Arizona Wills & Trusts Blog - Page 20 of 53 - Arizona Wills & Trusts

Should Britney Spears’ Conservatorship Be Ended?

Forbes: The once-troubled pop star sure has been in the news a lot lately. Settling lawsuits, postponing her wedding, negotiating to be a judge on The X Factor, putting one of her mansions up for sale. It makes you wonder … is Britney Spears making any decisions about her life, or does her father, as her Conservator, decide everything?

Several months ago, we wrote how her father, Jamie Spears, was using the conservatorship to insulate Britney from lawsuits, including one by a company called Brand Sense. The company had sued Britney for breach of contract, after Team Britney cut Brand Sense out of profits from her perfume deal with Elizabeth Arden. Because Britney had been declared mentally incompetent, which justified the conservatorship, her father and their attorneys were able to keep Britney from being questioned under oath in a deposition for the lawsuit.

Continue reading whether Britney Spears' conservatorship should be ended.

On the Net2012-03-20T11:29:12-07:00March 20th, 2012|Guardianship, Rich & Famous|

Whitney Houston’s Heirs May Never See Any Money

Estate of Denial: If Whitney Houston’s heirs are counting on royalties from her record company Sony, they may soon feel like paupers.

On Wednesday, music-industry blogger Wayne Rosso quoted a label executive “familiar with Sony’s accounting” who said the late singer’s estate probably won’t see any royalty checks from her record label “in our lifetime” — and maybe longer — thanks in part to the number of advances and loans she took from the $100 million deal she cut with Sony Music in 2001.

On Wednesday, Rosso, an outspoken veteran of the music business who has consulted for CBS, Island, MCA, Arista and RCA Records, to name just a few labels, posted a report in his Wayne’s World blog titled, “Whitney to Sony: I Will Always Owe You.”

In it, Rosso estimated that Houston would have to posthumously sell more than 5 million albums “to repay her advances and start to get royalty checks. ”

Continue reading why Whitney Houston's heirs may never see any money.

On the Net2016-12-13T20:33:32-08:00March 15th, 2012|Rich & Famous|

Starving a Parent to Get Inheritance?

It's hard to believe that someone would purposely starve a parent in order to collect the inheritance. I recently read an Estate of Denial article called Slowly Starving Her Mother to Get the Inheritance. Unfortunately, elder abuse cases are not uncommon throughout the country. Money is a powerful motivator and unfortunately, some people will stoop to the lowest of levels just to collect.

In the article, a woman was making medical decisions on behalf of her aging mother. The woman, who had suffered from drug and alcohol problems, had very little income. Her mother, however, had assets worth over $500,000. When the woman moved in with her mother to act as the mother's caretaker, the woman began starving her mother. As time went on, the mother became very ill and lost a significant amount of weight. After a call from a concerned neighbor, Adult Protective Services got involved and insisted that the mother be moved to a care facility. Finding the cheapest facility she could find, the woman dumped her mother at the facility with no clothes, and instructions to not give her mother any food or let her out of bed because she was dying. She also instructed the care facility workers that no one was to talk to any of the mother's friends or relatives about her mother. Unbelievably, the woman was actually trying to slowly kill her mother.

Thankfully, in this case there were people who cared enough to realize what was going on and get the mother some help. Not surprisingly, mom wasn't dying after all.

How was this woman able to do these horrible things to her mother? She was named as […]

Richard Keyt2016-12-13T20:33:32-08:00March 7th, 2012|Healthcare Directives, Powers of Attorney|

Estate Planning Lessons to be Learned from “The Descendants”

Forbes: Estate planning doesn’t often make it to the Academy Awards. But that’s happened this year, with The Descendants nominated for Oscars in five categories, including best picture, best actor (George Clooney) and best director (Alexander Payne).

Based on the novel by Kaui Hart Hemmings (see related story here), it’s a multi-layered story about Matt King (played by Clooney), a rich trial lawyer in the throes of a midlife crisis and personal tragedy. His wife Elizabeth has been injured in a boat race accident and lies in a coma, leaving him to care for his two daughters—the precocious 10-year-old Scottie (Amara Miller) and rebellious 17 year-old Alexandra (Shailene Woodley). Meanwhile, he discovers that his wife has been having an affair and planning to divorce him.

