Mike ‘The Situation' My Lawyer Wants to Delay Sentencing…Tax Season is Taxing!
Category: Estate Planning, Rich & Famous, Social Media
TMZ: “Mike “The Situation” Sorrentino got burned for not paying taxes, but now it might be tax season that buys him more time as a free man.”
The New York Times: “For parents, deciding how to divvy up their assets can be an incredibly onerous task. This is especially true for those with substantial wealth and multiple children or beneficiaries to consider. A common mistake parents make when undertaking estate planning is focusing too much on legal issues while ignoring family dynamics.”
JDSUPRA: “With all the changes in the new tax laws, some people may be hesitant to move forward with an estate plan. It is important, however, to keep in mind that most clients will not be subject to the federal estate tax and therefore the changes to the federal estate tax laws do not impact planning.“
The New York Times: “Geologist Anatoli Brouchkov harvested bacteria several years ago that had managed to survive in the Artic permafrost over eons. These bacteria, when injected into female mice, seemingly worked to extend their youth. Dr. Brouchkov, in a fit of scientific ardor, decided to ingest some of the bacteria.”
MarketWatch: “In the following list of the Top Ten Objects Your Kids Do Not Want — inspired by conversations (or lack thereof) about my keepsakes with my 30-year-old son, Lock, and his wife, as well as by similar conversations I’ve had with hundreds of boomer clients and their millennial heirs — I will help you find a remedy for dealing with each.“
Everything Lubbock: “The estate of “To Kill a Mockingbird” author Harper Lee has filed suit over an upcoming Broadway adaptation of the novel, arguing that screenwriter Aaron Sorkin's script wrongly alters Atticus Finch and other characters from the book.”
The Marital Wealth Gap
Category: Estate Planning
SSRN: “Married couples are wealthier than people in all other family structures. The top 10% of wealth holders are, in great proportion, married. Even among the wealthiest households, married couples hold significantly more wealth than others.”
‘Frasier' Star John Mahoney Leaves Behind $5 Million Estate
Category: Beneficiaries, Estate Planning, Rich & Famous
TMZ: “John Mahoney, the beloved dad on “Frasier,” left behind millions of dollars … and TMZ's learned there's a long list of potential benefactors.”
Charles Manson Had Open Casket Funeral Then Burnt to a Crisp
Category: Estate Fights, Estate Planning, Rich & Famous
TMZ: “Charles Manson had his final hurrah Saturday during a memorial service that ended in fire. Manson's body was front and center at a service held in Porterville, CA. We're told the body was decomposing badly, and needed heavy makeup and gloves to cover the deterioration. He died 4 months ago but his body was put on ice until a judge decided who would take control of it.”
Nas and Kelis to Share Joint Custody of Child
Category: Estate Fights, Prenuptial Agreements, Rich & Famous
TMZ: Nas and Kelis are at war over issues involving their 8-year-old son, but they have actually come together and reached a settlement on the issue of custody. We've learned Nas and Kelis have agreed to share joint legal and physical custody of Knight.
TMZ: “Logic and his wife, social media star and singer Jessica Andrea, have split after two years of marriage … TMZ has learned. The couple married in October of 2015 when the rapper was just 25 years old. It's unclear exactly when the two called it quits, but they hit the red carpet together in January at the Grammys.”
Holland & Hart: “As The New York Times recently reported, the will of Harper Lee, author of To Kill a Mockingbird, was recently unsealed in connection with a lawsuit seeking access to the document. Ms. Lee died a resident of Monroeville, Alabama, and, as in Colorado, wills in Alabama are typically considered to be public documents.”
Worst States If You're Caring For An Aging Parent
Category: Estate Planning, Guardianship, Retirement Planning
Financial Advisor: “Some states make it harder for those caring for an aging parent, according to a new survey. Caring.com conducted a national survey to determine which states offer the best overall cost of living, and accessibility to senior support programs and resources for caregivers. While some states were praised for providing an affordable and helpful environment for caregivers, other states inevitable ended up at the bottom of the list.”
Woman accused of killing brother over huge Colorado ranch worth millions
Category: Estate Planning, Social Media
Fox News: “A Colorado woman has been accused of killing her brother to get her greedy hands on a family ranch that’s worth millions of dollars, authorities say. Stephanie Jackson, 33, was arrested on a murder charge Wednesday in the death of Jacob Henry Millison, who disappeared in 2015 when he was 29. The motive for murder: the family’s 700-acre ranch property in Gunnison County, according to Gunnison County Undersheriff Mark Mykol.”
JDSUPRA: “I recommend that before an ill or very elderly person signs a will (or trust), that the estate planning attorney obtain a note from a doctor as to the person’s mental capacity. Doing so will help create a record that will make it more challenging to contest the will (or trust) on the basis that the person lacked testamentary capacity (i.e., the requisite mental capacity in order to execute a will or trust).”
What does the IRS’ Michael Jackson dispute mean for celebrity estate planning?
Category: Estate Planning, Rich & Famous, Trusts, Wills
Lexology: “When Michael Jackson died in 2009, he left behind a convoluted legacy that has presented issues for fans and tax collectors alike, and the legal repercussions are ongoing. At the time of his death, Jackson’s reputation had suffered from allegations of child abuse, drug use and erratic behavior. The circumstances of his death, however, heightened fans’ sympathy for the tragic “King of Pop.” Because of this, Jackson’s estate is embroiled in a legal dispute with the IRS over the value of Jackson’s name and likeness.“
The New York Times: “Dr. Barron H. Lerner watched as his family’s pet boxer, Akeela, suffered from an increasingly devastating brain tumor. As the cancer progressed, she often walked in circles and was consistently restless and had trouble sleeping. Dr. Lerner and his family, emotionally taxed watching Akeela suffer, took their veterinarians advice and chose to end her suffering via in-home euthanasia. As a practicing physician, the ability to choose to end Akeela’s suffering brought up thoughts of his oath not to “administer a poison to anybody when asked to do so nor … suggest such a course.”
The New York Times: “Pre-need funeral planning allows individuals to take care of details concerning their funeral and body disposition as a means to prevent the burden from falling on family. Pre-need planning enables you to decide whether you want to be cremated or buried, the type of funeral service you want, and even what attire you want when buried.“
Soldiers with Fortunes?: Rethinking the Tax Treatment of Fallen Combatants
Category: Estate Planning, Estate Tax, Trusts, Veterans Issues, Wills
SSRN: “Section 2201 of the Internal Revenue Code provides a partial estate tax exemption for members of the armed forces who die in, or as a result of, combat operations. In this Article, I explore the origins of this exemption and assess the extent to which it serves three important policy goals: (1) reducing financial and administrative burdens on military families, (2) incentivizing military service, and (3) avoiding the moral hazard of the government being able to “profit” (through increased tax revenues) as a result of combat deaths.”