Author : Richard Cunningham
Counter one of the classic negotiating gambits by addressing it directly.You’ve assembled a brilliant sales proposal for a new client and when you arrive to the meeting to hammer out the final details, you suddenly find yourself sitting across the table negotiating with two people. One is a person with whom you’ve had contact during the sales process; the other is new â€" a purchasing agent.The former is characteristically warm, gracious, and quite friendly to your proposal. The latter is hard-nosed, aloof, and completely opposed to nearly every one of your positions. They are playing the classic negotiating tactic of ‘good guy â€" bad guy.’In the audiobook, “Sound Advice on Negotiating Skills,†author Roger Dawson says that when buyers use good guy â€" bad guy, they are counting on the salesperson being drawn to the good guy. Psychologically, the salesperson wants to please him or her by making concessions.The solution, says Dawson â€" a renowned speaker and author of the book, “Secrets of Power Negotiating†â€" is to “counter their tactic by letting them know that you realize what they’re doing. It’s such as well known negotiating tactic that when you say to them, ‘Oh come on, you’re not going to play good guy, bad guy with me, are you?’ they become embarrassed they were caught and will back off.â€Roger Dawson offers negotiating skills advice each week in the free audio newsletter from What’s Working in Biz, http://www.whatsworking.biz/full_story.asp?ArtID=92About The AuthorRichard Cunningham is a principal of What’s Working in Biz, http://www.whatsworking.biz, a publisher of business audiobooks and online audio programs on marketing, sales, and small business strategies.
Category : Mesothelioma
วันพฤหัสบดีที่ 26 มิถุนายน พ.ศ. 2551
Handicapping Bowl Games
Author : Scott Spreitzer
Anybody who's handicapped college football for most of their lives knows that underdogs are generally the way to go in bowl games.They don't cover every game. But they cover more than half the time. Some years they cover A LOT more than half the time.In fact, last season, underdogs went 15-4 ATS against the game day lines in what are generally conceded to be the top 20 bowl games (there was one pick-em game). There were a couple of games that landed close to the number, so it was possible to lessen the damage a bit if you were a favorite player who could shop for lines or buy points. If you were a dog player, you had no trouble finding numbers that would make you big money.There used to be a rule of thumb before the BCS process began that said you should take all the dogs in the minor bowls in December, but then take the favorites on New Year's Day and beyond. Teams favored in minor bowls were often disappointed about not playing in a better game and that lack of intensity cost them. On New Year's Day, the better teams would go all out against each other, and the superior teams would take care of business.Once the BCS began though, the number of "meaningless" games has actually increased. Only the mythical championship game truly matters. So, it's possible to have conference champions who have trouble getting fired up for marquee matchups in showcase bowls. You saw SEC champion Georgia lose as a favorite last year to West Virginia in the Sugar Bowl. Combine that with the general increase in competitive balance across the sport in recent years, and you're going to find some great underdog possibilities in every bowl slate.Why do underdogs offer such value? The public always loves betting favorites, which often puts a couple of free points in the mix for dog players.The team that's perceived to be superior in a matchup has more trouble getting motivated for an "exhibition" game than the team that's perceived to be inferior.The team that's perceived to be inferior is much more likely to install trick plays or come up with creative strategies in a game like this. The superior teams figure they can just win by doing what they always do.There's much more competitive balance in college football than the wagering public realizes, and more than the players themselves realize when they play someone from another part of the country.Some teams create the illusion of dominance during the regular season by running up the score at home against bad teams. They're not playing a bad team in the bowl game, so they suddenly look mortal on a neutral field.Here's a listing of some bowl underdogs that not only covered their spreads last year, but won their games outright:Nebraska (+10) beat Michigan 32-28 in the Alamo BowlWisconsin (+10) beat Auburn 24-10 in the Capital One BowlLSU (+7) beat Miami 40-3 in the Chick-Fil-A BowlTulsa (+7) beat Fresno State 31-24 in the Liberty BowlVirginia (+6) beat Minnesota 34-31 in the Music City BowlWest Virginia (+6) beat Georgia 38-35 in the Sugar BowlWe're not talking about field goal games going either way. We're talking about teams getting at least six points all winning outright. Of course, you probably remember that Texas (+7) beat USC 41-38 for the national championship. That long held theory of taking the favorites in games that matter most may have gone by the wayside too.This brings up another point. Playing underdogs on the money line makes a lot of sense in college bowl games. In the top 20 bowl games last year, dogs went 10-9 straight up (one pick-em game). If the money