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Dedicated to all the hard working people out there who are actually paying their taxes…especially to those of you who are cutting big checks to your favorite uncle today (uncle sam).
I got a lot of good vibes sent my way from insurance professionals after I posted this the first time. Enjoy the flashback!
“You know, the only people that are grateful when someone’s dead is the recipient of life insurance, man.”
-Phillip Morrow, Pan America Insurance, Salesman of the year
Okay, this cracked me up, but it also made me think. “My name is Marc and I am a Dead Head who believes in the power of life insurance!” Hi Marc! I know many people both inside and outside of the Grateful Dead community who like to live in the moment and not think too much (or at all) about the future. Don’t get me wrong, it is completely alright to live in the moment. Ram Dass put it like this: “Remember, Be here Now.” While it is critical for everbody’s mental health to do a decent amount of living in the moment, it is equally important to take some mental trips into the future and to make some plans for that future. It’s like doing future you a favor- you dig? I have seen the power of a good, properly placed life insurance policy. The next time your taking a mental trip to the future- think about what life insurance could do for you and your family. After all according to Mr. Morrow, after you purchase a life insurance policy “Your going to be so free man…You’re going to be like flying!”
Remember going to the record store and buying an album. You still can!! And Saturday would be a great day to do that.
Saturday April 16th is Record Store Day and many of your favorite bands are releasing very limited edition albums on VINYL available at your local independant record store- yes they still do exist. Local to me are a few gems including Exile on Main Street in Branford, CT, Replay Records in Hamden, CT and Cutlers “Compact Discs” in New Haven. Here’s a link to find a participating record store near you. http://www.recordstoreday.com/Home
Enjoy!
Do you have children, or other relatives who have found themselves on the wrong side of the law? Have they spent a little time in the pokey? If any of your potential heirs have spent time incarcerated in the state of Connecticut, you may want to think twice about leaving them anything of value in your estate plan.
Leaving assets to a person who has been a “guest” of the state of Connecticut for any amount of time presents a major good news/ bad news situation for the heir. The good news is, somebody cared about the heir enough to leave him/her something-good news. If we could just stop there, everything would be fine. Rarely is their good news without a little dose of bad news. And now…the bad news. The state wants to be reimbursed for the cost of incarceration. That’s right, the state of Connecticut wants to be paid back for the cost of the inmates “three hots and a cot.” The cost of housing and feeding an inmate over a number of years can really add up. Paying your debt to society never had a more clear meaning.
Thinking about “hiding” the money somewhere? Be forewarned- the Connecticut Department of Revenue Services (DRS) are very, very, very good at their job- finding the money. The DRS has been there and done that and they are always sure to check under the mattress.
There are options (not many) if you want to leave something to someone who is or has been incarcerated. There are some good ideas and some not so good ideas on what to do with an incarcerated beneficiary. It is important to note that there is no magic bullet here; every option has its own unique drawbacks. Professional counsel should be sought before making any decisions or changes to your estate plan.
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