800.999.1109 - Aviation Insurance & Risk Management Magazine
800.999.1109 - Aviation Insurance & Risk Management Magazine 800.999.1109 - Aviation Insurance & Risk Management Magazine
Allen Parker Before joining CS&A, Allen worked in the financial services industry since 1984. He worked for one of the top 10 banks in the country for over 13 years and served as a Regional Manager for the Retirement Services Division. He has worked with every aspect of Retirement Plans [401 (k), Profit Sharing, Defined Benefit, etc.] including plan design, investments, employee meetings, daily consultation, and annual testing. He also has in-depth knowledge of nonqualified plans. Most recently he worked with a financial advisor firm and dedicated the majority of his time to helping companies set up group health plans, buysell agreements, and retirement plans. He is a graduate of Samford University with a degree in Human Resource Management. 800.999.1109 800 999 1109 www.chappellsmith.com 18 | Aviation Insurance & Risk Management DON’T BE LIKE MIKE OR MAC By Allen Parker Two very recent events, the deaths of pop star Michael Jackson and former NFL quarterback Steve McNair, highlight the need for proper estate planning. Jackson died just before his 51st birthday, with a will signed in July 2002. However, it does not appear he ever reviewed his will to make updates as his life changed. McNair died at the age of 36 without a will. Therefore, the state of Tennessee will probably decide how his estate will be divided. There may be many reasons why McNair did not have a will. However, the fact is he did not have a will at his death, which will cause his estate to pay taxes that may have been avoided and unnecessary legal expenses for his family. Conway Twitty was in the middle of rewriting his will when he died. His estate was finally settled in October 2007 after a 14-year battle.
With a lack of planning by McNair and lack of review and update for Jackson, the settlement of their estates could be a long and expensive process. In light of what happened in these two cases, there are a few questions you should ask yourself NOW: If I am not here tomorrow • Will my family be able to live the lifestyle to which they have become accustomed? • Will my children be able to go to college? • Will my spouse be forced to sell the house? • Are the people I want to receive a portion of my estate included in my will? • Do I have enough Life Insurance? • When is the last time I reviewed my will? Have I had any major changes in my life since then (marriage, divorce, children, job, etc.)? • How much will my estate pay in taxes? Is there a way to reduce these taxes? • Have I provided a list of the online services I use to manage my money, including sign-on information for every site, to someone? Now that you have thought about the above, ask yourself • Do I know the answer to all of the above questions? • Am I comfortable with these answers? If your answer is “yes” to both of these extremely important questions, then you are in the minority of people who have done a good job at planning their estates. A survey conducted by Harris Interactive in April 2004 showed that 55 percent of Americans do not have a will. If you are in the 45 percent that have a will, were you able to answer “yes” to the last two questions? If so, CONGRATULATIONS! If not, on the next page, are a few tips to get you on track. Fall 2009 | 19
- Page 1 and 2: Territorial Limitations Revisited F
- Page 3 and 4: Aviation Insurance & Risk Manageme
- Page 5 and 6: have a broader policy form than a p
- Page 7 and 8: tion. in excess of any desireddesti
- Page 9 and 10: Period up to the limits shown in th
- Page 11 and 12: EPLI Employment Practices Liability
- Page 13 and 14: while he discussed the situation vi
- Page 15 and 16: Is your current agent trying to fit
- Page 17: Does your policy include coverage f
- Page 21 and 22: Homeowners Automobile Jewelry and o
- Page 23 and 24: collectively. At the other end of t
- Page 25 and 26: Other insurance products are availa
- Page 27 and 28: Louis M. Meiners, Jr. CPA, JD Louis
- Page 29 and 30: when one co-owner chooses to use hi
Allen Parker<br />
Before joining CS&A, Allen<br />
worked in the financial services<br />
industry since 1984. He worked<br />
for one of the top 10 banks in the<br />
country for over 13 years and<br />
served as a Regional Manager<br />
for the Retirement Services<br />
Division. He has worked with<br />
every aspect of Retirement<br />
Plans [401 (k), Profit Sharing,<br />
Defined Benefit, etc.] including<br />
plan design, investments,<br />
employee meetings, daily<br />
consultation, and annual<br />
testing. He also has in-depth<br />
knowledge of nonqualified<br />
plans. Most recently he worked<br />
with a financial advisor firm<br />
and dedicated the majority of<br />
his time to helping companies<br />
set up group health plans, buysell<br />
agreements, and retirement<br />
plans. He is a graduate of<br />
Samford University with a<br />
degree in Human Resource<br />
<strong>Management</strong>.<br />
<strong>800.999.1109</strong><br />
800 999 1109<br />
www.chappellsmith.com<br />
18 | <strong>Aviation</strong> <strong>Insurance</strong> & <strong>Risk</strong> <strong>Management</strong><br />
DON’T BE LIKE<br />
MIKE OR MAC<br />
By Allen Parker<br />
Two very recent events, the deaths of pop star Michael Jackson and<br />
former NFL quarterback Steve McNair, highlight the need for proper<br />
estate planning.<br />
Jackson died just before his 51st birthday, with a will signed in July 2002.<br />
However, it does not appear he ever reviewed his will to make updates as his<br />
life changed. McNair died at the age of 36 without a will. Therefore, the state<br />
of Tennessee will probably decide how his estate will be divided.<br />
There may be many reasons why McNair did not have a will. However, the<br />
fact is he did not have a will at his death, which will cause his estate to pay taxes<br />
that may have been avoided and unnecessary legal expenses for his family.<br />
Conway Twitty was in the middle of rewriting his will when he died. His estate<br />
was finally settled in October 2007 after a 14-year battle.
Change language