line isn't paying much of anything, going 10-9 will make you money on the dogs. When a pair of 10-point dogs wins outright, and six teams getting six points or more are winning, the payoffs are huge!Should you just throw handicapping out the window and bet all the dogs this year? Well, I'm a handicapper, and I'm not going to endorse that! I would be surprised if dogs approached 80% success again this year. But, I can tell you that I've begun my handicapping looking in the direction of underdogs.I'm looking to go against: Favorites who are disappointed about the bowl they're going to.Favorites who won their regular season finale, particularly if it was a big game.Favorites who have vulnerable defenses.Favorites who were inconsistent (or worse) in road games.I'm looking to take: Underdogs with versatile offensesUnderdogs who lost their regular season finale, particularly if it was a big game.Underdogs with at least average (and preferably good) defensesUnderdogs who covered spreads on the road.You never know for sure what's going to happen in college football. Maybe the favorites will bounce back strong this year and win some blowouts. I don't think that's likely. I think all of the tendencies that favor underdogs in the big picture will still be in play this year. I'm expecting dogs to cover 50-65% of the time in the next month of bowl action. I strongly advise you to shade your action in that direction.Be sure you like a favorite for the right reasons if you're going to lay the points. If you already like a dog, think about the money line payouts for a straight up victory. History is speaking loud and clear when it comes to bowl games!Scott Spreitzer releases all of his Guaranteed College Bowl picks at Vegas Expert.com, where you only pay after you win! Scott Spreitzer is a professional author who has written various articles on various topics & this time writing articles on Handicapping Bowl Games for www.vegasexperts.com
Category : General Sports: Football
วันอังคารที่ 24 มิถุนายน พ.ศ. 2551
Got Publicity? How to Become a Household Name
Author : Dale Klein
Are you working as hard as you can in your area of expertise? Are you implementing creative ideas? Are you valuable to your clients? And now the tough question: Does the public know about you? If you’re like most business people, you answered “Yes†to the first three questions, and then perhaps hesitated on the last question and may have ultimately answered “No,†or sheepishly said “Well, not as much as I’d hoped.â€Getting your name “out there†requires getting yourself “out there.†This means a very steady diet of first and foremost being visible in the business community, as well as actively “tooting your own horn.†Being humble is not a virtue when one is striving to become a household name. So does this happen overnight? Of course not, but that’s where repetition comes into play. If your name and your accomplishments are repeatedly positioned in different ways, you become familiar to others and that’s when you know you’re making inroads.This begs the question of what’s an accomplishment. Again, if you’re in the humble category, you may minimize or downplay a project or new development. Rule #1 is that all your endeavors should be viewed as accomplishments. Then it becomes a matter of spreading the news. Let’s say for example that you are offering a workshop in your local community and though to you it may be “old hat,†it marks an opportunity to let the public know about it. This can range from telling family and friends, posting it on your website, sending postcard announcements to former clients, submitting it to newspapers and trade publications as well as local Chambers of Commerce; in fact, the more the merrier. While we’re on the subject of print media, why not take this idea to the next level? You can email or telephone feature reporters in your local newspaper to let them know when and where your class will be conducted and use your skills to entice them as to why this would be a great story, photos and all. It may not be the right time the first time, but if you stay the course and remember your goal (to get your name out there), eventually it will happen.While print media is phenomenal exposure, you don’t want to overlook radio and television. In this instance the approach is to offer to be a guest to either take questions from viewers or to do an interview. The key here is to be prepared with “your hook.†In other words, think through why your subject is of interest to the audience, how you can be a resource, the timeliness of your call (e.g. offering your professional opinion about the effectiveness of a politician who’s running for office). You may want to approach it like a puzzle and determine where you best fit.You may be wondering what the payoff is for all your perseverance. Once you do break through and get that well-earned publicity, it catches on like wildfire. Suddenly, you’re “out there†like a household word, the world is your oyster…and the phone is ringing off the wall. That means only one thing which is you’ve got publicity. Now keep going!Dale Klein, owner of SPEECH MATTERS, is a Corporate Communication & Speech Specialist. Having owned her own practice since 1994, Dale has the expertise you want when it comes to presenting yourself with professionalism. Learn more at http://www.speech-matters.com or call 518-664-6004.
