April 6^th, 2011

Segment I Guest: Jay Merwin, Estate Planning Attorney Bowie & Jensen

Segment II Topics: Top 10 Strangest Last Will & Testaments/Top Industries That Will Be Affected by NFL Lockout

Jay Merwin, an estate attorney at Bowie & Jensen explained the importance having of an updated will, designating power of attorney and creating a living will.  A will is something everyone should have to document you wishes in case of your death. Having a power of attorney gives authorization to someone you trust to act on your behalf in a legal or business matter, in case you are unable to do so. A living will includes instructions given by individuals specifying what healthcare actions should take place in the event that they are no longer able to make decisions due to illness or incapacity, a person is appointed to make such decisions on their behalf. These are all important precautions to take. Many people are reluctant to go through the process of estate planning. It is very important to do so and have your wills and other documents up to date. Don’t wait until you make your next big trip or make sure you will is updated, death or serious injuries are more likely to occur in every day travels than just on an airplane. Prepare yourself and your family before it’s too late. Even though it may be difficult to think about or discuss with your family, it is crucial to have these legal documents established. Young families need to remember that having a will also determines where your children will go if something were to happen to you and the other parent without the need of the court system. It is also important to title your assets correctly so that you funds are given to the places you want them to. This is an important reason why it is best to go to a lawyer to create your will and assist you with other important legal decisions. They can guide you through the process correctly and ensure that you are in good standing.

Beneficiary designations are important to be updated from time to time, especially after major life events such as, marriage, divorce, birth of children, etc.  Non-probate assets such as 401k policies, life insurance policies are instruments that need correct beneficiaries, but are not included in a will. Having an estate plan created for you allows them all of these instruments to flow and work together.

Powers of Attorney come into play immediately upon signing or upon any type of disability. Spouses usually name each other in order to sign for the other. But typically, powers of attorney are given when an individual is unable to voice their opinion or make decisions for their assets.

Recent change in the law was required because of a recent case where a person’s trustee stole assets, so a ramification was made to limit the duties and hold accountability. This will help prevent mishandling of assets by the person appointed as power of attorney.

Living Trusts are often stated in an individuals will name in case of death. Or it can be instated if a person is ill and does not want to handle their personal finances. This is transfer some or all of his property to a trustee, who holds that trust property for the benefit of the beneficiaries. The trustee has legal title to the trust property, but the beneficiaries have equitable title to the trust property. Appointing a trust for a vacation home or property that is a distance away from your residence is also an option, so they represent you if a decision needs to be made and you are unable to physically be there.

A Pet Trust ensures that your pet will be cared for in case of your death, you can name the person that you would like to look after your loved pet. 

Estate planning is an important part of financial planning to ensure that all your assets are set up properly, which is something that we work with regularly at Aquino & Wolpoff Financial Group, LLC. Knowing and understanding changes in laws and regulations is important. We can answer questions about these issues.

10 Strange Will and Testaments

1. Harry Houdini: Known master escapee and daredevil passed away in 1926 on Halloween. He promised his wife, Bess that he would contact her in the afterlife, using a pre planned ten digit secret message that only she would know. His last will and testament stated that a séance should be held each anniversary of his death.
2. Gene Roddenberry: The creator of Star Trek included instructions to have his ashes scattered via space satellite orbiting Earth in his last will & testament. The act was carried out in 1997.
3. Charles Vance Miller: Bequeathed a large sum up for grabs to any Toronto woman who could produce the most offspring in the decade following his death. Four winners emerged in a tie for nine children; each receiving about $125, 000. This wish became known as the “Great Stork Derby”.
4. Leona Helmsley: A real estate investor and hotel owner that was dubbed “The Queen of Mean” established a $12 million trust to her Maltese dog in her last will and testament. This was later overruled and reduced to $2 million dollars by a judge and the remaining balance was split between her two grandsons, on the condition that they visited their grandfather’s grave each year. 
5.  Eleanor Ritchey: The heiress to the Quaker State Refining Corporation left $14 million to her 150 stray dogs. When the last dog dies, the remainder was to go to Auburn University Research Foundation to research canine disease. 
6. Nina Wang: The richest woman in Asia left her entire estate valued at $12.8 billion to a charity that she and her late husband founded in 1988. After her death, her lover, Tony Chan, a fortune teller, married man and “opportunist” forged a fake will in the attempt to claim her fortune.
7. Dusty Springfield: The British singer, known for hits such as, “I Will Follow Him” made her cat priority in her last will and testament. Instructions stated that the cat was to be fed imported baby food and serenaded with Springfield’s songs. Additionally, the singer also arranged for the car to marry his new guardian’s pet cat.

