Inheritance

What If I Don’t Want to Give My Kids the Same Inheritance?

Published on: April 15, 2019 | By McCulloch & Miller, PLLC

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 be made.

What and how you leave your wealth can be a hard decision, if you have more than one child. This is particularly true, if your kids’ circumstances are dramatically different or you’re much closer to one than another. The easiest solution might be to split whatever you have equally among them. However, is equal the same thing as fair?

Ladders.com’s recent article, “More parents are leaving unequal inheritances to their adult kids” says that a growing number of parents say that answer is a resounding “no.”

A Love Story: George and Barbara Bush

Published on: January 2, 2019 | By McCulloch & Miller, PLLC

Their lives were devoted to family and public service, and to each other. The passing of George H.W. Bush and his wife gave many Americans pause to consider their leadership and their devotion.

Few were surprised when George H.W. Bush passed less than eight months after Barbara’s death. Their deep connection—from his service in World War II to the Presidency and their role in public service after leaving the White House—was evident to everyone around them, says Forbes in the article, “Valuable Estate Lessons From The Passing Of George And Barbara Bush.”

The death of a longtime married couple in quick succession, is often called “broken-heart syndrome” or “widowhood effect.” The thought is that the lives of two people are so entwined they can’t bear to be without each other. The time between the Bushes’ deaths also raises practical questions in estate planning. Timing is critical in an estate plan, and if the deaths of married spouses happen within a short period of time, it can make the administration of an estate more difficult.

A Whole Lot of Soul, But No Estate Plan

Published on: September 28, 2018 | By McCulloch & Miller, PLLC

The big buzz about Aretha Franklin is the gold-plated casket, the Christian Louboutin patent leather shoes and the fact that she died without a will.

The Queen of Soul’s four sons have filed a document that lists themselves as “interested parties” in her estate, according to an article from cbs.com titled “Report: Aretha Franklin left no will.”

A document that was said to have been filed with the Oakland County Probate Court in Michigan and signed by her son Kecalf and her estate attorney David Bennett noted the absence of a will.

Tom Benson Excludes Daughter and Grandchildren from his Will

Published on: April 9, 2018 | By McCulloch & Miller, PLLC

Before he died, the owner of the New Orleans Saints and Pelicans gave millions of dollars of property to his daughter and her children, but they were not included in his last will and testament.

The last will of multi-millionaire Tom Benson, who owned several professional sports teams and other businesses, did not include his daughter and her children, according to an article from KPVI, “Though excluded from his will, Tom Benson’s daughter and grandchildren received much from family patriarch.”

Following Benson’s death, court records indicate that his third wife Gayle became the sole beneficiary of an estate controlling New Orleans’ NFL and NBA franchises, as well as the Dixie Brewing Co. There were other valuable businesses or properties in the estate: three car dealerships, the site of Benson Tower and Champions Square, a $3.6 million Uptown mansion, a racing stable and a parking lot used by fans attending Saints or Pelicans games.

Have the Discussion Now About Inheritance and Estate Plans

Published on: February 26, 2018 | By McCulloch & Miller, PLLC

This is easier in some families than others, but discussing your parent’s estate plan and assets while they can still have that conversation is important for millennials.

Think of it this way: you can have an awkward conversation with your parents now and everyone can get more comfortable with the discussion and the topic, or you can launch into a screaming match when Mom and Dad are gone, the family is grieving and there are no parents around to soothe embattled siblings.

No matter how you look at it, this conversation will be uncomfortable. This is because it’s based on one ominous certainty: that the people we love are going to die.

How Are Homes Taxed When Inherited?

Published on: July 19, 2017 | By McCulloch & Miller, PLLC

If you plan on leaving the family home to your heirs when you die, be aware of the tax liabilities that are associated with inheriting a house.

This is the type of estate planning decision that requires a closer look with an estate planning attorney to evaluate the pros and cons, as well as the short and long-term consequences. First, you’ll need to know the value of the house, which will be based on its fair market value on the date of the owner’s death, according to a recent article from NJ.com, “Complex inheritance taxes on a home.”