Category : Skin Cancer
Are you working as hard as you can in your area of expertise? Are you implementing creative ideas? Are you valuable to your clients? And now the tough question: Does the public know about you? If you’re like most business people, you answered “Yes†to the first three questions, and then perhaps hesitated on the last question and may have ultimately answered “No,†or sheepishly said “Well, not as much as I’d hoped.â€Getting your name “out there†requires getting yourself “out there.†This means a very steady diet of first and foremost being visible in the business community, as well as actively “tooting your own horn.†Being humble is not a virtue when one is striving to become a household name. So does this happen overnight? Of course not, but that’s where repetition comes into play. If your name and your accomplishments are repeatedly positioned in different ways, you become familiar to others and that’s when you know you’re making inroads.This begs the question of what’s an accomplishment. Again, if you’re in the humble category, you may minimize or downplay a project or new development. Rule #1 is that all your endeavors should be viewed as accomplishments. Then it becomes a matter of spreading the news. Let’s say for example that you are offering a workshop in your local community and though to you it may be “old hat,†it marks an opportunity to let the public know about it. This can range from telling family and friends, posting it on your website, sending postcard announcements to former clients, submitting it to newspapers and trade publications as well as local Chambers of Commerce; in fact, the more the merrier. While we’re on the subject of print media, why not take this idea to the next level? You can email or telephone feature reporters in your local newspaper to let them know when and where your class will be conducted and use your skills to entice them as to why this would be a great story, photos and all. It may not be the right time the first time, but if you stay the course and remember your goal (to get your name out there), eventually it will happen.While print media is phenomenal exposure, you don’t want to overlook radio and television. In this instance the approach is to offer to be a guest to either take questions from viewers or to do an interview. The key here is to be prepared with “your hook.†In other words, think through why your subject is of interest to the audience, how you can be a resource, the timeliness of your call (e.g. offering your professional opinion about the effectiveness of a politician who’s running for office). You may want to approach it like a puzzle and determine where you best fit.You may be wondering what the payoff is for all your perseverance. Once you do break through and get that well-earned publicity, it catches on like wildfire. Suddenly, you’re “out there†like a household word, the world is your oyster…and the phone is ringing off the wall. That means only one thing which is you’ve got publicity. Now keep going!Dale Klein, owner of SPEECH MATTERS, is a Corporate Communication & Speech Specialist. Having owned her own practice since 1994, Dale has the expertise you want when it comes to presenting yourself with professionalism. Learn more at http://www.speech-matters.com or call 518-664-6004.
