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Babies, Toddlers, Kids & Childrens

 

Why A Will Is Not Enough To Save Anna Nicole Smith's Baby Daughter?

With much discomfort I have been forced to watch the Anna Nicole Smith probate proceedings and much more information than I wanted to know about Anna Nicole’s life events. Her reported death is everywhere: on TV, in print, magazines, online and everywhere else you can imagine. The media has made a circus of showing the legal battle going on in open court about the six-year-old will and interpretation thereof.

COULD YOU BE LEAVING THE SAME LEGACY AS ANNA NICOLE SMITH?

W...

will, anna nicole smith, guardian children, assign executor, custody children, probate, estate tax

With much discomfort I have been forced to watch the Anna Nicole Smith probate proceedings and much more information than I wanted to know about Anna Nicole’s life events. Her reported death is everywhere: on TV, in print, magazines, online and everywhere else you can imagine. The media has made a circus of showing the legal battle going on in open court about the six-year-old will and interpretation thereof.

COULD YOU BE LEAVING THE SAME LEGACY AS ANNA NICOLE SMITH?

Would you want this to happen to you? The legal battles over the Anna Nicole Smith’s estate will go on for years. An unintended myriad of problems and a legacy left behind about her life living and beyond the grave.

A will does not avoid probate. A will does not eliminate the estate tax. If you die with a will or without a will your personal and real property has to go to probate. If you have property in more than one state, each states' probate court has jurisdiction to probate the will.

What’s probate? Probate is a public process whereby a local court of jurisdiction (probate court) assumes the responsibility of determining who gets what. The court will determine the legitimacy of your will? Was it written with undue influence? Is it the last will? Who is the true executor (i.e. the person who will make the distributions under court jurisdiction)? Did it assign custody for minor children?

The probate court will take inventory of your personal and real property. In addition, the probate court will assign and investigate claims made against your property from potential and real creditors and even assign accountants and lawyers to drag the process.

SO WHY HAVE A WILL? WHAT GOOD IS A WILL?

There are two legitimate reasons for having a will. The will enables:

(1) The assignment of a custodial guardian of minor children.
(2) The assignment of an executor.

The assignment of choosing a guardian for your minor children is the most important aspect of having a will. Choose your custodian well, based on the love of your children as if you were going to be there. Traditionally, you would not choose the executor of your will to be the guardian of your minor children.

There’s a balance to be had between the Executor and the Guardian of your children. The Executor would have some degree of control if there were to be any uncontemplated issues, later in time. All other aspects of the will can be highly contested by anyone having an interest in the outcome of any distributions. Even a very well drafted will becomes a public document and must go to probate in each state where the decedent had property.

Anna Nicole’s will is a public document; even you can get a copy if you’re interested. Final disposition and battle over her estate is going to play before our eyes for years to come. Is this what you would want?

THINGS YOU CAN DO TO AVOID LOSING CONTROL OF YOUR ASSETS

What can you do to avoid the type of media circus over your assets? Can you avoid leaving this painful legacy? An absolute and resounding YES.

Aside from the custody of minor children, a will does not provide any type of safety net over your assets. Only a Trust will avoid this public disclosure of what should be a private matter between you and your assets you leave behind.

A Trust is a Contract. If you choose to be private about your private matter, a Trust, any Trust, will avoid probate; revocable or irrevocable, grantor or non-grantor type Trusts will avoid the probate process. A Trust is not just for the rich. Any one with $200,000 or more should have a Trust.

A perfect Trust for under $500,000 is a living Trust, or a revocable Trust to avoid the probate process. Any one with significant assets should have an Irrevocable Trust. While any Trust will avoid the probate process, only an Irrevocable Trust will avoid the probate process and avoid the inheritance tax or the estate tax.

WHAT'S THE DISTINCTION BETWEEN REVOCABLE AND IRREVOCABLE TRUSTS?

With a Revocable Trust the word “revocable” means that you have sufficient strings to revoke the contract; nullify and void it. While it will avoid going to probate and drag your dirty linen through the public process, it will not avoid the inheritance/estate tax, because on the date of your death you still owned your assets in your name.

For purposes of taxation and civil liability the “revocable” strings attached, means that you did not give up power to control and “own” on a long-term basis your assets; therefore, you are the “deemed” owner of the assets. The Estate Tax is based on what you own in your name at the date of your death. So, the Probate Process is about who gets what; the Estate Tax is about who owns what and what’s it worth for the purpose of taxation.

The estate tax is based on the “fair cash value” of your property of personal estate or real estate at the time of your death not at the time you bought it. Items that are included in your estate are cash, CD’s, real estate, investment accounts, IRA’s, vacation spot, art, jewelry, antiques, boats, planes or anything of value that could be converted to cash or near cash. Only an Irrevocable Trust avoids both the Probate Process and the Estate/Inheritance Tax.

THE IRREVOCABLE TRUST

An Irrevocable Trust is a Contract whereby you give up “any ownership claims” against your assets repositioned/transferred from you to your Irrevocable Trust. The key to dissolve your ownership claims is with an Independent Trustee.

