Arizona Estate Planning

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.”

On the Net2018-02-27T08:42:20-08:00February 27th, 2018|Estate Fights, Estate Planning, Trusts, Wills|

Woman who was mistakenly ‘BURIED ALIVE’ tried to ‘fight her way out of sealed coffin’ after being laid to rest 11 days before

DailyMail: “A woman is believed to have been buried alive by mistake and lay conscious inside her coffin for 11 days before trying to fight her way out of the stone tomb.“

On the Net2018-02-19T09:06:46-08:00February 21st, 2018|Estate Planning, Estate Planning for Singles, Trusts, Wills|

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.”

On the Net2018-02-19T08:42:36-08:00February 20th, 2018|Estate Planning, Estate Planning for Singles, Healthcare Directives, Life Insurance, Trusts, Wills|

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.”

On the Net2018-02-19T08:30:51-08:00February 19th, 2018|Estate Planning, Estate Planning for Singles, Estate Tax, Retirement Planning, Trusts, Wills|

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.”

On the Net2018-02-12T14:09:45-08:00February 15th, 2018|Common Problems, Estate Planning, Retirement Planning, Trusts, Wills|

RIP: Estate planning for your digital assets

The Media Online: “What will happen to your Facebook account when you die? What about all your photos shared on social media, your texts with loved ones, or documents on cloud-storage systems? In just the two-year period from 2012 to 2014, humans produced more data than in all of human civilization before that – and the pace is only accelerating.”

On the Net2018-02-12T14:21:12-08:00February 15th, 2018|Digital Legacy, Social Media, Trusts, Video, Wills|

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.”

On the Net2018-02-12T13:56:12-08:00February 13th, 2018|Beneficiaries, Estate Planning, Rich & Famous, Trusts, Wills|

5 Ways Estate Planning Benefits Businesses

TG Daily : “When most people think of estate planning, they think of their own personal estate. But proper estate planning for a business will help protect the very thing you've worked so hard to build. Without a proper plan in place, your business can go from thriving to bankrupt in the event of your demise.”

On the Net2018-02-05T11:29:14-08:00February 9th, 2018|Estate Planning, Trusts, Wills|

Stepmothers: The Cause of so Many Estate Fights

Forbes : “I read the latest summary sheet of our law firm’s disputed probate, estate and trust cases and came across an insight that should have been obvious (but wasn’t): About 50% of our active disputed-estate cases involve litigated differences between stepmothers and their stepchildren.”

On the Net2018-02-05T11:04:46-08:00February 8th, 2018|Estate Fights, Estate Planning, Estate Planning for Singles, Trusts, Wills|

Managing Tax Basis in Estate Planning

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.”

On the Net2018-02-05T09:50:40-08:00February 5th, 2018|Estate Planning, Estate Planning for Singles, Estate Tax, Tax Planning, Trusts, Wills|

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.”

On the Net2018-01-31T08:08:19-08:00January 31st, 2018|Estate Planning, Estate Tax, Gifts, Powers of Attorney, Trusts, Wills|

Estate Planning Opportunities and Considerations Beginning in 2018

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.”

On the Net2018-01-16T15:13:39-08:00January 16th, 2018|Beneficiaries, Estate Planning, Estate Planning for Singles, Estate Tax, Gifts, Trusts, Wills|

Woman Leaves $50,000 to Her Nail Technician, Hairstylist & Doorman

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.”

On the Net2015-09-26T17:02:30-07:00September 26th, 2015|Gifts, Wills|

An Estate Planning Checklist to Facilitate Wealth Transfer

Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third.

Help your loved ones avoid becoming one of these statistics. You need to educate and update your heirs about your wealth transfer goals and the plan you have put in place to achieve these goals.

What Must You Communicate to Future Generations to Facilitate Transfer of Your Wealth?

You must communicate the following information to your family to ensure that they will have the information they need during a difficult time:

Net worth statement, or at the very minimum a broad overview of your wealth

Final wishes – burial or cremation, memorial services

Estate planning documents that have been created and what purpose they serve:
- Durable Power of Attorney, Health Care Directive, Living Will – property management; avoiding guardianship; clarifying wishes regarding life-sustaining procedures
- Revocable Living Trust – avoiding guardianship; keeping final wishes private; avoiding probate; minimizing delays, costs and bureaucracy
- Last Will and Testament – a catch-all for assets not transferred into your Revocable Living Trust prior to death, or the primary means to transfer your wealth if you are not using a Revocable Living Trust
- Irrevocable Life Insurance Trust – removing life insurance from your taxable estate; providing immediate access to cash
- Advanced Estate Planning – protecting assets from creditors, predators, outside influences, and ex-spouses; charitable giving; minimizing taxes; creating dynasty trusts

Who will be in charge if you become incapacitated or die – agent named in your Durable Power of Attorney and Health Care Directive; successor trustee of your Revocable Living Trust and other trusts you’ve created; personal representative named in your will

On the Net2016-12-13T20:33:27-08:00November 18th, 2014|Beneficiaries, Estate Planning, Gifts, Probate, Trusts, Wills|

The Godfather of Soul Can Finally Rest in Peace

James Brown, the Godfather of Soul Music passed away Christmas Day 2006 due to heart failure. Brown's multimillion dollar estate was divvied up by Attorney General McMaster disregarding Brown's wishes he had stated in his Will:

“Attorney General Henry McMaster brokered a settlement in 2009 that split Brown's estate, giving nearly half to a charitable trust, a quarter to his widow, Tomi Rae Hynie, and leaving the rest to be split among his adult children. But the justices ruled that the deal ignored Brown's wishes for most of his money to go to charity. The court also ruled the Godfather of Soul was of sound mind when he made his will. . . . ‘The compromise orchestrated by the AG in this case destroys the estate plan Brown had established in favor of an arrangement overseen virtually exclusively by the AG,' giving large sums of money to relatives even though they were given little or no control in the singer's original will, Associate Justice John Kittredge wrote.”

