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Estate Planning News: July 2014
A Quarterly Compilation of Important Estate Planning News
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R & R
A "Just For Fun" Column
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For each quarterly newsletter, a member of our staff will share a recent trip, experience, restaurant, movie, etc., that provided them with some much needed Rest and Relaxation. We hope that this column gives you something enjoyable to read in addition to our extremely important, yet sometimes not always "fun", Estate Planning News.
A Little R and R in France
In May of this year my wife, Tina, and I traveled with friends to Paris and Normandy, France. For as long as I can remember, I wanted to visit the Normandy beaches and we decided that since this was
the 70th anniversary of the Normandy landings, we would make the trip this year. We arrived in Paris on VE Day and stayed at the Hotel Royal Magda Etoile located close to the Arc de Triomphe. Paris is amazing with lots and lots of people, cafes, food, wine, motorcycles, small cars, statues, trees, flowers, magnificent grand buildings and museums. After two days in Paris, we boarded the AmaLegro, which is an AMAWaterways riverboat, with 150 other passengers for an eight-day cruise on the Seine, from Paris north through Normandy, to Le Havre, which is a large seaport on the English Channel.
Normandy, France is the largest region in France and the only region that does not produce wine, however, there was plenty of wine to drink. Normandy produces dairy products, apples and cheese. Our cruise took us to a number of small, beautiful towns, Vernon, Caudebec-en-Caux, Les Andelys, Honfleur and Conflans. We also visited Rouen, which is the capital of Normandy and the city where Joan of Arc was tried and burned at the stake. Each stop on our journey offered a variety of tours and activities, which were very interesting and entertaining. At every stop, our French tour guides were knowledgeable and entertaining. One of our favorite stops was at Honfleur, which is a small port town on the English Channel and also a favorite vacation destination for Parisians.
Our visit to the Normandy beaches included stops at the D-Day Museum at Arromanches-les-Bains, Pointe du Hoc and Omaha Beach. Arromanches-les-Bains is located between Omaha Beach and Gold Beach. It is the place where the Allies built a harbor, which they towed from Great Britain, to enable supply ships to dock, and unload supplies for the armies invading France. The Germans placed large guns at Pointe du Hoc, which sits atop cliffs 100 feet above Omaha and Utah Beaches, giving them an important strategic position for defending the beach. It is the only remaining battle site that has been left untouched since the fierce two-day battle between American Rangers and German defenders. Omaha Beach was a vast, flat, open, place no one would have wanted to be seventy years ago. The Normandy American Cemetery overlooking the beach where approximately 2,800 American Heroes are buried is both beautiful and emotional.
Our trip concluded with another two days in Paris. We all had a fabulous visit, were treated wonderfully by the French, and would certainly take another riverboat cruise in Europe if the opportunity presented itself.
R&R by: William K. Root
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Dear Friend of Resch and Root,
 Welcome to our quarterly eNewsletter. We hope you've had a safe and enjoyable start to your summer. This issue begins with an R & R column showcasing a recent trip to Paris and Normandy France, which also coincided with the 70th anniversary of the Normandy landings. We also take a look at a story that recently hit the news outlets regarding the musician Sting and why he does not plan to leave much of his estate to his children. Lastly, we've included an article on our office staff's most recent volunteerism, which turned out to be more than just a morning of giving back to the local community. As always, feel free to share with us any ideas you may have on upcoming eNewsletter issues or questions regarding topics that were discussed.
Regards,
F. David Resch
William K. Root
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Has Sting Stung His Kids?
I read with interest the comments by the media over Sting's announcement that he is "disinheriting" his kids. If you have read his comments, he is actually helping them, not hurting them. The news reports printed his statement quoted below:
"I told them there won't be much money left because we are spending it! We have a lot of commitments. What comes in we spend, and there isn't much left," the 62-year-old rocker told The Daily Mail in an interview. "'I certainly don't want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate."
In fact, Sting asserted, his kids have always had to work for what they have. And while he'd be willing to intervene if any of them were truly in trouble, he said that situation has yet to arise. His feelings are not that much different from the hopes and dreams and fears all parents have for their children. It has been my experience that parents want the best for their children, but want them to earn their own way, be responsible, be good citizens, and take care of themselves and their families. In their minds, a strong work ethic and self-reliance builds character and improves their children's chances of success.
We define estate planning as a private and effective process that provides a person with the opportunity to take what they have and give it to whom they want, when they want, in the way they want. It minimizes unnecessary costs and taxes, which can interfere with their goals and desires for themselves and their families.
Sting is just expressing publicly the information he has shared with his children all of their lives. According to him, his children are self reliant and able to take care of themselves. He has provided the "wings and love" to help them go out on their own. He is now able to share his wealth with others, since he is confident that his children can survive without his financial support.
I don't believe Sting has stung his children. He has been wise enough to begin the planning process early in his life, sharing his wealth and wisdom with his children while he is alive. It has allowed him to share his wealth with others and promote causes he cares about, and granting him the peace of mind that everything will be "OK" when he is no longer here.
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Giving Back
On a Saturday morning in May, the office staff of Resch and Root participated in the City of Dublin's Community Service Day. The event brought together volunteers of all ages to help senior citizens, parks, and local non-profits at more than 50 locations with spring-cleaning and other projects. Our group was chosen to work with The Habitat for Humanity to help deconstruct an office space and salvage any items that could be used again. Once we received our assignment, the gloves went on and we got to work disassembling and removing very heavy pieces of office furniture and loading them onto a moving truck.
We soon found due to the bulk and weight of each furniture piece, at least two people were often needed to help disassemble and carry each item. Not only was this event a great way for our office staff to give back to the local community, it turned out to be quite a teambuilding experience as well. We had to work together and communicate effectively to navigate through the deconstruction to ensure there were no injuries and that the office furniture was dismantled successfully for re-use. We wouldn't have wanted to start our weekend off any other way and look forward to participating in Dublin's Community Service Day next year!
 
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About Resch and Root, LLC
With over seventy years of combined experience, we have learned to listen. We are attorneys and counselors at law specializing in Estate Planning and tax minimization.
Upon learning and understanding your needs, we craft solutions that accomplish your family's personal and financial planning goals. With our insights, knowledge and understanding, our experienced attorneys and staff will guide you through what for many can be a sensitive process. Our comfortable environment allows you to feel at ease while discussing these important decisions. Invite us to take care of your family while preserving your legacy. At Resch and Root, we are committed to providing you with the best gift of all. Peace of mind.
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