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Senior America's
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This Section Presents Articles for Social interaction from a variety of sources.
This months subjects:
TIME AND MONEY
PUBLIC RELATION DISASTERS
TIME AND MONEY
Wealth insurance…….
On your to do-list of financial plans for the near future, “anticipate sudden death” or “plan for persistent vegetative state,” probably hasn’t figured too high. You are the kind of guy who looks out for your loved ones, and to you that probably means saving for college, making sure Mom and Dad are secure, and keeping your insurance policies up to date. But it ought to involve one more step. No, not just a will. We’re talking about something called a living trust.
Wills are necessary but flawed. As a public document, they are notoriously easy to contest. And all wills have to go through probate, a legal process that can stand between your loved ones and your money for as long as 2 years and cost them up to 4 percent of your hard-earned assets. But most important, your will
governs only what happens after you die; it doesn’t lay down any plan for managing your money and providing for you and your family if you are incapacitated.
Enter the living trust, a document that allows you to retain control of your financial ship but empowers a relative, family friend, or a bank to take the helm if you are no longer able to steer. Assets in a properly drafted trust don’t go through probate, and the contents stay private. Plus, you can change or terminate the living trust at any time.
Your financial advisor may be able to offer guidance on establishing a living trust. Ultimately, though, you should consult an experience estate-planning attorney familiar with the laws of your state. Some planners charge as little as $350 for the basics, but expect to fork over about $2,000 for a full-service experience. “It makes sense to pay a little more, “says Scott Carr, founder and CEO of Savewealth.com, an online financial planning resource affiliated with ING Financial Partners, “Because if your trust gets invalidated, you’re not hosed-your family is. “Nobody said estate planning was pleasant, but when you get it right, your loved ones will thank you for it. And for now, you’ll also sleep better at night.
FIVE WAYS TO BULLETPROOF YOUR LIVING TRUST…….
1. CONSIDER YOUR ZIP CODES: If you reside in a state with a burdensome probate procedure, such as California or Florida, creating a living trust should be a top priority. I you own property outside your home state, adds Bernard A. Krooks, founding partner of New York law firm Littman Krooks LLP, a living trust is a must. You don’t want your heirs to endure probate in two states.
2. CONSULT A SPECIALIST: Your financial advisor is best suited to provide a trusted referral;. But you can also call the bar association in your state or consult www.actec.org, the American College of Trust and Estate Counsel’s Web site, which lists expert attorneys nationwide.
3. ACCOUNT FOR EVERY ASSET: Audit all of your assets and bring statements from every account when you consult a lawyer. Once the trust is set up, be sure to actually fund it. “One of the biggest mistakes people make is that they forget to put assets in the trust,” says Krooks.
4. PICK TRUSTEES CAREFULLY: If you’ve got investments such as hedge funds, a bank that understands them might be the best choice, If you r portfolio is straightforward, a family member will do-but talk to the entire family about your choices.
5. NEUTRALIZE PESKY HEIRS: It’s difficult to contest a living trust. Still, if you want to exclude an heir, you should clearly demonstrate that you meant to. If your trust is contested and your attorney is called to trial as a witness, he or she should be able to document it.
Source: Best Life, May 2006
THE MOST FAMOUS RECENT PUBLIC RELATION DISASTERS…..Some irreparable.
1. ENRON……..
The energy giant drew nationwide attention to crisis PR after it became one of the biggest bankruptcy cases in the U.S. history. The public still views Enron as the definitive symbol of willful corporate corruption.
2. TYCO……
In another corporate greed scandal, former CO Dennis Kozlowski and former CFO Mark Swartz
of Tyco International were convicted of stealing from the electronics conglomerate.
3. EXXON…….
“Ironically. It’s not unusual for a business to be making more money in crisis.” Exxon may be doing well financially, but as consumer resentment about sky-high gas prices rises, the company’s image will only continue to suffer.
4. FEMA…..
The Federal Emergency Management Agency destroyed its credibility following Hurricane Katrina. State and local officials condemned the government agency’s slow response to the disaster, which devastated more than 90,000 square miles in Louisiana, Mississippi and Alabama last August.
5. THE AMERICAN RED CROSS…………
Nonprofits can suffer just as much as major companies from poor crisis management, according to P.R. expert Mike Paul. The Red Cross’s reputation has been suffering for years amid criticism for it’s fund-raising methods and the way it runs its operation.
6. THE CATHOLIC CHURCH…….
The church image has suffered in the past few years after it was reveled that allegation of sexual abuse of children by priests were covered up by high-ranking authorities. Under law, leaders were not obligated to report the cases, and the scandal gained national attention when victims came forward.
7. MARTHA STEWART………
After Stewart served a prison conviction for lying to investigators, she inked a deal to host a version of The Apprentice. But the show was quickly cancelled, and she continues to hold no decision-making power in the company she founded that bears her name.
8. MICHAEL JACKSON……..
A jury found Jackson not guilty of child molestation, but the singer has fled to Bahrain to avoid the public eye.
9. TOM CRUISE……
The actors couch-jumping antics on OPRAH, turned him into something of a joke last summer, and his reputation suffered when recent flicks “War of the Worlds” and “Mission impossible 3” under performed at the box office.
10. BARRY BONDS……
Although the San Francisco Giant star has been dogged by accusations of steroid use for years, he has never admitted to improper behavior. Bond should follow the example of New York Yankee’s player Jason Giambi by apologizing to Major League Baseball and fans to restore his reputation.
Fix a Drink
Mango Shooters
One Mango, sliced
Coconut Rum
Soak mango slices in coconut rum for at least 72 hours. Skewer two mango slices and serve atop a shot glass with the coconut rum that you used to infuse the mango. The object is to shoot the coconut rum and chase it with the mango slices.
Source: American Way, May 2006
Complied by: Sonia Reinhardt Mittelstedt
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