The Street:  “Adult children and their parents are normally hesitant to discuss money or financial affairs as these subjects can be awkward. Even though such conversations are difficult it is better to have them while both parties can meaningfully engage in the discussion. What do I mean by both parties can engage in the discussion? I mean the parents have the cognitive or mental capacity to communicate their wishes to their adult children. According to a report by the Alzheimer's Association, 5.2 million — or 1 in 8 Americans — over the age of 65 have Alzheimer's disease. The same report also cites a study which estimates 13.9% of Americans over age 71 suffer from some form of dementia. For the aging parent getting your

9News:  “Some elements of planning out your estate are obvious, others not so much. Increasingly your digital assets, everything from online bank accounts to frequent flier and rewards programs to social media are becoming a consideration for estate planning. Financial writer Catey Hill suggests designating a “digital executor” to handle wrapping up your online life.”

Estate of Denial:  “A legal showdown over the estate of civil rights icon Rosa Parks came and went this morning without a decision by Wayne County Probate Judge Freddie Burton Jr. about whether to disqualify himself from continuing to preside over the Parks’ estate fight. Burton told lawyers in a five-minute hearing that he would issue a decision on the disqualification motion in 30-45 days without hearing legal arguments from lawyers in the case. Then, he ended the hearing, leaving lawyers to argue their positions with newspaper reporters. ‘It’s outrageous that Judge Burton needs 30-45 days to decide a completely unopposed motion for disqualification,' said attorney Steven G. Cohen, of Farmington Hills, who sued Burton last week on the grounds that he conspired with probate

Estate of Denial:  “F. Scott Fitzgerald observed that the rich are different, but that does not mean an heiress can adopt her 65-year-old ex-husband to increase her family’s claim to a billion dollar inheritance. Delaware’s Supreme Court ruled on Tuesday that the unconventional adoption did not entitle the man to inherit a share of the Gore-Tex waterproof fabric fortune. Heirs to the founders of W.L. Gore & Associates Inc of Newark, Delaware, have fought for years over how to divide their stake in the privately held company, which has $3 billion in annual revenue. Their battle landed in court over the question of how the late Wilbert L. Gore, who founded the company in his basement in 1958, and his late wife, Vieve, intended to

JD Supra:  “Estate planning should be focused on anticipating possible outcomes and structuring your affairs for the tax-efficient disposition of your assets to your loved ones. However, all too frequently we estate-planning practitioners find ourselves working with clients in a reactive situation, trying to salvage an acceptable outcome out of some missed opportunity. Obviously, better outcomes are achieved when planning, rather than when reacting.”

Lawyers.com:  “It’s official: Jacob and Sophia are America’s most popular baby names. Once you’ve settled on a name for your new bundle of joy, it’s not too early to make legal preparations as your child enters the world. … Jacob has been the No. 1 boy’s name for 13 years, according to the Social Security Administration, which released the list of top baby names for 2011. Sophia knocked Isabella to No. 2 after a two-year stint at the top of the list for girls. If you have a young child in your home, it’s already time to start thinking about estate-planning issues to protect your newborn. Following are the five most common estate-planning mistakes that parents make after having a baby.”

ABA Journal:  “Nurses, doctors, a hospital, a lawyer and an accountant for reclusive heiress Huguette Clark coerced or influenced her out of more than $44 million in gifts, the executor of her estate said in a court filing Tuesday. The executor, who doesn't deny that Clark authorized nearly all of those gifts, is asking the court to order all of the money to be repaid, msnbc.com's Open Channel blog reports. The petition is an attempt to return to the estate millions of dollars that the executor claims was bled away from the heiress by fraud or undue influence. Two other petitions were expected to be filed by the executor Wednesday, one accusing her lawyer and one accusing her accountant of malpractice and breach of fiduciary

Question:  I know I should leave the passwords for my computer / files / email / social media with my estate plan.  What is the best way to do this? Answer:  Store a list of your important passwords somewhere safe that isn't on your computer. More and more people are using their computers to store their important, personal information.  For example, if you use financial accounting software, it may be next to impossible to settle your estate without being able to access that information.  However, because of the sensitive nature of this information, you may have your files computer password protected.  Also, things like your social media accounts and your email may need to be accessed after your death.  Sure, your family can spend hundreds

Question:  I want to access the email account for my deceased loved one.  How do I do this? Answer:  In many cases, you can contact the email provider and provide them some information demonstrating that you should have access to the account. During the difficult time after a loved one passes, it is easy to forget about some of the small things, like accessing your loved one's email account.  In a perfect world, your loved one would have left their email information and password in a safe place for you to find, perhaps even with their estate plan.  However, people often overlook small details like these when preparing their estate plan. If you cannot locate your loved one's email password, you can likely gain access

Estate of Denial:  “When a Davidson County judge closed his courtroom to the public during a conservatorship case involving actress Reese Witherspoon’s father last week, he didn’t just close a day’s proceedings: He sealed the entire case history, something he has done in only a handful of other recent cases. In sealing the case from public view, 7th Circuit Court Judge Randy Kennedy said the prejudice that would befall the Witherspoon family outweighs the public’s right to know. Kennedy sealed the entire case file — not just individual medical or financial records — and required the media to leave the courtroom. But completely blocking access can hinder efforts to curb guardianship abuse and prevents the public from performing its watchdog role over the court system,

