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Dorothy Copus Brush What will Y2K have in store for us? Y2K is theme as we march from the 1900s to
the 2000s. For all the brain power in Silicon Valley, evidently
no one thought to tell the computers that they would need to
change a one to a two. By the time that fact got through, panic
was in the air. The public has been bombarded with all the scenarios
of doom and gloom. Stories of "what if" dominate the
news. Many of us remember the same uncertainties
when the atom bomb was unleashed, and underground shelters became
uppermost in the minds of many. Once they were installed and
well-stocked with provisions, the owners were confident they
would survive in their mole-like home until it was safe to enter
the upper world again. True survivalists added guns to their
cache so they could turn away anyone begging to be saved. Fortunately for humankind the shelters were
not used. As for Y2K, we must wait until Jan. 1 to learn if all
the glitches have been taken care of. Interesting that we spend
time pondering this unknown but turn away from an absolute fact
about which the only uncertainty is when. We are all going to die. Recently, Bill Keane,
creator of the "Family Circus" feature, drew an older
woman sitting alone, staring into space. The caption read, "Instead
of Time marching on the way it used to, now it seems to be running
out." Before it runs out is the time to be sure
your affairs are in order to protect the loved ones left behind.
Wills were the answer for many years, even though before the
heirs were taken care of according to your wishes the will had
to pass through probate. The American Bar Association recognized the
flaws in probate, and some years ago it took action recommending
that every state revise its probate code. It pointed out the
codes had become bureaucratic and abusive. Few states took any
action. It was then that those in the legal community who felt
strongly about the problem did some creative brainstorming. The
result was offering living trusts to avoid both probate and taxes. Few of us know all we should about the Tennessee
inheritance laws. Local attorney and certified public accountant
Wade Montrief received many inquiries on the subject and he prepared
an easy to understand one-page summary of the laws. The first item explains what happens if there
is no will nor living trust. Many assume the surviving spouse
automatically inherits the deceased spouse's estate. Wrong. Under
Tennessee law, if the deceased has one or more surviving children
or surviving grandchildren, even if by a prior marriage, the
surviving spouse receives only a portion of the estate. There
are more legalities everyone should be aware of in the summary. Everyone should look into estate planning. There are many books, videos and free seminars offered to help you understand the benefits of protecting your assets before that final call comes. And have no doubt, it will come. |