Comments (2)

By Rosemary White, May 28, 2010 4:11 am

I’m really upset that NBC has cancelled Law and Order, the 20-year crime show whose scripts are often “ripped from the latest headlines”.  I watched one last week where I was able to figure out the plot way before I usually do.   The police were suspicious when several very wealthy people met their demise in 2010.  Some deaths seem accelerated, one seemed prolonged in 2009 until New Year’s had passed.  They were all connected to a CPA who would, conveniently, manage the estate assets for the heirs.  So, were the heirs in on the scam?  Their motive:  A 0% estate taxes if their last surviving parent died in 2010!

Everyone in my business has been joking for a while that 2010 is definitely the year to die, if you’ve got more than $1,000,000 in assets.  The elimination of the estate tax was high on president George W. Bush’s agenda back in 2001.  But in order to get Congressional approval, he had to agree to its elimination for only one year (2010) before the tax returned in 2011, at the 2001 rates:  estates over $1,000,000 will face an estate tax of up to 55%.   Roughly two percent of heirs in the U.S. are faced with estate taxes.  My conservative friends do like to rail about them (even though their estates may never be large enough to be affected.  And, with proper planning, there’s really no need for anyone’s family to face estate taxes.)  The Obama Administration may not push to extend the 0% rate.  The government, after all, does need all the dough it can get.  Or, maybe, Congress will just let the 2001 rates return on January 1, 2011.  After all, the executive and legislative branches have been kinda busy these last few months.

And the prosecutors on Law and Order?  They eventually were successful in getting someone to squeal on that CPA and one of the greedy heirs.   It was a great episode.  Just another reason why NBC is nuts to have cancelled the show.  Just one more season and Law and Order would have been the longest running series in television history.  But then they cancelled “Medium” last year and it’s now going strong on CBS.  Hey, CBS….want another one? 

I hope you and your family have a great Memorial Day holiday.   It’s a time to thank those who have served our country….both in the past and now.  Until next time, here’s to good planning!

Comments (2)

By Rosemary White, February 12, 2010 6:44 am

Here’s something I bet you’ve never thought about:  how would your family or business partners access your online address book and emails if you die suddenly?  So much of our lives have moved online, it’s an integral part of who we are and how we manage our businesses.  And, if heirs have to sell a business after a death, not having access to all a company’s information may affect the sales price or even the sale itself.  So, what to do to retrieve our online identity?

There are companies out there that will keep track of all this digital information, for a price, of course.  Some web sites like www.MyLastEmail.com will store email messages and send them out after a client dies.  Then there’s www.BCelebrated.com that will allow you to write your own autobiographical memorial (is that a little creepy?).   One that caught my eye is www.LegacyLocker.com that works like a digital safe deposit box. You can store all your passwords with them (which Legacy Locker folks cannot see).  That information will get transferred to your heirs or business associate when you die.

Another online service will be debuting next month that will add additional services:  deactivating accounts and posting a final update on Facebook and Twitter.  I can see the posting now:  “I’m sorry to report that I won’t be able to keep in touch in the future…..”.   So, wherever there is a digital question, there is an online solution.  There are no details too small in estate planning.  Check it out.  Until next time, here’s to good planning!