Six Industries That Will by Hurt by the NFL Lockout:

1.       Beer & Beverage Industry (NFL official sponsor)

2.       Television Networks (Primarily, Direct TV because of the loss of their NFL Package)

3.       Vendors, Souvenirs & Tourism

4.       Video Games

5.       Food Industry

6.       Sporting Goods

What a great show ON-LOCATION at Rafael’s in Westminster! We were joined by the Carroll County Cannons, our own semi-pro football team! We were first joined on the air by Cannons Head Coach, Mike Kraus and Defensive Coordinator, Gino Spescia. They announced that the Cannons kicked off the season with a win by 42 points! This is the Carroll County Cannons’ 5^th year of existence and the team is continually evolving. There are many new players on the Cannons this season on the roster of 52 players and the fan base continues to increase. Charlie encouraged football fans to go check out the Cannons because of the possible NFL Lockout, you never know the next time you will be able to watch a game! Also, our own host, Steve Aquino will be out on the field playing fullback for the Cannons. Gino Spescia explained that semi-pro football players are not paid athletes, the players are in the league for the love of the game, and possibly to stay on their talents on the field for a shot at progression.

Mike Kraus also explained that the Carroll County Cannons are in a new semi-pro league this season. Now, they are a part of the AFA, the Atlantic Football Association. This is a great organization with more input and opportunities for the teams. However, along with switching the league, they also now have all new opposing teams to face. Their strategies must be adjusted on each game day to better play against the new teams. Dedication by the coaches is crucial, they have been studying the new teams, watching film and even attending some of the other teams’ games to better prepare themselves for their own game days. Preparations and dedication are what make successful teams. The Cannons coaches definitely have both. Coach Kraus explained that football is a year round event for him. In the late summer and fall, he coaches High School Football and then in the Spring and Summer, the Cannons season has him traveling the State. It’s a juggling act with the busy game schedules, practices, prepping for games and his own family life. He said he does it all for the love of the game. 

Defensive Coach, Gino Spescia has also been involved in the game for over 20 years. Between playing, coaching High School teams and the Cannons, he has seen a lot of great talent over the years. We asked him what types of changes he has seen increase from the high school levels to the semi-pros. He said, speed. From high school to the college level and then to semi-pro level, players speed and precision definitely changes. He explains that the more mature a player gets, his training increases and eliminates hesitations and enables the player to execute actions more quickly. It goes to show you, practice does make perfect.

Our next guest to join us at Rafael’s was John Luster, the father of the Cannons starting quarterback. He announced to us that he has set up a program with the Community Media Center for a new show on channel 19, “Sports in Carroll County”. Justin Cavey, Jim Naylor and himself have formed the show to air 28 minutes of sports activity and updates of local teams and events all over Carroll County. This will include everything from Cannons updates, to track meets, horse shows, swimming, etc. He explained that they will have a website online in the near future. Check it out!

Continuing with Coach Kraus and Coach Spescia, our next topic was the Carroll County Cannons players. What background do the players on the team come from? Coach Kraus  explained that 30-40% of the Cannons played on the college level on division 3, 2 and several in division 1 teams. All of them played competitively in high school. And one player, Mike Brown, a starting wide receiver, played for a professional Arena Football team in Florida.

Speaking of players, our next guests to join us were Cannons football players: Tyler Kraus, Safety; Andre Daniels, Defensive End; and Mike Brown, Wide Receiver. First we spoke with Tyler Kraus about his football career. He explained that he has played football since he was 5 years old and after high school he played for West Virginia University. After college, he was not ready to stop, which is how he ended up on the Carroll County Cannons. Andre Daniels told us that he was once a player for the Cannons’ rival, the Frederick Outlaws. But he liked and admired the Cannons’ community values, the team values and made the switch. He also has come to respect and value the coaches and after several years in the game, he wasn’t ready to stop playing either. He also explained that with all the talk of the NFL Strike, he feels very fortunate to be able to play the game he loves. The Cannons wide receiver, Mike Brown also joined the Cannons after being on the rival team, the Outlaws. He feels that the team is a great unit and enjoys playing for great coaches. Mike Brown has played on many teams in several leagues and he said that the competitive level varies in teams and players, but the Cannons are definitely a team with heart. We asked him what his main motivation is and he says, he wants the ring! We want to see the Cannons win it all this year, too.

Another guest to join us for our football discussion is a past semi-pro player from the Carroll County Chargers, John Yingling. The Chargers were the original semi-pro football team for Carroll County from 1970-1983, and they paved the way for the Cannons and the semi-pro football leagues. John played college ball for Towson University from 1968-1969 and played for defensive line back for the Chargers from 1970-1974. The Chargers had a huge fan following and John recalls that the stadium had up to 5,000 fans during a game. John Yingling expressed his support and well wishes for the new semi-pro football team and admires their athletic abilities.

We wrapped up our first successful sports show with a few announcements, the Carroll County Cannons will be playing their last game on May 21^st at home field, Taneytown Memorial Park and there will be a festival at the park and an autograph session for kids. It will be a great event for families and football enthusiasts!  Also, they will be participating in Toys for Tots and a food drive. Please check out their website at www.cannonsfootball.com for more information about these events.

Thank you to everyone who joined us at Rafael’s for our ON-LOCATION show and GO CANNONS!