Why Estate Planning Is Easy And Legacy Planning Is Hard

Forbes: Estate planning is easy. It’s finite, calculable. What happens when you die? Who gets your stuff? How much will you owe in estate taxes and how can we prevent or prepare for it? You hire a lawyer to draft a will and possibly one or more trusts that provide for what happens when you die. It’s done. Complete. You tuck your documents away in drawer or safety deposit box and sleep well at night, knowing you have taken care of your estate plan. Death is inevitable, so planning for it—while admittedly uncomfortable for some—is relatively easy. Life, on the other hand, is hard.”

2018-10-08T13:48:06-07:00October 8th, 2018|Estate Planning, Trusts, Wills|

What ‘Succession’ And Sumner Redstone Can Teach Us About Planning Ahead For Senior Care

Forbes:  “Many of us have read the titillating and tragic story of Sumner Redstone, the former executive chairman of Viacom, and the litigious financial power struggle that has embroiled his family. Redstone’s story was a key influence on the HBO hit series Succession, which involves a lot of money, a pugnacious media mogul, a conniving lover, and children trying to wrest control of the family fortune from a sordid mess. Most of us won’t need to worry about a multi-billion-dollar empire, and our family struggles may appear mundane by comparison. But disagreements over money can and often do prevent families from making the right choices about care.”

2018-10-01T11:18:07-07:00October 1st, 2018|Estate Planning, Rich & Famous, Social Media, Trusts, Wills|

Burt Reynolds Left His Only Son Out of His Will and Created a Trust for Him Instead

People:  “Screen legend Burt Reynolds left his only son out of his will — but did not cut him out. The will, which was obtained by TMZ, says of Quinton, “I intentionally omit him from this, my Last Will and Testament, as I have provided for him during my lifetime in my Declaration of Trust.” The will, which was signed in 2011, appoints Reynolds’ niece Nancy Lee Brown Hess as the personal representative of Reynolds’ estate. Reynolds lists his great nephew Brian Ritchey Brown and then his great niece Tracy Erin Rogers as the next personal representative were anything to happen to the previous one.”

2018-09-24T12:10:35-07:00September 24th, 2018|Estate Planning, Rich & Famous, Social Media, Trusts, Wills|

What happens if you die without a will? You might leave a hot mess behind.

The Washington Post: Don’t have a will? Then let me ask you this: Do you love your family? Because, if you love and care about them and want to minimize the drama that you may leave after you die, you would get a will. And I don’t mean something done on the computer that you sign and stuff in a folder. Actually, you have a will, just not one that you created. If you die “intestate,” meaning without having a legal will, state laws dictate how your assets will be distributed. Here’s a link on Nolo.com where you can see, according to your state’s law, who is entitled to your assets if you die without creating a will.”

2018-09-12T14:33:52-07:00September 12th, 2018|Estate Planning, Trusts, Wills|

Why it’s smart to plan your own funeral—and do it now

Market Watch:  “Although I didn’t know it at the time, a week after my father received a terminal cancer diagnosis, he asked my cousin to take him to a local mortuary where he made decisions about his burial and paid for his funeral. Following his death five months later, as a grieving only child, I was thankful my father had the foresight to plan ahead, as he had always done for other life events. His choice to preplan was a gift that prevented me from making emotional and costly decisions based in grief. Death is a subject none of us want to confront. Talking about death causes us to face mortality and run head-on into the fact that we will not always be here. Yet death is inevitable and planning your funeral is a lot like planning for retirement. It requires honest evaluation and sometimes hard decisions, but it’s something that needs to be done. Here are five reasons to overcome hesitancy and consider planning your funeral now.”

2018-09-04T12:44:33-07:00September 6th, 2018|Estate Planning, Retirement Planning, Trusts, Wills|

Navigating Special Needs Trusts for Children with Disabilities

SmithAdmundsen:  “Estate planning for parents of children with special needs can be overwhelming.  Not only do parents need to consider how to provide for their child after they are gone, but they must also consider issues relating to how an inheritance will impact federal and state aid eligibility. There are three different types of special needs trusts that allow funds to be held for a disabled individual, while allowing them to qualify for state and federal aid.”

