If there is a boogeyman when it comes to family conversations about inheritance, it is not death. It’s the $40 trillion that financial advisers say their baby boomer clients are going to pass to their children either in an orderly way — or in a chaotic mess. A report by…
A scenario commonly encountered within estate planning is when an individual dies while negotiating a separation agreement with their spouse, or when in the midst of divorce proceedings. While a divorce order will void specific bequests to a spouse, merely initiating negotiations or proceedings will not. Married couples typically plan…
Your plan is only as good as the people who implement it. When they aren’t competent, don’t pay attention to details, or decide to pursue their own interests, disaster can ensue. The latest case involves the Walt Disney estate. "If you can dream it, you can do it." Walt Disney…
Lee is a legendary figure in South Korea as the man who turned Samsung Electronics into a powerful conglomerate. He is also the country's richest man with an estimated net worth of US$11.4 billion. Under Korean inheritance law, an heir will have to pay 50 percent in tax when inheriting…
Last week, the Uniform Law Commission drafted the Uniform Fiduciary Access to Digital Assets Act, a model law that would let relatives access the social media accounts of the deceased. Digital estate planning has become a hot button issue in estate planning and technology law. What exactly happens to our digital…
When people die, their assets (cash, real property, investments, savings, car and so on) become the property of their estates. And each estate is obliged to pay all debts, costs, taxes and other liabilities due before it distributes what's left over, according to the deceased's wishes, to the beneficiary or…
Income inequality and the estate tax continue to be hot button issues in American politics and culture. Americans have a wide array of opinions about these two linked topics. Comedian John Oliver recently gave his humorous thoughts on them. More and more Americans, especially younger Americans, want to be entertained…
Every so often, a client will come in and announce that he or she needs a revocable trust. Typically the request stems from something the client has read in a book or article, or perhaps advice from a neighbor or friend. Of course, not everyone needs a revocable trust … …
Philip Seymour Hoffman did everything in his power to make sure his children were "normal." When the Capote actor died of a heroin overdose in February, he left the bulk of his estate to his partner, Mimi O'Donnell, and added the unusual request that their offspring be raised outside of Los Angeles. According to…
Many grandparents want to help their grandchildren pay for college, but don't know the best ways to do that. Financial advisers who can show them how to make those contributions and reap financial advantages for themselves can shine. Many families struggle enough to meet their current needs that they just…