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Monday, March 18, 2013
Monday, March 11, 2013
Do You Have An Estate Plan?
As
copywriters well know, when you reference learning in a headline, readers’
interest tends to perk up. Add a mention to the “rich and famous,” and you really
generate interest. So, “Lessons
of the Rich and Famous . . . in Death” about estate planning caught my
attention.
Given so many stories of family feuds and financial disasters, it’s surprising that most Americans don’t have an estate plan. In fact, the article notes that many of our past Presidents died without estate plans, including Presidents Lincoln, Johnson, Grant and Garfield. Notably, President Lincoln, although he was a practicing attorney, left such a financial mess that it took two years to settle his estate.
The article also addresses perhaps the most famous case of a celebrity dying intestate. When the handwritten will of Howard Hughes was determined to be forged, it took 34 years to divide Hughes’ $2.5 billion estate among 22 cousins. And then there was James Brown, who tried to leave his $100 million fortune to a special trust set up to benefit needy children. However, because he never addressed the plan with his family or updated his will after his fourth marriage, much of his wealth was lost in legal battles.
The article closes by praising Elvis for leaving the building with a solid estate plan. Elvis Presley had not only a will, but testamentary trusts to provide for his family long after his passing. You can improve on The King’s handling of his affairs by having the appropriate documents drafted – and discussing your wishes with your heirs.
As a side note to our peak into the lives of the rich and famous, I read recently where Mick Jagger’s former financial advisor, Prince Rupert Loewenstein, has written a book, A Prince Among Stones. Apparently, Loewenstein, who is credited for having a hand at keeping the Rolling Stones together for 40 years, divulges more of Mick Jagger’s personal finances than the Stones’ front man likes. Commented Jagger to The Mail Online, “Call me old fashioned, but I don’t think your ex-bank manager should be discussing your financial dealings and personal information in public.” The book hits the shelves in a few weeks.
Given so many stories of family feuds and financial disasters, it’s surprising that most Americans don’t have an estate plan. In fact, the article notes that many of our past Presidents died without estate plans, including Presidents Lincoln, Johnson, Grant and Garfield. Notably, President Lincoln, although he was a practicing attorney, left such a financial mess that it took two years to settle his estate.
The article also addresses perhaps the most famous case of a celebrity dying intestate. When the handwritten will of Howard Hughes was determined to be forged, it took 34 years to divide Hughes’ $2.5 billion estate among 22 cousins. And then there was James Brown, who tried to leave his $100 million fortune to a special trust set up to benefit needy children. However, because he never addressed the plan with his family or updated his will after his fourth marriage, much of his wealth was lost in legal battles.
The article closes by praising Elvis for leaving the building with a solid estate plan. Elvis Presley had not only a will, but testamentary trusts to provide for his family long after his passing. You can improve on The King’s handling of his affairs by having the appropriate documents drafted – and discussing your wishes with your heirs.
As a side note to our peak into the lives of the rich and famous, I read recently where Mick Jagger’s former financial advisor, Prince Rupert Loewenstein, has written a book, A Prince Among Stones. Apparently, Loewenstein, who is credited for having a hand at keeping the Rolling Stones together for 40 years, divulges more of Mick Jagger’s personal finances than the Stones’ front man likes. Commented Jagger to The Mail Online, “Call me old fashioned, but I don’t think your ex-bank manager should be discussing your financial dealings and personal information in public.” The book hits the shelves in a few weeks.
Monday, March 4, 2013
Does the Pope Need Financial Advice?
Saving for retirement is hard work – and that’s why it helps to have a good
laugh about it every once in a while. A few weeks ago “Saturday Night Live”
capitalized on Pope Benedict XVI’s resignation from the Vatican with a commercial for “Papal Securities,” the ultimate niche market firm dedicated to only serving
popes.
Pope Benedict is the only living pope to have abdicated his position, so it makes the question from SNL’s .Jason Sudeikis relevant:“What will you do when you retire? What will you do after you’re pope?”
Luckily, the Pope has a financial plan, and declares, “Papal Securities made sure my future was bright.”
Pope Benedict is the only living pope to have abdicated his position, so it makes the question from SNL’s .Jason Sudeikis relevant:“What will you do when you retire? What will you do after you’re pope?”
Luckily, the Pope has a financial plan, and declares, “Papal Securities made sure my future was bright.”
This skit reminded me of another SNL skit
I enjoyed years ago, which hit on one of my favorite topics: How investors cannot trust big brokerage firms
to act in their best interests.
Have a quick laugh at
these skits, and know that we take planning for your retirement very seriously.
One of My Favorite Days
Several years ago one of my sisters sent me the following poem. It meant a lot to me, and I wanted to share it with you today:
We all love Christmas. Halloween is scary sweet.
I'm thankful for Thanksgiving, boy how we eat!
Then there's our birthday which is really fun.
New Year's Eve is festive but we're a little tired come January One.
Easter is delightful! Fourth of July fireworks are great!
There is St. Patrick's, Presidents, Valentines, Veterans, Labor,
Columbus, Flag, Father's, Mother's, Martin Luther King, . . .
How do we keep track of all of these darn dates?
When I look at my one year calendar,
March Fourth is one of my favorite days.
Nothing much happened in history.
It's just what the day has to say!
When you have problems, March Forth!
When things don't work out, March Forth!
When bad things happen, March Forth!
When you lose, March Forth!
When anything can happen, March Forth says it all.
When something does happen,
Get up, Brush off, and March Forth,
Because we're all bound to fall.
--Anders Rasmussen
One of My Favorite Days
(March Fourth)
We all love Christmas. Halloween is scary sweet.
I'm thankful for Thanksgiving, boy how we eat!
Then there's our birthday which is really fun.
New Year's Eve is festive but we're a little tired come January One.
Easter is delightful! Fourth of July fireworks are great!
There is St. Patrick's, Presidents, Valentines, Veterans, Labor,
Columbus, Flag, Father's, Mother's, Martin Luther King, . . .
How do we keep track of all of these darn dates?
When I look at my one year calendar,
March Fourth is one of my favorite days.
Nothing much happened in history.
It's just what the day has to say!
When you have problems, March Forth!
When things don't work out, March Forth!
When bad things happen, March Forth!
When you lose, March Forth!
When anything can happen, March Forth says it all.
When something does happen,
Get up, Brush off, and March Forth,
Because we're all bound to fall.
--Anders Rasmussen
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