While these plots and sub-plots dominate our attention, the movie title refers to the fact that King is the descendant of a wealthy white banker and a Hawaiian princess. They left valuable real estate on Kauai in a trust. With that trust about to end, King must decide whether to sell the land to a developer, enriching himself and his greedy cousins.

To most viewers, estate planning themes are secondary to the film’s other dramas. But it turns out that the legal issues were painstakingly developed and fact-checked. On location in Hawaii in March, 2010 to get the lay of the land and soak up its culture, Alexander Payne, the director, consulted Randall Roth, a professor at the University of Hawaii School of Law and a nationally known trusts and estates expert.

Continue reading about estate planning lessons to be learned from The Descendants.

On the Net2016-12-13T20:33:35-08:00March 7th, 2012|Estate Planning, Rich & Famous|

Estate Tax Basics

Sierra Sun: The federal estate tax is levied upon a person's estate at the time of their death. Currently estates under $5 million are not taxed; estates above $5 million are taxed at a rate of 35 percent. Estate planning now is difficult because we are at a time of real uncertainty about what the future holds for estate tax rates, which may make 2012 a good year to do some gifting if you're fortunate enough to have a sizable estate.

For 2012, the lifetime gift and estate tax exemption will rise to $5.12 million for singles and $10.24 million for married couples. The gift tax exclusion had been frozen at $1 million for many years, so this could make 2012 an excellent opportunity to distribute assets from an estate free from tax.

Read more estate tax basics.

On the Net2017-10-07T11:14:46-07:00February 23rd, 2012|Estate Tax|

Estate Planning Basics for Unmarried Couples

Investopedia: The estate-planning process should be an integral part of everyone's financial plan. The benefits are obvious, including tax savings, efficient disposition of assets, end-of-life decisions, financial security for heirs and general peace of mind.

For married couples, the planning rules are fairly straightforward. For unmarried couples, however, whether same-sex or opposite-sex, the issues concerning financial and estate planning are often quite complex, and the rules cumbersome. This article will highlight some key planning strategies that unmarried couples should consider in order to protect both partners. (To keep reading on this subject, see Marriage, Divorce And The Dotted Line, The Tax Benefits Of Having A Spouse and Relationship Money Matters.)

Background Statistics On Unmarried Couples

According to the 2000 U.S. Census Bureau, it is estimated that there are more than 5.5 million unmarried couples living together in the U.S., up from 3.2 million in 1990. Of the 5.5 million, it is estimated that 600,000 are same-sex couples, who for the most part can't get hitched even if they wanted to.

For the increasing number of couples unable to or unwilling to get married, financial planning is crucial to avoid unpleasant surprises. After all, when it comes to taxes and other financial benefits, we live in a society that provides benefits to those who wed and punishes those who don't. Until the system changes, here are a few tips you can use to protect not only yourself but your loved one as well in these four areas of your personal finance:

1. Account And Property Titling

The legal ownership of property or accounts can affect how they are distributed in the event of the owner's death. Each type […]

On the Net2016-12-13T20:33:35-08:00February 23rd, 2012|Estate Planning|

Estate Planning Lessons To Be Learned From Whitney Houston’s Death

Findlaw: Whitney Houston's unexpected death at age 48 is tragic, but it also offers lessons in estate planning: It's never too early (or too late) to create a will, and it's also a good idea to create a separate document to spell out funeral and burial plans.

Whitney Houston's funeral is set for Saturday in New Jersey, at the church where the singer first took to the stage, Reuters reports. But there was a family dispute about Houston's burial plans: Some wanted her buried in New Jersey, others in Atlanta, according to the website TMZ.

Such disagreements may have been avoidable, had Whitney Houston left her final wishes in writing — and not just in a will.

Indeed, Whitney Houston did leave a will, which likely names her only child Bobbi Kristina Brown, 18, as her main beneficiary, ABC News reports. But the probate process can take months, and a person's will may not be accessible during that time.

Read more about estate planning lessons to be learned from Whitney Houston's death.

On the Net2016-12-13T20:33:35-08:00February 17th, 2012|Estate Planning, Rich & Famous|

Planning Your Pet’s Trust

Investopedia.com: Pets have become an increasingly important part of modern life. Many pet owners view their animal companions as members of the family and treat them as such, but it has only been in the last 15 years where pets were given a legal upgraded status. It was 1993 when the National Conference of Commissioners on Uniform State Laws and the American Bar Association added Section 2-907 of the Uniform Probate Code to the books. Previous to this the law treated pets like any other piece of property upon the death of their owners. In this article, we'll show you how to set up a trust for your pets, so that when you pass on, they will still be able to have a full life.