Estate of Denial:  “Creditors just kept calling a permanently hospitalized San Antonio veteran about the delinquent payments on his 2006 Ford Focus, but Joe Cubillos, so disabled that he rarely left the veterans care center, no longer drove and knew nothing about a car. An investigation revealed that his sister, Rosa Avila, and her daughter had used $180,000 of his money over five years — draining bank accounts, running up credit card debts and buying a new car, while providing Cubillos with pocket money of no more than “$20 at a time.” Even after their 2011 convictions, the pair claimed they were innocent. Cubillos was generous and had always given away his money to family, they said. Such swindles aren’t uncommon. The Veterans Affairs Department‘s

There comes a point in every person's life when it is time to sit back and take stock of what you have accomplished.  This could be a beautiful family, a lovely home or a thriving business.  Whatever the source of your pride, it makes sense to protect it, just like you would any other asset.  You protect your home and your business with insurance, but what about yourself and your family? Protecting yourself and your family doesn't have to be difficult or expensive.  But it does need to be done.  Here are the three must have documents everybody should have to protect themselves and their families: 1. Last Will & Testament You probably know what this document is.  It disposes of your assets after your

Wealth Strategies Journal:  “A wise person once observed that a wreck on the shore serves as a beacon at sea. Perhaps the estate planning errors of others can also serve as instructive examples. But one must concede that the most egregious train wrecks of bad planning can be mesmerizing. Without further adieu, here is a collection of testators who left behind estates with notable errors, issues, and messes.”

Estate of Denial: “One of Reese Witherspoon‘s more famous roles was as the perky young attorney in Legally Blonde. Late last week, she accompanied her parents to court in a much more somber setting. On Friday, we wrote about the efforts of Reese Witherspoon’s mother, Mary, to protect her 70-year old husband from a woman who had entered into a bigamous relationship with Reese’s father. Mary’s lawsuit alleges that the woman, Tricianne Taylor (legally named Patricia Taylor) used the relationship to try to borrow hundreds of thousands of dollars and otherwise take advantage of Dr. John Witherspoon. Mary says her husband, from whom she has been separated but still in love with, suffers from a host of medical conditions, including possible dementia, and does not

Summit Daily:  “When it comes to charitable contributions, cash isn't necessarily king. The familiar three-legged stool metaphor as applied to philanthropy planning might include: 1) How much shall we plan to give? 2) Which causes will we support? and 3) What kinds of property shall we use to fund our contributions? Charitable contributions are typically funded with cash; especially for people engaged in so-called “check book” philanthropy, who make contributions as part of their annual giving budget. But more significant gifts can be made of virtually any kind of property, each of which may have advantages in the form of special tax or estate planning considerations. Gifts can be made of securities, personal property such as jewelry or artwork and, increasingly, of real estate.”

Examiner.com:  “That’s a headline to grab attention in Austin, Nashville, L.A. and for entertainers across the country – as it should. Growing use of probate instruments like wills, trusts, guardianships and powers of attorney is putting at risk both individual liberties and property rights. An ongoing legal battle involving the “Godfather of Soul” James Brown’s estate helps illustrate this point as also does the case of Nashville rocker Danny Tate who in past years fought a questionable conservatorship (guardianship) and now is targeted in what appears a series of retaliatory actions for speaking out against the perpetrators of his alleged probate abuse and the “justice” system that allows it to continue. The general public may read or hear of such actions while continuing to enjoy

Estate of Denial:  “Wealth transfer, a perennially touchy issue for some families, offers an opportunity for advisors to step in and bridge generational gaps, according to a new study by Campden Wealth and Morgan Stanley Private Wealth Management on attitudes surrounding wealth transfers. Younger members of ultra-wealthy households are grappling with their forebears for a say in wealth planning, and women are concerned about how money affects their relationships, the study found, after surveying 53 families with a net worth of $100 million or more earlier this year. “

Estate of Denial:  “UCLA occupies an esteemed position in the world of higher education and has many generous supporters. In fact, on March 16, 2012, a Chronicle of Higher Education headline trumpeted their fundraising prowess — In Education: UCLA Endowment Is Fastest-Growing Among Major U.S. Schools — and on March 15, 2012, Bloomberg reported: ‘The University of California, Los Angeles endowment has grown the fastest among U.S. colleges since 2008 as markets recovered and gifts from philanthropists such as casino mogul Kirk Kerkorian surged.' Well, Mr. Kerkorian and other donors, beware: once you’re gone, UCLA might just overturn the terms of your bequest if they deem such a move in their financial interests, despite having legally agreed to abide by your wishes and intent. That’s

Forbes:  “Currently, under the Survivor Benefit Plan (SBP), a military retiree can set aside up to 55 percent of his monthly retirement pay to provide their family members with a monthly stipend, after he or she dies. However, these benefits are counted as income and can prohibit a dependent child with disabilities from receiving Medicaid and Social Security Disability Insurance assistance. According to Militaryfamily.org, the “Disabled Military Child Protection Act of 2012” (H.R. 4329) was introduced by Congressman Jim Moran in order to provide long-term care for severely disabled children of service members.”