- Recently we had a public event where we invited
folks to come and hear several speakers talk about things
that had to do with funeral service
and estate planning and memorialization.
And at that event, which we held at out Boardman Chapel,
we had the local probate judge, Judge Robert Rusu,
come and speak about estate planning issues
and problems that would occur if you didn't have a will,
if you didn't have a power of attorney,
and it was very well received.
It was extremely informative.
As always, Judge Rusu does a great job.
I would like to share it with everyone,
so my thought is, is if you have the time,
please listen and I think you'll get quite a bit out of it,
and I think you'll enjoy hearing the judge speak.
- Thank you.
I always like when people are eating when I'm talking
because I know they're at least doing something
and getting something out of it,
so you're getting your nutrition.
If you pay attention to my slideshow, I don't care.
It's all right, just enjoy, keep eating.
I am the probate judge in Mahoning County,
and when we talk about making impressions,
this is one area where you don't want to make an impression,
and make the wrong impression.
You wanna leave a good impression of yourself.
And many times when I was in practice with Joe,
children would come in and say, "I wanna do everything
"so I don't do what my parents did to me.
"I wanna keep this easy for my children.
"I wanna make my estate as easy as possible."
I better stand close to this.
I gotta move around, sorry guys.
"I wanna make my estate go as quick,
"as easily as possible, that doesn't cost
"my family a lot of money, a lot of effort,
"or any controversy."
So this is the area where you really need to preplan.
You're gonna hear that term preplanning a lot tonight.
With funerals, with your final arrangements,
and also with legal related matters.
So I want you to take that away is that,
the best thing that you can do for your whole family
is do things ahead of time,
because if you wait too long, it's too late,
and then somebody else may be making the decision for you,
like me, the judge.
I may have to make a decision for you,
that you wouldn't have made for yourself.
But I have to make that decision based upon
the information and the evidence that I have in front of me,
which may not be what you like.
So we're just gonna talk a little bit about
four key documents that I wanna see everybody have,
whether you're 18 years of age, or 118 years of age.
It doesn't matter.
There are four main documents.
One's called a Last Will and Testament.
And that's what we all saw on the old Perry Mason show
when they read the will.
You went to the lawyer's office and read the will.
It's your Last Will and Testament.
That's a document that disposes of your assets,
names an executor to handle your final affairs,
and also could name a guardian of a minor
or an incompetent adult child if you have one,
if you have children.
That typically is the document that disposes of your assets
that we all have come to know.
But as you're gonna learn here a little bit later,
that's not necessarily the case.
We still want you to have,
always have a Last Will and Testament,
but if you do things and you do proper planning,
you may not ever need to utilize your will,
because you can do some things with planning techniques
that can avoid the probate process,
and save you time and save you money.
The other document, the second document,
I'm gonna run through these kind of quick
'cause I only have a limited time,
so I'll answer these later,
if you have more specific questions.
But the second document is called
a Durable Financial Power of Attorney.
That's a document where you nominate somebody
to handle your business affairs for you,
to be able to write your checks,
to be able to handle your tax returns,
your investments, to do your day-to-day business affairs,
if you're incapacitated, in a nursing home,
in a hospital room, somebody can take care
of those affairs for you.
This avoids the need of a guardianship
down at the probate court.
You can imagine, if you're paying your bills right now,
if something happens to you and your spouse,
and you're sick or you can't handle it,
who's gonna do that for you?
The bank doesn't know.
They need a document that tells them
who can handle that for you,
and that's what this Durable Power of Attorney does.
You nominate your oldest son, your oldest daughter,
maybe a brother or a sister,
a close friend or a relative,
to handle those important business decisions for you.
The third document is a Living Will.
That is a health declaration.
I like to call it a health declaration
because people get confused with the Living Will
and the Last Will and Testament.
They're two different documents.
The Living Will is just your wishes regarding
end-of-life decisions.
