Yeah, I know, April Fool’s was a week ago, and I missed seeing this one. I would definitely sign up for this technology. I can dream.
A charming use of drone technology. Kaz and Mariko Yamaguchi, from Kyoto, took a 400-day honeymoon to 48 countries and captured some beautiful video via drone.
The BBC News bit on their experience is also worth the watch:
A federal judge has dismissed a case filed by a drone owner against the self-described “drone-slayer” for shooting down the drone. The drone owner brought the lawsuit under federal and FAA violations, but the judge found that this was a civil (tort) matter under state jurisdiction.
Moral of the story: Shooting down drones that violate local property “airspace” is not a federal case (though it may be a state case).
In other news, Amazon is deploying Amazon Prima Air – a drone delivery service.
Be careful out there. Use common sense and manners when enjoying the flight of your drone.
Epic. Short video. Very cool.
The 5th Element is one of my all-time favorite movies (right up there with “Princess Bride,” and yes, I know I have simple tastes). There is an opera number in the film performed by an alien. The actor who sang the number was digitally augmented, and popular theory was that the human voice could not achieve the range of the song.
Theory disproven, below.
Jane Zhang is a popular Chinese pop artist. She has another charming video that features a modern take on classic painting, and is with the watch:
PS – Don’t forget to set your clocks ahead an hour tonight.
Nice 10 minute interlude for a Friday. Hard to believe this is real.
(Hint: The voiceover is very typically from the 50’s. If that grates on your nerves, it’s just as entertaining to watch without the sound.)
If you have a computer and an internet connection, you are more privileged than most.
Cool video that gives you a good perspective.
Very cool. ICYMI this latest bit of space technology news, NASA reported the discovery of 7 planets that have the potential to support life around a dwarf star 40 light years away. Stellar news.
It’s February 24, and I just made an appointment with my THIRD client this year will bring me an empty Living Trust. That’s the third one this year. I typically handle this type of client in this situation about twice a year.
The 90’s and early 2000’s was the peak for the “Living Trust” mills. While not “really” a scam (IMHO, they are a scam, for the reasons below), the model was this:
Attorney and/or insurance company advertises a “free” estate planning seminar which discusses the use of Living Trusts to “avoid probate.” (Some went so far as to incorrectly advertise that Living Trusts “avoid estate taxes.”) Even without the Living Trust mill format, a LOT of my colleagues were preparing these types of trusts because they were popular, and their clients were requesting them.
The theory behind a Living Trust is that you put ALL of your worldly assets (real estate, personal residence, cars, boats, investment accounts, retirement accounts) in the name of the Trust. Because it is (technically called) a Revocable Living Trust, you treat the assets as your own – you file taxes on the income, deduct the expenses, and control the asset as if it were your own. At your death, the assets are simply distributed to your heirs. No probate, no muss no fuss, easy-peasy. [That’s not really true, but that’s the speal.]
By the way, my clients report that these Living Trust documents (usually bound in nice leather binders with the client name embossed on the cover) cost between $5,000 and $10,000 for a married couple (usually, there is one trust for each spouse).
Generally, I have a lot of concerns about this type of estate planning – particularly for my agriculture clients (and 9 out of 10 clients that come to me with these Living Trusts are agriculture clients). The details on why this is not usually the best alternative for estate planning is a topic for another (lengthy) post.
However, my primary frustration with this type of Living Trust is that THEY ARE NEVER FUNDED! The client brings me a nice, expensive binder, and NO ASSETS WERE EVER TRANSFERRED TO THE TRUST.
The whole purpose of the trust is to manage assets – if you never transfer the assets into the trust, there is nothing to manage and the purpose of the trust fails.
[If you are an attorney reading this, yes, I am aware that a pour-over trust that accompanies the Trust documents will technically accomplish the client’s ultimate distribution objectives – but the purpose of the trust to “avoid probate” will be thwarted, and the client will have paid for the creation of the trust and for probate administration.]
This means that my clients have a very expensive doorstop and a very awkward estate plan.
One would think that the attorney who provided these very expensive documents would take the time to instruct the clients on transferring assets to the trust and would provide the deeds for the real estate transfers (in my clients’ cases – usually several parcels of farm ground). One might even suggest that to fail to supervise this part of the project would constitute malpractice on the part of the drafting attorney.
Often, the new clients that come to me in this situation either have heard me speak about the dangers of Living Trusts or (in the case of the clients I saw this week) just want to “update their estate plan.” By this time the attorney responsible for drafting the initial document is long gone.
MORAL OF THE STORY. If you have a Living Trust for your farm estate plan, double-check to be sure that the farm ground was actually transferred into the Trust. Also, verify that all your other assets are in the name of the Trust. Under Indiana law, if you die with assets in your name greater than $50,000, those assets must be administered through the probate court. If you forget to transfer that brand new car, or that vacation home, or that bin-full of grain into the Trust’s name, you will have lost the major benefit of having the Trust.
If you have a Living Trust, talk to your attorney (sooner rather than later) to be sure that is properly set up and properly funded.
It’s tax time, and whether you prepare your own taxes or have a professional prepare the taxes for you, don’t overlook deductions and avoid these common mistakes which will cause a delay in your refund or generate a letter from the IRS:
- Watch for Data-Entry or Math Errors. Proofread essential information including W2 and 1099 information. It’s very easy to transpose numbers.
- Avoid Misspelled or changed names. Don’t forget to spell your children’s names correctly – the IRS matches names with SS# in their database, and they don’t recognize nicknames or misspellings.
- Confirm SS#s. Make sure that the SS#s for everyone on your return is correct. See “Data Entry Errors,” above. This is another common error.
- Verify Direct Deposit Information. If you are expecting a refund, double-check your bank account and routing information. If you use a professional preparer, provide your preparer with a check image.
- Note Changes in filing status. If you are divorced and have alternating custody, if you get married, have children or your children leave the nest, make sure you catch that change on your tax return.
- Verify deductions. Schedule A deductions include mortgage interest (match that 1099), charitable deductions (check the donor acknowledgment letters) and medical expenses (keep your receipts from doctor visits and prescriptions).
- Verify your Health Insurance Status. Be sure you run the calculations to prove that you had health insurance coverage for the previous year and that your adjusted gross income matches your health insurance for the Affordable Care Act.
- Look for Credits. Child Care Credit, Education Credits, IRA contribution credits, Child and dependent care expenses and other credits may be available – don’t miss out on this opportunity to reduct your taxes.
- Sign and date the return – or make sure that the e-file requirements have been met.
- File early – file timely. The earlier you file your return, the sooner you will receive your refund. More importantly, don’t miss this year’s April 18 due date! [Trivia – April 15 falls on a weekend, Monday, Apri 17 is Emancipation Day for Washington DC, which means that the Tax Due Date is April 18]
Wow – the Internet has changed a little since 1984. Here’s how you get email in the ’80’s:
Check out the password. And the “software transmission” at the end of the broadcast. Psychadelic.