Thomas Walters Estate Planning - Q3 2020
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August 2020
Leaving Behind Your Young Children Your Estate Plan Can Help Protect Them
Everyone believes they’ll be around to watch their children grow up, watch them graduate high school and college, walk their daughter down the aisle, and meet their grandchildren. No one thinks a sudden sickness or freak accident will happen to them or that they’ll suddenly be gone, leaving their family and assets behind. In estate planning, there’s a noticeable gap in people who come to our firm to set up a plan for themselves. My team members and I believe that people should start their planning early, but that’s not often the case. Most people don’t start thinking about putting such a plan in place until after they’ve gone into retirement. Even more alarming, most Americans don’t leave behind any type of plan at all. For individuals with minor children, this can be catastrophic. On Sept. 1, 1715, King Louis XIV of France died, and his 5-year-old great-grandson, Louis XV, took his place as king. That’s quite the responsibility to place on a 5-year-old. If something like this were to happen in Texas, assuming there’s no estate plan in place, the court would get involved rather than let a child automatically inherit a throne. The court would then assign the child a guardian, who may or may not be the person the parents would have chosen. That child would then be under court supervision and guardianship at least until the age of 18, sometimes even 21. All of the child’s inheritance would be managed by the court until that age. These days, kids often turn 18 while still in high school, and no one wants their child to receive their entire inheritance at that age. Most people might think this isn’t a problem if they don’t have a large sum of money their children can inherit, but that’s not necessarily true.
People commonly have life insurance through their employer or other means, which can be a huge chunk of money passed on to their kids. There’s also the sale of their house, any individual retirement or 401(k) accounts, any money left in the bank, and any other real estate they may have. Even if you are in your 30s, there’s still a lot of money that can go to your children. And under the laws of Texas, they will only receive it when they turn 18 or 21. With a proper estate plan in place, parents can pick who they want as the guardian of their children, keeping them out of the court system, and let the people they trust make important decisions for their children. A parent can even choose to pick a person other than the guardian to manage the kids’money. Secondly, a parent can decide when their kids receive their inheritance. If, for example, a parent dies when their child is 5, the money will be needed for child care, education, and any medical expenses they may have. The money that is left for them can be used for these purposes, and no one is going to hand the child a big check when they turn 18, which
is what would happen if the court system was in charge. Our team can also put plans in place that will stagger the distribution of inheritance when children turn 25, 30, 35, and onward, depending on how much money is left to them. One significant benefit we offer at our firm is the Lifetime Lawyer Protection. This means that the earlier someone puts an estate plan in place, the more benefits they’ll receive from it. Any time a parent needs to make amendments or updates to their plans in accordance with a change in the family or law, they can do so without worrying about extra cost. This is a complimentary service we offer to all our clients. We can write provisions into an estate plan that provide and account for the direction the child is headed or any health needs that arise later in life. Unfortunately, young parents who have young children don’t often take advantage of estate planning. To give your children the best protection in life, though, you should put an estate plan in place.
-Les lie Thomas
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THE LASTING IMPACT OF THE DEEPWATER HORIZON OIL SPILL LEGAL IMPLICATIONS WE CAN STILL SEE TODAY
the U.S. justice system. However, protecting data across borders poses an increasing challenge. Cooperation among international government regulators may be more common for private plaintiffs’ counsel, but globalization and shifting feelings about nationalism can interfere with the strict standards of electronic data privacy and security. This means complex cases must rely on a proactive and professionally managed data strategy plan. Second, due to tremendous political polarization over the past few decades, local relationships are more important than ever . U.S. states, counties, and municipalities have become more independent, and “it’s more common for ills to be litigated independently at all levels of government,” Neath says. The affected U.S. Gulf Coast states and surrounding counties each influenced the outcome of the Deepwater Horizon claims. Since the oil spill, we have recognized the importance of carefully considering the relationships between each party. Third, Deepwater Horizon has popularized the creation of internal business functions
Although not many people realize it, the 2010 Deepwater Horizon oil spill greatly affected many aspects of the legal systemwe rely on today. The head of litigation for BP at the time, James J. Neath, says the case was a “life-changing event.” For over a year and a half, BP’s large internal and external legal teams worked continuously on the crisis response 16 hours a day, seven days a week. Neath describes the workstream as “devoted to identifying, preserving, and ‘live- streaming’ video footage of the ongoing leak.” On top of the overwhelming data, public actors from every level of government were involved. Furthermore, the case affected international claims ranging, according to Neath, from “class actions in Mexico to U.K. pension fund securities claims to litigation in the Ecuadorian Constitutional Court.”Neath adds that the sheer scale and reaction to this crisis pushed the legal industry in ways we can still see today. For one, the practice of law has rapidly globalized. Because the Deepwater Horizon oil spill case affected people nationally and internationally, it’s more common for victims outside the U.S. to seek compensation within
for investigating internal business safety and integrity. These departments are often established separately from the business to avoid any profit bias. Fourth, speed, professionalism, and expertise when handling data and technology in a legal operation have become more crucial than ever before. While investigations are “growing [in] importance,” even Neath believes that the “greatest challenge is data.”While he acknowledges that data experts often speak different languages, seasoned data professionals with legal backgrounds should still manage the data. With the lessons learned from the Deepwater Horizon oil spill, the U.S. legal system is better prepared to handle future hurdles that may come its way.
