Charles Monat Associates: May 2006






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	Wednesday, May 31, 2006 Modern Day Estate Planning For The Intangibles Every state has statutes and mechanisms in place that deal with disposal of tangible assets whether the deceased had a will or not. According to Ronald Hudkins, a leading expert in the field, families might fight over who gets the house, the cars, the stocks and the cash, but there is generally no question about where such property is located. Read more... posted by Charles Monat Associates at 5:30 PM \| 0 comments The Soft Side of Estate Planning in the Family Business Most entrepreneurs are so caught up in the passion of their enterprise that they rarely plan ahead for the wealth that will accumulate. Although there is a desire to make money, only a select few entrepreneurs actually make money their goal. Rather wealth is a byproduct of having done well. Furthermore, most entrepreneurs did not grow up in wealthy families, so they don’t have role models for managing their money or planning for the continuity of the family business. As a result when it comes time to develop an estate plan, many entrepreneurs are at a loss for where to start, or to even know they should start. Read more... posted by Charles Monat Associates at 5:29 PM \| 0 comments Wednesday, May 17, 2006 10 Documents You Shouldn't Live Without Odds are, there's a document or two that you know you should have, but you just haven't gotten around to yet. It might be your will or a living will. But did you know that there are actually lots of documents that you might want to consider adding to your file drawer? Below I've listed 10 that I think are must-have documents. See how many you have, and take action on the ones you haven't yet set up. Read more... posted by Charles Monat Associates at 9:17 AM \| 0 comments Monday, May 08, 2006 Forbes List - The World's Billionaires Making a billion just isn't what it used to be. In our inaugural ranking of the world’s richest people 20 years ago, we uncovered some 140 billionaires. Just three years ago we found 476. This year the list is a record 793. They’re worth a combined $2.6 trillion, up 18% since last March. Their average net worth: $3.3 billion. Read more... posted by Charles Monat Associates at 9:42 AM \| 0 comments Whole life coverage is costlier, worthwhile as people live longer NEW YORK — With term life insurance rates so cheap, why would anyone want to buy a permanent policy? After all, premiums can be four, five or 10 times higher than with term insurance, and comparing permanent plans isn't easy. There's still a place for whole and universal coverage. The chief advantage of permanent plans, also known as "cash-value" insurance, is that they are, indeed, permanent; they last until you die while term coverage lasts for 10 to 30 years, and the price can skyrocket on renewal. Read more... posted by Charles Monat Associates at 9:01 AM \| 0 comments Why lawyers should work with Trust Companies Over the years, the legal profession has been finding its footing in the financial planning industry that never existed. The buzz words “financial” and “estate” planning have caught many lawyers by surprise, as they are more accustomed to doing conveyancing, litigation and corporate work. Read more... posted by Charles Monat Associates at 9:00 AM \| 0 comments UK - The Chancellor's sneak attack on trusts - are you affected? Avoiding inheritance tax will become that much harder, since the Chancellor announced measures in Budget 2006 to crack down on trusts. Trusts are used for many reasons apart from the avoidance of tax, but Gordon Brown has proved adept at finding new ways to fill the Treasury coffers by various stealth taaxes, and trusts are the latest means to catch his eye. Read more... posted by Charles Monat Associates at 8:59 AM \| 0 comments Thursday, May 04, 2006 Why Oil Prices Are Up, and What We Can, and Can't, Do about It Rising prices for crude oil and gasoline have alarmed many consumers and put President Bush and other U.S. politicians in a position where they feel they have to do something -- anything -- in response, especially in an election year. But members of Wharton's finance department and private-sector economists say it's a good time to shun hysteria, take a deep breath, and look rationally at the reasons for the price hikes and their likely effect on the economy and on energy policy. Read more... posted by Charles Monat Associates at 1:44 PM \| 0 comments
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