Category : Skin Cancer
วันอาทิตย์ที่ 22 มิถุนายน พ.ศ. 2551
Estate Planning Overview, Part I
Author : Paul Nicolosi
Why Plan Your Estate?The knowledge that we will eventually die is one of the things that seem to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your passing until it is too late, you run the risk that your intended beneficiaries – those you love the most – may not receive what you would want them to receive either because of extra administration costs, unnecessary taxes or squabbling among your heirs.This is why estate planning is so important, no matter how small your estate may be. It allows you, to ensure that your assets and other possessions will go to the people you want, in the way you want, and when you want. It permits you to save as much as possible on taxes, court costs and attorneys' fees; and it affords the comfort that your loved ones can mourn your loss without being simultaneously burdened with unnecessary red tape and financial confusion.All estate plans should include, at minimum, two important estate-planning instruments: a durable power of attorney and a will. The first is for managing your property during your life, in case you are ever unable to do so yourself. The second is for the management and distribution of your property after death. In addition, more and more, Americans also are using revocable (or "living") trusts to avoid probate and to manage their estates both during their lives and after they're gone.Your WillYour will is a legally binding statement directing who will receive your property at your death. It also appoints a legal representative to carry out your wishes. However, the will covers only probate property. Many types of property or forms of ownership pass outside of probate. Jointly owned property, property in trust, life insurance proceeds and property with a named beneficiary, such as IRAs, insurance policies or 401(k) plans, can all pass outside of probate.Why should you have a will?Here are some reasons.First, with a will you can direct where and to whom your assets (what you own) will go after your death. If you died instate (without a will), your estate would be distributed according to state law. Such distribution may or may not accord with your wishes.Many people try to avoid probate and the need for a will by holding all of their assets jointly with their children. This can work, but often people spend unnecessary effort trying to make sure all the joint accounts remain equally distributed among their children. These efforts can
be defeated by a long-term illness of the parent or the death of a child. A will can be a much simpler means of affecting one's wishes about how assets should be distributed.The second reason to have a will is to make the administration of your estate run smoothly. Often the probate process can be completed more quickly and at less expense to your estate if there is a will. With a clear expression of your wishes, there are unlikely to be any costly, time-consuming disputes over who gets what.Third, only with a will can you choose the person to administer your estate and distribute it according to your instructions. In Illinois this person is called your "personal representative". If you do not have a will naming him or her, the court will make the choice for you. Usually the court appoints the first person to ask for the post, which is most closely related to you at the time of death.Fourth, for larger estates, a well planned will can help reduce estate taxes.Fifth, and most important, through a will you can appoint who will take your place, as guardian of your minor children should both you and their other parent both pass away.Filling out the worksheet that our office provides will help you make decisions about what to put in your will. Bring it and any additional notes to our office and our estate planning professionals will be able to efficiently prepare a will that meets your needs and desires.Estate Administration- Probate ProcedureProbate is the process by which a deceased person's property, known as the "estate", is passed to his or her heirs and legatees (people named in the will), the entire process, supervised by the probate court, usually takes about one year. However, substantial distributions from the estate can be made in the interim.The emotional trauma brought on by the death of a close family member is often accompanied by bewilderment about the financial and legal steps the survivors must take. The spouse who passed away may have handled all of the couple's finances. Or perhaps a child must begin taking care of probating an estate about which he or she knows little about. And this task may come on top of commitments to family and work that can't be set aside. Finally, the estate itself may be in disarray or scattered amount many accounts, which is not unusual with a generation that saw banks collapse during the Depression.Here we set out the steps the surviving family members should take. These responsibilities ultimately fall on whoever was appointed executor or personal representative in the deceased
family member's will. Matters can be a bit more complicated in the absence of a will, because it may not be clear who has the responsibility of carrying out these steps.First, secure the tangible property. This means anything you can touch, such as silverware, dishes, furniture, or artwork. You will need to determine accurate values of each piece of property, which may require appraisals, and then distribute the property as the deceased directed. If property is passed around to family members before you have the opportunity to
