If she decides to go that path, Bourdain’s estranged wife could exercise her right to her share of his estate.
Documents filed with the Manhattan Surrogate's Court say that Bourdain's estate was worth $1.21 million, the New York Daily News reported. This includes $425,000 in savings and cash, $35,000 in brokerage money, $250,000 in personal property and $500,000 in "intangible property, including royalties and residuals."
Bourdain named his estranged wife, Ottavia Busia-Bourdain, as his executor and left her "personal and household effects" including cars, furniture, books, and frequent flier miles. Reports say that he never finalized his divorce from Ottavia. As a result, she may be eligible for elective share of the assets, even if she was left out of the will. She could receive as much as a third of Mr. Bourdain's estate, if she elects.
French authorities ruled that Bourdain had committed suicide in a hotel room in France in early June. He was in France to film segments for “Parts Unknown,” his popular CNN show.
Singles need to be more proactive about planning for long-term care and estate planning to protect themselves against some of the inevitable issues of aging.
Saving as much as possible in a 401(k) plan or IRA while you can is important. You should also make certain that you have emergency savings, if you're still working. If you’re still employed, find out if your company offers group insurance for long-term disability. Those policies provide a portion of your income, in case you end up unable to work due to an accident or other medical condition.
How much of your Social Security benefits are taxable depends on several factors. You’ll need the bigger picture of your retirement income to know how much of a hit you can expect.
Depending on the amount of other income and Social Security benefits, those benefits are included with other taxable income. It could be 85%, 50%, or zero. There are steps you can take to reduce your tax exposure. However, it takes planning and knowing the formulas.
Since 85% of benefits are includible, once you exceed the $44,000/$34,000 income threshold, it may be wise to defer income to a particular year. Say that you know your income is going to be above this threshold and you’re planning on converting a traditional IRA to a Roth IRA. You could make the conversion in this year and pay the taxes on it. This won’t result in any additional inclusion of Social Security benefits. As a result, in the future, you won’t have to take required minimum distributions (RMDs) because you have a Roth IRA, not a traditional one. This will keep your income lower in future years than it would have been without the conversion.
You’ll want to gather up all your retirement income information and estate planning documents to see what can be done to reduce Social Security tax exposure. Your estate planning attorney should be able to help guide you through the process.
If you want to be remembered as the person who made sure your heirs had all the information they needed about what you wanted, for funeral arrangements as well as what to do with Great Aunt Joan’s diamond bracelet, you might want to consider writing an ethical will.
An inheritance is often more than just assets. Family heirlooms, art, treasures from global adventures and stories, are also things that families share. When you prepare an ethical will, sometimes known as a “living letter” or a “legacy letter,” you give your children the ability to know what you want them to do with your belongings, and why.
Some don’t like the term ethical will and prefer to call it a legacy letter. However, the purpose is the same. Regardless of what it's called, the ethical will is simply a letter.
An ethical will can help uncover character assets and the values that a person holds dear. It can explain that what they have to pass on to loved ones, can be much more valuable than finances.
Even if the letters are directions about assets, they will by their very nature be personal, and your way to send a final message to those you love. You want to share your goals for your estate, and likely, your hopes and dreams for your family when you are gone.
One of the heroes of American’s Apollo space program is now engaged in a lawsuit against his own children, while his children have filed a petition saying he is suffering from dementia.
The children said Buzz was associating with new friends, who were trying to alienate him from his family and that he had been spending his assets at "an alarming rate.'' They filed a petition claiming their father was suffering from memory loss, delusions, paranoia and confusion.
"I also believe that he is perfectly capable of providing for his physical health needs, food, clothing and shelter and is substantially able to manage his finances and resist fraud and undue influence,'' said Dr. James Spar in a letter to Aldrin's attorney.
This past June, Aldrin was at the White House when President Trump announced that he wanted the Pentagon to create the “Space Force” as a new military branch. Aldrin was a member of the Apollo 11 crew that landed the first two people ever to walk on the moon.
Hybrid policies, aimed at affluent Americans, offer long-term-care benefits along with potential death benefits.
Reference: The Wall Street Journal (June 11, 2018) "Long-Term-Care Insurance Isn't Dead. It's Now an Estate-Planning Tool."
The goal is to have more people aware of what elder abuse is and what to do when they see it. The more people who can act, from police to community members, the better.
Under the leadership of Kansas Attorney General Derek Schmidt, a new initiative is being launched that will train law enforcement, social workers and community members to better recognize financial elder abuse.
About 54 law enforcement officers have already received training at two programs presented in Topeka and Shawnee. Law enforcement officers across the state will have access to online training, through a partnership with the Kansas Law Enforcement Training Center.