Living Will DNR Tatt

A Will is NOT a Living Will


living_will_DNR_tattAs most people know, a Will tells those you left behind who gets what – of your stuff.  A Living Will is completely differnet, or different.  Thanks spellchecker.

A Living Will is the document that speaks for you when you are incapacitated, telling loved ones and medical personnel what you would and would not like done to and for you.  On hospital TV dramas, there is always hoopla around someone having a “DNR” – a Do Not Resuscitate order.  The DNR is in the Living Will.

Personally, I don’t want to be trapped in my body.  I don’t want to think of the next day’s post overnight, then blink it out like The Diving Bell and the Butterfly guy.  My greatest fear is that I will be locked in my body, unable to communicate, and somebody turns on an I Love Lucy marathon on my TV.  Oh, kill me.  Seriously, pull the plug!  “Vitameatavegamin?”  Oh sweet baby Jesus, take me now!!

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Nicholsonshining Small

Trustees Gone Wild!


nicholsonshining-smallIf you set up a Revocable Living Trust, make sure you choose a Trustee who will actually carry out your wishes.  This sounds obvious, but some Trustees go rogue.  Get a load of what a friend of mine went through.  (Names have been changed to protect the innocent.  Just like on Dragnet… or some other TV show that hasn’t been on the air for 40 years.)

Joe’s aunt (Auntie Jane) had a Revocable Living Trust.  As you know from a recent post, she set this up so her assets would avoid Probate completely, passing easily, and tax-free to the beneficiaries she named in her Trust.

Auntie Jane had no husband or children.  20 years ago, she named Joe’s cousin Biff as the Successor Trustee – the person in charge after she died.  Biff would tidy up her affairs and disburse the inheritance to the beneficiaries.  Auntie Jane passed away.

Her Trust clearly stated that “only non-beneficiary Trustees may be compensated.”  Because Biff was a beneficiary, he would not get paid for tidying up her affairs.  This is common.  Most family members who are given the position of Trustee think of it as an honor and/or a duty.

Well… Biff didn’t like that idea, so he hired an attorney on the Trust’s dime to “advise” him.  The result: Biff started charging the Trust $65 an hour for his time, ultimately

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Death Week – Get A Living Trust


If you own a house, you should look into forming a Revocable Living Trust.  It can save you tens of thousands of dollars.  Your heirs will thank you for it.  And, you’ll look pretty smart from the grave!

Here’s my video on this fun topic from a few years ago:

> Probate Shortcuts – By State or click here, choose your state, click Probate Shortcuts
> Allowable Probate Fees – California
> Use a Revocable Living Trust to Avoid Repeating Probate in Several States
> LegalZoom & Nolo can also help

4.2 Mother May I Avoid Probate Part 2 Floating Head

Death Week – PODs & TODs


Mother May I Avoid Probate - Part 2 - Floating HeadTo avoid Probate, put the designation of P.O.D. (Payable On Death) on your bank accounts – checking, savings, CDs – and T.O.D. (Transfer On Death) on your brokerage accounts & stocks, and simply name beneficiaries on your 401k & IRA retirement accounts. Then when you keel over, those assets will pass automatically to the beneficiaries you designated. Some states even allow you to put a TOD on your car’s registration.

All you need to do to get those designations is simply ask for them. It’s virtually that easy. Oh, and it’s FREE!  Doing this for yourself, as well as for the geezers in your life, can save thousands.  It will also make life mucho easier for those who are left to tidy up after one takes the dirt nap.

Enjoy my floating head as you check out the video I did on this topic a few years ago.

> States that allow TOD on vehicles
> Securities and Exchange Commission – Regarding Transfer On Death (TOD) Registration
> Probate Shortcuts – By State or click here, choose your state, click Probate Shortcuts
> Allowable Probate Fees – California
> Allowable Probate Fees – Ohio
> Avoid Probate with Payable On Death (POD)
> LegalZoom & Nolo can help

4.1 Mother May I Avoid Probate.CA + OH

Death Week – Avoiding The P-Word


Mother May I Avoid Probate.CA + OHDying is something you don’t think about when you are young, and you avoid thinking about when you are old.  As Jim Morrison said, “No one here gets out alive.”

It’s been almost two years since I talked about Trusts, Wills, POAs, POD & TOD, and avoiding Probate.  Yes, these are things grown-ups should address.

Even more pressing, you should make sure that the geezers in your life have these ducks in a row.  Following through can save you headaches, frustration, and thousands of dollars.

This is one of the first Chip’s Money Tips videos I did a few years ago.  It’s about Avoiding Probate.  Stay tuned.  I’ll cover the other topics this week.

> Probate Shortcuts – By State or click here, choose your state, click Probate Shortcuts
> Allowable Probate Fees – California
> Allowable Probate Fees – Ohio
> Use a Revocable Living Trust to Avoid Repeating Probate in Several States
> LegalZoom & Nolo can help

Donny Osmond Me Cropped

Two Years of Loaning Money To Strangers


2Years-LendingProsperA couple years ago, I started loaning money to complete strangers via Lending Club and Prosper.  You can read about Year One here.  $25 was the most I lent to any of the 30 people.  I spread it around.  I mean, I diversified my portfolio. Ah yes, that sounds much more pompous.

