Thoughts on Steve Jobs' passing

Steve Jobs died last week at age 56. With a net worth estimated at close to $7 billion, I figure his heirs don't need to worry much about estate tax. Even with a 35% tax on anything over $5 million, his family will be set for life.

Jobs was married and had three children with his wife, and another child born out of wedlock with another woman prior to his marriage. But generally speaking, the public didn't know much about Jobs' personal life. Even the details of his medical condition were not widely known. Given that he was an intensely private person, it's likely that he made arrangements to keep his estate out of the California probate court.

Like Jobs, none of know what the future holds. All Jobs' wealth, power and creativity could not prevent his early death.. The message I take from his life - and death -  is to enjoy today, hope for the best, and protect your family and your finances along the way. RIP, Mr. Jobs.

Stepping Into Steve Jobs' Shoes... and Yours

Steve Jobs is again taking a medical leave from Apple, the giant company he's built. Although other execs may not have his unique marketing genius, they're ready to step into his shoes.   The question for our readers is this: Is your company - your FAMILY - prepared to step into YOUR shoes? If you are disabled, who will pay your bills? Handle your investments? Have the authority to cancel your cable service or deal with your insurance comapnies? And remember, you don't need to be permanently incapacitated and in a nursing home to require someone else to take over your financial affairs! You could be in the hospital for a long stay, under general anesthesia...or hopefully, just enjoying a year on a sailboat in the South Pacific!

A Florida Durable Power of Attorney is necessary to ensure that someone can step into your shoes if you cannot handle your own financial affairs. There are several types of Durable Powers of Attorney: The springing power, which takes effect only when you are actually disabled, and the immediate power, which takes effect as soon as you sign it. There are pros and cons to both types, and choosing the right one for you and your family is an issue that you should discuss in detail with your Estate Planning Attorney.