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Celebrity Ignorance Creates a Nightmare After Death

 

Prince1

I just learned that the celebrity, Prince, the music icon, (Prince Rogers Nelson), didn’t have a will! Good Lord, my mind is blown!

This is tragic news for his estate, his family, and his own personal wishes. It constantly amazes me that celebrities with an enormous amount of wealth ignore this necessary step of wealth management.

Intestacy is the condition of the estate of a person who dies owning property whose value is greater than the sum of their enforceable debts and funeral expenses without having made a valid will or other binding declaration.

When this happens, the state the decedent (the person who passed away) lives in has the jurisdiction to enforce their intestacy laws. These are the rules that determine how their property will be distributed upon their death. This includes any bank accounts, securities, real estate, and other assets owned by the decedent at the time of their death.

There are costs involved with this process. Costs that are established by statute, meaning the law determines the fees being charged. There is no negotiating. There is no way around these fees as they are the law. Nor are these fees a tax. They are a “bill” that will be presented to the executor (if there is a will) or the administrator (if the state declares and appoints an administrator since the decedent didn’t appoint an executor).

PlanningThat bill is expected to be paid in a timely fashion. Often there aren’t enough liquid assets for a family to pay these fees and assets, such as family homes, are liquidated quickly (we call it a fire sale) for prices less than market rates to produce quick cash to fee the probate fees.

So what’s the solution? Check with your state to learn what size an estate must be in order to require going through the probate process. If the estate is smaller, the fees can be reduced or avoided (depending on state law).

In EVERY case, you need the following documents to protect your estate and your final wishes:

  1. Durable Powers of Attorney for healthcare and finance. These are two separate documents. As a result you can choose a specific person for your money matters and possibly a different person for your healthcare.
  2. Living Will or healthcare directives. This document explains to the healthcare provider what treatment you want, if any, in the case of your incapacitation and inability to express your wishes yourself. Without this document, the doctor in charge has all the control …right down to the pajamas you’re wearing.
  3. HIPPA Release Form. You must declare who want to be able to discuss your healthcare, including getting status reports, if they are not the named power of attorney for healthcare. This is incredibly important for BFFs, besties, children, and other loved ones.
  4. A Will. Do you want your heirloom ring to go to your son, daughter, niece, nephew, grand kid, or best friend? You better say so and do it in a way that legally binds your survivors.
  5. A Living Trust. This is one document you need to research as you may not need it if your estate is small enough to escape the probate process. Do your homework. Check your state laws. If you have property in two states, speak to a certified estate planning attorney to discover how to handle the disposition of assets legally.

EP_familyI can speak from personal experience how money can make good, faithful people do outlandish, and even criminal, things. It’s very sad, tragic, and destructive. It can all be avoided if you do the responsible thing and handle your estate and last wishes yourself and in compliance with the laws governing your state.

My heart goes out to Prince and his family. I pray they navigate these turbulent waters without a nightmarish outcome.

Remember, it’s your money, your rules, your way.

Money Savvy Woman, Inc. © 2016

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5+ Ways to Get Money Savvy Now

Money Savviness in the Palm of Your Hand

Money Savviness in the Palm of Your Hand

When I look ahead at my list of projects and tasks, sometimes it feels a bit overwhelming. But today is different. As I look over my shoulder, I can see a 4-year project completed, available, and ready for YOU!

Ask Renee1.jpgThe Money Savvy app is here! Publishing my book was an awesome feat, and I knew I could help a lot of people by sharing my money story and those of others. But this app has been designed and created just for you! My intent was to give you as much support as possible all in the palm of your hand. Going here and there to find sound, financial information can be overwhelming and exhausting. Now it’s all in ONE place!

Here are some of the features and benefits you’ll enjoy when you go to your app store (ios & Android supported) and download this awesome, FREE app.

For starters, you’ll join an exclusive money savvy community. It’s been proven that having support while forming new habits and creating new beliefs around a goal enable success more quickly and permanently. You’ll be able to access me privately and confidentially through the “Ask Renée” feature. No more worrying about everyone seeing your business on Facebook.

Another benefit of the app is that more indepth financial info will be taught and shared exclusively with this community . Starting a conversation about relevant, financial data and topics can be more in the moment when simply reaching for your mobile. So if you’re looking for know-how, you’ll find more of it here.

Other benefits include:

AppBenefitsReceiving the most recent blogs and vlogs directly without having to use Facebook or other portal sames time. Don’t get me wrong. The Money Savvy Woman facebook page will remain as robust as ever, but you’ll be able to connect with us directly through the app. Getting updates about market trends will be in the palm of your hand and easily accessible without distraction.

A financial calculator is included for FREE. You’ll learn how to use it so you can determine the full cost of a purchase or loan over time or expected and/or required returns of your investmnts. They’ll be fun lessons to help ease the learning process and help you make the most of your money.

