Tag Archives: estate tax

A new plan

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After mulling over the options for a second, Beau said, “Yeah, you gimme $200,000 and I’ll walk away from this marriage.” At that point Jack pulled out another cashier’s check for $100,000 and slammed it on the table. “Here you go, another $100,000, that makes $200,000, now sign the agreement.” Beau looked at the two checks in disbelief, shook his head and signed the agreement and stuffed the checks in his pocket. “Please note that in the agreement it says that you are to stay away from your wife and children and that you’ve waived all visitation privileges except when your wife permits them. Got that. So, I don’t want to see your face snooping about looking for your wife and kids.”

February 15, 2010.

“Mr. Jenkins, you stand accused of attempted murder, flight, and vandalism, how do you plead?”, the judge asked Jack, Jr. “Not guilty”, he said with his had bowed. “What say the State?” the judge asked the prosecutor. “We ask for remand your honor, this man has already fled the country once.” “What is the defense position?” the judge asked in a bored tone. “Mr. Jenkins has substantial ties to the community, he is deeply involved in his father’s car business, and should get bail which is his constitutional right”, the defense attorney stated. “Nice try”, the judge said, “but I’m going to remand. Fool me once, shame on you, fool me twice, shame on me. Trial is to be on May 15. Pretrial motions to be filed by May 1. Anything further? Hearing nothing, we are adjourned.”

Sitting in the back of the Courtroom was Jack Jenkins, Sr. It broke his heart that his son would try to kill him and have such a disdain for life that he would put another innocent person at risk. Sure, he hadn’t been the perfect father and he wasn’t there all the time, but this?

February 16, 2010.

“Hey, Marco, thanks for coming to meet me here”, Jack, Jr. said to the Private Eye. “I’m in a world of hurt here”. “Yeah, you shoulda trusted me to do the wet work. Here’s what I’m going to propose”. At that point, they discussed their plans.

An Offer

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February 11, 2010

That morning, Jack, Sr., met with Sally. “I want to take you away from that no good husband of yours. I love you and want to be committed to one another.” Sally started to tear up. “Jack, you know that’s what I want to do, too, but isn’t that a bit premature. You haven’t seen my kids. But if I try to leave, he’ll kill us both and keep the kids for custody.” “Sally, that’s fear talking”, Jack replied. “I may be a stupid idiot old fart, and I may be impetuous, but I’ve never had a clearer thought in my life, but I’m not going to live my life in fear. Here’s what I think we should do. I’ll go meet with your husband, man to man, and we’ll make him an offer he can’t refuse, and tell him that you’re leaving him and that you want custody of the kids. I’ll put you up in a nice place that I’ll rent in Mobile, so he can’t trace the address. If he attacks me, then he goes to jail, if he doesn’t and I doubt he will because he’s a gutless punk in my book, you’ll have the papers signed and that’s it.” First, we need you to see a lawyer to draft up a separation agreement.”

Later that day, Lawyer Simmons drafted up a separation agreement that was what they all agreed to. Sally would pay to her soon to be ex-husband the sum of $200,000. In exchange, he would surrender all claims to custody.

February 10, 2010.

At 7 p.m., Jack Jenkins knocked on the door of a house in run down part of down. “Mr. Beaudine?” “Yeah, who’s askin’” was Beau’s impolite response. “I’m Jack Jenkins, I want have come to talk to you about your wife, Sally. She wants to leave you and I want to help her do that.” “You mean, she’s a doin’ ya, and you like that action don’t you grandpa.”, retorted Beau. “I have to admit, that Sally means a lot to me, but she’s ended up in my life because you beat her out of yours.” “Are you ‘cusing me of beating my wife?” “Facts is facts, Mr. Beaudine”, replied Jack. “Anyway, here’s the way I see it. I’m going to give you $100,000, (see, here’s a cashier’s check), if you sign this separation agreement renouncing custody of the kids and Sally will agree that you can keep the house, and everything from the marriage. Or, you can say no, I keep the $200,000, she leaves you and files for divorce on the grounds of abuse, she takes half of everything you own and gets custody of the kids. Its your call”, Jack offered. “I oughta kick your ass right here”, said Beau. “Do you think, you can buy me for $100,000? I won’t take a dime less than $200,000.”. “Is that your final number, Mr. Beaudine?” asked Jack.

