Divorce lawyers know that some of the most intense fights between a couple can erupt over the most insignificant item —- a matchbook collection or a set of souvenir spoons from family vacations. The stuff being fought over serves as a proxy because the parties are angry with each other…
The ongoing skirmish over the small estate of baseball legend Ernie Banks has gone into extra innings. There was a battle between Banks’ estranged wife and the caretaker who was named as sole heir to the estate. Most recently, a third party has claimed a portion of the modest estate. …
Recollections of re-writing a will or scribbling changes to a will after the document has been executed are common. There is a process and procedure to revoking a will. Without the guidance of an experienced estate attorney, a prior and properly executed will trumps a do-it-yourself will. A recent article…
It’s not exactly what most parents would want their children to use their inheritance for, but we suspect that this mother would have been very proud of her son. John Bickman Walls told his son Pelle Walls, who was then 17, that his mother, Walls’ ex-wife, had committed suicide. Walls…
There is a statue of limitation on every civil action in the United States. This refers to a restriction of the number of years from the time an action takes place until it can be prosecuted through the courts. Failure to act in a timely manner cost one family millions…
Owning a fractional interest in a piece of highly valued art has never been a simple matter where estate taxes are concerned. How the IRS values and applies the estate tax for estates that include fractional interests in art may be changing due to a recent Fifth Circuit Court of…
Naming a guardian for minor children is never a pleasant task, but this situation makes a compelling argument for why it is so important. A Texas Attorney General with legal problems was appointed guardian of a large trust for two minor siblings and certain facts don’t seem quite right. That…
If you expect to inherit assets from a successful parent, hope that they do not have a double life that involves criminal behavior. Property used to commit a crime or assets purchased with the profits of a criminal act are subject to civil forfeiture by government offices. If the person…
A promise to give an inheritance that is not fulfilled in a will can be challenged, if the promise can be proven and if the court agrees. The nature of the promise made to one woman in Australia is a sad reflection of a troubled family, but it does illustrate…
New regulations are coming from the IRS regarding family partnerships and limited liability companies. Perhaps in search of revenue, or trying to overcome a legally-permitted loophole, the IRS will soon make changes to capture some otherwise lost revenue on these entities, which have enjoyed tax discounts on assets that are…