2018-09-04T12:19:06-07:00September 5th, 2018|Estate Planning, Special Needs Trusts, Trusts|

Aretha Franklin had NO will: Singer did not outline plans for her $80million estate before her tragic death

Daily Mail:  “Aretha Franklin passed away at her home in Detroit after a long battle with pancreatic cancer last Thursday. And while the Queen Of Soul had been struggling with health for some time, the iconic star did not leave behind a will, according to reports from TMZ. The Respect singer's estate is estimated to be worth around an $80million, according to People.

2018-08-22T10:24:09-07:00August 22nd, 2018|Estate Planning, Rich & Famous, Social Media, Trusts, Wills|

Are You Ready for Longevity? 4 Steps to Take Now

Kiplinger:  “Did you know that a non-smoking 65-year-old woman today has a 50% chance of living until 88? A non-smoking 65-year-old man has a 50% chance of living until 85? That’s how life expectancy works – the longer you live, the more likely you will live longer. Given that you could be well on your way to becoming a nonagenarian, here are four smart moves to help keep you and your family protected as you age.

2018-08-21T16:15:24-07:00August 21st, 2018|Estate Planning, Retirement Planning, Trusts, Wills|

Family Affair: Potential Problems with Family-Owned Businesses

Ward and Smith:  “Some of the most heartbreaking situations we see in our closely-held business and estate practices are families torn apart over differences in dealing with family-owned businesses. When there are problems with family-owned businesses, people tend to think with their hearts, rather than their brains, and often take unreasonable positions that are counterproductive to reaching a satisfactory resolution.  Often, the personal relationships among the family members continue to suffer until the business issues have been resolved, and even for a long time afterwards.”

2018-08-06T16:26:39-07:00August 9th, 2018|Estate Fights, Estate Planning, Trusts, Wills|

Your Money: How to deal With the Paperwork Scramble After a Spouse Dies

Reuters:  “When you are grieving a departed spouse, the last thing you want to think about is changing the title to your car. Same goes for your house, your bank accounts, the retirement account you are inheriting and anything else of value that now belongs solely to you. Married couples have a certain ease when it comes to inheritance rules, often leaving everything to each other in a mostly unfettered manner. Many people have what estate lawyers call “sweetheart” or “I love you” wills, which means that spouses leave all of their worldly possessions to each other. That is all good when one’s spouse passes away. The survivor, however, is left with a mess of details to sort through, because there is now only one name on all of those joint accounts, and that can cause problems for heirs down the road.

2018-08-06T14:24:36-07:00August 6th, 2018|Estate Planning, Trusts, Wills|

Having a Baby Changes Everything: Guardianship Considerations for Parents Creating Wills

SmithAmundsen:  “Once couples have children, they are eager to get a plan in place for who will take guardianship of their children. Having children and not having a will or a selected guardian means parents are left to worry about what would happen in the event of their untimely death. For example, if both parents die, leaving no will, and minor children, any money the parents had will pass to the children. For children under the age of 18, the court would then need to supervise any money the children inherit in a conservatorship. “

2018-07-30T14:34:37-07:00August 3rd, 2018|Estate Planning, Trusts, Wills|

Five Estate Planning Tips that Remain Relevant Regardless of Shifting Political Winds

Wealth Management.com:  “There are important estate planning techniques that aren’t directly affected by legislation and changes in tax law, but that can still make a big impact on wealth preservation. From regularly updating a will to consistently moving assets off a balance sheet, here are five estate planning items that should be added to your client’s to-do list. Schedule Routine (Estate Planning) Checkups Make sure clients regularly update their health care documents and wills. Ask clients to consider whether the individuals named in their documents are still appropriate.”

2018-07-30T13:04:16-07:00August 1st, 2018|Estate Planning, Trusts, Wills|

Executors Can Count On Long, Arduous Estate Settlements

Financial Advisor:  “If your client is the executor of a family estate, you can warn him or her it will take an average of 800 hours—that’s 20 full workweeks—to settle most estates. That is, if it doesn’t get bogged down in a battle over an amethyst ring or Green Bay Packers tickets, said EstateExec, a company based in the San Francisco area that creates software for estate executors. It takes an average of 16 months to settle an estate, no matter the size, according to an EstateExec survey of 1,200 people involved in estate settlements. For 80 percent of estates, it takes 800 hours of work by the executor to settle, the survey said, and nearly half, 44 percent, of those surveyed were part of, or were at least aware of, family conflicts that erupted in the settlement process.”