A jotter is included so you can note that idea or thought that comes to mind without forgetting it.

You’ll know what events are being hosted by Money Savvy Woman and be able to register and check-in easily.

Do you like Instagram? You’ll be able to see where I am and what I’ve been up to with the latest pics posted in the gallery.

Exclusive trainings and deals will be extended to the Money Savvy app community. You won’t want to miss those!…

…and more. Go check it out now!

I’m so very proud that we can offer you such a great tool that’s accessible through your Apple or Android devices. I know I spend most of my time on my mobile as I’m out in the world and not behind a laptop. I think I designed this thing for me just as much as for you. So go now, download it (it’s free), and let’s start the conversation about your money.

Remember, It’s your money, your rules, your way!

Money Savvy Woman, Inc. © 2016

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How Being YOU Is A Blissful Miracle Pill

You’ve got this in your hand right NOW!

Recently I’ve felt a bit “in demand,” my two words for a word I loathe …overwhelmed. Have you ever felt “in demand?” Actually, I’ve always felt that way to some degree. But I’m ready to be over it. Some things may change, others may not, but I’m still fabulous at what I do, have a passion for life, and I am, after all, Me.

That being said, my answer to getting over this feeling was to simply own it. If time was constantly going to be running ahead of me, I had to figure out a way to make life fulfilling enough that I could accept that there simply was too much of it for my little 24-hour day.

I sat myself down with paper and pen and started writing …what make me happy? Well, my hubby, doggies, and family for starters …not giving them up. YOU …assisting my clients to win at the game of life by handling finances proficiently. (Not giving that up either.) Food …clearly I have a talent for making great stuff with what’s on hand, and that’s my salve when life beats me up.

And then it clicked …I’m a holistic financial planner! Duh! Tell me something I don’t know.” I’ve been holding myself out as such since I first got licensed.

But now I actually get it! Have you ever had an “A-ha” moment when you realized what you’re striving to achieve you’ve already done? That’s what happened to me …I realized I’ve been doing what I love with passion and integrity for 16 years now, but I never allowed myself the pleasure of satisfaction; nothing was good enough. In my mind, I always had to improve.

Kaizen, a Japanese philosophy of constant improvement in business, has been my constant companion since childhood. Not that I knew I was practicing Kaizen, but that pressure to beat my best has always been with me. Even though I never considered myself a fierce competitor with others, I was ruthless with myself. I never met my own bar as I kept moving it out of my reach. Flashes of employee reviews where I could never attain the highest mark because my supervisor believed there was ALWAYS room for improvement so that mark could NEVER be rewarded come to mind. I always felt defeated after those reviews. Now I know it was simply a put down that fostered the WRONG belief that I would never be good enough.

Well, that stops NOW. This ridiculous pressure to top myself has back fired. It left me psychologically drained. It pissed off my hubby, family, and at times, associates. Most of all, I’m sure it disappointed God, my creator, the One who created me perfectly for my purpose.

So, from this day forward, I vow to share my God-given talents and passions with you. I’m a holistic planner. Holistic itself means relating to the system as a whole. In the context of financial planning, it means considering the mind and body in relation to money and finances. I’m stepping into that role completely, without reservation.silly

So what …right?

No. This IS a big deal, and that’s why I’m writing about it. I feel like I’ve lost 1,000 pounds. I’m free to share every nuance of my expertise with you so you can create the life YOU want too. I’m happy. No. I’m overjoyed!

From now on, I’ll be sharing blogs and creating more vlogs about the things that make life worth living, that relate to growing and building wealth. Remember, wealth isn’t just money it’s “the state of being rich.”

You may say, “Renée, you’ve been doing this all along.” And my response to that is, “I know it!” But the difference between today and yesterday, and every day before it, is that now I’ve jumped into the deep end of the pool, no more dipping in my toe or sticking to the shallow end.

So many of my coaches have shared their expertise with me and there are too many to name to thank now. But one does rise to the top. His voice has been in my head since we shared a precious 10 minutes on a break at CEO Space a few years ago. Greg Reid told me to Own it!. “Just own it, Renée! You know who you are. You know your expertise. You know your passion. Just own it and go out there and help people!”

And that’s the two cents I’m sharing with you this morning. Own your God-given talents, passion, and zest for life. That’s the key to peace, relaxation, and understanding in this world that flies full tilt. No longer will you feel like you have to hang on for dear life lest you fall off the tilt-a-whirl. Stand strong in your convictions of who you are—who God made you to be, because there is no better YOU!

I love you. I thank you for the gift of your trust, love, and support. And I look forward to continuing to show you how to be the money savvy man or woman God intended you to be. God bless!

And remember, it’s your money, your rules, your way!

Money Savvy Woman, Inc. © 2016