Archive for February, 2009
Estate Planning Part 13 – Estate Assets not Distributed by a Will no comments
Posted at 12:09 am in Writing a Will
Kyle J. Norton
As we mentioned in previous articles, estate planning is the process of accumulating and disposing wealth before death of individual or estate owner including married couples. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner’s intended beneficiaries while paying the least amount of taxes. There are estate assets of a deceased person that are not distributed by a will.
I. Estate assets not distributed by a will
1. Life insurance
Life insurance is one of many family protection plans that are paid by the owner of the policy after tax dollars and is considered a tax free pay out to designated beneficiaries and not by distribution by a will if the insured died while the policy is in place.
2. Segregate fund
Segregate funds are investment funds that offer the guarantee to the fund purchaser if he or she dies while the fund is with the insurance company. The insurance will pay up to 100% or the amount of investment, which ever is larger. Your insurance company requires you to name a beneficiary or beneficiaries. In case there is no beneficiary named, your spouse automatically become the designated beneficiary.
3. Registered pension funds including IRA account, 401K account, RRSP, and registered pension fund, registered annuity and registered retirement income fund.
All funds under the name of “registered” is not distributed by a will, since all of them are required to name a beneficiary at the time of purchase with the intention to give the spouse some kind of protection in case of sudden death of the owner.
4. Tenant by entirety
Tenant by entirety is a type of concurrent estate formerly available only to married couples, where ownership of property is treated as though the couple were a single legal person. If one of the couple dies, the asset automatically transfers to the surviving spouse.
5. Joint tenant with the right of survivor
Joint tenant with the right of survivor is a type of concurrent estate in which co-owners have right of survivor ship. If one owner dies, the deceased owner’s interest in the property will pass to the surviving owner or owners.
Others include certain trust documents and transfer account at death.
II. Required documents
1. Life insurance
a) Death certificate of life insured
b) Doctor certificate for reason of death
c) Proof of age of insurance
d) Proof of beneficiary’s identity
e) Application to claim amount of life insurance
f) Policy number
2. Others
a) Copy of death certificate
b) Letter of instruction
c) Social insurance number or social security number
d) Tax waiver
e) Account number
f) Trust documents
I hope this information will help. If you need more information or insurance advices, please follow my article series of the above subject at my home page at:
http://medicaladvisorjournals.blogspot.com
http://lifeanddisabitityinsuranceunderwriter.blogspot.com/
As we mentioned in previous articles, estate planning is the process of accumulating and disposing wealth before death of individual or estate owner including married couples. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner’s intended beneficiaries while paying the least amount of taxes. There are estate assets of a deceased person that are not distributed by a will.
I. Estate assets not distributed by a will
1. Life insurance
Life insurance is one of many family protection plans that are paid by the owner of the policy after tax dollars and is considered a tax free pay out to designated beneficiaries and not by distribution by a will if the insured died while the policy is in place.
2. Segregate fund
Segregate funds are investment funds that offer the guarantee to the fund purchaser if he or she dies while the fund is with the insurance company. The insurance will pay up to 100% or the amount of investment, which ever is larger. Your insurance company requires you to name a beneficiary or beneficiaries. In case there is no beneficiary named, your spouse automatically become the designated beneficiary.
3. Registered pension funds including IRA account, 401K account, RRSP, and registered pension fund, registered annuity and registered retirement income fund.
All funds under the name of “registered” is not distributed by a will, since all of them are required to name a beneficiary at the time of purchase with the intention to give the spouse some kind of protection in case of sudden death of the owner.
4. Tenant by entirety
Tenant by entirety is a type of concurrent estate formerly available only to married couples, where ownership of property is treated as though the couple were a single legal person. If one of the couple dies, the asset automatically transfers to the surviving spouse.
5. Joint tenant with the right of survivor
Joint tenant with the right of survivor is a type of concurrent estate in which co-owners have right of survivor ship. If one owner dies, the deceased owner’s interest in the property will pass to the surviving owner or owners.
Others include certain trust documents and transfer account at death.
II. Required documents
1. Life insurance
a) Death certificate of life insured
b) Doctor certificate for reason of death
c) Proof of age of insurance
d) Proof of beneficiary’s identity
e) Application to claim amount of life insurance
f) Policy number
2. Others
a) Copy of death certificate
b) Letter of instruction
c) Social insurance number or social security number
d) Tax waiver
e) Account number
f) Trust documents
I hope this information will help. If you need more information or insurance advices, please follow my article series of the above subject at my home page at:
http://medicaladvisorjournals.blogspot.com
http://lifeanddisabitityinsuranceunderwriter.blogspot.com/
Checking Writing Software™ – Instantly Write Perfect English! no comments
Posted at 5:33 pm in Writing a Will
Jane Sumerset
Checking writing software – Manually checking grammar or correcting your writing takes to much time. checking writing software can make your life easier in many ways. Do you know what checking writing software is? Many people believe that the most computers can do, as far as helping people write, is to check for spelling mistakes. This may have been true some years ago, but now we have something that does far more -grammar software, that actually analyzes your grammar, punctuation and word usage, making corrections and giving you suggestions for better alternatives. checking writing software can make your life easier in many ways. Checking writing software uses a technology called NLP (Natural Language Processing), which reads your whole sentences in context, unlike an ordinary spell checker, which only words single words. Reading in context is important, because without context a spell checker can’t tell if you mean “their” or “there,” as both are words in English.