What do you want done regarding medical
end-of-life decisions for you?
Do you wanna be put on a respirator or a ventilator?
Do you want watering tubes and feeding tubes given to you?
Do you wanna be an organ donor?
Those are all things that you can put in your Living Will,
that is your wish, that you're conveying to your family,
if you can't convey it in the future.
And a lot of us because of strokes, or dementia,
can't voice that later in life.
This document you do now, while you're competent,
that gives those directions to your family,
so nobody's sitting up in an emergency room
trying to decide, what did Mom and Dad
want us to do with them.
It's very clearly spelled out.
You go over that with your lawyer,
and doctor if you'd like.
It's a very simple document to do.
The other document is a Healthcare Power of Attorney.
That is another medical form, but this is a decision that,
or this is a document that handles day-to-day decisions
that you make everyday.
Such as, do I get a flu shot?
Do I switch to a generic drug?
Do I change insurances?
Do I go to an HMO rather than staying
with traditional Medicare?
If you can't make those decisions,
you need somebody to make it for you.
What if you wanna go in and have somebody
go in to the doctor's office with you
and get your medical information?
You can only do it, if you give them the power to do that.
They can only get that information if you authorize it.
So this document, this Healthcare Power of Attorney,
I think, is probably one of the most important documents
that we can have as we start to age,
because we all know we have medical problems as we age,
and so we may need somebody to make those decisions for us.
End-of-life decisions are incorporated in this,
but also simple day-to-day decision making
regarding medical affairs is incorporated in this.
So those are the four documents
I wanna see everybody in this room have.
If you have these good, or these four documents,
you have a very solid financial future,
and you're leaving a legacy for your family,
that they're not gonna have problems with you,
later in life.
When you draft these documents,
these are some of the things that you wanna keep in mind
when you're talking about with your lawyer,
and your family, when you're talking about drafting
these documents.
You wanna avoid some of these pitfalls.
I've incorporated some famous people
because everybody likes to talk about the rich and famous,
so we're gonna talk about how these guys screwed up,
so you don't get in that situation.
When I was doing the research for this,
60% of Americans do not have a will.
So that's six out of 10 of us, don't have a will.
That's scary.
And that really surprised me.
I'm telling you, I want you to avoid probate, okay?
I get paid whether you come to probate or not.
So if I can keep you out of probate, I can work less.
(audience laughs) So please, do these documents
so you don't have to come to probate,
and then I don't have to work as hard, okay?
But let's talk about Jimi Hendrix.
Jimi Hendrix, he did not have a will.
He was called, what we call intestate administration,
dying without a will.
So the state where he died,
has an intestate succession statute,
that says who gets your assets.
It's the state telling you who is gonna get your money.
In Ohio, it's a pretty simple statute.
It says it goes to your surviving spouse.
If you don't have a surviving spouse,
it goes to your children.
If you don't have any children surviving,
it goes to your grandchildren.
If you don't have any grandchildren living,
it goes back up your line of lineage to your mom and dad.
If your mom and dad aren't surviving
then it goes to your grandparents.
If your grandparents aren't surviving
then it comes back down the line of lineage,
and it goes over to your brothers and sisters.
So that may be fine for the majority of people.
And the legislature in the state of Ohio
says that's good enough for most Ohioans.
But maybe in your particular situation,
maybe that's not right.
Maybe you want your assets to go to a charity.
Maybe you want it go to an alma mater.
Maybe you want it to go to a close friend
who's taken care of you for a lot of years
and you feel close to them, and you wanna give it to them.
Or you wanna leave a legacy with the Youngstown Foundation
or the Community Foundation.
It doesn't go that way if you have it up here
and you don't put it in writing.
So you have to have a will.
So Jimi Hendrix died at the age of 27,
in 1970, without a will.
For 20 years, a California attorney managed his estate,
while they were wrapping up all the affairs, 20 years,
takes a long time; it was a big estate.