Your “Trustee” must be “independent.” The Trustee cannot be you or any one related to you by blood or marriage. It could be your son-in-law, daughter-in-law, or any in-law, but it would not be prudent. I do not recommend it since it could cause disharmony of your family unit. Death changes people; money changes people. It’s not worth the risk of forever splitting your family for the love of money. Choose your independent Trustee well.

As mentioned before, no matter how well drafted, a will must go to probate where it becomes a public document for every interested party to view and review. The only method of avoiding the probate process is to have your possessions and valuable assets titled to a Trust.

Though the tragedy of Anna Nicole Smith and her baby daughter's plight cannot now be avoided, we can learn from this situation and apply remedial steps to our own life. Here are some things for you to consider in your life:

- All Trusts, revocable or irrevocable, grantor or non-grantor avoid Probate.
- A will does NOT avoid Probate.
- A will does NOT avoid Estate Taxes.
- Only an “Irrevocable Trust” avoids Estate/Inheritance Taxes.

 

Where To Find Cost-Off Coupons For Baby Products

If you are a coupon clipper, and if you are looking for ways in which you can save money on products for your baby, there are some pointers that you should keep in mind. By keeping these facts in mind when you are searching for ways in which to save money on food, clothes and toys for your baby, you will end up with more money in your pocket both now and down the road into the future.

Of course, one ready source for price saving coupons is the newspaper -- the local newspa...

If you are a coupon clipper, and if you are looking for ways in which you can save money on products for your baby, there are some pointers that you should keep in mind. By keeping these facts in mind when you are searching for ways in which to save money on food, clothes and toys for your baby, you will end up with more money in your pocket both now and down the road into the future.

Of course, one ready source for price saving coupons is the newspaper -- the local newspaper. On a regular basis, these publications carry a nice selection of different types of price saving coupons.

Parenting magazines are also a steady and reliable resource for cost-off coupons for products for your Babies, Toddlers, Kids & Childrens. (In addition, these publications also provide a wonderful resource in their articles on different issues relating to Babies, Toddlers, Kids & Childrens and children. Thus, obtaining these magazines can serve a parent’s interests on many, many levels.)

When you are marketing for different types of baby products -- food, clothing, toys and the like -- check to see if the actual product that you are purchasing has a cost-off coupon attached right to the product. In this day and age, there are many instances in which a product will include a cost-off coupon for immediate savings.

The Internet is also a wonderful resource for people interested in looking for cost-off coupons for baby products. There are now even websites that have been established to provide people specifically with an array of different types of coupons, including cost-off coupons for baby products. All you need to do is access these Internet venues, look through their catalogue of available coupons and print off exactly what you are looking for and what you need. In no time at all, you can have a batch of coupons that will allow you to save a great deal of money on products for your baby.

Through the use of cost-off coupons, a parent can save literally hundreds of dollars each and every year on products for their baby. The savings that can be had by using these types of products can be significant over time to be sure. Of course, with so many people living on tight budgets, the savings that can be realized through the use of cost-off coupons can actually make a significant and important difference in a consumer’s life.

 

What You Should Know About Organic Baby Foods?

It’s not everyday that you will come across a revolution in the making, but there you have it. From being nearly organically-ignorant twenty years ago, to being semi-organically-ignorant fifteen to ten years ago, the human race is now making direct contact with its grassroots and going back to being healthy and eating healthy. And not surprisingly this has also spread to such an extent that we now have organic baby food as well.

We have been privy to witness a revolution,...

It’s not everyday that you will come across a revolution in the making, but there you have it. From being nearly organically-ignorant twenty years ago, to being semi-organically-ignorant fifteen to ten years ago, the human race is now making direct contact with its grassroots and going back to being healthy and eating healthy. And not surprisingly this has also spread to such an extent that we now have organic baby food as well.

We have been privy to witness a revolution, a significant change in our history that ultimately comes down to whether we care about what we put in our bodies or not. Almost with the turn of the new millennium, more and more people started joining this revolution, and it wasn’t long before we could see organic foods coming out of their specialty and health food stores and moving to the normal everyday grocery and convenience stores.

And it definitely wasn’t long before new parents started making the transition for their Babies, Toddlers, Kids & Childrens as well. After all, if they were trying to eat organic, why not go the same route for their baby? The problem that many parents encountered in the beginnings years of the organic baby food revolution was the utter lack of premade organic baby food.

This meant that they either had to either make their own homemade organic baby food, or they had to give up on the idea, and allow their young Babies, Toddlers, Kids & Childrens to happily eat away at second hand toxins, pesticides, antibiotics, and genetically modified foods. Naturally enough this didn’t sit well with too many parents, but it is sad to say that this isn’t what turned the tide favorably in the organic baby food revolution.

No, this took some time, and more research still before mass production of organic baby food hit the markets in any significant numbers. Worse still, the price of getting organic baby food was just as bad as getting organic foods for yourself, and for your normal everyday family this was simply not an affordable alternative.

Although there is a growing trend towards buying organic baby food the problem still exists in that it is still not as readily available as it could be, and it still costs an arm and a leg to keep your baby in organic baby food.

Luckily with the tides turning more and more towards organic grassroots, there has also been a resurgence (a very small one for the moment) of making your own organic baby food. It’s not very difficult and in the long run, a few minutes spent in preparing your baby’s food in a healthy manner with organic foods can only be of benefit to your baby in the future.




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