Checking writing software is the patent-pending solution which automatically works with all text based tools, easily correcting all grammatical, spelling, punctuation or any other writing errors.
Use it for: Essay Writing, Medical writing, Article Writing, Creative Writing, Email, Instant Messaging, Business Writing, Letter Writing, Social Media, Blogging, Legal writing and much, much more.
For people who must write a great deal, whether for school or work, checking writing software can make someone instantly more understandable in English. It’s like having a virtual writing teacher built into your computer. English is actually not one of the easiest languages in the world, even for native speakers. Well, consider the following five reasons why you might very well need it.
1. If you are in business and must send out correspondences, emails, reports and other information, you want your writing to be clear, correct and professional. This will enable people to better understand your communications. It will also improve your image as someone who writes well and clearly.
2. Checking writing software can help increase your creativity as a writer, as in addition to correcting mistakes, it also acts as a thesaurus and suggests different words, such as descriptive adverbs and adjectives. This makes your writing more interesting and versatile.
3. If English is not your first language but you have a need to communicate clearly in this language, this is the perfect solution for you. You can write down the basic ideas of what you need to say, while the software will read and correct your mistakes and suggest alternatives.
4. If you spend time rewriting or editing your reports or other correspondences, checking writing software can save you a lot of time by automating these tedious tasks.
5. When you make mistakes in your writing and people notice it, it can have a negative effect in the way they think of you. If you are in business, trying to sell something, attempting to persuade someone of something, or even if you are just writing social emails, isn’t it better to be seen as someone who is well educated and can write well.
When you write letters or emails, you can do so faster and with more confidence, as checking writing software will correct your mistakes and suggest better word usage, much like a thesaurus. If you have to do much writing, for any reason at all, checking writing software can help you to communicate faster and more effectively.
Checking writing software – Manually checking grammar or correcting your writing takes to much time. checking writing software can make your life easier in many ways. Do you know what checking writing software is? Many people believe that the most computers can do, as far as helping people write, is to check for spelling mistakes. This may have been true some years ago, but now we have something that does far more -grammar software, that actually analyzes your grammar, punctuation and word usage, making corrections and giving you suggestions for better alternatives. checking writing software can make your life easier in many ways. Checking writing software uses a technology called NLP (Natural Language Processing), which reads your whole sentences in context, unlike an ordinary spell checker, which only words single words. Reading in context is important, because without context a spell checker can’t tell if you mean “their” or “there,” as both are words in English.
Checking writing software is the patent-pending solution which automatically works with all text based tools, easily correcting all grammatical, spelling, punctuation or any other writing errors.
Use it for: Essay Writing, Medical writing, Article Writing, Creative Writing, Email, Instant Messaging, Business Writing, Letter Writing, Social Media, Blogging, Legal writing and much, much more.
For people who must write a great deal, whether for school or work, checking writing software can make someone instantly more understandable in English. It’s like having a virtual writing teacher built into your computer. English is actually not one of the easiest languages in the world, even for native speakers. Well, consider the following five reasons why you might very well need it.
1. If you are in business and must send out correspondences, emails, reports and other information, you want your writing to be clear, correct and professional. This will enable people to better understand your communications. It will also improve your image as someone who writes well and clearly.
2. Checking writing software can help increase your creativity as a writer, as in addition to correcting mistakes, it also acts as a thesaurus and suggests different words, such as descriptive adverbs and adjectives. This makes your writing more interesting and versatile.
3. If English is not your first language but you have a need to communicate clearly in this language, this is the perfect solution for you. You can write down the basic ideas of what you need to say, while the software will read and correct your mistakes and suggest alternatives.
4. If you spend time rewriting or editing your reports or other correspondences, checking writing software can save you a lot of time by automating these tedious tasks.
5. When you make mistakes in your writing and people notice it, it can have a negative effect in the way they think of you. If you are in business, trying to sell something, attempting to persuade someone of something, or even if you are just writing social emails, isn’t it better to be seen as someone who is well educated and can write well.
When you write letters or emails, you can do so faster and with more confidence, as checking writing software will correct your mistakes and suggest better word usage, much like a thesaurus. If you have to do much writing, for any reason at all, checking writing software can help you to communicate faster and more effectively.
