Wealth Management : “In what will likely prove to be one of the more memorable presentations at the 2018 Heckerling conference, Paul S. Lee, of The Northern Trust Company, emphasized the importance of managing tax basis as part of the estate planning process.”
Yahoo Finance: “The successful passage of the new tax reform laws will make a big difference for Americans across the nation in early 2019 when they file their income tax returns for the 2018 tax year. Among the many provisions of the bill were measures that doubled the exemption amount for the federal estate tax, effectively leaving Americans beyond the reach of the death tax until their net worth hits eight figures.”
TMZ: “Prince's estate says it's won a legal battle with the producer who's fighting to put out unreleased music … and they're asking the court to sign off on the victory.”
Davis Wright Tremaine LLPP: “With the advent of higher exemptions with respect to the Federal Gift, Estate, and Generation-Skipping Transfer Tax passed last December (referred to as the 2017 Tax Act), it really is necessary to review your estate tax planning and it would also be a good time to review your durable power of attorney in light of the recent adoption of the Washington Uniform Power of Attorney Act, effective January 1, 2017.”
Trials and Heirs: “Almost two months after his death, Charles Manson’s body remains in limbo as an unusual legal battle over control of — and the potential to profit from — his estate rages on.”
Schulte Roth & Zabel LLP: “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” (“Act”) was enacted in December 2017 and implements a wide range of changes to existing tax laws. The Act temporarily increases (from Jan. 1, 2018 until Dec. 31, 2025) the federal estate, gift and GST tax exemption amounts from $5.6 million to approximately $11.2 million.”
American Academy of Estate Planning Attorneys: “A 70-year old man arrived at a Miami hospital. He was alone and unconscious, with no ID, a high blood-alcohol level and multiple chronic conditions. He also had a tattoo on his chest that read “Do Not Resuscitate,” along with his (assumed) signature. Despite treatment by hospital staff, the man continued to be incapable of making his own medical decisions. Should the doctors honor the man’s Do Not Resuscitate (DNR) tattoo when it became clear that he would die without treatment?”
Trial & Heirs: “When most people think of Hugh Hefner, they picture the famous Playboy bunny logo, young and buxom blonde women by his side, and his ever-present robe and captain’s hat. But people should also think of his smart business and planning sense. After all, Hefner started a unique business with $8,000 in 1953 and grew it into a massive global enterprise. How Hefner used the resulting wealth to plan for his golden years and beyond was as unique and innovative as the way he lived his life. It certainly isn’t a road-map for everyone, but it worked out well for him.”
Daily Mail: “A wealthy heiress from New York City bequeathed thousands of dollars to her hairdresser, housekeeper, doorman and nail technician after she died of natural causes. Kaaren Parker Gray, 72, died of a heart attack on August 24 in her Upper East Side home, less three weeks after she wrote ten-page handwritten will without a witness. Since then, the people who she employed to help her get through her daily life have received handwritten letters explaining the funds she has bestowed upon them.”
Daily Mail: “A deceased New York City entrepreneur with a $4 million East Hamptons property left behind a $100,000 pet fund for her 32 cockatiels and detailed instructions in her will about how the birds should be treated. Leslie Ann Mandel, 69, wrote in her will that she wanted the 32 birds to ‘continue to live in the aviary' in the Hamptons or be taken to ‘a protected place of similar size' for ‘the rest of their natural lives'.”
Aaron Spelling died leaving an estate valued at over $500 million dollars. Spelling left the vast majority of his fortune to his wife and left a little less than a million dollars to each of his children. Despite the fortune he left behind and the small value left to each child, there was no contest over the value of Spelling's estate between his family. This illustrates the value that can be found in having an estate plan prepared by an estate planning lawyer.