And Jimi's father, Al, he said, "Hey, you know what?
"I want a piece of Jimi's estate.
"I wanna handle that estate and I'm gonna take it."
So he sued the estate,
and he was awarded the estate,
and he amassed the estate to about 80 million dollars.
So he managed it while he was alive, but here's the kicker.
When Jimi, Dad got the money,
you can imagine, he was a rich man now.
He got remarried.
And he married a woman who had a child
from a previous marriage.
So Jimi's father liked this girl,
and he adopted her.
So he brought this girl into his line of lineage,
in the eyes of the law.
So when he died, when Jimi's dad died,
his estate went to his new adopted daughter.
Jimi had a half-brother
when he died.
They did not share a father; they shared a mother.
Jimi was very close with this half-brother.
The half-brother ended up getting zero assets
from his own brother's estate, and it went to a girl
that Jimi did not even know when he was alive.
So all this 80 million dollars went to his,
would be step-sister, but in the eyes of the law,
because his dad adopted her, it's now his sister.
It went to her and nothing went to Jimi,
because Jimi's dad was controlling his estate,
not Jimi telling what he wants to do with it.
Jimi could've simply did a will that says
I leave all my assets, half to my brother,
half to my dad, half to charity or whatever he wanted to do,
but he didn't do that.
So other people get involved, courts get involved,
litigation gets filed,
and this is what happens with Jimi's estate.
Everybody knows Jurassic Park,
the big movie with the dinosaurs.
My kids love that.
This is an interesting situation.
The author of that, Michael Crichton,
he had an outdated will.
He had a will, but it was outdated; he didn't update it.
You should always look to update your will.
April 15th is the perfect day in everybody's life.
What is April 15th?
- [Audience] Tax day.
- Tax day, right? Yeah.
You're always dealing with your money,
your finances, your 1099s.
That's a good time to bring out all your stuff
and take a look at it.
Because you're just making sure that everything's
up-to-date, making sure you filed your taxes,
you have all your 1099s there.
You can list 'em all down so you know where everything's at.
Just take a look at it, because Michael didn't do that.
He had an estate worth 175 million dollars.
They make a lot of money off of dinosaurs;
keep that in mind.
Barney, Jurassic Park, those dinosaurs go big time.
175 million dollar estate, his will was not updated.
And it said, that he disinherited any future-born children,
which is very unusual in a will.
Most of the time you say, I wanna make sure
I take care of any children that are born
after I would pass away.
So if my wife and I had a children in,
what is that, in vitro, in yur, in yur?
- [Woman] In uro.
- In uro, in ur--
- [Women] In vitro uro.
- In vitro, yeah, whatever.
You know what I'm talking about, sorry.
The children would be included in the estate.
Well, he had a provision in his will
that was the exact opposite.
He said that if there were any children born after I was,
after I died, they did not get any of his estate.
And lo and behold, his wife was pregnant,
his current wife was pregnant when he died
at a very young age.
So what happened, there was a huge court battle,
because 175 million dollars brings out a lotta lawyers.
(audience laughs) There is no shortage of lawyers
when there's 175 million dollars around.
So this went through a big estate, or a big controversy,
cost a lotta money, and he could've simply avoided it
by just going in and updating his will,
and saying, hey, I need to take out this provision
and include my new child that's gonna be born,
even if you don't know their names,
you can still include 'em in there.
So that's just not updating the will.
That's why I put that in there.
Make sure you update your documents.
Pull 'em out; take a look at 'em,
make sure who's in there, who's not in there.
Whitney Houston, everybody loves Whitney, great voice.
Her problem was that, she didn't avoid probate.
She didn't have her documents set up the right way.
Whitney was worth a lotta money.
You can imagine, she was an actress; she was a singer.
She was a diva.
She had a lotta property all over the United States,
even outside the United States.
She had property in California,
Vegas, New York City,
and I think there was a place up in Cape Cod, Maine,
and then she had a couple places overseas,
Paris, France, I think, somewhere over there.