take an inventory; this will become a difficult, if not impossible, task. Of course, this does not apply to gifts the deceased may have made during life, which will not be part of his or her estate.Second, take your time. You do not need to take any other steps immediately. When bills do need to be paid, they can wait a month or two without adverse repercussions. It's more important that you and your family have time to grieve. Financial matters can wait. When you're ready but not a day sooner, meet with one of our attorneys to review the steps necessary to administer the deceased's estate. Bring as much information as possible about finances, taxes and debts. Don't worry about putting the papers in order first; our attorney will have experience in organizing and understanding confusing financial statements.In general rules of estate administration include the following steps:1. Filing the will and petition at the probate court in order to be appointed executor or personal representative. In the absence of a will, heirs must petition the court to be appointed "administrator" of the estate.2. Marshalling, or collecting the assets. This means that you have to find out everything the deceased owned. You need to file a list, known as an "inventory", with the probate court. It's generally best to consolidate all of the estate funds to the extent possible. Bills and bequests should be paid from a single checking account, either one you establish or one set by our firm on your behalf, so that you can keep track of all expenditures.3. Paying bills and taxes. If an estate tax return is needed—generally if the estate exceeds $675,000 in value—it must be filed within nine months of the date of death. If you miss this deadline and the estate is taxable, severe penalties and interest may apply. If you do not have all of the information available in time, you can file for an extension and pay your best estimate of the tax due.4. Filing tax returns. You must also file a final income tax return for the decedent and, if the estate holds any assets and earns interest or dividends, an income tax return for the estate. If the estate does earn income during the administration process, it will have to obtain its own tax identification number in order to keep track of such earnings and file an estate income taxnotion in addition to the decedent's final income tax return.5. Distributing property to the heirs and legatees. Generally, executors do not pay out all of the estate assets until the period runs out for creditors to make claims, which in Illinois is 6 months from the date the estate, notice of death in the newspaper. But once the executor understands the estate and the likely claims, he or she can distribute most of the assets, retaining a reserve for unanticipated claims and costs of closing out the estate.6. Filing a final account. The executor must file an account with the probate court listing any income to the estate since the date of death and all expenses and estate distributions. Once the court approves this final account, the executor can distribute whatever is left in the closing reserve, and finish his or her workAvoiding probate through joint ownership or trusts can eliminate some of these steps. But whoever is left in charge still has to pay all debts, file tax returns, and distribute the property to the rightful heirs. You can make it easier for your heirs by keeping good records of your assets and liabilities. This will shorten the process and reduce the legal bill.Guardianship and ConservatorshipEvery adult is assumed to be capable of making his or her own decisions unless a court determines otherwise. If an adult becomes incapable of making responsible decisions due to a mental disability, the court will appoint a substitute decision maker, called a "guardian". Guardianship is a legal relationship between a competent adult (the "guardian") and a person who because of incapacity is no longer able to take care of his or her own affairs (the "ward"). The guardian is authorized to make legal, financial, and health care decisions for the ward. Depending on the terms of the guardianship, the guardian may or may not have to seek court approval for various decisions, but generally the guardian acts without being required to incur the expense of court approval.Some incapacitated individuals can make responsible decisions in some areas of their lives but not others. In such cases, the court may give the guardian decision-making power over only those areas in which the incapacitated person is unable to make responsible decisions (a so-called "limited guardianship"). In other words, the guardian may exercise only those rights that have been removed from the ward and delegated to the guardian. Guardianships are consuming and expensive. Prefer planning with Power of Attorneys for health care and financial matters will significantly reduce cost and time in the event you became incapacitated. (See Page for detailed discussion of Power of Attorney).IncapacityGenerally a person is judged to be in need of guardianship when he or she shows a lack of capacity to make responsible decisions. A person cannot be declared incompetent simply because he or she makes irresponsible or foolish decisions, but only if the person is shown to lack the capacity to make sound decisions. For example, a person may not be declared incompetent simply because he or she spends money in ways that seem odd to someone else. Also, a developmental disability or mental illness is not, by itself, enough to declare a person incompetent.ProcessAnyone interested in the proposed ward's well being can request a guardianship. An attorney is usually retained to file a petition for a hearing in the probate court in the proposed ward's county of residence. The proposed ward is entitled to legal representation at the hearing, and the court will appoint an attorney if the allegedly incapacitated person cannot afford lawyer.At the hearing, the court with the help of the Guardian ad Litem attempts to determine if the proposed ward is incapacitated and, if so, to what extent the individual requires assistance. If the court determines that the proposed ward is indeed incapacitated, the court then decides if the person seeking the role of guardian will be responsible.GuardianA guardian can be any competent adult-the ward's spouse, another family member, a friend, a neighbor, or a professional guardian (an unrelated person who has received