The South Carolina Supreme Court overruled the settlement and reinstated Brown's original Will. James Brown felt strongly for the cause of education and wanted the majority of his estate to be donated to educating children of misfortune.

Michelle Watkins2017-10-07T11:15:26-07:00March 8th, 2013|Estate Planning, Wills|

Drama Heats Up In Michael Jackson Estate Battle

The Jackson family is at war over Michael Jackson's estate, rumored to be worth about $1 billion. The rift between the Jackson family and those currently in control of Michael Jackson's estate has escalated with each side fueling a negative campaign against the other in the media. Estate of Denial reports:

Janet Jackson and two of her siblings ramped up their feud with the men who control the estate of Michael Jackson on Friday night.

A statement issued on behalf of Janet Jackson, her brother Randy and sister Rebbie accused the executors of trying to divide the family and distract from questions about the legitimacy of Michael Jackson’s will.

“The negative media campaign generated by the executors and their agents has been relentless,” wrote Blair G. Brown, a Washington, D.C., attorney for Janet Jackson.

Allegations that the siblings were holding their 82-year-old mother against her will in Arizona made international headlines last week and resulted in a new custody arrangement in which the family matriarch shares guardianship of Michael Jackson’s three children.

In the statement, Brown disputed reports that the siblings were trying to enlist their mother in a battle over the will for their own financial benefit.

On the Net2012-08-08T15:33:19-07:00August 8th, 2012|Estate Fights, Rich & Famous, Wills|

Do You Need An Estate To Create An Estate Plan?

Forbes: “When I would tell people that I was working on a book about estate planning, many of them looked at me quizzically because they weren’t sure what I meant. Others said, “Oh, that’s not something I need, because I don’t have an estate.”

Contrary to popular misconception, you don’t have to own a big house to have an estate. Your estate consists of everything you own when you die, including your home, personal property, investments, bank accounts, retirement plans and any interests in a family business or partnership. Beneficiary designation forms control who gets retirement accounts, along with life insurance proceeds. For most other assets, you need a will or living trust that says who gets your stuff.”

On the Net2016-12-13T20:33:28-08:00July 11th, 2012|Beneficiaries, Estate Planning, FAQ, Trusts, Wills|

I Got A Divorce. What Should I Do With My Estate Plan?

Question: I was recently divorced, but my estate plan names my former spouse in a few places. What should I do?

Answer: Revise your estate plan! You should always think about updating your estate plan when a major life event happens. Divorce or legal separation from your spouse is one of these events. There are probably a number of places in your current estate plan that name your former spouse. These are the areas that you should consider updating:

Incapacity planning. Who did you name as your agent under your healthcare power of attorney or financial power of attorney? If you were to become incapacitated, your current estate plan probably says that your spouse should make all of your healthcare decisions and should have the ability to access your finances and make financial decisions. Since you probably do not want your former spouse to make these decisions for you, consider changing your healthcare agent and financial agent to someone like a trusted friend or family member.

Inheritance planning. Your current estate plan probably states that if something were to happen to you, all of your assets should go to your former spouse. After a divorce, you probably don't want your former spouse to inherit everything. As such, you should change the primary beneficiary of your will or trust.

Life insurance. Your current life insurance policy might name your former spouse as the beneficiary of that policy. Talk to your life insurance company about updating the beneficiary designations on the policy. Another life insurance issue could arise if your divorce settlement requires you to maintain life insurance for your children. If so, you should consider creating an irrevocable life insurance […]

Richard Keyt2016-12-13T20:33:28-08:00July 9th, 2012|Beneficiaries, Estate Planning, FAQ, Life Insurance, Powers of Attorney, Trusts, Wills|

California Recognizes Tort of Intentional Interference with Expected Inheritance

California has finally joined the majority of states and recognized the tort of intentional interference with expected inheritance (“IIEI”). This adoption was done by the California Court of Appeals based on the fact that the IIEI claim is consistent with other California laws, the fact that of the 42 states that have considered adopting an IIEI claim, 25 states have adopted the claim, that the US Supreme Court has called IIEI as “widely recognized” tort, and other public policy considerations.

The ruling came out of the California Court of Appeals for the Fourth Appellate District, after the deceased's longtime partner was denied any inheritance by the California probate court. Brent Beckwith was in a committed relationship for nearly 10 years with partner Marc Christian MacGinnis. MacGinnis had no living family members other than his sister, Susan Dahl. But MacGinnis was estranged from his sister.

At one point, MacGinnis showed Beckwith a will on his computer that divided his $1 million plus estate between Beckwith and Dahl. MacGinnis never signed the will. MacGinnis wanted to print and sign the will, but was never able to do so. MacGinnis later fell ill. He asked Beckwith to print the will. When Beckwith couldn't locate the will, MacGinnis asked Beckwith to prepare a new will, based on the distribution plan MacGinnis had already discussed with Beckwith. When Beckwith called Dahl to discuss the will, Dahl claimed that she had friends who were attorneys and she would have them draft a trust for MacGinnis, which she claimed was more appropriate for her brother. She told Beckwith not to give the new will to MacGinnis for signing. A few days later, MacGinnis went in for surgery. […]

Richard Keyt2012-07-09T12:37:52-07:00July 9th, 2012|Beneficiaries, Common Problems, Estate Fights, Lawsuits, LGBT Planning, Probate, Trusts, Wills|