Senator Kyl: Senate Deal Off on Estate Tax
The Hill: “An agreement has fallen apart on an estate tax proposal that had appeared resolved between Senate Democrats and Republicans, a lead negotiator said Tuesday.”
New Allegations of Abuse Filed in Melvin Simon Estate Fight
The Probate Lawyer Blog: “Melvin Simon was one of the richest men in the Midwest until he died last year, at age 82. . . . His assets have been estimated to be worth close to $2 billion. That vast fortune is tied up in a nasty legal battle over his will and trust . . . .”
Anna Nicole Smith Auction Generates TV and Sympathy
Estate of Denial: “Recent Today Show segments featuring Larry Birkhead and 3-year-old daughter Dannielynn seemed to be launching a new campaign that appears an attempt to deflect the latest legal blows suffered by the estate of Anna Nicole Smith in the pursuit of assets from the estate of J. Howard Marshall II.”
Your Treasure, Their Junk: Better Make a Will
HeraldNet: “Neither you nor your family may want to talk about it, but it’s never too early to make plans for your property.”
Senator Kyl: Deal on the Estate Tax in the Offing
The Hill: “Senate Minority Whip Jon Kyl (R-Ariz.) told reporters on Tuesday that his estate tax proposal is near completion. ‘It is our hope that we can get together both on the proposal, the details are pretty well resolved, and on a process by which we can get it passed as soon as possible,' he said.”
Death Tax II – Survivors Face a New Challenge
Bloomberg News: “60,000 Americans who the U.S. Congress’ Joint Committee on Taxation thinks will be caught in a novel tax trap. Those who inherit estates worth more than $1.3 million this year face an expensive quandary caused by the repeal on Jan. 1 of the 94-year-old federal estate tax . . . . Under a little-noticed twist, these people will owe capital-gains taxes if they sell assets they inherit.”
Family Battle over Allan Scott’s $600 Million
Adelaide Now: “THE death of Mt Gambier trucking magnate Allan Scott's death has sparked a family split over his estimated $600 million estate.”
‘Prenups’ in Your Golden Years
The Herald: “Starting over following the death of a loved one and looking to make a legal commitment to that new relationship can give rise to a number of concerns — particularly if children are involved and, most particularly, if large estates are in the mix.”
How To Protect Your Family From Estate Tax Uncertainty
Forbes has an excellent article that discusses the problems caused by the current estate tax law and possible ways to deal with the uncertainty.
Death Tax Lives for Heirs Who Must Sell Assets
Bloomberg: “Those who inherit estates worth more than $1.3 million this year face an expensive quandary caused by the repeal on Jan. 1 of the 94-year-old federal estate tax, Bloomberg Markets magazine reports in its June issue. Under a little-noticed twist, these people will owe capital-gains taxes if they sell assets they inherit.”
See “Bloomberg.com article captures the confusion caused by the repeal of the estate tax.”
GRAT Limits Likely
Financial Advisor: “As just about every estate planner knows, the financially ruinous storm clouds of 2008 did contain at least one silver lining: an environment that made the grantor retained annuity trust (GRAT) a virtual foolproof way to pass on assets free of gift tax. But it appears the opportunity will have been fleeting—meaning advisors need to quickly assess their clients’ wealth transfer needs before its too late to get them into a GRAT.”
The Truth About Living Trusts
Motley Fool: “a living trust — a single document that combines the provisions of a will and a financial power of attorney — can offer additional asset-management muscle both while you're alive and long after you're gone.”
Make Your Heirs Rich, Not Your Lawyer
Motley Fool: “How do you want to be remembered by your loved ones after you die? Hopefully, by your good deeds and delightful companionship during your life — and not by the money mess you left in your wake.”
Widow of England Millionaire in an Interesting Estate Fight
The Probate Lawyer Blog: “Battles over the assets of those who have passed are far too common, for millionaires and non-millionaires alike. . . . But some fights aren't about money. “
What to Know About Setting Up a Special Needs Trust
Examiner.com: “Joanne Marcus, MSW offers valuable information about setting up a Special Needs Trust.”
Six Ways To Leave Less For Uncle Sam
Forbes has a story that lists six things you can do to reduce taxes.
The Five Most Important Estate Planning Documents
NJToday.com: “It may be the subject matter – death, incapacity and taxes – that causes us to avoid estate planning. However, the fact is that, no matter what your age or how much wealth you’ve accumulated, you need an estate plan to protect yourself, your loved ones and your assets – both now while you’re still active as well as after your death. Having an effective estate plan is one of the most important things you can do for your family.” See “The Five Most Important Estate Planning Documents.”
Hunt Family’s Rancor on Rise as Trial Nears
Denton Record Chronicle: “The battle between oil heirs Al Hill Jr. and his son Al Hill III over hundreds of millions of dollars of family money grows increasingly ugly, but neither side appears ready to wave a white flag. The conflict, which started 2 ½ years ago when Al Jr., the grandson of H.L. Hunt, disinherited his son and his son sued most of his relatives . . . .”
Top 10 Estate Planning Mistakes – Part I
Estate planning attorney Shawn McCammon's article called “Top 10 Estate Planning Mistakes – Part I.”