With the adoption of this code, setting up a trust to care for pets became a recognized estate planning technique. Today, the majority of states recognize some form of planning for pets, and more than three dozen states currently have laws on the books about pet trusts. These laws enable pets to become the beneficiaries of your will. (To read more about this topic, see Update Your Beneficiaries, Getting Started On Your Estate Plan and Establishing A Revocable Living Trust.)

The specifics of the law vary from state to state, but the two basic types of pet trusts include testamentary, which is designed to provide care after the owner's death, and inter vivos, which provides care when the owner is still living but no longer able to care for the animal. Inter vivos trusts can be useful if the owner is incapacitated or living in an assisted-living facility.

Continue reading about planning your […]

On the Net2016-12-13T20:33:35-08:00February 17th, 2012|Planning for Pets, Trusts|

Details on the Deal to Settle Rosa Parks’ Estate

Estate of Denial: The secret legal agreement designed to settle the brawl over the estate of civil rights leader Rosa Parks is a secret no more.

The confidential seven-page document — signed by Parks’ 15 nieces and nephews, Parks’ longtime friend and caregiver Elaine Steele and an official of the institute Parks and Steele founded — turned up in a Jan. 18 filing with the Michigan Supreme Court.

The agreement — struck during a late-night bargaining session in February 2007 in order to avert a trial in Wayne County Probate Court — spells out how the parties are to divvy up the proceeds from the sale of Parks’ belongings, said to be worth up to $8 million because of their historic value.

Under the agreement, Steele and the Rosa and Raymond Parks Institute for Self Development will get 80% of the net proceeds from the sale of Parks’ possessions, as well as the royalties from licensing her name, image and likeness. The nieces and nephews are to get 20%.

Continue reading more details on the deal to settle Rosa Parks' estate.

On the Net2016-12-13T20:33:36-08:00February 17th, 2012|Estate Fights, Rich & Famous|

Florida Millionaire Adopts Girlfriend to Protect Assets in Trust

Estate of Denial: John Goodman is the 48-year old multimillionaire from Palm Beach, Florida who recently made headlines when it was publicly revealed that he adopted his 42-year old girlfriend to help protect the family fortune.

Goodman did this in the midst of criminal and civil legal proceedings pending against him. They arose from the February, 2010 drunk driving incident during which Goodman reportedly ran a stop sign, killed a 23-year old man, and fled the scene. When it was recently revealed that Goodman, in October of last year, had legally adopted his girlfriend, people across the country were outraged.

Goodman’s lawyer issued a statement defending the adoption. He states that the adoption was done to protect Goodman’s children, not to shield assets from the family of the slain driver who is suing him.

While Goodman has been bashed across the country for his legal maneuver, it actually makes sense from a probate law perspective. Years ago, Goodman placed $1.5 million into an irrevocable trust for his two children. By investing that money into stock of the Goodman Manufacturing Co., which grew extraordinarily well under Goodman’s management, the $1.5 million trust fund blossomed to several hundred million dollars.

Continue reading about the Florida millionaire who adopted his girlfriend to protect trust assets.

On the Net2012-02-17T08:34:46-08:00February 17th, 2012|Odd Requests, Trusts|

Battle Over Jim Reeves’ Royalties Ends

Estate of Denial: A long-running legal battle over the fate of 1960s country singer “Gentleman” Jim Reeves’ music royalties ended this week with a ruling that his wife’s second husband isn’t entitled to claim a share.

Terry Davis married Jim Reeves’ widow, Mary, in 1969, five years after Reeves and his piano player were killed in a Brentwood plane crash. Mary Reeves Davis died in 1999.

Davis is not entitled to any further share of his late wife’s estate than the $100,000 she specified in her will, Judge Randy Kennedy ruled at the end of a legal fight that has gone on for more than a dozen years. That money was distributed years ago. Davis had sought a percentage of the estate and a year’s worth of spousal support instead.

Jim Reeves’ niece, who is among the heirs who have been fighting Davis’ claim to the estate for more a decade, said she was relieved by the ruling.

Continue reading about the battle over Jim Reeves' royalties.

On the Net2016-12-13T20:33:36-08:00February 17th, 2012|Estate Fights, Rich & Famous|

In Naming Trusts And Entities, Quit Using The Client’s Name!

