CNN Money:  Reality TV star Kim Kardashian isn't often held up as a model of prudent behavior. But the recent reports that she and her fiancé, NBA forward Kris Humphries, are working out a prenuptial agreement make her the celebutante face of a practical new trend.  Prenups are on the rise.  And they aren't just for the wealthy and famous these days. A prenup is a legally binding contract that spells out how a couple's assets will be carved up if their marriage fails. Nearly three-quarters of attorneys surveyed in 2010 by the American Academy of Matrimonial Lawyers said they had seen a marked increase in prenups in recent years. A key reason: The financial crisis left people anxious to protect what they have. A

NJ.com:   Are contingent beneficiaries allowed to stretch inherited IRA and 403(b) distributions over their lifetimes once they inherit them upon the deaths of both the account holder and also the primary beneficiary? Or do they have to draw down the proceeds within a five year timeframe? Does the age of the decedents, or whether they were already drawing Required Minimum Distributions, matter? Are there differences between how inherited IRAs versus 403(b)s are treated? — Confused beneficiary A. How retirement assets are passed can be a complicated topic, and you may be smart to enlist the help of an estate planning attorney or certified financial planner to make sure you don’t make any costly errors. If assets remain in the account on the death of the

Although troubled during her life, Amy Winehouse got it right with her estate plan.  Unlike many other celebrities like Anna Nicole Smith or Michael Jackson, Amy Winehouse left a well thought out estate plan that appears to distribute her assets just how she wanted. Amy Winehouse's heirs could have faced a significant battle had the singer not left such a carefully crafted estate plan.  Since the British legal system tends to favor ex-spouses, Winehouse's estimated $16.4 million fortune could have ended up in the hands of her ex-husband Blake Fielder-Civil, who is currently serving time in an English prison.  Instead, Winehouse did the smart thing by amending her will after her divorce from Fielder-Civil.  Now Winehouse's will is said to pass her considerable assets to

Wealth Counsel Estate Planning Blog:  It is no secret that the population throughout the U.S. is aging. According to the U.S. Census Bureau, the number of seniors 65 years or older currently exceeds 38.6 million persons. This number is anticipated to swell by over 24 million over the next decade.  While the baby boomers continue to age, a myriad of resulting senior issues have arisen including an overall increase in estate litigation.  Disputes arising out of the execution of an estate plan, or the management of an existing estate, have increased lockstep with our aging population. Nationwide statistics are unavailable; however, from my personal perspective, over the last ten years the probate courts in California have become inundated with estate contests.  In speaking with colleagues,

The Probate Lawyer Blog:  Civil rights icon Rosa Parks passed away at the age of 92 on October 25, 2005, in Detroit, Michigan. Almost six years later, her legacy is still tied up in a lengthy court battle.  The case features allegations of abuse, cronyism and corruption by the probate judge as well as the two lawyers he appointed to oversee the estate and trust.   It also involves who will receive all of the considerable civil rights memorabilia owned by Rosa Parks when she was alive, and even the rights to use her name and likeness. Parks' will and trust left the majority of her assets to the Rosa and Raymond Parks Institute for Self Development, operated by Rosa Parks' longtime friend, Elaine Steele.  Parks and Steele

Investopedia: Being an executor [personal representative] for an estate comes with a lot of responsibility.  The process can be daunting if you go into it unprepared. In this article, we'll look at some simple steps you can take while the testator is living that will make your job as the executor much easier when the time comes.  

Estate of Denial: It’s a Nashville saga worthy of its own country music song. “Gentleman” Jim Reeves was a velvet-voiced country crooner famous for his tuxedos, his clean-cut good looks and lovelorn lyrics such as: “Put your sweet lips a little closer to the phone.” He died in a fiery Brentwood plane crash in 1964 at the age of 39. Today, the fate of potentially millions of dollars in current and future royalties from his singing career remains in question.

Estate of Denial:  Two legal cases with central Texas ties provide interesting opportunity to discuss questionable probate actions.  Anna Nicole Smith – and now her estate’s – pursuit of J. Howard Marshall II’s multi-million dollar estate has long made headlines and a recent court filing could open a new front in an action already ongoing for 15+ years.  Meanwhile, the indictment of Waco attorney Ray Rushing along with former caregiver Melissa Adler presents an important example of another path by which alleged estate abuse can occur.  While one case is a civil action and the other is criminal, while one involves a high-dollar estate and the other more modest asset values, the public must become aware of the dangers posed by Involuntary Redistribution of Assets

Wills, Trusts & Estates Prof Blog:  A reader of Money Magazine recently submitted the following question: “All of our children are adults. One is always asking us for financial help; the others manage on their own. Can we take this “extra help” into account when we divide our estate in our will?” A few of the reader opinions and the expert opinion given by the magazine are below…

