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…
Recognizing the ever-growing concern over managing online accounts of deceased loved ones, Google has changed the options on their support page regarding access to a deceased user's account. We're glad to see that Google allows survivors to manage their loved one's accounts in the event of death, especially when clear…
It’s hard to imagine legendary guitarist Jimi Hendrix preparing a will; only 27 when he died, he likely did not have a great deal of assets. However, his estate grew after his death, and his not having a will, combined with a lopsided will of his father, led to years…
The European Union has put into effect new rules on inheritance laws that allow people to select which country’s laws they want to have applied to their wills. Americans who own property in the EU that they wish to pass on through their estate need to prepare for this change.…
After a long and high profile life of philanthropic endeavors, socialite Brook Astor died in 2007 with an estate worth $200 million. Two years later, her son Anthony Marshall was convicted of stealing millions from her. Astor suffered from dementia, and Marshall was paying himself from her assets. While…
The word is out in the estate planning bar that the IRS is looking at making an announcement this September about a favorite tax benefit gained from the use of family partnerships and LLCs. New regulations would effectively raise the taxable value of assets transferred into these entities, which currently…
Savvy individuals, estate planning lawyers and financial advisors are not averse to finding unintended benefits when Congress makes changes to laws regarding retirement accounts and Social Security payments. Unfortunately, when too many of these techniques are discovered and shared widely, the government sees revenue slipping away. Three of these loopholes…
A recent survey from CNBC.com shows that there are differences in how the wealthy perceive the need for estate planning, and not all millionaires behave the same way. There are differences between families at the $1 million – $5 million level and those with $5 million and more. However, a…
With two-thirds of Americans experiencing disruptions to their retirement planning resulting from divorce, major illnesses, unemployment or business troubles, the road to retirement has become bumpier than ever, according to a new TD Ameritrade survey. The challenges add up to $2.5 trillion in lost retirement savings. The news is gloomy,…