special training). A competent individual may nominate a proposed guardian through a durable power of attorney in case she ever needs a guardian.The guardian need not be a person at all—it can be a non-profit agency or a public or private corporation. If a person is found to be incapacitated and a suitable guardian cannot be found, courts in many states can appoint a public guardian, a publicly financed agency that serves this purpose. In naming someone to serve as a guardian, courts give first consideration to those who play a significant role in the ward's life – people who are both aware of and sensitive to the ward's needs and preferences. If two individuals wish to share guardianship duties, courts can name co-guardians.Reporting RequirementsCourt often give guardians broad authority to manage the ward's affairs. In addition to lacking the power to decide how money is spent or managed, where to live and what medical care he or she should receive, wards also may not have the right to vote, marry or divorce, or carry a driver's license. Guardians are expected to act in the best interests of the ward, but give the guardian's often-broad authority; there is the potential for abuse. For this reason, courts hold guardians accountable for their actions to ensure that they don't take advantage of or neglect the ward.The guardian of the property inventories the ward's property, invests the ward's funds so that they can be used for the ward's support, and files regular, detailed reports with the court. A guardian of the property also must obtain court approval for certain financial transactions. Guardians must file an annual account of how they have handled the ward's finances. Guardians must offer proof that they made adequate residential arrangements for the ward, that they provided sufficient health care and treatment services, and that they made available educational and training programs, as needed. Guardians who cannot prove that they have adequately cared for the ward may be removed and replaced by another guardian.For more information, please see Part II of this articleNicolosi & Associates - Attorneys at Law Since 1948. Skilled in the law. Experienced in business. http://www.nicolosilaw.com
Category : Legal:Living-Will
Why Plan Your Estate?The knowledge that we will eventually die is one of the things that seem to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your passing until it is too late, you run the risk that your intended beneficiaries – those you love the most – may not receive what you would want them to receive either because of extra administration costs, unnecessary taxes or squabbling among your heirs.This is why estate planning is so important, no matter how small your estate may be. It allows you, to ensure that your assets and other possessions will go to the people you want, in the way you want, and when you want. It permits you to save as much as possible on taxes, court costs and attorneys' fees; and it affords the comfort that your loved ones can mourn your loss without being simultaneously burdened with unnecessary red tape and financial confusion.All estate plans should include, at minimum, two important estate-planning instruments: a durable power of attorney and a will. The first is for managing your property during your life, in case you are ever unable to do so yourself. The second is for the management and distribution of your property after death. In addition, more and more, Americans also are using revocable (or "living") trusts to avoid probate and to manage their estates both during their lives and after they're gone.Your WillYour will is a legally binding statement directing who will receive your property at your death. It also appoints a legal representative to carry out your wishes. However, the will covers only probate property. Many types of property or forms of ownership pass outside of probate. Jointly owned property, property in trust, life insurance proceeds and property with a named beneficiary, such as IRAs, insurance policies or 401(k) plans, can all pass outside of probate.Why should you have a will?Here are some reasons.First, with a will you can direct where and to whom your assets (what you own) will go after your death. If you died instate (without a will), your estate would be distributed according to state law. Such distribution may or may not accord with your wishes.Many people try to avoid probate and the need for a will by holding all of their assets jointly with their children. This can work, but often people spend unnecessary effort trying to make sure all the joint accounts remain equally distributed among their children. These efforts can