Asset protection attorney Jay Adkisson writes in Forbes: “For some reason, planners are compelled to title things in their client’s names. Be it the John Doe Trust or the John Doe LLC, or even the John Doe Family Limited Partnership, client’s names are showing up in legal documents that are publicly filed or publicly referenced in one form or another. From an asset protection planning viewpoint, this practice is remarkably stupid.”

On the Net2016-12-13T20:33:36-08:00February 1st, 2012|Common Problems|

Power of Attorney Tips

Lowell Sun: Q: I am an elderly gentleman thinking about granting power of attorney to my son, so he can handle my financial affairs now and after my death. What issues should I consider?

A: Among numerous considerations in granting someone power of attorney (or POA) over your assets, I will discuss some major issues. Please allow me to first correct a common misconception about a POA form and its ability to be used after death. Rights granted under a POA, terminate upon the death of the grantor. However, while you are living, a POA can be a great tool for convenient financial management.

When you give someone the rights of a power of attorney, you authorize the named person to make financial decisions on your behalf. The POA form acts as an authorization letter, allowing a bank or financial institution to deal with your named attorney-in-fact.

Continue reading more power of attorney tips.

On the Net2016-12-13T20:33:36-08:00January 25th, 2012|Powers of Attorney|

Should I Update My Will?

NJ.com: Q. Our daughter was very young when my wife and I had wills prepared. Our daughter is now married with a different last name. Is it necessary to change our will to reflect this? If yes, must we use a lawyer to make the change?

– BB

A. No, but it might be a smart investment anyway.

Your executor is charged with identifying and notifying your intended beneficiaries, said Frederick Schoenbrodt, an estate planning attorney with Neff Aguilar in Red Bank.

“If there is no ambiguity regarding who you meant when you referred to your daughter in your will – and there probably isn’t – then your executor will make the gift to your daughter, even if she has taken a new surname,” he said.

The will reflects your intent, and the process of settling your estate should facilitate that intent, he said.

“While formalities in will drafting are important, the probate and administration process is not so formalistic that your daughter’s name change as a result of her marriage would frustrate your clearly stated intent,” he said.

But there may be other reasons to revisit your will.

On the Net2012-01-25T08:55:15-08:00January 25th, 2012|FAQ, Wills|

Primer on Different Types of Estate Planning Tools

Examiner.com: The type of trust we most commonly discuss is, without a doubt, the revocable living trust. While revocable living trusts are certainly effective in making sure that your estate avoids a lengthy and expensive probate process, they aren’t an effective way to protect your assets or accomplish other goals. The truth is that trusts and other estate planning tools serve all sorts of purposes. Today we are going to discuss a few of the objectives served by different types of estate planning vehicles. Irrevocable Life Insurance Trusts

If you have a life insurance policy and die, the proceeds will be part of your estate. In some circumstances, this can result in an unnecessary tax liability. You can remove proceeds of life insurance from your estate by placing your policies into an irrevocable life insurance trust (an “ILIT”).

In many cases, ILITs are used both to own life insurance policies and to be the beneficiary of the policies. This gives you the option to make sure that insurance proceeds are held in trust and protected against irresponsible spending, creditors, or ex-spouses. It also means that you can designate proceeds to benefit your spouse, children, grandchildren, or anyone else you want to make sure is cared for.

Continue reading about other estate planning tools.

On the Net2012-01-25T08:53:01-08:00January 25th, 2012|Estate Planning, ILITs|

Can a Trustee be Compensated?

Sacramento Bee: Can I take a fee for handling my family's living trust? What if my son doesn't want the home that's left to him in a will?

This week, those questions get answered by our “Ask the Experts” estate planning attorney, Michelle Goff. She's part of our new team of local experts answering readers' questions online at www.sacbee.com/ask.

Go there for free advice on wills and trusts, as well as to ask questions of our other local experts.

I have been trustee of our family's living trust for four years. I have an elderly stepmother who has dementia and was recently moved from the family home into a skilled nursing facility. I have never taken any trustee's fees but have heard that a trustee's fee can be set at 1 percent of the estate's annual market value. Is there any guidance concerning this? Are fees treated differently than probate fees? Thank you.

Continue reading about trustee compensation.

On the Net2017-10-07T11:14:46-07:00January 25th, 2012|Trusts, Wills|