2018-07-16T13:35:24-07:00July 20th, 2018|Estate Planning, Trusts, Wills|

Protecting Your Pets: How to Make Financial Provisions in a Will or Trust

Fiduciary Trust International:  “For many people, pets aren’t property—they are members of the family in every sense of the word; providing emotional support, protection and comfort in good times and bad. In return, we give them shelter, affection and a significant amount of financial support. According to a Harris Poll survey, Americans spend an average of nearly $1,500 on essentials such as food, grooming, boarding and trips to the veterinarian’s office for their pets each year. Horses are the most expensive at roughly $13,000 a year. But making financial provisions for a pet who outlives you hasn’t always been possible, at least not formally. Trusts were designed originally to benefit humans or charity, not animals.”

2018-07-16T12:24:01-07:00July 17th, 2018|Estate Planning, Planning for Pets, Trusts, Wills|

Businesses Require Proper Estate Planning

Brooklyn Trust and WIll:  “While many people associate the process of estate planning with retirement and owning significant value in assets, the fact of the matter is that quite the contrary is actually true. Estate planning by definition is the process of preparing for the transfer of wealth after death, so if you own anything of value, estate planning becomes necessary if you wish to pass on your assets to any beneficiaries. Further, estate planning becomes particularly necessary if you own a business, as the law may not always coincide with your intentions regarding passing on ownership of the business after your passing.”

2018-07-09T12:05:07-07:00July 11th, 2018|Estate Planning, Trusts, Wills|

Lisa Marie Presley Sues Money Manager, Claims MisManagement of $100 Million Trust Fund

Daily Mail:  “Lisa Marie Presley's ex-money manager paid himself an annual salary of more than $700,000 – while he was losing her $100 million fortune, Elvis's daughter claims. Barry Siegel ‘enriched himself with exorbitant fees', blasts 50-year-old Presley in new court documents filed at Los Angeles Superior Court in her lawsuit against Siegel and his company, Provident Financial Management. She is accusing Siegel and his firm of running the $100 million trust fund her father set up for her ‘into the ground' to just $14,000 by ‘reckless and negligent' investments – the largest investment being in American Idol's holding company which ended up going bankrupt.”

2018-06-25T16:40:40-07:00June 27th, 2018|Estate Planning, Rich & Famous, Trusts|

The Rich Are Betting On Living to 100

Bloomberg:  Money might not buy love, but it can buy better health. And, to live as long as possible, the world’s wealthy are willing to pay up. Over the past few decades, the average person’s lifespan has risen almost everywhere in the world. In China, the U.S. and most of Eastern Europe, the average life expectancy at birth has reached the late 70s, according to the Organization for Economic Cooperation and Development, or OECD. People in Western Europe and Japan, meanwhile, can expect to live into their early 80s. Most rich people, however, are counting on living even longer—a lot longer, as in two decades more than average. In a new UBS Financial Services survey, 53 percent of wealthy investors said they expected to live to 100.

2018-06-25T15:08:11-07:00June 25th, 2018|Estate Planning, Trusts, Wills|

Kate Spade, Anthony Bourdain And Estate Planning When You Are Separated

Forbes:  “The recent tragic deaths of Kate Spade and Anthony Bourdain had more in common than how they died. They were both separated from their spouses at the time of their deaths.  While by all accounts these separations were amicable, the fact that they were not legally divorced can lead to a host of estate planning issues. When spouses decide to divorce, the usual framework is a process involving attorneys and the court system. But as modern family life is complex, it is becoming more common for spouses to remain permanently separated yet not divorced.  It’s a state of gray that many feel comfortable in. Unfortunately for both family law and estate law, it’s a hard place to be. Just how many couples in the U.S. permanently separate versus divorce is not clear. Most researchers find the U.S. divorce rate hovers somewhere between 42% to 45%. However, when permanent separations are factored in, it is estimated that the rate is really 50%.”

2018-06-18T13:11:23-07:00June 21st, 2018|Estate Planning, Rich & Famous, Trusts, Wills|
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