For a married couple residing in California, the answer to The "Big Time Money" Mystery could prevent the public exposure of their assets and save thousands of dollars in future attorney fees, probate court costs and taxes. This mystery oriented report is based on one of the most common errors (or omissions) made by spouses when planning their estates for the first death. This costly error can easily be avoided IF the problem and solution are known while both spouses are living!

Characters:

You, your spouse and the fictitious Mr. and Mrs. Smith.

Background:

You considered the Smiths to be among your best neighbors. Many years ago, you met Mr. Smith when he was planting palm trees in his front yard. He was a successful business owner who enjoyed investing in rental properties and the stock market. Mrs. Smith, a homemaker who liked to shop for bargains, was very friendly and had an unusual pastime: She enjoyed visiting courthouses and listening to the cases.

Action:

One day, at a local courthouse, Mrs. Smith overheard several attorneys discussing a certain type of case. She became quite curious and asked one of them why such cases were necessary. He said, “Many times it is because spouses don’t have a certain piece of paper.” Then, she asked question after question until the attorney promised to send her a sample of the often missing paper.

Mrs. Smith received the promised paper in the mail with a note instructing both her and her husband to sign it. The next day they signed the paper at Mr. Smith’s business office. However, because he was quite busy at the time, Mr. Smith really didn’t pay much attention to its wording. In fact, the only thing he remembered was Mrs. Smith putting the signed paper into her black purse and saying, “Honey, if something should happen to me, this paper will save you some ‘big time money’ for sure.” He thought her words were odd, but left it at that.

The following month you decided to invite the Smiths over for a barbecue. As usual, everyone had an enjoyable time. Mr. Smith’s stories about his stock market “killings” were quite fascinating. It was nearly eleven o’clock when the Smiths left that evening. You later noticed that Mrs. Smith forgot her black purse on your kitchen table. Because the neighborhood was engulfed by heavy fog, you decided to wait until morning to return her purse.

Unfortunately, after the Smiths arrived home, a burglar discovered their back door unlocked. Mrs. Smith, a light sleeper, heard a noise downstairs and decided to investigate. To her surprise, she found the burglar stuffing her prized antique clock (a garage sale steal!) into a laundry bag. Her menopause condition erupted, and she jumped on him in a fit of rage! Tragically, as they struggled, Mrs. Smith suffered a fatal stroke. She died on June 13, 2001, only two weeks after signing the “big time money” paper!

Following the funeral, Mr. Smith scheduled a meeting with his accountant and attorney to review Mrs. Smith’s Will and certain business, real estate and stock related documents. As he listened to the reading of the Will, Mr. Smith’s eyes began to fill with tears. Next, to make matters even worse, his attorney informed him that a very important paper--which could save taxes and keep him out of probate court--was not prepared by the legal staff during Mrs. Smith’s lifetime! His sadness quickly changed to anger and frustration after hearing this news.

The drive home from the meeting was equally as difficult for Mr. Smith. Every block, so it seemed, brought back memories of his beloved wife. Their favorite restaurants, curio shops and clothing stores seemed to be everywhere. Suddenly, like a bolt of lightning, a vivid picture flashed through his mind: Mrs. Smith putting the “big time money” paper into her black purse!

After arriving home, Mr. Smith began frantically searching for the purse. Ten minutes, 20 minutes, 30 minutes--and still no luck. Then, to his surprise, you were standing in his open doorway holding the missing black purse! Before you could explain, he asked you to open it and hand him the paper inside. Finally, after a few minutes of careful reading, he sat down with a deep sigh of relief.

The Mystery:

What was on the “big time money” paper?

The Answer:

It is provided in Part II