If you have a home valued at over $1 million, it may sell for close to that amount. Let’s say that you’re single and are 80 years old. You live with your widowed sister. Your will instructs that your sister should have life ownership when you pass and then it is left in trust for nieces and nephews. What would their tax bill be?

Daughter Sues Mom, Charging Her with Draining Her Inheritance

Published on: May 15, 2017 | By McCulloch & Miller, PLLC

Legal battles that lasted longer than the marriage, continue to plague the daughter of a real estate investor.

A court action brought by a young woman, whose mother devoted nine years to gaining control of her trust fund, is now trying to free herself from her mother’s financial grip. Her daughter claims that her mother sold as many as seven Gramercy Park co-ops and an apartment building in Brooklyn and pocketed $13 million.

The New York Post reports in “My mom swiped more than $13 million from my inheritance,” that the daughter, Elizabeth Marcus, has tried for years to get a hold on a trust fund from her mom, Geraldine Lettieri. The trust was established for Marcus by her dad, real-estate investor Alan J. Marcus, before his death in 1994. The fight over his estate has been going on in Bronx Surrogate’s Court, where Lettieri first won control of the trust in 2003. Elizabeth says that Lettieri used the fund like a piggy bank, buying fancy cars and a mansion in the Hamptons.

Minus Michael, the Jackson Estate is All Business

Published on: April 26, 2017 | By McCulloch & Miller, PLLC

Without the spending habits of Michael Jackson and the involvement of members of his inner circle, the Jackson estate has been transformed into an efficient multi-million dollar empire.

As it stands now, the only factors that might keep the Michael Jackson money machine from moon-walking into eternity are his heirs.

The estate recently severed ties to Jackson’s publicist and former management team, after a multi-year courtroom battle. The losers said they stood by the star at a really low point in his life. In return, they claimed, he promised them 15% of his business. Trust Advisor’s recent article, “Michael Jackson Estate Reveals Mr. Hyde Side: Dead Star Now Fighting His Friends,” explained that since the estate wanted all of the cash, whatever Michael really wanted is of little consequence without legal documentation. Since a judge has dismissed the claim, the estate can continue consolidating its hold over every aspect of the Michael Jackson brand. All the old relationships that he once had with partners and advisors are gone.

Savvy Tips for Dealing with an Inheritance

Published on: February 9, 2017 | By McCulloch & Miller, PLLC

Inheritances by their very nature, create many mixed emotions. While you are grateful for the inheritance, you are grieving, which is a painful experience that impacts decision-making skills.

Perhaps the most important thing to know when you are grieving the loss of a loved one and expect to receive an inheritance, is not to make any big decisions. While an inheritance may change your life in a financially good way, as reported in The Reading (PA) Eagle Business Weekly’s recent article, “What to do and what not to do with your inheritance,” you are in a state of emotional crisis. Financial planning and big financial decisions will need to be made, but nothing needs to be done immediately, except for settling the business of the estate, if you are the executor. Here are some dos and don’ts to keep in mind:

What not to do with an inheritance

Father’s Wish to Disinherit Daughter Upheld by Court

Published on: August 30, 2016 | By McCulloch & Miller, PLLC

A woman’s suit to contest her father’s decision to give his estate to a not-for-profit failed, as his will was found to be valid. The family’s split over religion was never resolved, and there are no winners here.

A panel of three judges upheld a previous ruling that Stacy Wolin was legally disinherited by her father, according to an article in The Algemeiner, entitled “New Jersey Woman Fails to Contest Father’s Will Over Alleged Bias Against Jewish Spouse.” The estate of Kenneth Jameson will instead go to the Hospitaller Order of St. John of God Community Services, which serves people with developmental disabilities. As unpleasant as her father’s wishes were, the will was found to be valid.

Wolin told the court that because her parents disowned her when she refused to stop dating a Jewish man, who was the man she eventually married and with whom she had three children, she was forced to pay for her college education by herself. She also had to spend her semester breaks at her boyfriend’s house because her father didn’t want her around.