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Anna Nicole Smith may have left a will but is a will truly enough to save her baby daughter and the problems that have ensued over the legal battles of her estate?   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

Without a will and a trust Anna Nicole Smith leaves behind many unsettled legal issues including paternal rights to her baby daughter.     Watch the video on Anna Nicole Smith Dies Without a Will. What’s a Will? What’s a Trust?   Like this video? Subscribe to our channel.   Subsequent to the death of Anna Nicole Smith, it’s been reported that she may not have left a will, giving rise to additional turbulent legal confusion for years to come. Without a will, Anna Nicole potentially may be leaving her baby daughter with nothing. Amongst other celebrities dying without a will, include Abraham Lincoln, Howard Hughes, Martin Luther King, Buddy Holly, Marvin Gaye, Sonny Bono, Tiny Tim, and others.   If Anna Nicole died without a will she also died leaving behind many unsettled legal issues, the paternity issue and final custody of her daughter, the unsettled case against her late husband’s estate J. Howard Marshall II (oil tycoon), and finally the country/state of court jurisdiction, Bahamas, Florida, Texas, or California.   What’s a Will? Why was a Will important for Anna Nicole Smith?   Per Consumer Reports magazine, more than 2/3 of Americans die without a will. So what’s a Will? Why is it important? And, how do you get one?   A will is your last written list of wishes effective after your death for the purpose of distributing your wealth and the conditions of which such distribution can occur. The most important part of the will is the designation of custody of minor children; (this issue alone, – the custody of Anna Nicole’s daughter would have greatly simplified at least one important piece of the legal quagmire left behind for lawyers to have a field day and possibly eat/consume a good part of her estate).   Without a will, the courts will have to determine who gets what! And, if you have property in multiple states, each state will determine the results separately through a process knows as probate.   The probate process is when the state courts will inventory the deceased person’s assets (the willed assets must be titled in the maker’s name and belong solely to the maker, or have an interest); it will gather information about claims made against the estate, investigate all claims for their validity, pay off outstanding debts, make decisions as to who gets what based on state laws where the property is located.   What happens to assets with Co-Ownerships & Joint Tenants?   Property that’s titled in “co-ownership or as joint tenants with right of survivorship” such as husband and wife, automatically goes to the co-owner’s or spouse. Similarly property that’s titled as “tenants by the entirety” immediately becomes the property of the other tenant. Property that’s owned with someone else as “tenants in common” becomes a probate asset and is distributed according to the terms of the will.   Who may create a Will?   Any person over the age of 18 may draft his own will with or without an attorney. The creator of the will is required to clearly identify himself/herself as the maker of the will, must revoke all prior wills, must state that he/she is of sound mind, must identify each item of property or personal effects, and must clearly identify each person to receive such property. If there are minor children the creator must clearly identify the person or persons to take custody of the minor children, and the creator must identify who will become the executor of his/her will after the creator’s death.   The will must be signed in front of a notary public, or in front of two “disinterested parties over the age of 18” (not family members). It’s best that the will be notarized, signed in front of a notary public which the notary will append their notary stamp on the original signature. The most common mistake is that a will is signed by family members, another common mistake is to disinherit a family member or close friend. It’s best to mention the individual by name and to give them a small amount rather than to intentionally leave them out of the will.   The excluded member may sue the estate, and therefore cause unpleasant and unwanted delays.   What happens after th Will Creator Dies?   After the date of death of the maker of the will, everything in his/her name will have to go to probate. No matter how well drafted, the will becomes the jurisdiction of the local state probate court where it becomes a “public document” whereby the will becomes available to all interested parties and creditors.   A will does not avoid the probate process. The court will determine the validity of the will instrument for such reasons as undue influence, or incapacity of the creator at the time the will was drafted, appoint an executor if one is not named, and the court will determine who is eligible to receive the property according to the state’s intestacy laws in order of blood kinship to the creator of the will.   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. 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 Taxes.   One the Date of Death, Two things happne:   All assets in the decedent’s name, belonging solely to the decedent, or where the decedent had an interest, go to probate to determine who gets what. This is the Probate Process. Once all assets are probated, all assets in the name of the decedent is appraised for it’s “fair cash value” on the date of death, not when the assets were purchased, to

The letter you’ll never want to write.I. M. Brooke   Dear Creditor:   Please accept my apology for being delinquent on your bill.   In reply to your request to send money, I wish to inform you about the difficulties I’ve had in making ends meet. I have been trying to get a handle on my shattered financial condition, and I’ve come up with a few possibilities. It seems that the problem is largely due to various laws, taxes, and insurance policies that “I must pay, first.” My research has identified numerous federal laws, state laws, county laws, city laws, corporation laws and swarms of other laws, too numerous to mention. I’m also narrowing down a myriad of taxes, but it’s seemingly hopeless.   Through these laws, I am “compelled” to pay state sales taxes, state income taxes, federal income taxes, property taxes, business and operating taxes, numerous other business taxes, gasoline tax, phone tax (including, telephone internet national access contribution tax, and I’m not even on it), sewer tax, cigarette tax, meal tax, amusement tax, computer tax, and various other excise taxes. I am required to have a business license, driver’s license, license for my car, motorcycle license, and a license for my dog. Last weekend a friend of mine was married and had to get a marriage license.   For “my own safety” I am told to carry health insurance, life insurance, dental insurance, disability insurance, long term care insurance, property insurance, liability insurance, collision insurance, theft insurance, burglary insurance, accident insurance, business insurance, flood insurance, unemployment insurance and old age pension insurance.   My very small business is governed so much by others, that I sometimes wonder who owns it. I am inspected, expected, suspected, disrespected, rejected, examined, re-examined, informed, required, commanded and compelled to provide a seemingly inexhaustible supply of information to just about every Tom, Dick, and Harry who says he’s from the alphabet soup government agency. I’m spending up to 40% of my time filling out forms and other mandatory reporting or they say, I’m going to be penalized, imprisoned, or both.   I can tell you honestly that but for a miracle that happened, I could not have enclosed this check. A very dear relative of ours, died a few years ago, and the estate was finally settled. After the attorneys, accountants, and appraisers finished settling the probate jail process, paid court costs, federal and state inheritance taxes, I was left with just enough money to pay your bill. Do you think it’s possible that I will be required to pay taxes on this money too? If this is so, would you please be so kind to send it back.   Sincerely yours,   I. M. Broke   For thinking outside the box, YOU’RE AT THE RIGHT PLACE!!!   YOUR LIFE’S FINANCIAL GOALS SHOULD BE:   To become ” judgment proof ” and preserve and legally protect your wealth. To defer (postpone) your capital gains taxes [click here to read about our Vertex Trust®]. [Federal 20-28%, + your state tax]. To reduce, defer or possibly eliminate your income taxes and on your “other income streams” [Federal 39.6% + your state]. To eliminate the “probate jail process.” In some states “probate jail” could take 3+ years and consume 7% to 15% of your gross estate. To eliminate ALL inheritance taxes [click here to read about our Medallion Trust®]. Federal + state can take up to 65% of your gross estate. Inheritance taxes when combined with probate costs, could consume up to 80% of your gross estate.   The key: Estate Street Partners.   The Alternative, Uncompromising & Exclusive Estate Planning & Wealth Preservation for Your Chartered Blueprint to Accelerated Financial Success