HOLD THE SALT Don’t Let Food Seasonings Sabotage Your Health
With so much emphasis on what foods you should eat to be healthy, it’s easy to overlook an important element of the cooking process: seasoning. You can find thousands of premixed seasonings on the market, and although adding dashes to your food seems inconsequential, the seasoning may actually turn your healthy foods into unhealthy foods. And the main culprit, in this case, is salt. Salt is a popular component of many premade seasonings because of its flavor-enhancing abilities. The label on your favorite mix should tell you exactly how much salt it contains. If it’s high on the ingredient list, you’re better off finding a substitute. High-sodium seasonings will promote water retention if used too liberally, which may lead to weight gain. The American Heart Association recommends consuming no more than 2,300 mg of salt a day. Ideally, adults would consume only 1,500 mg of salt daily. Removing salt from your seasoning repertoire may be difficult because it does enhance flavor. But alternative spices, when paired with the right food, can be great substitutes and have numerous health benefits. Here are a few. • For beef: bay leaf, marjoram, nutmeg, pepper, sage, thyme • For chicken: marjoram, oregano, paprika, rosemary, tarragon, chili powder • For pork: garlic, onion, sage, pepper, oregano
• For fish: curry powder, dill, dry mustard, marjoram, paprika, pepper • For vegetables: pepper, parsley, cumin, dill, chives, basil, paprika
Try not to use more than 1/4 teaspoon of dried spice or 3/4 teaspoon of fresh spice per pound of meat or veggies. And for the best flavor, add ground spices to your food about 15 minutes before the end of cooking time. Add whole spices at least one hour before. Remember, salt doesn’t have to be the enemy — in moderation, it helps your body stay properly hydrated and helps deliver nutrients more efficiently. But too much can quickly lead to negative side effects, and with granules that are hard to see, it can be easy to go overboard. Instead, experiment with the hundreds of incredible spices available, and you might just open up a whole new world of great flavors and healthy habits.
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TAKE A BREAK
You see fun quizzes on Facebook all the time. What kind of dog breed matches your personality? What Disney princess are you most like? These can be fun to pass time or learn new things about yourself. However, did you know that social media quizzes aren’t actually safe? The Better Business Bureau (BBB) recently warned people that distractions on social media aren’t all harmless. In order to collect personal information, scammers can’t knock on your door and ask about your mother’s maiden name or the name of the street you grew up on. Intentionally, they design scams to attract your attention so you voluntarily give your information to them. They will ask common security questions that seem to relate to the subject matter, but in actuality, your answers are recorded for scammers to hack and steal your personal information later on. That’s why it pays to be skeptical . If you’re about to take a quiz, first ask yourself who created it. Do you trust them and the website it’s on? Even if the quiz seems outwardly innocent, it’s a risk. To prevent quizzes and potential scams from popping in your newsfeed, adjust your privacy settings and monitor friend requests . Is one of your friends adding you on a second account? Sometimes, scammers make imposter secondary accounts of people just to have access to their friends’ timelines. Not everyone monitors how much they post on Facebook; anyone can amass lots of invasive information just from scrolling down a profile. This brings us to our next point: Remove personal details from your profile . Nobody needs to know your phone number and home address by clicking around on your profile. Let the important people ask! It’s safer that way. Lastly, never give answers to common security questions . Why would a quiz need to know the name of your high school? No matter what, when you volunteer information online, there’s always risk. Best of luck, friends! There are lots of safe, authentic quizzes out there. How else are you supposed to know what Disney princess or dog breed you really are? ARE YOU QUIZ SAVVY? Beware of Social Media Quiz Scams
RESTAURANT-STYLE FETTUCCINE ALFREDO
Inspired by The New York Times
Ingredients
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Salt
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1 lb fresh fettuccine
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2 tbsp butter
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1 cup freshly grated Parmigiano- Reggiano
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1 clove of garlic, finely chopped
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Freshly ground pepper, to taste
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1 1/2 cups heavy cream
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Fresh parsley, chopped, to taste
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1 large egg yolk
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1 lemon wedge
Directions
1.
