Eversole Quarterly
Too Much at Once When a Child’s Inheritance Causes More Harm Than Good Summer 2020
When my grandparents passed away, I don’t remember what happened in regard to an estate plan; I was far too young for all of that. Now, as a grandparent myself, I can certainly see and feel the importance of an estate plan to make both my children’s and grandchildren’s lives better. Furthermore, as an attorney, I know the implications of not having some type of plan in place. One of the biggest issues I’ve seen in the practice of law is when kids inherit too much money because their parent or guardian did not have an estate plan in place. It ends up being detrimental rather than helpful or supportive. Receiving too much money at once can be harmful to a child’s future, which is why setting up a trust is so important. If a young person is likely to come into a lot of money, a trust is recommended. This gives someone older and wiser the responsibility of ensuring the younger heir receives their money in manageable amounts when they are old enough.
It’s very important to consider what your child may receive when it comes to finances. Oftentimes, people have far more money than they realize. Life insurance payouts, home equity, retirement funds, money in the bank, and any other real estate can all be passed down, and it really adds up. I believe people need to be very thoughtful about what they leave their young heirs and how it will affect them. While you may be contributing to them by giving them their entire inheritance at once, it is hard to tell whether or not they will be responsible with the money. Many minors don’t have a personal responsibility to take care of their own lives, nor do they realize what it means to suddenly support themselves. If, for example, a child’s guardian passes away and leaves them with an ample amount of money, they might find it difficult to show restraint when spending money that would have otherwise paid for their college or helped them at a time when they desperately needed it.
“Receiving too much money at once can be harmful to a child’s future, which is why setting up a trust is so important.”
That’s not to say that a trust doesn’t have its own complications. The more money that a child inherits, the more difficult the choices — such as when to distribute funds or whether or not to use a trustee — become. Typically, a child cannot receive their inheritance until they are 18 years old and no longer a minor. However, when writing up a trust, you can choose whether or not they receive their inheritance all at once or in divided sums as they grow. Additionally, you should also choose someone you know and trust as the trustee.
To learn more about incorporating a trust into your estate plan, reach out to our office. My team and I can help you through it.
-Alysoun Eversole
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A Dutch Man’s Quest to Change His Legal Age What Is Age but a Number?
a new house, drive a different car. I can take up more work. When I'm on Tinder and it says I'm 69, I don't get an answer. When I'm 49, with the face I have, I will be in a luxurious position.” Interestingly enough, Ratelband’s request wasn’t dismissed outright by the court. The judge found merit in the argument and said that people desire to change things about themselves all the time, adding that maybe age was one of those things we should consider — “maybe” being the operative word. The court ultimately decided that “Ratelband is at liberty to feel 20 years younger than his real age and to act accordingly.” But the judge added that changing his legal documents would have “undesirable legal and societal implications.” The court added “[T] here are a variety of rights and duties related to age, such as the right to vote and the duty to attend school. If Mr. Ratelband's request was allowed, those age requirements would become meaningless.” Today, Ratelband is 71 and continues his battle to change his age in the Dutch court system. If the case had been brought here in the U.S., his quest to be younger on paper would have been fruitless because we have age discrimination laws that would protect him in buying the new house that he wants. He would also have the freedom to drive that different car and take up more work without societal rules impeding him if here were here in the U.S….God Bless the U.S.A.!
In 2018, Dutch native Emile Ratelband was 69 years old. The thing was that the motivational speaker and founder of the
Ratelband Research Institute didn’t want to be 69. So, he went to a Dutch court and petitioned for the right to change his legal age. His intention was to change the year of birth on his birth certificate — bumping it up by 20 years. As a result, all records would show him as 49.
Why did Ratelband want to change his age?
He told the court he didn’t feel like a man who was going on 70. He said he felt good — he felt like a man 20 years younger. He even said his doctors agreed and that they’d told him he had the body of someone younger. But there was another major reason Ratelband wanted to change his age. He said doing so would increase his overall happiness and would be helpful on dating apps. He would no longer have to deal with the ageism that came with being 69. Ratelband even went as far as to say he would be willing to delay his pension benefits another 20 years if need be. In an interview with Dutch newspaper Algemeen Dagblad, Ratelband said, “When I'm 69, I am limited. If I'm 49, then I can buy
Owner’s Title Insurance vs. Title Fraud Insurance
Providing Extra Protection for Your Investment
Going through life without insurance is a risky thing. There is life insurance, health insurance, long-term care insurance, car insurance, hazard insurance, wind and hail insurance, flood insurance ... You get the point. Without insurance, an unforeseen event can deplete your savings or even send you into bankruptcy. These types of insurances offer protection during unexpected future events. In real estate transactions, however, there are owner's title insurance and lender’s title insurance, both of which protect you in the event documents, and they even cover events that are not discoverable in the public records. Not often, but sometimes, the title insurance company must defend the owner/lender when someone claims an ownership interest in the property. If the claimant was to prevail, damages are paid up to the limits of the policy, which is the purchase price of the property or, in the lender’s case, the amount of the loan. Lenders almost always require a lender’s title insurance policy, and the owner's policy is issued simultaneously. Title insurance is very important to have because without it, you would have to defend such a claim yourself, at your own expense. If the claimant prevails, you could suffer an irreparable loss, such as losing the title to your property, gaining an unwanted co-tenant, or a host of other possibilities.