She didn't set up a revocable living trust.
If she would've set up a revocable living trust,
which is a way to own your assets
and control your assets after your death,
like a Last Will and Testament does,
but it also allows you to own assets in different states,
so when you die, the asset can still be transferred
or sold without the need of a probate administration.
It saves your family a lotta time and a lotta money.
Trusts are not for everybody.
If you look at the TV, and you look at some of the things
coming in the mail probably, everybody says,
"Oh, you need a trust, you need a trust."
Not necessarily.
Go in, sit with your lawyer; talk to them.
See what's good for you.
In this situation, Whitney didn't do that.
If she would've sat down with an attorney,
estate planning attorney by the way,
he would've told her, "Hey listen, you have property
"all over the United States.
"If you die, we have to open up a probate administration
"in each one of those states where you have your assets.
"That costs time and that costs money."
So that's what happened to Whitney.
She ended up costing her family money, unintentionally,
because she could've avoided that
by having one trust, one trustee,
have all the assets titled in that trust,
and then the trustee could've disposed of it when she died.
Nobody would've been none the wiser.
It would've been private document between the beneficiaries,
and it would've saved a bunch of money.
So make sure you talk to your attorney
about what's applicable to your situation.
Not your neighbor, not your friend,
not your brother or sister,
what's applicable to your situation?
I have four children.
I know Dave; he has two children.
I have some friends that don't have any children.
So the things that we would plan would be different
for the three of us.
That'd be the same thing with you.
You can get information from your family and friends,
but make sure you go get an expert
to talk about your particular situation.
This is a good one, 'cause I like this; this is a judge.
This is former Chief Justice Warren Burger.
This guy was just a cheapo.
He didn't wanna pay a lawyer.
(man laughs)
Former Chief Justice of the Supreme Court.
He's makin' some pretty big change, okay?
He's not hurtin' for money.
But he decided, oh you know what, this is easy.
I'm gonna do my own will.
I'm gonna draft it myself.
This was before LegalZoom.
(audience laughs)
So he went on and he did it.
And what he did, is he forgot to put a clause
in the document waiving bond,
and he also forgot to include what they call
a powers clause, that give the power of the executor
to do things on your estate's behalf,
such as sell real estate, to liquidate stock.
He didn't put those powers in there.
These are very basic powers that any
good estate planning attorney knows to put in your will.
Well, he forgot to do it.
His estate was about 1.1 million dollars.
Not a huge estate, but still, a million dollars.
His family ended up paying an additional $450,000
in tax return, or estate tax, and bond premiums,
that could've been avoided if he would've simply paid
about a thousand dollars and got an attorney
to do it the right way for him.
I say a thousand dollars because it's a big
estate planning package that he could have done.
For most folks in Mahoning County, Trimble County,
the average estate plan with all those four documents
that I told you about, are about 600 to 700 bucks.
So it's a very inexpensive procedure.
His was a little bit more because he was in Washington, D.C.
and, you know, you pay the bigger prices up there.
I like this to tell people, make sure you get somebody
to do it right.
I tell people, I could change the oil in my car.
It's pretty simple to do,
but it's easier to take it to Jiffy Lube,
because they know what to do with it.
You pull in, you don't even have to get dirty.
They change it; pay the few extra bucks.
Let the professionals do it for ya.
How much time I got left?
Want me to shut up now?
(audience laughs)
Ha ha ha, okay, I'll go a couple more.
Here's a common pitfall.
Not telling your family where your will's located at.
Make sure you put down where your stuff is located at.
In today's society, especially because
we're getting paperless.
Everybody's getting their online statements.
You don't get your bank statements anymore.
You don't get your canceled checks.
Make sure you write down where your assets are located at,
what the passwords are for your accounts,
and also where your important documents are.
Let them know if you keep 'em in a safety deposit box,
if you keep them in a safe at home.