Billboard: “Since Jan. 31, the day that Bobbi Kristina Brown was found face-down in the bathtub of her Roswell, Ga., townhouse, the world has focused on what led up to the tragedy, which eerily paralleled her mother Whitney Houston's drowning in 2012. Less attention has been focused on what becomes of the singer's estate. Unconfirmed reports point to a battle between the Houston family and Whitney's ex-husband, Bobby Brown, over whether to remove Bobbi Kristina, 22, from life support — framed as a clash over religious values and the sanctity of life. Beyond moral considerations, however, there are tens of millions of dollars playing a behind-the-scenes role in the conflict.”
National Law Review: “If you were to become incapacitated or die, would your agents, trustees or personal representatives know where to find the key to your safe deposit box? The title to your car? Or, your account numbers and passwords? If not, it is time to start compiling your personal records. By compiling this information in a central, secure location, you can better ensure that your estate plan will be carried out efficiently. For some people, this will mean compiling mostly paper files. For others, it will mean keeping a detailed list of digital assets and passwords. Below is a list of the top ten types of records you should print out or save in digital format. These items should be kept in a secure location separate from your computer, but in a place that can be accessed by your representative upon your death or incapacity.
Journal of Accountancy: “In a letter to IRS Commissioner John Koskinen and other IRS officials on March 19, Troy Lewis, chair of the AICPA Tax Executive Committee, requested that the IRS provide relief to surviving spouses who want to elect portability of the deceased spouse’s unused estate tax exemption (DSUE) amount. Sec. 2010(c) allows the surviving spouse of a decedent who dies after Dec. 31, 2010, to elect to use any amount of the deceased spouse’s estate tax exemption that was unused by the deceased spouse. This is commonly referred to as the portability election. The election must be made on a timely filed Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and must be made by the executor of the deceased spouse’s estate.”
Trust Advisor: “NYC real estate heir may go straight from easy street to death row after surprise arrest for long-unsolved murder. The case raises tough questions about what happens to the funds when trust fund babies go far astray. Robert Durst just moved into a world where the interest on his share of a billion-dollar Manhattan commercial real estate empire no longer amounts to much. He’s in a Louisiana prison now waiting to be sent back to California to face charges he killed a friend who might have figured out why his first wife vanished 30 years ago. . . . And he’s going to turn 72 in a few weeks, so whether he rates the death penalty or not, the question now is really where all that money’s going to go.
Huffington Post: “Take your driver's license out of your wallet. Flip it over. Now look carefully at the back of it. There's no box to check for “Identity Donor.” Yet when it comes to identity-related crimes, one of the greatest times of vulnerability is immediately after you die. You can do everything right. You can use long and strong passwords and account-unique user names. You can check your financial accounts and monitor your credit on a regular basis, you can set up transaction alerts on your credit cards — even order a credit freeze — and then you die. Well, not entirely. Include Identity in Your Estate Planning.
Daily Mail: “Tom Benson, the self-made billionaire who owns two of the NFL and NBA's wealthiest franchises, has broken his silence over the vicious row that has torn his family – and potentially his fortune – apart. The 87-year-old owns the New Orleans Saints football team and the New Orleans Pelicans basketball team and is considered the richest man in Louisiana, worth an estimated $1.9 million. However in January he announced plans to cut his children and grandchildren out of their ownership of the teams once he dies, and transfer everything into the name of his third wife, Gayle Benson, causing the family to immediately file lawsuits against him.”
National Law Review: “Planning on making a large gift to charity? Rather than making a gift outright, it might beneficial to consult an attorney and set up a charitable remainder trust, an instrument that allows you to donate to charity while still receiving income from the property, as well as providing tax breaks to the settlor and settlor's heirs. These types of trusts can be a crucial element of an estate or financial plan, especially if you are considering making large charitable gifts.”
Cio.com: “You post about your kids and pets. You tweet about your travels and work. You upload videos of your dog playing in the latest snowpocalypse. Your social sites chronicle the ups and downs, the loves and losses, the adventures and even the boredoms of your life. So what happens to all those digital tidbits when you die? On Thursday, Facebook announced that it's allowing users to set up a ‘legacy contact' — a family member or friend who can manage a person's social account when they die.”