Court Holds That A Wife Devised Her Property In Fee Simple Determinable To Her Husband With An Executory Interest To Her Son; So, After The Husband Died, If He Still Owned The Property, It Went To The Son

JDSUPRA:  “The rest and residue of my estate, both real, personal and mixed property of every kind and character whatsoever I may own or have any interest in at my death, is hereby bequeathed to my husband, ARTURO HERNANDEZ, to do with as he desires. Upon the death of my husband, ARTURO HERNANDEZ, I give, devise and bequeath any of the rest and residue of my estate both real, personal and mixed property of every kind whatsoever that he may own or have any interest in to my son, ERIC H. FARLEY.”

2018-02-27T08:42:20-08:00February 27th, 2018|Estate Fights, Estate Planning, Trusts, Wills|

What does the IRS’ Michael Jackson dispute mean for celebrity estate planning?

Lexology:  “When Michael Jackson died in 2009, he left behind a convoluted legacy that has presented issues for fans and tax collectors alike, and the legal repercussions are ongoing. At the time of his death, Jackson’s reputation had suffered from allegations of child abuse, drug use and erratic behavior. The circumstances of his death, however, heightened fans’ sympathy for the tragic “King of Pop.” Because of this, Jackson’s estate is embroiled in a legal dispute with the IRS over the value of Jackson’s name and likeness.

2018-02-19T09:16:15-08:00February 23rd, 2018|Estate Planning, Rich & Famous|

Article on Rational Patient Apathy

Wills, Trusts, & Estate Prof Blog:  “Patients with serious or life-threatening illness are frequently asked to make complex, high stakes medical decisions. The impact of anxiety, low health literacy, asymmetric information and inadequate communication between patients and health care providers, family pressures, rational apathy by health care providers, cognitive biases of both patients and health care providers, as well as other factors, make it quite difficult for patients in these circumstances to process and comprehend the strategic uncertainty and resultant risks and benefits of, and alternatives to, whatever therapeutic or life-prolonging treatment physicians are offering.”

More Planning Tips for Individuals Under New Tax Act

JDSupra:  “As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017.  The Act (officially, Public Law 115-97) is the most sweeping tax legislation to be enacted in decades.  It is broad in scope, complicated, and will impact almost every aspect of tax, estate, retirement, and business planning.”

Common Mistakes With Retirement Plans and Estate Planning

The Legal Intelligencer: “Do you have an estate plan? If not, you are not alone. Fewer than half of Americans have an estate plan—the percentage varies between 55 percent and 70 percent, depending on which survey you rely upon. For those of you with an estate plan, there are mistakes that can be easily avoided. In this article, I will specifically address the issue of retirement plans and beneficiary designation forms.”

2018-02-12T14:09:45-08:00February 15th, 2018|Common Problems, Estate Planning, Retirement Planning, Trusts, Wills|

Student, 21, Flushed Her ‘Emotional Support’ HAMSTER Pebbles Down the Toilet and Drowned It After Spirit Airlines Banned It from Traveling with Her (and Now She’s Suing)

DailyMail: “A student who flushed her hamster down the toilet when Spirit told her she couldn't fly home with it, is now attempting to sue the airline for causing emotional distress. Belen Aldecosea claims she didn't have any other options but to kill her pet Pebbles rather than miss her flight back to Fort Lauderdale, Florida, in November after staff informed her that rodents were not allowed aboard.”

 

What’s Going to Happen to Ikea Founder’s Billions?

Bloomberg: When Ikea’s Ingvar Kamprad died Saturday at age 91, he was ranked No. 8 on the Bloomberg Billionaires Index thanks to his control of a global retail fortune valued at $58.7 billion. His wealth will now be dissipated because of a unique structure put in place by Kamprad to secure the long-term independence and survival of the Ikea concept. Kamprad disputed his status as one of the richest men on the planet, having decades earlier placed control of the world’s largest furniture seller into a network of foundations and holding companies.”

2018-02-12T13:56:12-08:00February 13th, 2018|Beneficiaries, Estate Planning, Rich & Famous, Trusts, Wills|

Estate of Grey Gardens Socialite Sues for the Return of a Long-lost Portrait of 19-year-old Jackie Kennedy That Was Found Hidden Away in a Hamptons Art Gallery

Wills, Trusts, and Estates Prof Blog:Jackie Kennedy’s father commissioned a portrait of his daughter after a horse-riding accident that left the then-19-year-old unconscious for several days. The painting was commissioned in 1950 but was only recently discovered. It is believed the portrait was stolen from Grey Gardens, a now-dilapidated estate belonging to Kennedy’s cousin and aunt.”

2018-02-12T13:50:51-08:00February 12th, 2018|Estate Planning, Rich & Famous|

Husband with Alzheimer’s Forgot he was Married to his Wife of 38 Years.

Washington Post “Michael Joyce’s memory, and some of his speech have been snatched by Alzheimer’s. The disease is so advanced that he forgot he was married to his wife of 38 years. But he is in love with her, and he is also an honorable man, so he proposed to her on a recent morning. She said yes.”

These 2 States Killed Their Estate Tax in 2018

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.”

2018-01-30T08:39:45-08:00February 2nd, 2018|Estate Planning, Estate Tax|

This Time Is Different: You Really Do Need to Update Your Will and Durable Power of Attorney

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.”

2018-01-31T08:08:19-08:00January 31st, 2018|Estate Planning, Estate Tax, Gifts, Powers of Attorney, Trusts, Wills|
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