Have you checked out your will

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We take a break in our story to ask if you have checked out your will in the last few years. I would recommend that you take it to a qualified attorney for review. With 2010 and 2011 bearing down on us, it would be wise to have an attorney review your estate plan. As Congress borrows money and spends it, ultimately the piper will have to be paid. I suspect that Congress will look at death taxes as a logical place to start. And if you don’t have a will, the state through intestacy statutes writes one for you. And while joint titles avoid probate, they don’t plan for taxes and create a mess with a joint death. Remember it is not unusual for families to travel together. So, go see the attorney. Odds are pretty good that you won’t die immediately after the meeting. But you don’t want to tempt Murphy’s law by putting it off.

As you can see by this tale, business succession plans sometimes go awry, so review those with your attorney as well. Have a great Sunday.

A new will

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There were high fives at the Montgomery Police station when the news came through except for Detective Black. “Hey calm down guys, we still have to convict this guy and we really need more evidence. I want every minute accounted for on this guy for the last week”.

“Hey Sally, this is Jack, my son tried to kill me the other day, I’m sorry I haven’t called, but I lost my driver for awhile, but a new one will be assigned in the next day or two and I have had to start working at the dealership again. Will you forgive me?” “Of course there is nothing to forgive, I read in the papers about your car being in an accident and learned that you were not in it at the time”, Sally replied. “Let’s meet tomorrow at the diner at 10 a.m. as usual”, Jack responded.

Wilbur McGentry was assigned to be Jack, Sr.’s new driver. Wilbur was a young slacker, too, but a good kid. He was happy for the opportunity and took the job seriously. “Son, pretend when you’re with me, that you’re in Vegas and nothing happened. Got it?” “Got it, Sir”. Wilbur answered. They drove to Lawyer Dobbins office. “Mr. Dobbins, right now I want to leave my entire estate to the University of Alabama, my son is dead to me. Can you draw up such a will quickly”. “Sure, it will take about an hour is that okay?” the lawyer asked. The lawyer drafted up the document and Jack read it. “Can we add a paragraph, I’d like to give a cash gift to Sally Beaudine of whatever will pass tax-free.” Jack queried. “Sure, give me five minutes “ the lawyer answered. The new document was prepared and Jack read it. The witnesses were called in and the will was executed.

Welcome to San Jose

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When the plane arrived in San Jose, Jack exited the plane feeling safe for once and was beginning to relax. He headed to customs and immigration and when he got there, the agent looked at his passport and told him to go to a room. When he got to the room, two very unsmiling faces met him. “Mr. Jenkins, this is Agent Jeffries of the FBI, he seems to want to take you back to Alabama.” “I know my rights, Mr. Jeffries, you can’t extradite me from Costa Rica.” The Costa Rican immigration official started laughing, he had seen this little dance played out many times before. Jeffries looked at the official. “Do you want to tell him or should I?” The official was laughing so hard he just held his gut and waived to Jeffries. “What my happy friend knows and which you don’t seem to know is that there is an extradition treaty between Costa Rica and the United States. And you were caught smuggling Mexican pesos into Costa Rica which is a Costa Rican offense. So, here’s the deal. You can fight extradition, here and you’ll stay in jail while they try you here for currency offenses and you’ll get what, Manuel, ten years? “Si”, the laughing official said. And then you’ll get extradited to the US, unless of course the Mexican authorities decide to try you for bribery which would be ten years in a Mexican prison, and then we get you. A gringo in a string of central American prisons, I hope you have knee pads.” “Bribery?” Jack asked meekly. “Well, it makes sense. You were booked for a 12:30 a.m. flight out of Mexico City, yet you ended up on a flight a 10 a.m. and you went into town and stopped at a bank and withdrew 2 Million fifty thousand pesos and yet you only have 1 Million pesos left. Did you drop $100,000 at the bullfights? All we have to do is inform the right people in the Mexican government and I suspect you and the officer there will get to spend time in a Mexican prison. Although, I suspect that whomever you gave the bribe to, sent some of the goodies upstairs so his back is covered. But you will get hung out to dry.” Jack looked down meekly and thought. He was now out $200,000, he had no money and was looking a jail time in two countries where he would undoubtedly be treated badly. In the US he’d have a lawyer, he’d be able to fight the rather circumstantial case that these folks must have. “I’ll waive extradition, but it is no admission of guilt”. He read the document placed before him and signed it. “Mr. Jenkins, you and I have a direct flight to Atlanta in two hours”, the FBI agent said.