This bizarre story of an estate battle concerns a man who wanted to be driven to local pubs, a taxi driver and the passenger’s significant other. A legal bill for an unusual estate battle must be now paid by a cabbie who had inherited a regular fare’s entire estate. The…
Think of trusts like the Swiss army knives of estate planning. There are many different trusts that are used to accomplish many different tasks. At its essence, a trust is a legal document that permits a third party, called the trustee, to hold assets on behalf of a beneficiary. The…
Estate tax, death tax, income tax and inheritance tax: what do they mean for your estate and your heirs? You’ll want to be sure to know the difference between them, as you create your estate plan. Most people don’t have to worry about the federal estate tax, which is often…
Estate planning requires making some of the most important decisions a parent can make for their child’s well-being. Single parents need to plan in advance for what will happen to their children, whether they are minors or adults. That includes preparing for the parent’s incapacity, as much as it does…
Despite early reports that she had no will, it seems the Queen of Soul spent a fair amount of time creating three wills to provide for her four sons and leaving behind some strong opinions of the people in her circles. She just didn’t share those wills with her attorney.…
Asset titling is the sticking point, where many estate plans fail. The best plan can be undone, if assets are not retitled or accounts are not funded. Retitling assets means just that—changing the name of the asset, whether it’s a deed to a home or a name of an insurance…
Whether you and your spouse have a pre or post nuptial agreement, they are a good way to make divorce or death a little less overwhelming. If you are wealthy, expect an inheritance or have been married before and have children from a prior marriage, you may want to consider…
It’s been three years since music icon Prince died at his famous Paisley Park mansion, joining the ranks of many celebrities who died without an estate plan. Prince’s estate, which includes master tapes of his recordings and a 10,000-square-foot Caribbean villa, has been estimated at $200 million. However, what it…
The emphasis on the SECURE act is all about helping Americans save more for retirement. However, it may eliminate a strategy that is used by many to pass wealth across generations. The coverage of the SECURE Act, that has been passed by the House Ways and Means Committee, is garnering…
One of the challenges of asset distribution comes when your children’s lives have taken different turns. Do you leave your successful daughter the same amount of money that you would leave to a son, who can’t seem to find a direction? It’s not always easy, but decisions do need to…