If you keep 'em in the safe at home,
make sure somebody has the key
or the combination of the safe.
These are just common things that we forget to do,
and that's what happened with Florence Griffith Joyner,
who was the famous Flo Jo, she was a track star.
She forgot to tell her husband where she left her will
and they could never find it.
And there was a big controversy because she promised
her mother that she could live with them
in her house in California,
with her husband, after she died.
She gave her mother a life estate in her house, supposedly.
It was supposedly in the will,
but nobody could find the will.
So when Florence died,
Florence' husband told his mother-in-law, "Get the hell out.
"I don't want you livin' here anymore with me."
(audience laughs)
He could have been the one who maybe destroyed the will,
but you wanna make sure people know where it's at.
That was a big ordeal that went in court.
This is another kind of a similar one
like the Jimi Hendrix estate.
Marilyn Monroe, everybody knows Marilyn Monroe,
a very similar situation.
She left everything to her acting coach.
He was very important to Marilyn Monroe.
She left the bulk of her estate to him.
When he died, he left his interest
in the Marilyn Monroe estate to his wife, Anna Strasberg.
She then sold that to this Authentic Brands Group
for 50 million dollars.
Her estate is still making money,
grossing about 10 to 15 million dollars a year in royalties.
So every time you see her face on TV, she's makin' money.
Same thing with Elvis Presley's estate, Buddy Holly,
all these famous artists are still making money.
Their estate's bringing in money.
So, Anna Strasberg sold
the Marilyn Monroe interest
to this Authentic Brands Group for 50 million dollars.
And now, she has that money and she's enjoying it,
and she never even met Marilyn Monroe.
She didn't know who she was; she wasn't important to her.
So Marilyn could have simply provided
that she gave everything to her...
She could have played the What If game,
and gave everything in a trust for her acting coach,
for a certain period of time, for his lifetime,
and then whatever was left, she coulda left to her family,
to charities, or to do something for other people,
and not go to some of these other people
that she didn't even know.
Okay, so I gave you examples of bad things.
I'm gonna give you a couple examples of good things.
And here's the good thing, are the Kennedys.
The Kennedys are good because they always have good lawyers.
(audience laughs)
Our President JFK, when he died, he had an approximate
estate worth of a hundred million dollars.
Everything that he had, he had a pretty sophisticated will,
but most of his assets were in a revocable living trust,
that I was telling you about,
and everything was very private.
So if you tried to find documents on what happened
to JFK's estate, you're not gonna find it,
because the only people that find out about it,
are the beneficiaries of his trust.
It was a private document; it kept in the family.
Nobody knows anything that happened.
So he did it right.
Nothing went through probate, except for some minor
personal property items.
And it could be still being managed today,
for all we know, but because it's a private document
just between the beneficiaries, nobody knows about it.
So he did it right.
And then, unfortunately, his son died at a very young age.
You remember, he was in the plane accident
going over to Cape Cod, I think it was,
or Martha's Vineyard.
He ended up dying at the age of 38
with his new wife, Carolyn.
They did have a will, and they had a provision in here
that said if they died simultaneously,
which they did, they died in a plane accident together,
that they wanted their assets
to go to his sister's children,
which would have been Caroline's children.
So, their will ended up passing the assets
the way they wanted it to go to.
If not, the state of New York would've told them
who would've gotten this money,
and they didn't want it to go that way,
they wanted it to go to their nieces and nephews.
So this is an example of doing it the right way.
There's a lot of people that do it the right way,
but the only way you can do it the right way
is to get in, sit down, talk about it.
Nobody likes to talk about death,
but it's part of life.
So if you face it front on, face first, it's not scary.
You can control the outcome.
And you can have some peace of mind
knowing that you set up your family,
and your wishes are gonna be followed.
I thank you, I hope you enjoyed the presentation.
The dinner smells good, so I'm gonna go eat now.
(audience laughs)
(audience claps)
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