be defeated by a long-term illness of the parent or the death of a child. A will can be a much simpler means of affecting one's wishes about how assets should be distributed.The second reason to have a will is to make the administration of your estate run smoothly. Often the probate process can be completed more quickly and at less expense to your estate if there is a will. With a clear expression of your wishes, there are unlikely to be any costly, time-consuming disputes over who gets what.Third, only with a will can you choose the person to administer your estate and distribute it according to your instructions. In Illinois this person is called your "personal representative". If you do not have a will naming him or her, the court will make the choice for you. Usually the court appoints the first person to ask for the post, which is most closely related to you at the time of death.Fourth, for larger estates, a well planned will can help reduce estate taxes.Fifth, and most important, through a will you can appoint who will take your place, as guardian of your minor children should both you and their other parent both pass away.Filling out the worksheet that our office provides will help you make decisions about what to put in your will. Bring it and any additional notes to our office and our estate planning professionals will be able to efficiently prepare a will that meets your needs and desires.Estate Administration- Probate ProcedureProbate is the process by which a deceased person's property, known as the "estate", is passed to his or her heirs and legatees (people named in the will), the entire process, supervised by the probate court, usually takes about one year. However, substantial distributions from the estate can be made in the interim.The emotional trauma brought on by the death of a close family member is often accompanied by bewilderment about the financial and legal steps the survivors must take. The spouse who passed away may have handled all of the couple's finances. Or perhaps a child must begin taking care of probating an estate about which he or she knows little about. And this task may come on top of commitments to family and work that can't be set aside. Finally, the estate itself may be in disarray or scattered amount many accounts, which is not unusual with a generation that saw banks collapse during the Depression.Here we set out the steps the surviving family members should take. These responsibilities ultimately fall on whoever was appointed executor or personal representative in the deceased
family member's will. Matters can be a bit more complicated in the absence of a will, because it may not be clear who has the responsibility of carrying out these steps.First, secure the tangible property. This means anything you can touch, such as silverware, dishes, furniture, or artwork. You will need to determine accurate values of each piece of property, which may require appraisals, and then distribute the property as the deceased directed. If property is passed around to family members before you have the opportunity to
take an inventory; this will become a difficult, if not impossible, task. Of course, this does not apply to gifts the deceased may have made during life, which will not be part of his or her estate.Second, take your time. You do not need to take any other steps immediately. When bills do need to be paid, they can wait a month or two without adverse repercussions. It's more important that you and your family have time to grieve. Financial matters can wait. When you're ready but not a day sooner, meet with one of our attorneys to review the steps necessary to administer the deceased's estate. Bring as much information as possible about finances, taxes and debts. Don't worry about putting the papers in order first; our attorney will have experience in organizing and understanding confusing financial statements.In general rules of estate administration include the following steps:1. Filing the will and petition at the probate court in order to be appointed executor or personal representative. In the absence of a will, heirs must petition the court to be appointed "administrator" of the estate.2. Marshalling, or collecting the assets. This means that you have to find out everything the deceased owned. You need to file a list, known as an "inventory", with the probate court. It's generally best to consolidate all of the estate funds to the extent possible. Bills and bequests should be paid from a single checking account, either one you establish or one set by our firm on your behalf, so that you can keep track of all expenditures.3. Paying bills and taxes. If an estate tax return is needed—generally if the estate exceeds $675,000 in value—it must be filed within nine months of the date of death. If you miss this deadline and the estate is taxable, severe penalties and interest may apply. If you do not have all of the information available in time, you can file for an extension and pay your best estimate of the tax due.4. Filing tax returns. You must also file a final income tax return for the decedent and, if the estate holds any assets and earns interest or dividends, an income tax return for the estate. If the estate does earn income during the administration process, it will have to obtain its own tax identification number in order to keep track of such earnings and file an estate income taxnotion in addition to the decedent's final income tax return.5. Distributing property to the heirs and legatees. Generally, executors do not pay out all of the estate assets until the period runs out for creditors to make claims, which in Illinois is 6 months from the date the estate, notice of death in the newspaper. But once the executor understands the estate and the likely claims, he or she can distribute most of the assets, retaining a reserve for unanticipated claims and costs of closing out the estate.6. Filing a final account. The executor must file an account with the probate court listing any income to the estate since the date of death and all expenses and estate distributions. Once the court approves this final