Estate Planning: An Introduction to your Legacy no comments
Posted at 12:17 pm in Writing a Will
Robert Valentine
If the controversy over Terri Schiavo showed us anything, it’s that estate planning is more important now than ever before. Regardless of personal opinions, in the end, it was Terri who really mattered. And it is your choices and beliefs that matter when it comes to your own decisions. A Gallup Survey released in June of 2005, showed that 60 percent of Americans don’t have living wills.
So how can you ensure that your legacy will be remembered for your entire life and not your final hours or days? The best way to be ready for major life and death decisions is to properly plan your estate. This means an all-encompassing look at the decisions to be made, who makes them, and who gets what. There are generally four major documents you need to prepare so that your estate is in order.
The first is the financial power of attorney.
A financial power of attorney is one of the most important steps in estate planning. Whoever you name as your financial power of attorney makes all of your financial decisions. By specifically picking someone to make those decisions, you help eliminate controversy and stress. You also avoid the costly and lengthy legal process of the court making your decisions.
A will is the central part of your estate plan. Your will simply states who will receive various parts of your estate, including savings, homes, and other assets. By specifically laying out each asset and what person or charity it will be distributed to, you make your wishes clear. Although you won’t avoid probate, a will may help reduce much of the court and the government involvement in your estate.
Aside from a will, there is another powerful tool that involves medical decisions while you’re still alive, but possibly incapacitated. This is called a living will.
A living will is one of the most crucial documents in terms of medical decisions. Simply stated, a living will spells out what specific medical treatments you do or do not want in the case of a medical emergency that leaves you unable to make medical decisions. Major medical choices, such as whether or not to resuscitate, or whether or not to be put on artificial respiration can be decided within the living will. But a living will is only half of the medical documents you should prepare within your estate planning. The other is a medical power of attorney.
A medical power of attorney is a decision to appoint someone to make medical decisions if you cannot. If you don’t have a medical power of attorney (also known as a health care proxy), the decision automatically goes to your spouse. If you are unmarried, then it goes to adult children or parents. By specifically designating someone to make the decisions, you make it clear who you want in charge, and what you want done if the worst happens. While these situations are never easy, by making it obvious who you want to make decisions and what decisions you want them to make, your wishes are clear and it eliminates the opportunity for someone else to claim otherwise.
These are simply the four basic documents you’ll need when planning for your estate. There are many details to each document, and many details regarding your overall estate, including taxes. It’s usually best to find a financial professional and qualified estate planner to give you advice. By being prepared and educated, and working with a financial professional, you can make sure that your wishes are known. Most importantly, you can ensure that the legacy that lives on in your name is the one that you choose.
If the controversy over Terri Schiavo showed us anything, it’s that estate planning is more important now than ever before. Regardless of personal opinions, in the end, it was Terri who really mattered. And it is your choices and beliefs that matter when it comes to your own decisions. A Gallup Survey released in June of 2005, showed that 60 percent of Americans don’t have living wills.
So how can you ensure that your legacy will be remembered for your entire life and not your final hours or days? The best way to be ready for major life and death decisions is to properly plan your estate. This means an all-encompassing look at the decisions to be made, who makes them, and who gets what. There are generally four major documents you need to prepare so that your estate is in order.
The first is the financial power of attorney.
A financial power of attorney is one of the most important steps in estate planning. Whoever you name as your financial power of attorney makes all of your financial decisions. By specifically picking someone to make those decisions, you help eliminate controversy and stress. You also avoid the costly and lengthy legal process of the court making your decisions.
A will is the central part of your estate plan. Your will simply states who will receive various parts of your estate, including savings, homes, and other assets. By specifically laying out each asset and what person or charity it will be distributed to, you make your wishes clear. Although you won’t avoid probate, a will may help reduce much of the court and the government involvement in your estate.
Aside from a will, there is another powerful tool that involves medical decisions while you’re still alive, but possibly incapacitated. This is called a living will.
A living will is one of the most crucial documents in terms of medical decisions. Simply stated, a living will spells out what specific medical treatments you do or do not want in the case of a medical emergency that leaves you unable to make medical decisions. Major medical choices, such as whether or not to resuscitate, or whether or not to be put on artificial respiration can be decided within the living will. But a living will is only half of the medical documents you should prepare within your estate planning. The other is a medical power of attorney.
A medical power of attorney is a decision to appoint someone to make medical decisions if you cannot. If you don’t have a medical power of attorney (also known as a health care proxy), the decision automatically goes to your spouse. If you are unmarried, then it goes to adult children or parents. By specifically designating someone to make the decisions, you make it clear who you want in charge, and what you want done if the worst happens. While these situations are never easy, by making it obvious who you want to make decisions and what decisions you want them to make, your wishes are clear and it eliminates the opportunity for someone else to claim otherwise.
These are simply the four basic documents you’ll need when planning for your estate. There are many details to each document, and many details regarding your overall estate, including taxes. It’s usually best to find a financial professional and qualified estate planner to give you advice. By being prepared and educated, and working with a financial professional, you can make sure that your wishes are known. Most importantly, you can ensure that the legacy that lives on in your name is the one that you choose.