A tax battle is brewing over his $83 million estate, pitting Mr. Clancy’s wife against the adult children of his former marriage. His widow Alexandra Clancy is taking legal steps aimed at shifting all state and federal estate taxes—estimated in court papers at as much as $16 million—to the portion of the…
Several recent celebrity estate issues in the news highlight how important it is to plan ahead and get professional advice when setting up your estate plans. When celebrities pass away, aspects of their estates hit the news almost immediately. These high-profile cases can offer some valuable lessons for the rest…
Below are key financial planning tips to guide you through the four seasons of your financial life. With summer ending and fall around the corner, the changing of seasons is almost upon us. Just as the seasons change with each passing year, your financial seasons change as well. An article…
The important point to keep in mind is that DIY estate planning provides forms and not legal advice. An attorney may provide you insights into your situation and prepare documents that are specifically tailored to your circumstances and needs, potentially saving your loved ones expense and frustration. Before embarking on…
Moving to New York to avoid state death taxes? “When your bordering state is telling you, ‘Come on over!’ the pitch is compelling,” McManus says. “If New York has a more welcoming tax scheme, then people will say, ‘Let’s call me a New York resident.’” McManus says that he and…
Even though many gifts no longer make tax sense, 529 plans remain viable options for both estate tax exclusion and income tax reduction, without much complexity and cost. Which gifts make sense for taxes these days? Consider your options. Before recent changes to the federal estate tax exemption amount (i.e.,…
Wills, health care directives, lists of passwords to online accounts. By now, most people know they should prepare these items — even if they haven’t yet — and make them available to trusted family members before the unthinkable, yet inevitable, happens. While getting estate planning items in order is more…
Schwab-Pomerantz and Cuthbertson, who is publishing director at Schwab, have put together a comprehensive guide that will help you plan for retirement. If you need to plan for your retirement, you may feel overwhelmed to even start the process. What steps do you need to take first? What type of…
On September 4, 2014, comedy icon Joan Rivers passed away. It's no secret that Rivers hoped for a funeral that rivaled her lifestyle: big and over the top. Craft services. Paparazzi. Meryl Streep crying in five different accents. These are just a few of the wishes the late Joan Rivers…
After nearly 20 years of litigation and fighting in the press, the conflict between the estates of Anna Nicole Smith and her billionaire husband J. Howard Marshall has been resolved. A celebrity estate battle that held center state in Houston gives us another valuable estate planning lesson. A recent WealthManagement.com…