In a large pot, bring 6 quarts of generously salted water to a boil. In a large, deep skillet, while the water heats, melt butter over medium-high heat. Add garlic and sauté until fragrant and sizzling (about 2 minutes). In a bowl, whisk heavy cream and egg yolk until blended and pour into garlic butter. Reduce heat to medium-low. Stir until hot, not boiling. Keep warm on low heat.
5.
In the large pot, cook pasta until al dente. (The pasta will float once it’s done.) Reserve about 1/2 cup pasta water and drain pasta. Pour hot pasta into creammixture and toss to coat on low heat. Add Parmigiano-Reggiano and keep tossing gently until cream is mostly absorbed. If the sauce is absorbed too much, toss with extra pasta water. Season with salt and pepper to taste.
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Serve with parsley and a squeeze of lemon.
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INSIDE THIS ISSUE
1
Leaving Behind Your Young Children
Legal Lessons From the Deepwater Horizon Oil Spill Is Seasoning Sabotaging Your Health?
2
Restaurant-Style Fettuccine Alfredo Don’t Fall for These Social Media Quiz Scams
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Meet the Man Who Stole the ‘Mona Lisa’
THE MOST FAMOUS ART HEIST YOU’VE NEVER HEARD OF Meet the Man Who Stole the ‘Mona Lisa’
One hundred and nine years ago this month, one man — or was it three? — fled from the Louvre Museum in Paris, carrying what would quickly become the world’s most famous painting: Leonardo da Vinci’s “Mona Lisa.” Historical accounts of the theft agree only on who was the ringleader: 30-year-old Louvre handyman Vincenzo Peruggia. He was a house painter, an immigrant, the bearer of a glorious Monopoly Man mustache, and a vehement Italian patriot. At some point on the morning of Aug. 21, 1911, Peruggia lifted the glass case he himself had constructed to house the “Mona Lisa” and smuggled the painting from the building. Some versions of the story say Peruggia was assisted by two brothers, fellow Italian handymen Vincenzo and Michele Lancelotti. NPR reports the trio spent the night preceding the theft huddled in one of the Louvre’s supply closets, lying in wait
to steal the portrait. In his documentary about the theft, director Joe Medeiros claims Peruggia acted alone, driven by an obsession with the work and a dream of returning the painting to Italy. Either way, we know that Peruggia successfully spirited the painting back to his one-bedroom apartment. There it lay concealed in a false-bottomed trunk for more than two years. This period of mysterious absence (during which police grilled and dismissed Peruggia as a suspect in favor of J.P. Morgan, Pablo Picasso, and playwright Guillaume Apollinaire) is what made the “Mona Lisa”world famous. Peruggia was eventually caught attempting to sell the painting in Italy. He pleaded guilty and spent eight months in jail. After his release, he enlisted in the Italian army to fight in WorldWar I, surviving the war only to die of a heart attack on his 44th birthday.
Though Peruggia married after the war, some suspect that the true love of his life was the “Mona Lisa” herself. In a CNN article, author and art history professor Noah Charney speculates that over his two years with her, Peruggia developed romantic feelings for the portrait. Perhaps he fell victim to a kind of “reverse Stockholm syndrome,” Charney suggests, the captor falling in love with his hostage. “In this case,” he says, “the hostage was a work of art.”
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