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BILL JOHNSON, WILL JOHNSON AND
KATE JOHNSON GREEN
Soft Water Solutions, LLC.
is pioud to be your local ai^tborized
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Dealer for Eastern NC.
Our services include:
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• Residential and Commercial water softener salt delivery
• Gliemlcal maintenance and delivery .
• Filter maintenance and delivery on ail brand systems
• Regular scheduled reverse osmosis service on all brand
systems
• Repairs and service on all brand water softeners and filter
systems
• Rust control for irrigation system to prevent rust stains on
driveways
• Spot free water for washing boats and cars
• Sales and rent to own water softeners, filters, and drmking
water systems
• Financing provided
• Well decontamination and bacterial testing provided
• • 14 hour emergency service available by calling 252-725-1940
• 100% customer satisfaction on all work performed
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Making water good for life!
Serving all of Eastern NC
WaterCare, Inc. has been manufacturing water
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WaterCare, Inc. is American owned and all products
are made in the USA.
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Visit ns at: w«w.5oftwati|
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4911-B Bridges Street Ext. ♦ Morfehead City, NC
Office: 252.222.3220 Cell: 252.725.2464 Emergency service: 252.725.1940
Estate Planning of For All of Us
By Bill Schmick
Here is a trick question. What did Aretha Franklin, Tupac Shakur, Martin
Luther King Jr. and Abraham Lincoln have in common? They are all famous
people who died without a will.
In the case of the “Queen of Soul,” she died last year leaving $80 million and,
according to Michigan state law, those assets should eventually be divided up
among her four children. In the meantime, the entire estate must go through the
probate process, which is both expensive and time-consuming.
Some other famous people who failed to prepare their heirs and beneficiaries
for their eventual death are Jimi Hendrix, Bob Marley, Howard Hughes, Sonny
Bono, James Brown, Prince, and Michael Jackson. Some of these unclaimed
estates are still going through the probate process and could remain there for
years to come.
One might assume that those with a great deal of money would make sure that
their estate was protected. After all, they have the money and the opportunity to
hire the expertise they need to put things in order. Obviously, in the above cases,
that wasn’t true.
Therefore, it should come as no surprise that roughly 64% of Americans don’t
have a will. That number is even higher for younger people (over 70% for those
45-54 years old). The most common answer for those questioned is that they
simply have not gotten around to it. About 25% just don’t feel that it is urgent.
Another reason people procrastinate is that it is depressing to face the
eventuality of their own death. Others believe that lawyers are expensive and
wills and such are costly. The same people usually underestimate the worth of
their assets, believing they don’t have much to distribute. In my experience, for
example, many of my clients fail to include their largest asset, their home, when
computing how much they are worth.
Typically, a will spells out who will serve as the executor, who will receive your
assets, and under what terms. If you die without one, you are considered intestate.
Under intestacy laws, who gets your assets is predetermined according to the
- degree of your relationships. You are also at the mercy of whatever state or federal
income and inheritance taxes may be due as well as the legal expenses in settling
the estate through a probate court.
At our shop, most clients go through the estate planning process as a matter
of course. We make sure that every investment account that we manage has an
updated beneficiary listed, but there is much more to it than just that. I asked
Zack Marcotte, our financial planner, how he handles new clients without an
estate plan.
“For most people I like to see they have their basics covered—a will, a power
of attorney, health care proxy, and don’t forget to list beneficiaries on every
account that allows it, specifically retirement accounts and insurance policies,”
he explained. “One of the biggest issues I tend to see is neglecting to update
beneficiaries after a divorce, death, or other change in circumstances, so make
sure you look them over once a year. These are the basics that will cover most of
the gaps people are exposed to; however, you should always seek legal counsel to
provide personalized advice.”
Bill Schmick is registered as an investment advisor representative and portfolio
manager with Berkshire Money Management (BMM), managing over $400 million
for investors in the Berkshires. Bills forecasts and opinions are purely his own and
do not necessarily represent the views of BMM, and none of his commentary is or
should be considered investment advice. Direct your inquiries to Bill at 1-888-232-
6072 or wschmick@afewdollarsmore.com. Visit www.afewdollarsmore.com for more
of Bill’s insights.
ApriS 2019
The Shoreline
15