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Reasons Not to Have an Estate Plan

We often hear from clients many reasons why they waited so long to draft their estate plans.

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We often hear the same reasons over and over as to why people don’t have an estate plan or haven’t gotten around to drafting an estate plan.

Some of the most frequent reasons and why they shouldn’t stop you from having an estate plan are:

  1. I don’t have enough money, property, etc. Estate planning is not just about assets. Estate planning is a way to protect your wishes, in the event of incapacity. If you have young children, estate planning allows you to choose their guardian, something should happen to you. Estate planning also allows you to direct medical and financial care, should you become incapacitated. Further, most people have more assets than they realize. Estate planning is for everyone, no matter the size of your estate.
  2. I’m too young, I’ll worry about it later. We hear this often. Unfortunately, life can change in an instant. No matter how old you are, you could be involved in an accident or have an unexpected health issue. It is essential to get documents in place to protect you. While your documents may change over time, having foundational documents in place will help you later on.
  3. I’m scared to talk about it. We understand. Talking about incapacity and death is not fun. However, once your estate planning is done, it will give you incredible peace of mind. It also allows you the ability to think about it and have documents in place before an emergency occurs. We help our clients have the difficult conversations and put their minds at ease with tailored solutions to their matters.
  4. I did it online. Online estate planning can lead to a lot of issues. Online documents may not be the correct documents for your state or situation. They might not be legal, if they are for a different state and may fail to have the appropriate language. They are also not likely tailored enough to help best protect your interests and your assets. Online estate planning can lead to lengthy and expensive probate battles.
  5. It’s too expensive. We know that estate planning comes with an upfront cost. However, this cost is much less than if your estate has to go through probate. It also allows you to make a plan for your assets, instead of letting the state decide where your assets go upon your death. Estate planning also provides you peace of mind by letting you decide who will get to make financial and healthcare decisions on your behalf. Good estate planning will help you protect your assets in regards to tax liability, future disputes and probate court costs. Upfront planning can save money in the long run.

None of the above reasons should keep you from completing your estate plan. It is always better to do an estate plan now, and update it in the future if need be.

We can help you determine what documents are best suited for your situation and help you get tailored language in place to protect you, your wishes, your family, and your assets.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

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Musk posts video of himself strolling into Twitter HQ – Business News

Tom Krisher And Matt O’brien, The Associated Press – | Stories: 392791

Elon Musk posted video Wednesday showing him strolling into Twitter headquarters ahead of a Friday deadline to close his $44 billion deal to buy the company.

Musk also changed his Twitter profile to refer to himself as “Chief Twit” and his location as Twitter headquarters, which is based in San Francisco. The video showed him carrying a sink through a lobby area.

“Entering Twitter HQ – let that sink in!” he tweeted.

A court has given Musk until Friday to close his April agreement to acquire the company after he earlier tried to back out of the deal. Neither Musk nor Twitter has said if the deal is closed yet.

Despite Musk’s splashy entry to headquarters, it wasn’t clear yet whether his purchase of Twitter had been finalized. Twitter confirmed that Musk’s video tweet was real but wouldn’t comment further. Alex Spiro, Musk’s lead lawyer, didn’t immediately return a request for comment.

The Washington Post reported last week that Musk told prospective investors that he plans to cut three quarters of Twitter’s 7,500 workers when he becomes owner of the company. The newspapers cited documents and unnamed sources familiar with the deliberation.

One of Musk’s biggest obstacles to closing the deal was keeping in place the financing pledged roughly six months ago.

A group of banks, including Morgan Stanley and Bank of America, signed earlier this year to loan $12.5 billion of the money Musk needed to buy Twitter and take it private. Solid contracts with Musk bound the banks to the financing, although changes in the economy and debt markets since April have likely made the terms less attractive. Musk even said his investment group would be buying Twitter for more than it’s worth.

Less clear is what’s happening with the billions of dollars pledged to Musk by investors who would get ownership stakes in Twitter. Musk’s original slate of equity partners included an array of partners ranging from the billionaire’s tech world friends with like-minded ideas about Twitter’s future, such as Oracle co-founder Larry Ellison, to funds controlled by Middle Eastern royalty.

The more equity investors kick in for the deal, the less Musk has to pay on his own. Most of his wealth is tied up in shares of Tesla, the electric car company that he runs. Since April, he has sold more than $15 billion worth of Tesla stock, presumably to pay his share. More sales could be coming.

Musk’s flirtation with buying Twitter appeared to begin in late March. That’s when Twitter said he contacted members of its board — including co-founder Jack Dorsey — and told them he was buying up shares and was interested in either joining the board, taking Twitter private or starting a competitor.

Then, on April 4, he revealed in a regulatory filing that he had become the company’s largest shareholder after acquiring a 9% stake worth about $3 billion.

At first, Twitter offered Musk a seat on its board. But six days later, CEO Parag Agrawal tweeted that Musk would not be joining the board after all. His bid to buy the company quickly followed.

When Musk agreed to buy Twitter, he inserted a “420” marijuana reference into his price of $54.20 per share. He sold roughly $15 billion worth of shares in Tesla to help fund the purchase, then pulled together commitments for billions more from a diverse group of investors including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.

Inside Twitter, Musk’s offer was met with confusion and falling morale, especially after Musk publicly criticized one of Twitter’s top lawyers involved in content-moderation decisions.

In July, Musk abruptly reversed course, announcing that he was abandoning his bid to buy Twitter. His stated reason: Twitter had not been straightforward about its problem with fake accounts he dubbed “spam bots.” Twitter sued Musk in the Delaware Chancery Court to force the deal through. Two weeks before a 5-day trial was scheduled to begin, Musk changed his mind again, saying that he wanted to complete the deal after all.

Property Planning: What’s a Fiduciary?

A fiduciary is an individual that should act in your greatest pursuits, throughout the realm of property planning.

In property planning, the folks that you simply appoint to behave as your trustees must act as your fiduciaries. The fiduciary relationship requires that particular person to carry out in your greatest curiosity.

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Whenever you resolve to plan in your future and create your property plan, you’ll appoint a wide range of people to behave in your curiosity.

You have to a trustee, who will administer your belief. Additionally, you will appoint guardians in your minor youngsters, and choose the individuals who will make healthcare and monetary selections in your behalf in case you are incapacitated.

These folks should be trusted people and are held to the next customary. Pursuant to Michigan regulation, a fiduciary stands able of confidence and belief with respect to every inheritor, overseas change, beneficiary, protected particular person or ward for who the particular person is a fiduciary.

They need to act loyally, impartially, and prudently.

Typically, when planning their future, our purchasers resolve to nominate company fiduciaries, akin to a financial institution or monetary establishment.

So how do you categorical the significance of fiduciary duties to your loved ones and buddies?

We assist clarify to our purchasers’ trustees and representatives of their duties, obligations, in addition to their protections.

We work with our purchasers to assist them choose the most effective people after which provide steerage concerning their roles.

If you happen to need assistance along with your property planning paperwork, fiduciaries, or steerage, contact Rickard & Associates at the moment!

Contact us at the moment that can assist you get the proper paperwork in place or to replace your present property plan. We’ll plan in order that you do not have to fret about your future.

We publish very important data each Wednesday and Friday. To get this necessary data delivered on to your mail field,

Contact us at the moment with all of your authorized wants!