There is a relatively new type of insurance available called home title insurance. Unlike the other forms of title insurance — which protect against circumstances arising from the past — home title insurance protects you from future criminal events involving the title to your property. The title insurance issued at the purchase of the property does not protect against events occurring after the policy is issued. Title fraud happens in various ways, such as when a rightful owner of the property (often an older adult) is convinced, under false promises, to sign over the title to the property, or when the rightful owner’s identity is stolen. After this, the bad actor can conduct a cash-out refinance or sell the property to an unsuspecting purchaser. In either case, the fraudster walks away with the cash and leaves the rightful owner left to deal with the fallout. I don’t know of any closing attorney who offers title fraud insurance, but these days, it would be a good idea to make sure homebuyers understand the difference between title insurance that insures marketable title to the property and title insurance that would protect them from title fraud and identity theft in the future.
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Change Can Be Easy Pam Marmon’s Outline for Effective Post-Pandemic Transformation
The key, Marmon explains, is to identify your company’s culture and cater your plan’s language to suit what will resonate with your employees the most. This will establish a sense of alignment with your business’s vision and direction, which can be one of the biggest hurdles to overcome. You cannot achieve success in a period of change if your team is doubtful and unwilling. With your company united toward your vision, you can begin to enact real change. However, this is only the beginning. Marmon’s book also outlines how to connect with fellow leaders in your company to develop a framework for growth. By creating a stable foundation and inspiring change, you’ll find this time of major transition to be much smoother than you may have anticipated. As a result, your company will come out on top at the end of the COVID-19 era. Marmon’s mantra is inspiring: “With the proper process, change is not hard.” And with her book, “No One’s Listening and It’s Your Fault,” business leaders can see just how simple change can be.
Pam Marmon understands what it means to adapt. After growing up in Bulgaria, Marmon had to modify her way of living when she emigrated to the U.S. Today, she’s a CEO, entrepreneur, wife, and mother who believes that change doesn’t have to be difficult. In fact, she’s mastered it. Marmon has even established a company, Marmon Consulting, that helps other companies develop strategies for executing transformation. In Marmon’s book, “No One’s Listening and It’s Your Fault: Get Your Message Heard During Organizational Transformations,” she outlines her proven methods for effective communication in any company setting, from a major corporation to a family business. Released on March 24, 2020, Marmon’s advice is timely in a period when many business owners are searching for proactive solutions and the next step in finding post- pandemic success. Marmon’s book is the perfect guide for business leaders who recognize the need for tangible change and want to execute it as effectively as possible.
LEARNING
LEGALESE EasyStuffed Sweet Potatoes
Ingredients
Inspired by EatingWell.com
Quantum Meruit An equitable doctrine whereby one who benefits by the labor of another implies a promise to pay a reasonable sum for the work.
• • • • •
1 tsp cumin
• 4 medium sweet potatoes • 1 15-oz can black beans, drained and rinsed • 2 medium tomatoes, diced • 1 tbsp olive oil
1 tsp coriander
3/4 tsp salt
1/4 cup sour cream
1/4 cup fresh cilantro, chopped
Directions
3. Cool potatoes slightly, then cut each potato open lengthwise. Pull the halves apart to create space to spoon the warm bean salsa inside. 4. Add a scoop of sour cream to each potato, garnish with cilantro, and serve!
1.
With a fork, prick each sweet potato a few times. Microwave the potatoes on high 12–15 minutes, or until cooked through.
2. In a microwave-safe bowl, combine the beans, tomatoes, olive oil, cumin, coriander, and salt. When the potatoes are done, microwave the mixture on high for 2–3 minutes.
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PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411
Eversole Law Firm, P.C. 1509 King Street Beaufort, SC 29902 (843) 379-3333 www.eversolelaw.com
Disclaimer: The content of this publication has been prepared by Eversole Law Firm, P.C. for informational purposes only and is not to be construed as legal advice. It does not create an attorney-client relationship with its readers and may not be used by you, the reader, as legal advice. You are encouraged to consult with us or another attorney about your circumstances to which the information in this document may apply.
What’s Inside
1. The Benefits of a Trust 2. Should You Be Able to Change Your Legal Age? Protect Yourself and Your Property 3. How to Enact Effective Change Easy Stuffed Sweet Potatoes 4. What Does the Constitution Mean to You?
What Does the Constitution Mean to You?
Debating the Document That ’s Shaped Our Country
For one of those winners, in addition to helping pay her way through college, the debate experience also provided fodder for a Broadway play. In “What the Constitution Means to Me,” playwright and actor Heidi Schreck recounts her experience of debating the Constitution in American Legion halls all over the U.S. In the largely autobiographical play, theatergoers get to see the experience through the eyes of 15-year-old Heidi (played by Schreck in the original production) as she gives her speech and talks about the Constitution. At other times, viewers see the grown-up Schreck reflect on her interpretation of the evolution of the Constitution's meaning over the years and how her debate experiences have shaped her understanding of what it means to live under this governing document. For Heidi Schreck, as well as for hundreds of other debaters, developing a close relationship with the Constitution helped pay her way through college and gave her a better understanding of the principles our country was built on. With the elections looming before us, now is a great time to take a look at our beloved Constitution and reflect on how it will shape the coming years by the choices we make today in the voting booth.
Most teenagers are more interested in hanging out with their friends and listening to the next cool band than diving into the United States Constitution. But that’s exactly how some students have been spending their mornings, afternoons, and evenings: studying and preparing to debate their peers all over the nation about the contents of the 200-year- old document. Their motivation? Prestige, honor, and thousands of dollars of scholarship money.
Sponsored by the American Legion, these constitutional debates were started in 1938 with the intent to “develop deeper knowledge and appreciation for the U.S. Constitution among high school students,” according to the Legion’s website. In the process of writing the speeches they’ll debate, students under 20 learn the history of U.S. laws and develop a better understanding of the rights and privileges of American citizenship. The legion offers up over $188,000 annually in scholarship money to debate winners.
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