Newport Richey Patch: A recent client had me write “mirror” wills for him and his wife. This means that if the husband dies first, the wife gets everything, and vice versa. The couple had a young son. A month later, the wife past away. The husband found out that his late wife, previously divorced, did not change her 401(k) retirement account payable-on-death beneficiary. Now the widower is in a fight for money that never was intended to go to the former husband, but rather, toward a college education for my client’s son.  Most people believe that a will is for “old people.” An 18-year-old single mother could never use a will to try to suggest who would be the guardian of her child, right? A new

Estate of Denial:  In the rush to button down an estate plan, people often spend most of their time focusing on the big questions and overlook small—but increasingly crucial—details. Even the simple question of who your heirs will be is getting more complicated. Nowadays more people are considering pets and even children posthumously conceived from genetic material in their estate-planning mix, say financial advisers. That often means setting up trusts that just a few years ago would have been unthinkable.

24-7 Press Release:  Charitable contributions are a vital source of income for most non-profit philanthropic organizations no matter what demographic the charity serves (low-income families, animals, the elderly or schoolchildren, among others) or what type of aid it provides (meals, bill-paying assistance, funds for spaying/neutering or sheltering families without homes, just to name a few). In addition to making periodic donations to your favorite charitable organization, though, you can also make long-term gifts through the careful use of various estate planning tools. The Internal Revenue Service (IRS) recognizes the true importance of charitable giving, and the U.S. Tax Code contains provisions that allow tax breaks for both the person/company/organization gifting the money and the charity receiving it.

Probate Lawyer Blog:  Ryan O'Neal is at it again.  He and Craig Nevius, a Hollywood producer who used to work closely with Farrah Fawcett, are in the midst of more legal fighting against one another.   Initially, they both sued, each claiming the other had exploited Fawcett while she was sick from the cancer that claimed her life.  Why?  They both said the other had taken advantage of her to produce a documentary about her life and her sickness.  Those lawsuits ended when Nevius ran out of money for legal fees. Now, he has no choice but to continue fighting.  Ryan O'Neal — Farrah's ex and father to Farrah's son — has sued Nevius again.  What's at stake this time?  It's all about the art. Specifically,

Forbes:  Did dad know what he was doing when he signed a will leaving the bulk of his estate to his caregiver daughter, leaving her siblings with much less? Did mom mean to disinherit her only child or was it a mistake?  Did grandma mean for her daughters to split her jewelry collection with their brother’s wife? These kinds of questions are at the heart of estate fights. Whether it’s thousands of dollars at stake or millions, whether you expect a fight or anticipate peace among the beneficiaries of your estate, there are things you can do while you’re alive to avoid a protracted battle over your estate after your death.

Wills, Trusts & Estates Prof Blog:  Twenty-two states and the District of Columbia currently impose a death tax on their taxpayers. These taxpayers have options when it comes to avoiding paying these taxes, however. One option is to make a large lifetime gift. The current federal law grants taxpayers a $5 million gift exemption ($10 million for married couples). Another option is to make annual exclusion gifts. Taxpayers can give an unlimited number of people gifts up to the annual exclusion amount ($13,000, currently) without incurring a gift tax.

Examiner.com:  Most estate planning law firms spend a considerable amount of time writing about wills, trusts, and guardianship documents, but when was the last time you read anything about healthcare directives?  That will be the focus of this article, because healthcare directives (also called living wills) are integral to planning for your care, should anything ever happen that causes you to be incapable of making healthcare decisions for yourself. A living will is a document that outlines your wishes for the kind of care and medical intervention that you want (or specifically do not want) if you become terminally ill or find yourself in need of life-support but are unable to speak or otherwise communicate, as could be the case if you fall into a

Patch.com:  Lisa, If something happened to my husband and me, who would take care of our young children? We have heard that we need to appoint a guardian. However, we are confused and do not understand the necessary steps we must take. Would you please explain how we go about appointing a guardian and some of the issues we should consider?  Cheryl Dear Cheryl…

The Trust Advisor Blog:  Even though 94-year-old Zsa Zsa Gabor is not dead yet, a super-size family dispute has begun. On one side her husband, on the other, heirs from 9 marriages. Each claim an inheritance they were promised from a sea of confusing estate plans experts say went way off course. It’s just as well that Hollywood legend Zsa Zsa Gabor probably has no idea that her ninth husband and only daughter have started bickering over her estate while she’s still alive.

Investopedia:  Trusts are commonly used by attorneys and financial advisors during the estate planning process. They aid in the distribution of assets, ensuring that everything goes to the correct people and entities. They can also minimize estate taxes. Essentially, they allow you to remove assets from your personal estate so that more wealth can be passed to your beneficiaries. You can even place a life insurance policy within a trust.