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Note: Nothing in this publication is intended or written to be used, and cannot be used by any person for the purpose of avoiding tax penalties regarding any transactions or matters addressed herein. You should always seek advice from independent tax advisors regarding the same. [See IRS Circular 230.]

Volume Six Number Twelve December 2008

Are You Ready?

Are You Ready? If you were incapacitated or died today, what would happen to your loved ones and your property? Who would assume responsibility to make sure everything was okay? How would anyone know your plans for the care of your loved ones and your property? Even if you have answered these fundamental questions through proper estate planning, it is important to review your answers periodically, because they may change over time. To help ensure that your review is thorough, remember to cover the Three P’s of proper estate planning: People, Property and Plans.

Your People

Our life experiences are enriched by the relationships we develop with other people. Who are the important people in your life? Depending on your unique circumstances, your list may include your spouse, children, grandchildren, parents, siblings, nephews, nieces or friends. Beyond these, your important “people” also may include worthy causes, charities, and even pets.

Your Property

The term property includes not only real estate, but all of your assets, regardless of form. What property have you accumulated? Have you inventoried and valued your things? Do not forget tangible personal property, such as heirlooms and antiques, for which sentimental value can far exceed appraised value.

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First Things

New parents quickly learn that children’s needs come first. Adhering to that philosophy, parents of minor children should consider two key issues when preparing an estate plan. First, who would take care of their minor children and second, who would manage their financial matters and inheritance should both parents die or become incapacitated?

Guardian Guidance

Parents have the right, and the obligation, to appoint legal guardians (or back-up parents) of their choosing to rear minor children to adulthood. (Note that even if parents are separated or divorced, the surviving biological parent will continue to be the children’s legal guardian unless deemed unfit by a court.)
While every situation is different, here are some general guidelines to keep in mind when selecting guardians:

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Did You Know?

Did you know that:

While three in ten Americans DO have a plan, the average age of a will coming into a law office for update or probate is nearly 20 years?
A Power of Attorney of similar vintage may be rejected by banks and other third parties?
In three out of four cases, a Health Care Directive (also sometimes called a "Living Will") is unavailable when needed?
Nine out of ten Americans MISTAKENLY believe that life insurance proceeds are automatically exempted from Federal Estate Tax?
The Wills of most married couples control ONLY personal effects?
There are legitimate means of leveraging the $12,000 annual gifting exclusion, of avoiding capital gains tax on super-appreciated low-yield assets, and of ensuring that 99% of assets flow to the next generation in a thoughtful, protected manner?

Identity Theft Help

According to Federal Trade Commission (FTC) statistics, 8.3 million Americans were victims of identity theft in 2005 alone. Identity theft occurs when a criminal obtains access to your personal information and then uses that information to obtain goods, services, credit and even commit crimes using your identity. The imposter makes out like a bandit and you are left financially ruined … or even under criminal investigation. As information technology advances, so does the risk of identity theft.
The Identity Theft Resource Center (ITRC) is a nationwide nonprofit organization dedicated to helping people prevent and recover from identity theft. For more information call the Center at (858) 693-7935 or visit their websites at idtheftcenter.org. The ITRC is affiliated with the Privacy Rights Clearinghouse, which as its name suggests, is concerned with myriad privacy issues. For more information call the Clearinghouse at (619) 298-3396 or visit their websites at privacyrights.org.

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