After one year, my returns were 7.30% and 8.85% respectively.  Pretty sweet.  A year later, those returns have dropped to 6.89% and 5.35% for the two year span.  What the, what?

Donny Osmond & Me

I opened for Donny Osmond at Bogart’s in Cincinnati, Ohio on June 4, 1991. It was the Soldier of Love Tour. I forget what Donny called his tour. This photo was taken backstage.

Prosper dropped 3.5%.  Why?  Turns out I got the shiv from one of those who borrowed from me. My financial advisor Donny Osmond says one bad apple don’t spoil the whole bunch, girl.  First of all Don, stop calling me girl.  Secondly, one bad apple does quite a number on the bushel. This was kind of a surprise because I chose to lend only to people who had the highest credit rankings and were deemed lowest risk to default on the loans.  Oh well.  Prosper has sent this to collections after four months of non-payment.  If the borrower settles, I will get some of my money back. I’m still way up!

Having skin in the game, as I do in this case playing banker, I get a better understanding of what it feels like being in lenders’ shoes.  Of the 20 loans I have out at Prosper, 10 are still current, 9 have paid them off in full, and 1 has defaulted.

Lending Club dropped less than half a percentage point for a couple reasons.  The

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Is A Storage Unit Worth It?


storageunitpackedWhen I dabble in a little Storage Wars viewing, there’s always booty in them thar lockers.  The skeptic in me says that once the unit is sold to one of the show’s regulars, a producer hides an interesting or valuable item in the rubble.  After all, who’d tune in if were all hunt and no treasure?  Here’s a VCR, some baby clothes, and…  Oh, lookie there – an original 15th century vase from the Ming Dynasty.  Am I too cynical?

Do you pay for offsite storage?  What is the value of the stuff in there?  Years ago, I helped a buddy load a storage unit with a bed, a crib, baby toys and a couple oscillating fans.  He spent more money renting the storage unit for only one year than the value of the stuff he put in it.  He could have given the stuff away, and then used the money he saved not paying for a storage unit, to buy the stuff new if he ever needed them again.

Paying for a storage facility can be a huge waste of money.  $100/month = $1,200 a year – every year.  Is the stuff even worth it?  Before you spend money on a storage unit, here are some things to consider:

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Capital One 360’s “Sale” ($ for you)

YukonCorneliusRevYou guys always wanna know when someone is giving away free money.  Well, here you go!  Capital One 360 is giving away a lot of cash.  Period.  You must open your account(s) online by Wednesday night, July 3rd at 11:59pm Eastern.

I think the 360 Checking is the easiest $100 you can make.  The 360 Savings$76 ain’t too shabby either.

The interest rates are some of the highest you’ll find.  The promotional bonuses make them a no-brainer.

If this Financial Independence Days “Sale” sounds familiar, ING Direct used to do it.  Capital One 360 bought them.  This is legit & FDIC insured.  I got bonuses previously.

Open these accounts and you will have $$$ to blow at a shmancy steak joint.  Okay, sushi.  I’m staying out of it.  As Yukon Cornelius would say, “You eat what you like.  I’ll eat what I like.”


RestauranTDotCom4for25 June28292013

$25 Restaurant Certificates for $4


RestauranTDotCom4for25-June28292013Everyone eats, right? June 28-29, you can buy a $25 restaurant gift certificate for ONLY $4.

I was late to the party because it sounded too good to be true. Then I received $25 and $50 gift certificates from friends. Even though the gift certificate said that alcohol was not included, when I called to make a reservation, the restaurant/bar said alcohol could be included – so ask.

A few months ago, I picked up three. I decided not to use two of them.  Both were credited back to my account as two $25 credits.  I can use those credits

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Microphone Vintage

This is for Podcasters, Comedians, Actors and… Everyone!!


microphone_vintagePlease follow my jibber-jabber on Facebook & Twitter – and like, repost, retweet this post especially.

Here’s a way for you to make a lot of money selling something that won’t cost your customers anything.  Six months from now it will almost be Thanksgiving.  Why does that matter?

For the past few years, Saturday after Thanksgiving has been American Express’ Small Business Saturday.  It is a generous win-win promotion for small businesses and consumers.

On Small Business Saturday, American Express has given one $25 statement credit for every American Express card that registered for Small Business Saturday, if you spend at least $25 on it in one transaction at a registered small business.  Read my posts about it here.

Last year, I ran around town like a middle-aged trick or treater.  For every American Express card I registered, I purchased a $25 something from a small business.  I got booty, the small businesses made sales, and American Express picked up the tab for the first $25 of the transactions.  A tremendous promotion!

How This Applies To You
About 1,000 of my subscribers are comedians and actors.  Let’s use them as an example.  Many of them already sell MERCH: T-shirts, CDs, DVDs, books and

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