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Don't wanna work?

If you don't want to work, you have to work to earn enough money so that you won't have to work.

- Ogden Nash

How to Plan for Success

Do you need a plan for the future?  Do you have a plan? I don't mean to sound like a commercial!  Everyone needs to plan for the future but does everybody have a plan -- what does it do for you "having plan"?

Do you just need to plan for retirement?  Or do you need to plan other things in your life over long periods of time?  Can you actually do this or is it just "crazy talk"?

What kind of things can you actually plan long-term and is it actually possible to plan other things other than retirement over the long haul?

Well, the answer is "yes" and successful people do this all the time. 

How do they do this?

The simple answer is that they paint a "big picture scenario" and work within the confines of that big picture to achieve what they want.  It is not something easy and accomplished quickly -- it takes time and a lot of planning.  I have worked with a lot of rich people and have observed how they have achieved their goals and it is only with a lot of planning have they accumulated success time after time.

So how do you paint any "big picture scenario"?  Is there a secret formula, you have to be rich to understand how to do this?

wierd will

The author of Treasure Island, Robert Louis Stevenson, tried to will his birthday to a friend who had always complained that she had never had a real birthday celebration being born on Christmas day!

Other info to include in your will

some very important things to include in your will when it is being drafted...from the wachovia.com website..

"When meeting with a lawyer to draft your will, bring the proper information. Such a list typically includes proof of your real property, such as your home, along with documentation that shows how much you paid for it. Bring deeds, bills of sale, and any other documentation to prove your ownership.  Also bring a list of intangible property such as your bank account and investments; your latest bank statements and brokerage or mutual fund statements; a copy of any life insurance policies; and a list of your debts, including those owed to banks, insurance companies, the Internal Revenue Service, and individuals.

One item that individuals often overlook when drafting their will is a list of names, addresses, and telephone numbers of any professionals they want contacted, such as an insurance agent, broker, banker, or lawyer. Also bring the names of any executor or guardian named for your children."

Do you need a lawyer to draft up a will?

there are plenty of resources out there that negate the influence of having a lawyer drafting up a will...what i am talking about is software packages that can do the job for you instead engaging a lawyer, usually at a fraction of the cost...but is that such a wise idea...i mean, what if there is some obscure law in your state that doesn't allow you to draft up a will using software? or, what if the software doesn't accomodate or respect the statutory requirements that exist in your particular state for establishing a valid will...what happens then?

are these real concerns or just needless worries...

I have never used these software packages, so i am not able to provide an opinion on them, also, i have not heard any "horror" stories from the use of the software

what i think is the bottom line in this dilemma is really clear to me...you MUST understand what you want to outline in your will and be certain that the software or the lawyer accomodates your wishes AND make sure that it is legally binding within the laws of your state...it is that simple, but it does require some homework on your part - it all depends on how important you feel it is, how much time will you spend on this, do you think it is really worth the time spent?

more on executor fees...

from 'lectric law library some info regarding amounts paid out to the executors...

"Although such limits vary from state to state, executor fees often range from 2 to 4 percent of the assets that are subject to probate. Of course, many executors who are friends or family members of the deceased agree to serve without a fee."

executor fees

an interesting note from kiplinger.com regarding exectors...

"Executors are usually entitled to a fee paid by the estate. States often specify the fee, usually a percentage of the estate's assets, or the will may offer a guideline. "The fee should reflect the amount of work that's needed," says David Handler, a partner at Kirkland & Ellis, in Chicago. If you're also a beneficiary, consider the tax consequences of taking a fee. An executor would pay ordinary income tax on a fee, while an inheritance would be tax-free."

that being said, i am wondering what kind of percentages are specified by state? and what do wills normally lay out for the exector to get compensated?