Terminal Topics
 It has been said that there are only two certainties in life: death and taxes. Nevertheless, even
these two certainties differ markedly in their respective degrees of certainty. Whereas taxes can be minimized, deferred or even legally avoided (but not evaded*), death awaits us
all and is often preceded by a period of incapacity. Whether one is a prince or a pauper, both incapacity and death can arrive without warning.
Therefore, it is essential that you make appropriate estate plans now to take care of your loved ones and your hard-earned assets before it is too late. In this article we will highlight some
critical issues to address while there is still time to plan.
Incapacity Planning
Do you read the newspaper, listen to the radio or watch television? If so, then you know that accidents and
dread diseases are part of our everyday human experience. We all believe such tragedies will befall someone else. But what if you made the headlines or the lead story? If you were incapacitated
today, who would make your important personal, health care and financial decisions tomorrow? Would it be someone you appoint through proper legal instruments or someone appointed for you by a
court? The choice is yours.
Long-Term Care
The number one fear of many Americans, particularly retirees, is running out of money before they die. This is understandable, given
the volatile economy and the specter of nursing home costs. Although you cannot control the economy, you can protect your hard-earned assets from the cost of round-the-clock care in a long-term
care facility. In fact, you may insure the option to have your long-term care provided in your own home, but only if you obtain such coverage through a
proper long-term care insurance contract while you are insurable. If you wait too long, your options are very limited. In a worse case scenario, you may end up depleting your assets and on
Medicaid ... the government program designed for the indigent poor. The choice is yours.
End-Of-Life Decisions
For many people, the line between preserving life and dying naturally is quite fine. In the end, according
to the United States Supreme Court, every person has the right to define that fine line for his or herself. Where is that line for you?
Only by executing proper legal instruments can you determine the course of your health care treatment as you approach that fine line. Depending on your unique personal
circumstances, you should consult your loved ones and your legal, medical and spiritual advisors regarding your wishes. Otherwise, your failure to address this ultimate end-of-life issue in your
estate plan can potentially lead to family strife and poison relationships for generations. The choice is yours.
Testamentary Transfers
You will likely never see a hearse pulling a U-Haul trailer. In short, you cannot take your worldly
possessions with you beyond this life. What will be the legacy of your lifetime of work? Will the inheritance you leave be used wisely or dissipated by your heirs? Will it disappear to their
squandering, divorces, lawsuits or bankruptcies? Have you considered protecting the inheritance through long-term discretionary trusts?
Will your lifetime of work be lost to the IRS unnecessarily? Note: Each taxpayer is authorized an exemption of $2 million from federal estate taxation under
current law. ** However, only through proper planning, may a married couple protect up to $4 million from federal estate taxes with rates exceeding 40 percent. Single persons with estates
exceeding $2 million, on the other hand, may need to engage in advanced legal strategies to disinherit the IRS. Only through proper legal instruments may you protect your assets from these
threats. The choice is yours.
Conclusion
The process of preparing your estate plan is an extremely personal experience. To a large extent, it is not something you do for yourself.
Rather, you do it for the people you love. If you do not want to risk leaving a financial and legal mess upon your incapacity or death, we strongly encourage you to seek qualified legal counsel
for assistance. The choice is yours.
* As infamous gangster Al Capone learned, tax evasion is a federal crime.
** The future of this tax exemption amount is uncertain.
Lasting Letters
 Sunrise, Sunset. Time has wings. Have you ever lost a loved one, whether a family member or friend? Do you have any regrets? Did you have any unfinished
business with them? Is there anything you would have shared with them, but time was cut short? If so, then you are in good company.
The failure to communicate is a problem common to all of humankind in this journey called life, even with our cell phones, pagers, faxes, email accounts and
access to the World Wide Web. Real, lasting communication seems to have gone the way of the lost art of pen-and-paper letter writing. In this article we will encourage you to recover that lost
art through lasting letters to your loved ones (family and friends), whether as lifetime gifts and/or as part of their inheritance from you.
Memories
Remember. Memories are the mental motion pictures of our lives. And given proper
encouragement they can be even more vivid, because they are real. Identify three favorite experiences you shared. Can you remember the sights, sounds and smells surrounding your memories of the
experiences? Whether special occasions, rich family traditions or spontaneous special moments, bring these experiences to life by engaging the senses and explaining what they meant to you.
Appreciation
Thank and praise. It is a rare turtle that finds itself atop a fence post through its
own efforts. How have your loved ones helped you, in ways large and small? Perhaps it was the sacrifice of your parent(s) who struggled to provide for your daily needs, usually ahead of their
own? Or maybe it was your older brother who taught you how to read, as well as catch bullfrogs? Thank your loved ones for the investment they made in your life, then praise them for the
qualities you admire in them.
Wisdom
With the death of every human being, a library of wisdom borne of experience disappears. What have you learned in life's classroom that you can
share or spare your loved ones? What have you learned about growing up, growing old, faith, family and work? Remember: Unless you share what you have learned, and even unlearned, your loved ones
are as likely to repeat your defeats as they are to repeat your successes. And the tuition can be expensive in physical, emotional, financial and spiritual capital. Consider devoting a separate
paragraph of your wisdom to the subjects you find most essential. These may be the very subjects for which you would have been better prepared with similar counsel from a wise elder.
Conclusion
You will likely never see a hearse pulling a U-Haul trailer. Whether your financial estate is large or
modest, the most important estate you have in this life is not in your relationship to things, but to people. Take time today to write your lasting letter to loved ones. Long after any
inheritance is spent, your letters will be priceless treasures, perhaps shared for generations to come.
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