account, the executor can distribute whatever is left in the closing reserve, and finish his or her workAvoiding probate through joint ownership or trusts can eliminate some of these steps. But whoever is left in charge still has to pay all debts, file tax returns, and distribute the property to the rightful heirs. You can make it easier for your heirs by keeping good records of your assets and liabilities. This will shorten the process and reduce the legal bill.Guardianship and ConservatorshipEvery adult is assumed to be capable of making his or her own decisions unless a court determines otherwise. If an adult becomes incapable of making responsible decisions due to a mental disability, the court will appoint a substitute decision maker, called a "guardian". Guardianship is a legal relationship between a competent adult (the "guardian") and a person who because of incapacity is no longer able to take care of his or her own affairs (the "ward"). The guardian is authorized to make legal, financial, and health care decisions for the ward. Depending on the terms of the guardianship, the guardian may or may not have to seek court approval for various decisions, but generally the guardian acts without being required to incur the expense of court approval.Some incapacitated individuals can make responsible decisions in some areas of their lives but not others. In such cases, the court may give the guardian decision-making power over only those areas in which the incapacitated person is unable to make responsible decisions (a so-called "limited guardianship"). In other words, the guardian may exercise only those rights that have been removed from the ward and delegated to the guardian. Guardianships are consuming and expensive. Prefer planning with Power of Attorneys for health care and financial matters will significantly reduce cost and time in the event you became incapacitated. (See Page for detailed discussion of Power of Attorney).IncapacityGenerally a person is judged to be in need of guardianship when he or she shows a lack of capacity to make responsible decisions. A person cannot be declared incompetent simply because he or she makes irresponsible or foolish decisions, but only if the person is shown to lack the capacity to make sound decisions. For example, a person may not be declared incompetent simply because he or she spends money in ways that seem odd to someone else. Also, a developmental disability or mental illness is not, by itself, enough to declare a person incompetent.ProcessAnyone interested in the proposed ward's well being can request a guardianship. An attorney is usually retained to file a petition for a hearing in the probate court in the proposed ward's county of residence. The proposed ward is entitled to legal representation at the hearing, and the court will appoint an attorney if the allegedly incapacitated person cannot afford lawyer.At the hearing, the court with the help of the Guardian ad Litem attempts to determine if the proposed ward is incapacitated and, if so, to what extent the individual requires assistance. If the court determines that the proposed ward is indeed incapacitated, the court then decides if the person seeking the role of guardian will be responsible.GuardianA guardian can be any competent adult-the ward's spouse, another family member, a friend, a neighbor, or a professional guardian (an unrelated person who has received
special training). A competent individual may nominate a proposed guardian through a durable power of attorney in case she ever needs a guardian.The guardian need not be a person at all—it can be a non-profit agency or a public or private corporation. If a person is found to be incapacitated and a suitable guardian cannot be found, courts in many states can appoint a public guardian, a publicly financed agency that serves this purpose. In naming someone to serve as a guardian, courts give first consideration to those who play a significant role in the ward's life – people who are both aware of and sensitive to the ward's needs and preferences. If two individuals wish to share guardianship duties, courts can name co-guardians.Reporting RequirementsCourt often give guardians broad authority to manage the ward's affairs. In addition to lacking the power to decide how money is spent or managed, where to live and what medical care he or she should receive, wards also may not have the right to vote, marry or divorce, or carry a driver's license. Guardians are expected to act in the best interests of the ward, but give the guardian's often-broad authority; there is the potential for abuse. For this reason, courts hold guardians accountable for their actions to ensure that they don't take advantage of or neglect the ward.The guardian of the property inventories the ward's property, invests the ward's funds so that they can be used for the ward's support, and files regular, detailed reports with the court. A guardian of the property also must obtain court approval for certain financial transactions. Guardians must file an annual account of how they have handled the ward's finances. Guardians must offer proof that they made adequate residential arrangements for the ward, that they provided sufficient health care and treatment services, and that they made available educational and training programs, as needed. Guardians who cannot prove that they have adequately cared for the ward may be removed and replaced by another guardian.For more information, please see Part II of this articleNicolosi & Associates - Attorneys at Law Since 1948. Skilled in the law. Experienced in business. http://www.nicolosilaw.com
Category : Legal:Living-Will
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