-Atlantic region and lawyer to several NBA and NFL players, about
what Phelps should do to protect his windfall. Excerpts:
Alexis Martin Neely, founder of the Family Wealth Planning Institute and the Personal Family Lawyer (TM)
Program, of which I am proud to be a part, appeared on the NBC Today Show to
discuss her new book “Wear Clean Underwear.” In this 4 minute video segment she
discusses the need for parents to name guardians for their children, both
short-term and long-term, and the importance of passing property to them in the
right way.
They’re
arriving by the hundreds every month. I’m talking about family pets
being turned over to animal shelters when their owners are facing home
foreclosure! According to USA Today, animal shelters in high
foreclosure areas are getting the brunt of it, and there’s a growing
concern that more pets could be on the way – due to a rough economy and
the rising unemployment rate.
Thinking about getting a new
family pet? Consider checking with local shelters or rescue groups- you
are likely to have a large selection of wonderful pets to choose from.
Also, if you are a pet lover, consider giving. Now more than ever the
Humane Society and local pet shelters need your help! Check out www.ochumanesociety.com or www.ocpetinfo.com/animalshelterlist.htm.
Professor Randy Pausch is the professor and father of three that has been making the media rounds with his inspirational “Last Lecture” as he is dying of pancreatic cancer. A dear client, who has had her fair share of loss in life, forwarded the video link to me, and I absolutely must pass this along to you. His talk is not morose, it is incredible and a must see! The link below takes you to his 11 minute talk on Oprah.
He says, early in life we must decide the question: “Are you a Tigger or an Eeyore?” Tiggers are energetic, optimistic, curious, enthusiastic, and they have fun. Professor Pausch exhorts us to never ever underestimate the importance of having fun. He says: “I am dying soon and I am choosing to have fun today, tomorrow and every other day I have left.”
As a parent, you just might – at some point- have to deal with unruly tantrums, your child refusing to go to bed, sibling rivalry, snappy attitudes, or just plain defiance! Admit it, you’ve seen a few, (if not all) the episodes of that infamous show, “Super Nanny.” You watch it to get advice for dealing with your own kids. Seems that Jo always knows just what to do in every situation! Do you wish you had the answers to your own child’s “issues?" Often a parenting book or even a conversation with a friend will give you the answers you need…..
But then there’s those problems that have gone beyond your control…. This is when you need to call a Child Therapist or even better, your own personal Parent Coach. This is the hot new strategy for dealing with family struggles. We live in a crazy world! And all of these demands have definitely put more pressure on families -- creating more stress than a parent can handle sometimes. Parent coaching provides the opportunity for a mediator to come into your home, observe your interactions and approaches to parenting, offer feedback and advice, and empower you to gain control over your family and your child’s behaviors.
Last week, I was contacted by Alice Gomstyn, a reporter from ABC News who was writing a story about Heath Ledger, who as you’ll recall from my article last week, died with an out of date Will that didn’t mention his daughter Matilda.
Alice’s article confirms what I’ve been saying all along … most lawyers are shockingly clueless when it comes to building meaningful relationships with their clients and making sure their clients’ estate plans will work when their families need them.
Attorney David A. Looney, a lawyer in Akron, Ohio, quoted in the article sadly represents the vast majority of lawyers out there who claim to have relationships with their clients, but when you look a little deeper what you really find is the mere preparation of form documents and nothing more.
It’s left up to the client to contact their lawyer when changes happen in their life or the law and as we’ve seen with Anna Nicole and Heath Ledger that far too often doesn’t happen.
I am keenly aware of this not only because my father in law died with an estate plan that left his assets owned improperly, but because I saw it in my own law practice when I first launched my business.
I’d talk a lot about relationship with my clients, but when I gave my business a good hard look, there was no relationship to be found - my clients signed their documents, took them home and didn’t think about estate planning again.
Well, like many celebrities, Heath Ledger died with an out-of-date will that left nothing to his 2 year old daughter Matilda or her Mother Michelle Williams. The three-page will was made public this week, (all wills are public documents after death) showing that the 28 year old had left everything he owned to his parents and sisters.
Heath's father has publically stated that the family would make sure that Matilda would be taken care of, and there may be laws that end up protecting her too, but Heath's two uncles have come forward warning Michelle Williams that she may have to fight to ensure her infant daughter receives part of her famous father's fortune.
But the most important question is: what would Heath have wanted?
You've heard of Robin Hood, the storybook hero who would take from the rich and give to the poor. In many courtrooms today, juries like “playing Robin Hood" and our legal system seems to encourage it. It's not a bad gig, unless you are the one being robbed.
Some people think "this could never happen to me because I am careful and competent and therefore I don't have exposure." The reality is that we live in a "sue happy society," and so it is not a question of negligence, but a question of "deep pockets." It doesn't matter if you are to blame. You have deep pockets and the insurance company that insures your assets have deep pockets. This makes you a target. You may even be aware of your potential exposure but frankly, you just don’t know what to do about it. Unfortunately, most people have not learned what to do about protecting their fortune from "creditors and predators."
So let's talk about what many people are asking about these days: Asset Protection. Specifically, this article is about asset protection estate planning. Asset protection is a part of an integrated estate planning process where you organize your assets and affairs so that you protect and control your assets during your life, in the event of an incapacity, and direct the distribution at the time of death. Your integrated estate plan protects your assets from liabilities and litigation, disability, guardianship, probate, and death taxes.
Life doesn't seem to get any less complicated the older we get, does it? The first time you married you were probably young and in love, and may not have had two nickels to your name. As we get older, when marriage or remarriage is contemplated, there is a lot more to think about.
Consider an example: your spouse has died following a long, loving relationship. Or maybe you have suffered a divorce. After several years of living alone you've decided to date again, and have found an engaging person who makes you feel alive again. You want to take it to the next level but there are "issues" that must be considered. The companionship is warm and all is well, except for ….. the children.
The adult children of the parent may be having some difficulty with mom or dad's new-found love relationship. Why? They are worried about the inheritance.
